Finances FYI Presented by JPMorgan Chase
Understanding and maximizing your travel rewards can get complicated, especially if you participate in several programs. Several websites and apps are available to assist! From knowing which loyalty programs are best for the way you travel to monitoring your rewards, these sites offer a range of features for savvy travelers.
Comparing Travel Reward Programs
Enrolling in the optimal programs for your travel habits is the first step in maximizing rewards. Several other key factors include:
- Earning rates. Loyalty programs offer different earning rates for reward points or miles. Understand and compare the rates for each to choose the program that provides the best value for your spending habits.
- Redemption options. Are you more interested in versatile points, flight miles, free hotel stays, discounted car rentals, merchandise, or cash back? Choose the program with the most valuable redemption options for your needs.
- Bonus categories. Bonus categories earn extra reward points or miles for certain spending types, such as dining, travel, or gas. Consider your habits and available bonuses when selecting a travel reward card.
- Annual fees. Some reward credit cards charge annual fees. Take these fees into account with choosing a card.
- Transferability. Not all loyalty programs allow you to transfer rewards to other loyalty programs or friends and family. If this is an essential factor, consider the transfer options before signing up.
The Points Guy (TPG), Nerd Wallet, CreditCards.com, Award Wallet, and WalletHub provide comprehensive comparison guides and tools to compare features such as earning rates, redemption options, benefits, and fees. Use these websites to easily compare different rewards programs and find the best fits your needs and preferences.
Tracking and Managing Your Loyalty Programs
There are also websites for tracking and managing all your loyalty programs in one place. These websites are useful for several reasons:
- Simplify. By having all your rewards in one place, you can easily keep track of your rewards balances, expiration dates, and redemption options without having to log into multiple loyalty program websites or apps.
- Ensure you meet spending requirements. Many cards offer welcome bonuses or incentives for opening a new account with a specific spending requirement within a certain timeframe. Sites that monitor this for you ensure you meet requirements and take advantage of opportunities.
- Avoid expiration. Many rewards programs have strict expiration policies, which can result in losing them if you don’t use them in time. Tracking programs allow you to easily monitor expiration dates and plan to use your rewards before they expire. Some sites even provide expiration date alerts.
- Optimize redemption. When you see all your rewards in one place, you can more easily compare redemption options and choose the best way to use them. For example, would you save more money using them for a flight or hotel stay?
Here are a few examples of websites that track and manage reward programs. Remember that some services require a subscription fee or commission on bookings.
Award Wallet is a free service that tracks and manages your loyalty program accounts in one place, including rewards balances and expiration dates.
TGP App has a website and mobile app available for download on iOS and Android devices that offers a credit card rewards calculator and personalized alerts for deals.
Maxrewards provides a cheat sheet to maximize your rewards and know the best card to use at nearby merchants. Track your net rewards and receive bonus expiration alerts.
Card Pointers is an app or browser extension that tracks rewards, identifies the best card for purchases, tracks welcome bonus status, and provides discount offers in an easy-to-view smart list. It does not require you to enter credit card information.
WalletFlo is a free app that helps you optimize your credit card rewards and meet spending requirements for sign-up bonuses. It tracks your spending across all your credit cards and provides personalized recommendations for which card to use to earn the most rewards.
Booking Travel
Once you are ready to book your travel, some sites also help with this step.
Point.me searches for available reward flights across multiple airlines to maximize the value of your points. This site syncs with AwardWallet for access to your current rewards.
TGP App in addition to reward management, the app also includes a flight search tool and a hotel booking engine powered by Expedia.
Max My Point tracks hotel award availability, specifically at Hyatt, Hilton, and Marriott properties.
Buying and Trading Loyalty Points
Buying or trading points can be a cost-effective way to top up your rewards balance and redeem them for a high-value reward. However, these actions may be considered a violation of program rules, resulting in the loss of rewards or account suspension. Additionally, the cost of buying points may be higher than the value of the reward, resulting in a net loss.
Some third-party marketplaces and websites facilitate the buying and selling of loyalty points, such as Points.com, Award Wallet, and BuyMiles. Carefully read and understand each loyalty program’s terms and conditions, and use caution when engaging in any third-party transactions.
Some third-party marketplaces and websites facilitate the buying and selling of loyalty points, such as Points.com, Award Wallet, and BuyMiles. Carefully read and understand each loyalty program’s terms and conditions, and use caution when engaging in any third-party transactions.
Risks of Loyalty Program Websites
While using sites and apps for loyalty program management and award redemption can be helpful, there are some potential cons and risks to be aware of:
- Security risks. Providing login credentials for loyalty program accounts to third-party sites or apps can pose a security risk if the site or app is not adequately secured, resulting in a chance of being hacked or having information stolen.
- Privacy concerns. Some loyalty programs prohibit using third-party sites or apps to manage rewards programs. Sharing your account information could violate loyalty program terms and conditions, leading to account suspension or loss of rewards.
- Cost. The costs of subscription fees may not be worth it, especially if you don’t use the site or app frequently enough to justify the expense.
- Inaccuracy or outdated information. Loyalty program rules, reward values, and redemption options change frequently. Sites and apps that aggregate this information may not be up-to-date or accurate, which could result in missed opportunities or inaccurate information.
- Limited rewards programs supported. Most sites and apps do not support all loyalty programs or may have limited functionality for specific programs. This could limit the usefulness of the site or app for users with loyalty program accounts that are not supported.
While these tools and services can help optimize your credit card rewards and meet spending requirements for sign-up bonuses, it is essential to carefully evaluate the risks and benefits of using loyalty program management and award redemption sites and apps. Always follow best practices for online security and privacy and carefully read the terms and conditions of each program.
Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.
