Credit Card Rewards: Tracking Miles Made Easy
Quick – check your wallet. How many plastic rewards cards do you have stuffed in there? Any idea what they’re worth or what they offer? While many Americans take advantage of reward programs offered by credit card issuers, a recent survey finds that most have no clue about their benefits or status.
Nearly three out of four cardholders with frequent flier miles or other points don’t know how many of these cards they possess, according to a survey by rewards resource ThePointsGuy.com. Close to 60% admit that they don’t even know how the programs work and 27% report having let some or all of their rewards expire. “Failing to keep track of your rewards miles and points is like throwing money away,” says Brian Kelly, founder of ThePointsGuy.com. “There are good rewards programs for every type of consumer. Whether you’re redeeming miles and points for first-class plane tickets, gift cards, cash back or something else, the cardinal rule is that you have to keep track of how many you have.”
Also See: Which Rewards Card Is Right For You?
Brian Kelly knows what he’s talking about. He used to fly more than 150,000 miles each year for his job on Wall Street. Today, he operates ThePointsGuy.com to offer travel news and advice on maximizing rewards. I spoke with Kelly to discuss the survey’s findings and get a few expert tips.
Make Rewards a Priority
“Off the bat, there are so many programs that it gets really confusing for most card users,” says Kelly. “People have so many cards and the programs vary. It can be tricky to keep track day to day.” Kelly says some people become so serious about managing their rewards that they create spreadsheets to keep it all in order. It doesn’t have to be that involved, however. For the average consumer, with around three to four cards, it’s mostly important to make your rewards a priority. In the past, we thought of them as frequent flyer cards. Now they’re frequent spending cards,” says Kelly. “You’re spending the money. Think of miles and points as assets and make sure you get something back.”
Track Rewards Digitally
Now, when it comes to keeping track of your points, miles and other rewards, Kelly suggests card users take advantage of the technology at their fingertips. He reccommends sites like TripIt Pro and AwardWallet to help. Both sites are free and have handy apps for Android and iPhone platforms. In essence, they use your program information to monitor rewards and notify you as balances change and before your points expire.
Do It the Old-Fashioned Way
Finally, Kelly also says there are benefits to monitoring rewards more traditionally. It’s not uncommon that card companies will launch seasonal promotions or other reward programs that don’t always register through apps, or even their own sites. He recommends you put together a list of your cards and their rewards. “Every month or so, check your accounts to make sure your miles and points post. It’s a quick audit to make sure everything is good – same as you might do with your bank accounts,” Kelly says. “One common mistake people make – especially with miles – is to go to the airline’s sites, look for reward tickets…but just stop there. You should always call as a second step. US Airways, for example, has 26 airline global partners with flights that don’t show up under their rewards page. Call in and inquire about flexibility.”
Photo Courtesy, 401(K) 2013.
