How To Keep Track of Credit Card Rewards

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One of the biggest perks of credit cards is the reward potential. I mean, who doesn’t like discounted (or free!) things courtesy of a piece of plastic?

Rewards can rack up, and whether you are a seasoned or a newbie cardholder, it’s important to keep up with your rewards. 

It can be a bit overwhelming, so here are the best ways to track (and maximize) your credit card rewards. 

Make a List of All Your Cards

First, take inventory of all your cards. 

Keeping a list of your cards and their key features will prevent you from missing out on rewards (and missing payments). This also ensures you are using the best card for your purchases.

A simple spreadsheet is a great way to keep track. On your spreadsheet, include:

• Each card’s name and issuer
• The date you opened the card
• The annual fee and when it will be charged next
• Interest rate/annual percentage rate (APR)
• Rewards rates (cashback percentages, for example)
• Payment due date
• Balances (if you don’t pay it off at the end of the cycle)
• Key benefits like travel credits, insurance, extended warranties, or purchase protections
• Any other information about the rewards program, including the required spending minimum for sign-up bonuses and the card’s bonus categories

Remember to regularly update your list. I’d say shoot for once a month but if you find yourself short on time, once a quarter should suffice. 

Track Which Card Is Best for Which Purposes

Rewards credit cards have point systems, where you earn points depending on different purchasing categories. Certain cards are more suited for some purchases than others — such as earning a higher rate on gas or restaurants.  

If you are trying to get a sign-up bonus, put all your purchases on your new card over the qualifying period. Beyond that, you’ll need to strategize which card to use for different purchases.

Create a cheat sheet to keep track. Whether it's a spreadsheet or a handwritten note to keep in your wallet for physical purchases, writing down the categories is helpful. 

Also, make a point to regularly review your statements to see if you are maximizing your rewards. 

COMPARE: Best Rewards Credit Cards

Monitor Rotating Spending Categories

Some cards will offer higher rewards in specific spending categories that change every quarter. 

These rotating categories often require activation by you, so keeping track of them is important. You don’t want to miss out on bonus points or rewards!

You have two options for monitoring your categories: 

• Set reminders/alerts: Some issuers will send you an email or push notification when it's time to activate categories. These are alerts you have to configure or agree to, though. 
• Consider manual tracking: When in doubt, make a reminder on your calendar at the beginning of each quarter.

READ MORE: How To Get the Most Out of Credit Card Points

Use Technology to Your Advantage 

There are rewards apps out there whose sole purpose is to make it easier to track credit card rewards.

Apps like AwardWallet, Sift, MaxRewards, and CardPointers are all great apps for this purpose. They can help you track rotating spending categories, while also providing a convenient way to track what you’ve earned so far. 

Apps can also help you know which card to use for different purchases based on that card’s current reward structure.

Additional tip: You can set spending alerts and notifications on your credit card’s direct app to help you achieve some tracking goals, too.

Make Sure You Meet the Sign-Up Bonus

Sign-up bonuses are among the biggest pros of opening a new credit card. However, to meet these bonuses, you must spend a certain dollar amount within a set time frame.

Plan your spending to help with this. Evaluate your upcoming expenses to see if they align with the spending requirements to receive the bonus. 

If you time large planned purchases, like home repairs or your annual vacation, it will be easier to meet the required spending without majorly altering your budget.

You can use a budgeting app or even your credit card app to help monitor your spending toward your sign-up bonuses. 

Check for Transfer Bonuses and Special Promotions

Many credit cards will let you transfer your points to various hotel and airline partners for a value equal to or greater than what you’d get through the credit card’s travel portal. 

Sometimes, these rewards programs will offer limited-time transfer bonuses, allowing you to get even more value from miles or points.

For example, a 25% transfer bonus to an airline’s frequent flyer program could turn what would have been 40,000 credit card points into 50,000 airline miles.

You can stay on top of these offers by:

• Subscribing to airline and hotel newsletters for limited-time offers.
• Stalking travel rewards websites, forums, and social media channels for the latest promotions.
• Regularly checking your credit card’s rewards portal for exclusive transfer bonuses.

Don’t Let Your Points Expire

Your credit card rewards program may not have an expiration date, but airline and hotel loyalty programs often do! 

It can be frustrating to lose valuable points simply because they expired. 

Don’t lose your points and keep your account active by:

• Making small purchases or redemptions to reset the clock and keep points valid 
• Using dining rewards or other shopping portals that are linked to loyalty programs 
• Earning miles through partner programs or surveys.

Another thing to keep an eye on is point deviations. Occasionally, airlines and hotels will adjust their reward charts, increasing the number of points you need to redeem for rewards. You may need to strategize to protect your points’ value — don’t just hold onto them forever! 

Keep yourself in the loop about upcoming changes by monitoring airline and hotel announcements. Then, transfer your points before a devaluation happens.

Pay Your Credit Cards Off Each Month

Credit card rewards can be quite lucrative when you learn how to manage them efficiently. But carrying a balance and paying interest and fees on that balance truly negates the benefits. 

Travel credit cards can have very high APRs, which quickly cancel out the savings from free flights and hotel stays.

If you need help remembering to pay your credit cards off each billing cycle, you can set up autopay. But it’s still important to budget correctly so you have enough in your account to make the payment.

The best move is to treat your credit card more like a debit card or bank account — not like free money. Spend only what you can afford to pay off immediately. 

READ MORE: How To Pay Off Credit Card Debt

FAQs

TL;DR: Tracking Credit Card Rewards

Credit cards can provide hundreds, if not thousands, of dollars of value in rewards and cashback — when used correctly. If you put time and effort into tracking, you’ll benefit majorly from your credit cards.

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Disclosure: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.