It may be time to cash out those credit card rewards

Don't stockpile if you need cash now

It may be time to cash out those credit card rewards

RICHMOND, Va. (WWBT) - If you were saving up your credit card rewards points for some big vacation-- and let’s face-- travel isn’t really as desirable right now.

Well- you could just turn those points into cash!

Sara Rathner, a personal finance expert with the financial website Nerdwallet says cashing out your rewards might give you a discount on your next credit card statement.

Some cards will even direct-deposit that money into the bank account of your choice.

She says now may be the time to put those rewards to work for you.

“A lot of reasons to travel have been canceled, weddings, family reunions, conferences, work events, that’s all off the table right now. So, while you’re home and you’re spending more on groceries and maybe even home improvement because you’re noticing all those broken things around your house and you’re finally getting around to fixing them give yourself a little bit of a discount tap into those rewards,” said Rathner.

She says a lot of travel rewards card-- rules-- are even more flexible now. Especially when it comes to redeeming points for non-travel related expenses.

Maybe it’s time to use those points for groceries, bills or streaming service payments. Don’t stockpile all those rewards if you’re struggling today.

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