The unofficial start to summer is here, and chances are you’re already planning your sunny getaways. But before you book, a new report finds most of us are missing out on profitable credit card rewards.
We are stretching your dollar with a closer look at the dos and dont’s.
Vacation mode is on and if you weren’t planning to use plastic to pay for summer travel, think again.
According to a new survey by “U.S. News and World Report,” 61 percent of surveyed Americans don’t have a travel rewards card and may be missing out on big rewards.
“Of those who had rewards travel credit cards about 49% had earned $1,051 or more in the past year,” said Beverly Harzog, Finance Expert.
Experts say follow these rewards cards dos and dont’s.
The first do — find a rewards card that fits your lifestyle. If you drive a lot, get a card that gives you cash back when you gas up. And if you like to entertain, a card that gives you money back for dining may suit you.
“Look at your spending patterns. Do you spend a lot on groceries? Maybe you need a credit card that offers grocery rewards,” said Harzog.
Another must-do: research which card gives you the biggest sign-up bonus.
And here’s what to avoid: don’t leave money on the table. Keep track of all your rewards programs to make sure you redeem points before they expire.
And finally, the biggest no-no.
“One thing you want to avoid is putting your vacation expenses on a credit card if you don’t think you can actually afford a vacation,” said Harzog.
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