Getting more out of the card you already have
Most people use perhaps a third of what their card offers, and pay for the rest without knowing it.
If you already have a card and you pay it off in full, you have done the hard part. What follows is how to get more back from it, because the features are rarely explained and almost never used.
Find out what your card actually includes
Cards are sold on a headline benefit and quietly carry several others. Pull up your card's terms and look for these.
- Fuel surcharge waiver, usually within a spending band.
- Airport lounge access, often a fixed number of visits per quarter.
- Complimentary insurance on travel booked with the card.
- Extended warranty or purchase protection on electronics.
- Milestone benefits that unlock once annual spending passes a threshold.
Put the right spending on the right card
If you hold more than one card, they almost certainly reward different categories. One may give more on fuel, another on groceries or online spending. Matching the category to the card is the single easiest way to increase what you earn without spending more.
Rewards should follow spending you were going to do anyway. The moment they start directing what you buy, the card is using you.
Use the reward points before they expire
Most points have an expiry date, and most people discover theirs after it has passed. Check the balance and the expiry once a quarter. Redemption value varies a great deal by category, so compare before converting: statement credit, vouchers and merchandise are rarely worth the same per point.
Ask for things
Three requests are usually granted and almost never volunteered:
- A fee waiver, if you have crossed the spending threshold or have been a customer for a while.
- A limit increase, after six months of clean usage.
- A reversal of a late fee, if it is a first occurrence and your record is otherwise clean.
Worth knowing
Converting a large purchase to EMI on the card is sometimes offered at the point of sale. It is a loan. Compare the effective rate and any processing fee against a personal loan before accepting.
See where you stand
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