You can generally redeem your credit card rewards online or through the issuer’s mobile app, depending on the card. Some credit card issuers also let you redeem rewards over the phone. Credit card reward points may be redeemable for cash back, travel purchases, gift cards, and more.
Once you redeem your credit card rewards, they’ll be subtracted from your rewards balance immediately and your account will be credited within 1-3 weeks, if applicable. In some cases, rewards will expire if you do not use them by a certain time.
Here's how to redeem credit card reward points online:
- Log in to your online account and head to “Account Summary”. Specifics will vary by issuer, but your rewards will usually be featured on a main account page.
- Click on “Rewards Balance”. The exact wording may differ depending on the issuer. Once you click on your rewards balance, you’ll be taken to a page with your total amount of unredeemed rewards, and information about your redemption options.
- Select how you’d like to redeem your rewards. You may be able to redeem your rewards for travel purchases, cash back in the form of a check or statement credit, merchandise, or gift cards, depending on the rewards card.
- Redeem your rewards. Once you redeem your credit card rewards, the points, miles or cash back will be deducted from your rewards balance immediately. If you’re redeeming for statement credits or covering past purchases, your account will usually be credited within a week. If you redeem your rewards for gift cards or merchandise, you can expect them to arrive in the mail within 2-3 weeks.
While many rewards cards will let you choose from multiple redemption options, you’ll usually get the most value with one in particular. For example, travel rewards credit cards will often give you the most when you redeem your rewards for travel purchases. And your rewards may be worth less if you redeem them for cash back or gift cards.
On average, credit card reward reward are worth 1 cent each. Most major credit card issuers (like Chase, Capital One, and American Express) advertise that your rewards will not expire as long as your account remains open. But you should check the exact terms and conditions of your specific credit card to make sure you don’t lose any rewards you’ve earned.
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