Though using a credit card rewards program might sound like an unusual way to save money, taking a little time to understand how to accumulate credit card rewards points can save a family hundreds of dollars per year.
Sign up for Visa Rewards
Some financial institutions automatically enroll any Visa credit or Visa debit card into the Visa Rewards program, but if not, it is up to the Visa card holder to enroll their own card. A visit to the Visa Extra Rewards Program will tell the Visa credit card holder whether or not their card is eligible for the program. Enrolling a Visa credit card in the Visa Rewards program is as easy as following the online steps.
The Visa Rewards Card Point System
Though signing up for Visa Rewards takes less than a few minutes, earning the Rewards points can take months. Paying attention to a few details can help a Visa cardholder earn rewards quickly and easily. Prior to accumulating points, the owner of the Visa Rewards credit card should determine the point system used by the issuing financial institution. Some Visa Rewards cards earn one per dollar spent, while others offer up to 5 points per dollar. Understanding the point system will make taking advantage of the Visa Rewards program easier.
Qualifying for Visa Rewards Points
Visa Rewards points are earned when the Visa credit card is used to make a qualifying purchase. According to the Visa Extra Rewards website, a qualifying purchase is defined as:
- Purchases signed for by the Visa card owner
- Internet purchases
- Phone or mail order purchases
- Bill payment, online or over the phone
Purchases made using the PIN number of the Visa card do not qualify for points. The Visa card holder should read through the terms provided by their financial institution to determine other Visa Rewards exclusions.
Earning Visa Rewards Points
To maximize points earnings, a Visa Rewards credit card owner can use his or her credit card for virtually every expense. Making it even easier, the cardholder would pay only one bill to the Visa credit card, rather than keeping track of multiple payments throughout the month. The following list demonstrates places that a Visa Rewards credit card holder can earn points:
- Paying for groceries
- Buying stamps
- Filling up the gas tank
- Dining out at a restaurant
- Paying utility bills
- Shopping online or in stores
Additionally, Visa Rewards runs promotions through different financial institutions offering bonus points. For example, one month, Visa Rewards may offer 10,000 bonus points when the cardholder uses their Visa Rewards card at least five times in one month.
Redeeming Visa Rewards Points and Save Money
An electronic catalog is available for browsing at the Visa Extras Rewards website. It is divided into areas of interest, like Visa travel rewards, electronics, gift certificates, and various other categories. Each item is assigned a value of Rewards points. A Visa cardholder needs only to follow the online redemption prompts to cash in Rewards points. The following items are examples of what points may be used for to save money:
- Visa Gift Card - Works like cash at any place that Visa is accepted
- Restaurant Gift Cards - Perfect for the family that likes to dine out
- Electronics - To upgrade items like DVD players, telephones, or gaming systems
- Travel - Many options available for Visa Rewards travel, including Disney Rewards
Getting to know the Visa Rewards points and what items are available will help a Visa credit card owner maximize their savings. Using a Visa Rewards card for day-to-day expenses allows consumers to earn additional benefits without changing their spending habits. As they would normally use their Visa card for those purchases anyhow, the earned Rewards points offer added value to any Visa card holder.
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