Rewards Credit Cards: How to Maximize the Benefits

By , CardRatings contributor
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You're familiar with rewards credit cards and debit cards offering frequent flier miles, points or cash back, but did you know many of these reward programs allow you to pool, transfer or convert your rewards?

Cash Back and Reward Points

Some financial institutions offer programs that let you simultaneously earn rewards from two programs with one card. To receive both sets of rewards, you must first enroll in one of the bank's rewards programs then purchase goods and services from participating merchants. You earn cash rewards for using the bank card plus additional rewards through participating merchants.

Some cards and banks let family members pool rewards so you may combine into one account your personal, business credit and check card points with the points of family and friends.

For additional monetary gain, some deposit cash back rewards into an investment account (a college savings or retirement plan) at the financial services company sponsoring the card. the may also allow multiple cards to be linked to the same account, so rewards earned by additional family members using the card may contribute to the same rewards program.

How to Combine Frequent Flier Miles

Some travel reward credit card offers let you turn your points into miles by transferring them into one or more major airlines' frequent flyer programs.

Remember, to take full advantage of your rewards programs, you must pay off the credit card balances associated with them monthly.


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