Experts Reveal the Way Credit Card Holders Misuse Their Travel Rewards

(Newswire.net — March 21, 2017) Tallahassee, FL — Rewards are highly beneficial if they are used in the right way. However, unfortunately, not all card holders actually know exactly how to do it.

Experts reveal the way credit card holders misuse their travel rewards. One of the most unfortunate consequences of misusing the card is to be made to pay more than what the rewards are worth.

Individuals who travel frequently usually take advantage of an amazing amount of value from their travel rewards, which are often worth hundreds of dollars. While these rewards are advantageous, they could be a source of financial loss when the cards are misused.
There are those who simply miss out the value of what the rewards intend to provide. It could also be that they end up paying more than the worth of the rewards.

One of the ways that people end up misusing their rewards card is when they carry a balance. It is essential to pay the balance in full every month during the grace period.

It is important to remember that those who carry balances from month to month consistently, and who only pay their minimum monthly payments are also covering the interest on every purchase they have made. Provided that the APR of the credit card can be as high as 20 percent, the travel rewards card could be costing the card holders more than any rewards it might be offering.

There are many travel reward credit cards that necessitate card holders to earn continuously or redeem points or miles within a certain amount of time or to simply lose any accrued rewards. While these requirements could be one or two years, it is essential to monitor the expiration dates.

It is similarly important to make sure that the card is used regularly until they have the opportunity to redeem their rewards. Holders should keep in mind that not all card issuers can allow them to earn miles, completely inhibit the use of their card, and still indefinitely keep those miles.

Other mistakes include opening new cards for the purposes of getting bonuses while the card holders are still carrying debt. Consumers should avoid redeeming rewards for low rates as well as not researching other travel options.

In addition to avoiding these mistakes, it is similarly important for consumers to protect their credit and debit cards from identity thieves. This can be done through the use of RFID blocking sleeves, which are designed to protect a card’s financial and personal information. Individuals who want to take advantage of these blocking sleeves may go to amazon.com (www.amazon.com/RFID-Blocking-Sleeves-Protector-Protection/dp/B0150T0AI2/).