If you want to get the most out of your credit card, then you’ll want to collect as many points as possible.
So what are credit card points? Points are a form of reward that can be redeemed for several perks, including airline tickets, cash back, merchandise and more. Smart credit card users know how to maximize their points on every purchase. Here are some tips on how to maximize credit card points in Canada.
1). Look for welcome bonuses
Wanna get off on the right foot when it comes to scoring points on a credit card? Then you will want to sign up for a credit card that offers a big number of points for simply signing up.
Actually, some credit cards will give you more than 50,000 points for just opening up an account. However, you will need to have an excellent credit score to qualify for those big welcome bonus credit cards.
2). Check the merchant reward categories
There are some ways that you can “hack” credit cards to get the most for your purchase.
For instance, some cards will give you x5 points for airline-related purchases, while other cards will give you double points for online purchases at certain merchants. Be sure to use the cards that give you the most points for specific purchases to max out your points.
3). Buy a gift card to meet the minimum purchase requirement faster
Some cards will require you to spend a certain amount of money before your points kick in. One smart way to hit the “points reward” threshold is to buy a gift card at a place you often shop.
For instance, if the minimum spending requirement for a credit card is $500 and you shop at Amazon often, simply purchase a $500 Amazon gift card, and you are now ready to get some points.
4). Double your rewards with loyalty cards
Now, here is a smart way to get a “2 for 1” deal or double-dip on your points.
Some loyalty cards will give you points on top of your credit card. For instance, if you have a grocery loyalty card that gives you points, then be sure to have your loyalty card ready when you make your purchase. You’ll earn points from your loyalty card and your credit card!
5). Take advantage of reward malls
Did you know that shopping portals in Canada can give you bonus miles and bonus points by simply shopping with them?
Actually, three Canadian shopping portals offer you an excellent opportunity to max out your points each time you make a purchase:
6). Use your credit card for major purchases
If you are looking to make a major purchase like a laptop or an airline ticket, be sure to use your credit card that allows the maximum amount of points. So you can get more rewards quicker.
Know the rules of your credit card
If you want to have the best shopping experience with your credit card, make sure that you know the rules for earning points on your card. Each credit card will have its own unique set of rules.
- Earnings cap – Some credit cards will only allow you to earn a certain amount of points during a billing period or the year. Be sure you know your card’s earning gap before making future purchases.
- Rule changes – Occasionally, your credit card will make rule changes regarding how points can be earned. By law, the credit card must send you a written or e-mail notice about the rule changes. Be sure to check out all the rule changes when they come out.
- Penalties – Your credit card may also have penalties that can include losing your points if your card goes into delinquency or if you cancel your card. If you plan to cancel your card, make sure you redeem all your points before you do so.
- Points expiration – Just about all credit cards have expiration dates on their points. Be sure you know when your points expire so you can redeem them beforehand.
Best credit cards for points
Now that you are familiar with the many ways to get the most from credit card points rewards, here’s a look at some of the top credit cards that offer generous points rewards (note that some of these offers could change):
- American Express Cobalt™ Card: up to 45,000 points for the best 5x the points credit card in Canada
- HSBC World Elite® Mastercard®: up to 70,000 points for the best no-FX fee credit card in Canada
- American Express® Aeroplan®* Card: up to 15,000 points for one of the best Aeroplan credit card in Canada
- BMO AIR MILES®† World Elite®* Mastercard®*: up to 3,000 miles for the best AIR MILES credit card in Canada
- Marriott Bonvoy™ American Express® Card: up to 50,000 points for the best hotel credit card in Canada for free hotel nights
Get the most points from your credit card
Become a savvy spender, and you can get lots of great rewards from airline upgrades to merchandise to cash back. Be sure to get the credit card that will maximize your points and check out any rewards program’s rules. You can browse milesopedia.com, the best website in Canada regarding Loyalty Programs and Credit Cards.