Don't Forget to Redeem Credit Card Rewards!

Consumers use of credit cards is affected by the rewards the cards offer, but more than 50% of them who've been enrolled in a rewards program over 5 years have never cashed in their points! This is according to a survey conducted in October by Maritz Research (more here).

Why is that? Are half of us too lazy to find out what rewards we're eligible for? Are we saving up for one humongous reward? Or maybe half of us just haven't earned enough to redeem? I don't know. But if you do have a rewards credit card, you owe it to yourself to find out exactly how the program works and what you're eligible for!

I read a quote somewhere once that said something like, "The worst rewards program is the one people don't know about." If the credit card companies aren't properly informing their customers about how their programs work -- not just that "you earn points for purchases" but what rewards are available, how long until points expire, how exactly to redeem and what an expected wait time is for receiving a redemption -- they aren't influencing consumer behavior. They need to get on the ball.

In the meantime, we (consumers) need to take the initiative to research our rewards. Get on the phone with your CC company! Heck, you're already online, check it out now! And make sure you know what your options are so you're maximizing your reward per dollar spent.