Getting the most from your rewards program

Purchases you make with your credit card turn into rewards. The rewards then turn into little luxuries.

Adèle Manseau | Desjardins Group

So you've chosen a credit card with a rewards program that has what you're looking for. Great! But are you sure you're getting the most out of it? 

Here are five ways to get the most from your rewards program.

1- Get to know your program
We all know that the devil is in the details. Take the time to go over the list of rewards included in your program to see which ones make the difference.
  • Which payment method (contactless, mobile, preauthorized payments) gives you 1%, 1.5% or 2% in points or cash back?
  • How much do you have to spend annually to be entitled to the rewards?
  • What's the annual card fee?
  • How much cash back do you have to earn before your account is credited?
2- Charge everything--and we mean everything--to your card
Going grocery shopping, to the pharmacy, clothing shopping or to the hardware store? Charge it! The more you use your card, the more rewards you rack up to turn into credit or tangible rewards. 

However, remember the basic rules: Pay off your balance every month to avoid interest. 

3- Set a goal 
You can travel for free, finance your RRSP, pay your insurance premium, get tickets to a show--and there's a lot more. There's nothing like setting a goal to drive you to get the most from your rewards program. 

Look at everyday expenses in a whole new light based on your likes and interests. 

4- What goes around, comes around
Purchases you make with your credit card turn into rewards. The rewards then turn into:
  • Cash (account credit)
  • Financing (financial products and services)
  • Fee reimbursements (travel, show tickets)
  • Gift cards or donations
5- Change your habits
As you get an idea of what your rewards program can do for you, you'll develop the reflex to use your card--and your rewards program--to their full advantage. It's a smart way to make spending work for you. 

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