How to maximize credit card rewards

You’ve found a rewards credit card that suits your lifestyle and spending habits. Now when you use it, you can start earning cash back, miles or points. But before you do, did you know there are certain things you can do to make the most of the rewards available? 

Keep reading to learn ways you can help make the most of your credit card rewards.

The idea of a rewards credit card is simple: Each time you make a purchase with an eligible card, you earn rewards. There are three main types of rewards cards:

Cash back rewards cards typically allow you to earn a percentage of cash back on every purchase or on selected purchases. Flat-rate cards offer the same percentage of cash back on every purchase you make with your credit card. Tiered-category cards offer different levels of cash back according to the spending category—like dining or entertainment, for example. There are even cards that rotate rewards levels through different spending categories.

Having a travel rewards card may help you earn rewards to redeem for past or upcoming travel costs. With a general travel rewards card, you can typically use your rewards on a range of airlines and hotels or for travel purchases like car rentals and train tickets. With an airline card, you generally earn rewards to use with your favorite airline and—depending on the card—other travel partners. You may be able to redeem your miles for everything from plane tickets to perks like free checked bags and early boarding.

Rather than cash back or miles, some rewards credit cards let you earn a certain number of points based on every dollar spent with the card. How you earn or redeem points varies based on the card. And the value of the points may differ based on the kind of purchase you make. 

Whether you earn cash back, miles or points, here are some ways you can get the most out of your rewards credit card:

When choosing the right rewards card for you, it’s a good idea to think about your spending habits and lifestyle. Planning on taking a vacation this year? You might want to look into how different travel rewards cards could benefit you on your trip. 

Perhaps you’re a film buff with a healthy appetite for dinner and a show. A card that gives you rewards on grocery store, dining and entertainment purchases, like Savor from Capital One, may be a good fit.¹

Remember, it’s about knowing which categories you spend the most in. If you need help with that, consider using a budget to help you understand your monthly expenses—even the guilty pleasures.

Some cards give you the chance to earn a higher rate of rewards on certain purchases.

For example, at Capital One Entertainment:

• Savor cardholders can earn 8% cash back.
• Quicksilver, QuicksilverOne, Quicksilver Rewards for Students and Quicksilver Secured cardholders can earn 5% cash back.
• Venture X, Venture X Business, Venture, VentureOne and Spark 2X miles rewards cardholders can earn 5X miles.^{2, 3}

And there are enhanced rewards available for booking through Capital One Travel:

• Venture cardholders earn 5X miles per dollar.
• Venture X cardholders earn 10X miles on rental cars and hotels—including luxury hotels and resorts available through the Premier Collection—and 5X miles on flights.

You can check whether your card comes with an early spend bonus. That means if you spend a certain amount in a specific time frame, you could earn extra rewards—on top of the card’s standard rewards. For example, the Capital One Venture X card early spend bonus awards 75,000 bonus miles if you spend $4,000 on purchases within the first three months of opening your account.⁴ 

Understanding all the benefits that come with a particular card can help you make the most of your rewards. 

If you’re just using a travel rewards card for the miles, you could be missing out on other valuable perks. For example, the Capital One Venture X card offers cardholders Priority Pass™ membership as part of its Visa Infinite® benefits.⁵

It’s also a good idea to be aware of how long, and under what circumstances, your rewards can be used. For example, with Capital One, your rewards are yours for the life of the account. There’s no limit to how much you can earn, and they won’t expire for the life of the account. But to redeem them, your account must be in good standing. That means it can’t be suspended, restricted, delinquent or in default. Also, keep in mind that rewards redemption rates and benefits may be subject to change. 

Your issuer may offer other ways to redeem rewards. For example, Capital One lets you use your rewards balance for eligible purchases made through Amazon.com and PayPal.⁶

The value of the cash back you’ve earned could be offset or outweighed if you revolve a balance and accrue interest. Paying off your balance in full each month and before you’re charged interest is a good way to make sure you get the most value from your rewards.

Understanding your spending habits and the details of your card can help you take advantage of your credit card rewards. Consider tracking your spending to see where a rewards card can help you the most. And read your account agreement and the terms and conditions of your rewards and benefits so you know exactly what to expect from each purchase you make with your card. 

Capital One has plenty of options when it comes to rewards cards. Rewards won’t expire as long as your account is open. And you can view or redeem them by signing into your account online or through the Capital One Mobile app. So go ahead and make the most of those well-earned rewards.

Whether your idea of a good time is getting out on the town, traveling the world or staying in, Capital One has a rewards card that may fit your lifestyle.

• See if you’re pre-approved for rewards cards, with no harm to your credit. 
• Explore travel and miles rewards credit cards with unlimited miles you can actually use. 
• Earn unlimited 1.5% cash back on every purchase, every day, with a cash rewards credit card.
• Earn unlimited cash back whether you’re going out or staying in, with a dining and entertainment credit card.