Five signs it is time to change your rewards program

Posted on Monday, November 5, 2018 - 11:31

Reward programs come with many benefits that can be beneficial for everyday purchases and the booking of flight tickets on the card. However, if you feel that you are forking out more on the annual fee that what you get from the reward program benefits it may be time to change your reward program. Here are five signs that it's time to make a move from the old into the new.

1. It has a weak point value

This may be the immediate thing that reward card holders need to check before signing up for the reward card. There are cards that let you earn 2 to 3 points for every $1 spent, but this also come with a higher fee that needs to be taken into consideration. Most cards reward you 1 point for every $1 spent on everyday purchases. However, if you find that the amount you are paying outweighs the benefits that come with the card then it’s time to make a switch.

2. There is a better offer for the same price

If you are a rewards points chaser then it pays to constantly compare cards to see if you are getting the best deal that the market has to offer. Being loyal to a program can make you miss out on some cards that come with a good point earn rate. Therefore, evaluating whether you are still getting a good deal from your card every 6 months can beneficial. Remember to check if there are any exit fees or other fees that may come with leaving your reward program.

3. Limited ways to earn points

Having a card that limits you to how you can earn points is another sign that it is time to leave your current reward program. Finding a reward card that allows you to earn points in multiple ways, especially when it comes to everyday purchases that you make on the card can be beneficial in the long run. It is vital to check if your reward program matches the type of spender that you are and your lifestyle, or you could be wasting hundreds of dollars each year in a program that is not beneficial to you.

4. Limited ways to redeem your points

Every reward program has terms when it comes to how you can redeem your points. Reward points can be redeemed in various ways such as; using them to book a flight, converting them into a gift card, cash back, to use at a reward store, or to pay off certain bills. However, there are some cards that do not have a wide range of ways that you can redeem your points. Checking your reward program to see what you can redeem it for can also help you decide whether you should continue with your reward program or not.

5. Not being able to transfer your points

Most reward points come with an expiration date which can be a real bummer if you have steadily built your points. Not being able to transfer your points to other family members that use the same reward program as you do can be a waste of hard-earned points. Also, remember to check if the reward program you are on allows you to carpool your points into one account to help you gain more points with your friends or family.

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