RICHMOND, Va. (WWBT) - According to Creditcards.com, at least 75 percent of cardholders redeemed rewards over the last year, with cashback cardholders being the most likely to redeem for the rewards at 88 percent.
Millennials also cashed in more often than older adults.
It’s fun to get money back for using a credit card, but you have to follow some strict guidelines to make this really work for you.
If you are carrying a credit card balance each month, then you are wiping out your reward.
You must pay off your credit card each month and accrue no interest on charges to really see the value of these rewards.
Bottom line: it takes time and effort to maximize these rewards. You have to pay attention to your spending and pay off the cards right away.
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