How many people redeem credit card rewards

If you have multiple cards that earn different types of rewards, it can be confusing to keep track of how each rewards program works. To make rewards redemption easier, understand the basic rules mentioned above for each card you have. Managing multiple rewards programs can be tricky. However, it's easier if the cards are from the same issuer. You'll be able to access each card with the same login and potentially view various rewards details at the same time.

Plus you may have the ability to transfer rewards between cards. For instance, Amex allows its cardholders to transfer rewards between its Membership Rewards cards. This lets you pool points and redeem them for a larger reward. As we mentioned earlier under cash-back cards, Chase is the exception to the second limitation shown above. Many Chase credit cards earn Ultimate Rewards points and provide the flexibility for points to be transferred between cards.

However, if you have a mix of cash back, points and miles cards each from different issuers, you won't have the ability to combine rewards. Instead, you'll need to stick to redeeming rewards individually for each card.

For instance, you can redeem rewards for a statement credit on your cash-back card to offset your bill. Then, any cards earning points or miles can be used for travel and gift cards, among other options. Skip Navigation.

Follow Select. Our top picks of timely offers from our partners More details. Best homeowners insurance.

The best renters insurance. Average cost of car insurance. Average cost of life insurance. Average cost of home insurance. How to shop for car insurance. Best savings accounts. Best checking accounts.

Best CD rates. Best money-market accounts. Best high-yield savings accounts. Best bank account bonuses. Best online bank. American Express Savings review. Average bank interest rates. Average k balance. How to retire early. How to open an IRA. IRA CD rates. Best ways to save for retirement. Best mortgage lenders. Best mortgage refinance lenders.

Average refinance closing costs. Average mortgage rates. Average mortgage payment. Average closing costs. What's the best cash-back rewards card? Whatever card you choose or switch over to , make sure you're focused not on the rewards you want, but on the purchases you already make from which you can actually prosper.

If you fall in the 31 percent of credit card holders who aren't redeeming their points, you may have nothing to worry about. But to be on the safe side, read the fine print to be sure your points don't expire.

IE 11 is not supported. For an optimal experience visit our site on another browser. Politics Covid U. News World Opinion Business. Share this —. And airlines regularly tweak the number of miles required to redeem for a free flight. Reevaluate your rewards card if your financial habits have changed during the pandemic, and check often to see if issuers have added any new benefits to the cards you already use.

Don't forget to read the fine print, however, especially since rewards cards tend to have higher annual percentage rates and fees compared to other types of credit cards. The average APR on rewards cards is Pay off your card in full every month. If you carry a balance, the interest will offset the cash back you've earned. Skip Navigation.