There are many exciting benefits to be had from today’s credit cards, particularly in terms of cashback and rewards. Many cardholders appreciate the ability to earn money back on their purchases or accumulate points that can be redeemed for travel, shopping, or other perks. These rewards can also be further enhanced through a strategy known as rewards stacking.
Rewards stacking involves using multiple credit cards to optimize the benefits from different rewards programs. Through this approach, you’ll strategically select which card to use for specific purchases so that you can maximize the cashback or points you earn. For instance, using the Landers cashback credit card by Maya allows you to enjoy up to 5% cashback for your Landers purchases, and you can rely on another card for traveling or booking accommodations that will let you earn bonus points for more substantial savings and rewards over time.
If you want to get the most value out of your credit card rewards from card programs like that of the Landers Cashback Everywhere Card by Maya, here are some ways you can effectively stack your credit card rewards:
1) Assess Your Current Credit Cards and Their Rewards
One of the best ways to start reward stacking is to review the credit cards you already own. Check each card’s rewards structure, such as which purchases earn higher cashback, points, or miles. Then, make a list of the rewards you are currently earning and see if they align with your regular spending habits, like groceries, gas, dining, and online shopping. For example, if you find that a card you own offers 3% cashback on gas, but you don’t drive often, it might be time to switch to a card that will help you earn more from your usual expenses.
2) Optimize Spending Across Cards
To get the most value from rewards stacking, match your cards to specific spending categories. Suppose you have two credit cards: one that offers 5% cashback on groceries and 1% on all other purchases, and another that gives 3% cashback on dining and 1% on groceries. It’s best to use the first card exclusively for grocery purchases and the second card for dining. Similarly, if you frequently shop online, look for a card that offers bonus cashback for online purchases. With this approach, you’ll be able to earn the highest possible cashback for each transaction.
3) Stack Rewards During Promotions
When it comes to maximizing your credit card rewards, it’s not only about choosing the right cards. You’ll also want to factor in the timing of your purchases, especially during promotional periods.
Many credit cards in the Philippines offer periodic promotions where you can earn extra points or cashback for specific spending instances. For example, some banks run promotions where you can earn double points for dining during a particular month, during certain events like double-digit date sales, or during the holidays. Keep yourself informed of these promotions and plan your spending for these events. This way, you can purposefully boost your rewards balance.
You should also take advantage of such promotions to make some large purchases. If you need to buy a new laptop or home appliance, for example, do it during these promotional periods to get the most satisfaction and value out of your rewards.
4) Use Shopping Portals for Extra Points
Some credit card issuers also partner with online shopping portals where you can earn additional points or cashback when you purchase from certain retailers. Your bank may partner with an online marketplace and let you earn extra rewards by accessing the marketplace through the bank’s portal. In some cases, e-commerce websites also partner with credit card issuers and allow certain cardholders to earn additional points when they check out using the affiliated card.
In either case, you have a great opportunity to stack rewards on top of the base cashback or points you earn with your card. So, always check if your card issuer has new promos or an online rewards mall where you can earn even more from your purchases.
5) Redeem Your Rewards Wisely
When it’s time to redeem your rewards, it’s important to choose options that offer the best value. In the case of using miles for airline tickets, you can get more value than if you redeemed them for merchandise. Similarly, cashback can be a better choice if it directly offsets your expenses for items like groceries.
That having been said, consider your personal needs and goals when deciding how to use your rewards. If you’re planning a trip, use your accumulated miles for flights, which will save you more than redeeming the same amount for a small gadget you might not need at the moment.
6) Stay Updated about Changing Rewards Structures
Credit card rewards programs can change frequently. Banks may update their cashback rates, change their reward categories, or introduce new promotions. Be sure to stay updated with these changes to ensure that you continue to get the best value from your cards.
Also keep an eye on announcements from your bank or credit card issuer to adjust your strategy accordingly. You’ll always want to be aware of any changes that could impact your earning potential.
With careful management and planning, you can turn everyday transactions into multiple opportunities to cash in on valuable perks. Be sure to consider reward stacking as a strategy and make every swipe of your credit card count.