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Credit Card Points: Hoarding Rewards & Maximizing Value

Here’s a summary of the advice for overcoming redemption anxiety, based on the provided text:

“Earn and Burn”: Don’t hoard points waiting for the “perfect” redemption. Use them when they save you money, even if you don’t get the absolute maximum value.Aim for a minimum value you’re happy with (e.g.,at least 1 cent per point if that’s Bankrate’s valuation).Points don’t grow in value; they can lose value over time.

Evaluate Your Rewards Program: Make sure you’re earning points in a program that aligns with your travel needs and preferences. If you’re struggling to redeem points, it might be because they’re not the right ones for you. Consider co-branded airline or hotel cards or general travel cards that allow transfers to your preferred programs.

* Plan Ahead: Align your earning and redemption strategies with your future travel plans. Determine which airline or hotel you’ll likely use for upcoming trips and focus on earning rewards in that program. This helps you estimate the number of points you’ll need and when you’ll need to redeem them.

In essence, the advice boils down to: have a plan, don’t be a perfectionist, and use your points!

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