Elan Financial Services points are worth 1 cent per point, on average. The value of Elan Financial Services points depends on which Elan Financial Services credit card you have and how you choose to redeem the points. For example, points from Elan Financial Services are worth up to 1 cent each when redeemed for cash back through Elan Financial Services Choose Your Own Rewards.
Elan Financial Services Points Value by Redemption Method
Elan Financial Services points expire five years from the end of the quarter in which they are earned.
Read the rewards program rules.
Every credit card with rewards also has rules for when unredeemed earnings could be lost – usually as a result of closing your account or missing payments. Double-checking these details can help you keep every cent of rewards value you earn.
Redeem before closing your account.
Any points you don’t redeem before closing your account will be lost.
The difference between cash back and points is that the former is the most versatile type of credit card rewards, as it can be redeemed for anything, and there’s never any doubt about how much it’s worth. Points, on the other hand, have a value set by the credit card company and tend to be worth the most when redeemed for travel. Credit card companies won’t always clearly disclose points values, and those values can change over time. It’s possible that points could be worth 1 cent apiece one day and 0.8 cents each the next.… read full answer
You can spend points for many different things. Usually, you can trade them for travel, gift cards, unique experiences, charitable donations or even cash. There are no restrictions on what you can use cash for. You can typically redeem cash back for a statement credit, paper check, or direct deposit to a bank account. One thing credit card shoppers should watch out for are cards advertised as offering cash back that really provide points. For example, the Chase Freedom Flex℠ offers “5% cash back” in certain bonus categories. But what it actually gives is 5 Chase Ultimate Rewards points per $1, which cardholders can then trade for cash back at a rate of 1 cent each.
Earning rate: Usually at least 1% cash back or 1 point per $1 spent.
Devaluation: Points can be devalued by the issuer, while cash back can’t.
Redemption options: Statement credit, check or deposit for cash. Travel, merchandise, gift cards, cash and more for points.
When it’s the best choice: Points for frequent travelers. Cash back for everyone else.
Let’s take a look at two high-profile cards in a battle of cash back vs. points.
Citi Double Cash Card tops the cash back offerings with 2% cash back on all purchases and an introductory APR of 0% for 18 months on balance transfers, with a balance transfer fee of 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer. It also chases a $0 annual fee and requires good credit to get.
But if you’re a frequent traveler, Chase Sapphire Preferred is a more attractive option. It gives 5 points per $1 spent on travel purchased through Chase, 2 points per $1 on all other travel purchases, 3 points per $1 on dining and online grocery purchases, 3 points per $1 on select streaming services, and 1 point per $1 on all other purchases. It has an initial bonus of 60,000 points for spending $4,000 in the first 3 months. This card’s points are worth 1 cent each toward cash back or gift cards or 1.25 cents each toward travel. There’s a $95 annual fee and the card requires good credit.
For both cash back and points cards, you can expect to lose your rewards if your account closes for any reason. Most cards don’t let your rewards expire over time. But Citi Double Cash Card’s cash back expires if you don’t use your card for 12 months. And on points cards alone, your points can be devalued if the issuer decides to charge more points for its rewards. So, frequent redemption is essential.
So, the bottom line is that frequent travelers should check out points cards. Otherwise, cash is king.
Credit card points are worth an average of 1 cent apiece, though credit card point values usually range from 0.5 cents to 1.5 cents per point, depending on the card and the redemption method. For example, you might spend 2,500 points on a $25 gift card, but the same number of points might only get you $15 when redeemed for merchandise.… read full answer
More credit cards reward users with points than you might think, too. For instance, some so-called “cash back” cards actually give points, which cardholders can redeem at a rate of 1 cent per 1 point.
Average Credit Card Point Values by Issuer:
Type of Credit Card Points
Average Point Value
Average Value of 1,000 Points
American Express Membership Rewards Points
$0.0076 (less than 1 cent)
Bank of America Travel Rewards Points
$0.01 (1 cent)
Chase Ultimate Rewards Points
$0.0125 (1.25 cents)
Citi ThankYou Rewards Points
$0.01 (1 cent)
U.S. Bank FlexPerks Rewards Points
$0.015 (1.5 cents)
Wells Fargo Go Far Rewards Points
$0.01 (1 cent)
High Credit Card Point Values:
U.S. Bank FlexPerks Gold: 1.5 cents per point when redeemed for plane tickets, hotels, and rental cars.
Chase Sapphire Reserve: 1.5 cents per point when redeemed for travel through Chase Ultimate Rewards; 1 cent per point for other redemption methods.
J.P. Morgan Reserve: 1.5 cents per point when redeemed for travel through Chase Ultimate Rewards; 1 cent per point for other redemption methods.
Chase Sapphire Preferred: 1.25 cents per point when redeemed for travel through Chase Ultimate Rewards; 1 cent per point for other redemption methods.
Citi Premier: 1.25 cents per point when redeemed for travel through Citi ThankYou; 1 cent per point for gift card redemptions; 0.5 cent per point for cash back redemptions.
It’s important to note that credit card points can get devalued at any time by the card issuer. That means the point values listed above can change. Usually, card issuers will reserve the right to change rewards programs - including point values - in the card’s terms and conditions.
For example, a card issuer can decide that a $300 plane ticket should cost 1,000 more points than it does currently, which in turn lowers the redemption value of the reward point. That’s why cash back is usually a better value than points - $1 in cash back will always be worth $1.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.