How to Get the Most out of your Reward Points
Don’t let your points go to waste!
The ASSEMBLE Protocol is a blockchain-based global point integration platform that exploits ASM utility tokens, whilst establishing a business ecosystem that can integrate, utilize existing points and miles with point providers, consumers and retailers.
Hello, dear readers!
Today we’re going to discuss the main ways you can use or save your points before they expire. If you’re familiar with reward points systems, you know how frustrating it can be when your points expire before you can use them! Maybe you struggle with keeping your points organized or remembering how to use them. In today’s article, we’ll give you some tips on how to keep track of your points and use them most effectively!
Reasons Why People Don’t Use Their Reward Points
Over 1,000 people were asked why they don’t use their reward points and these were the top three answers:
- Don’t know how to use their points or where to use them (32.4%).
- Don’t check how many points they’ve earned each month (26.1%).
- Very difficult to use the point system (22.2%).
According to the results of the survey, “I don’t know how to use my points or where to use them,” earned the most votes. Reward points can be used in more ways than you might think. Points can be converted to cash or airline miles or used to make credit card payments. They can also be used to pay annual membership fees or national taxes including VAT or income taxes. Finally, points can be used at a credit card company’s online mall or at an affiliated mall, donated, and more.
If cardholders want to cash in their points, they can do so on the credit card company’s website, by calling the customer service center, or by using the company’s smartphone app. Of course, the points that have been cashed out can be used to make payments on the card or deposited in the user’s account.
Most credit card companies’ apps are similar. Typically, from the main menu, you can check your credit card bill, how many rewards you’ve received, and how many points you have. Credit card companies update their apps regularly so they are easy to use. Make sure to log on at least once a month so you do not forget about all the points you’ve worked so hard to collect.
In Korea, 1 credit card point is equal to 1 KRW regardless of the company. Furthermore, cardholders can cash in their points no matter how many points they have, even if they only have 1 point.
However, if your reward points expire, you cannot cash them out. Therefore, it is very important that you keep track of your points and cash them out before they expire. The expiration date is different for each credit card company and reward point provider, but the expiration period for credit card points is usually 5 years. If you don’t consistently check how many reward points you’ve earned, you’ll naturally forget about your points. Then, of course, you won’t be able to use them.
When canceling a reward card, you are usually given the option to redeem the remaining points for cash before you cancel your card.
If you live in Korea, you can check your point balance at any credit card company on the Credit Finance Association’s “Card Point Integration Inquiry” site or the “Account Info” section of the Korea Financial Telecommunications Clearings Institute. It’s extremely useful if you have points from a lot of different cards.
How to Effectively use your Reward Points
Below are some examples of the many ways to use your reward points!
- Spend your points like cash at affiliated stores; online shopping malls are a great example.
- Use points to make card payments, installment payments, insurance payments, or pay annual fees.
- Sign up for financial products such as savings accounts, money market accounts, funds, etc.
- Use points to make political donations, donate to charity, or pay for income tax deductions and year-end tax deductions.
- Pay taxes at CardroTax (a credit card-only site), including local taxes, capital gains taxes, acquisition taxes, and property taxes.
- Exchange your credit card points for other reward points, like OKcashbag points. Each credit card company has different affiliates with which their users can exchange points.
- Shop at the credit card company’s point mall. Points can be used like cash at shopping malls operated by credit card companies such as Hyundai Card’s M Point Mall and Woori Card’s Moa Point Mall.
In summary, the main reason people don’t use their points is that it’s hard to use them! The 4th and 5th most popular answers to the aforementioned survey were, “Points expired before I could use them” (14.9%) and “Used a Family Card” (4.4%). The majority of the participants voted for answers 1–3 listed above. Users struggle to check how many points they have, they don’t know how or where to use their points, or they don’t understand the point system at all.
However, if you familiarize yourself with the tips above, you can make good use of your reward points. You won’t need to worry about your points or letting them expire. We hope these tips will help you in the future and allow you to make the most of your reward points!
