5 tips to get the most out of your credit card's reward program

Groceries, household products, hardware supplies, date nights… these are just a few examples of everyday expenses. Did you know you can earn rewards if you use your credit card to pay for some of them? Read on for a few tips that will help you get the most out of your credit card’s reward program.

Updated June 11, 2021

1. Choose a card that fits your lifestyle

Your rewards program may offer different points or cashback rates depending on the category of your purchase. To make an informed choice, make a list of your monthly expenses and categorize them. You’ll get more rewards if you choose a card that offers better rates on the categories where you spend the most.

Do you want to earn cash back or points that you can redeem later?

Do you need other perks? Some credit cards also offer:

  • Collision and loss damage insurance for rental vehicles
  • Mobile device insurance
  • Trip cancellation coverage

All these questions—and the little perks—will help you decide which card is best for you.

2. Read the fine print

A thorough review might take a little longer, but it’s worth it to avoid surprises. Here are some things to check:

  • What are the cashback or reward rates. for the card type and purchase category (groceries, restaurants, pre authorized payments, other purchases)?
  • What are the cashback or reward rates at the stores you shop at? Find participating merchants - This link will open in a new window..
  • What is the annual fee?
  • What’s the minimum you have to hit before you receive cash back?

3. Put all your purchases on the same card

Designate a family account and order an additional card for your spouse. The idea is to put all your everyday expenses on the same account to earn more rewards and make it easier to manage your spending. Since cards have different perks, some people get several cards thinking they can double up on rewards. However, it’s best to opt for one program that best meets your needs. After all, the fees you’ll pay to carry multiple cards may end up costing you more than the rewards you earn, not to mention complicating your accounting at the end of the month. It’s something to think about!

4. Set up automatic payments

Nowadays, we pay practically all our bills online: phone, hydro, gym membership, insurance and more. To make your life easier, set up pre-authorized bill payments - This link will open in a new window.. You won’t have to keep an eye on the calendar to make sure you don’t miss a payment, and you’ll earn rewards without a second thought!

5. Earn rewards on everyday purchases

Make the most of the spending you already do by earning cash back or points you can redeem for all kinds of rewards. Once you get in the habit of putting your everyday purchases on your credit card, you’ll see just how beneficial your rewards program can be!

Before following any of these tips, make sure you can pay the balance on your card at the end of the month so you’re not earning interest for no reason. To compare cards and find the best solution for you, check out our selection of credit cards - This link will open in a new window..

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