As the year draws to a close, it’s crucial to make sure you’re squeezing every ounce of value from your credit cards. Many cards come packed with perks that expire at the end of the calendar year. Without a strategic approach, you could be leaving valuable benefits on the table. Here’s your ultimate guide to maximizing those benefits before they vanish with the arrival of the new year.
Understanding “Use It or Lose It” Policies
Many credit cards include perks that reset each calendar year. If you don’t use them, you simply lose them. This might include travel credits, shopping discounts, or bonus rewards on specific purchases. It’s like leaving money on the table—something no savvy spender wants to do. That’s why a year-end review of your card benefits is more than just prudent; it’s essential.
Key Actions Before December 31
Use Annual Statement Credits
- Travel Credits:
- Bank of America® Premium Rewards® offers up to $100 for airline incidental fees.
- American Express Business Platinum provides up to $200 for airline fees plus an additional $150 for Adobe purchases, catering to both your travel and business needs.
- The Platinum Card® from American Express includes $200 for airline fees and $200 in hotel credits annually.
- Citi Prestige® Card users enjoy up to $250 in travel statement credits, ideal for the frequent traveler.
- Retail Credits:
- Amex Platinum cardholders can use up to $100 at Saks Fifth Avenue each year, doled out in two $50 increments.
- Business Platinum Card from American Express offers up to $200 for Dell purchases annually, split into two $100 credits—one for each half of the year.
- For dining enthusiasts, the American Express® Gold Card provides two $50 credits for dining through Resy annually.
Leverage Monthly and Quarterly Credits
Monthly and quarterly credits can quickly accumulate:
- Amex Platinum features up to $15 monthly in Uber Cash plus $20 monthly for digital entertainment.
- Delta Cobranded Cards include up to $10 monthly for ride-hailing services, totaling up to $120 a year, which can offset many routine travel costs.
Meet Annual Spending Thresholds
Reaching specific spending milestones can unlock significant rewards:
- Hilton Honors American Express Surpass Card rewards you with a free night certificate after spending $15,000 in a year—perfect for a getaway.
- Companion fares from cards like those offered by Southwest and Alaska Airlines provide exceptional value once you hit their spending requirements, potentially doubling the value of your trip.
Take Advantage of Limited-Time Offers
Many cards offer promotions towards the end of the year, which might include boosted earning rates or additional credits. For example, the Hilton Honors American Express Surpass Card is currently offering a whopping 165,000 bonus points after spending $3,000 in the first six months—a deal that ends on January 8, 2025. These offers are not only lucrative but also timed perfectly for holiday spending.
Final Year-End Checklist
- Review all active credit cards for any unused credits or perks.
- Plan any upcoming purchases or travel to make use of the expiring credits.
- Check the expiration dates for any promotional offers and ensure you’ve met any necessary conditions to qualify.
- Consider your card strategy for the upcoming year: Should you renew, cancel, or replace any cards based on your usage and the benefits they provide?
Final Thoughts: Maximizing Credit Card Rewards
As we wrap up the year, taking the time to go through your credit card benefits can lead to significant savings and perks that enhance your travels and shopping experiences. Whether it’s booking that last-minute trip to use up travel credits or buying a gift to utilize a retail discount, the end of the year offers a critical opportunity to assess and use your benefits to their fullest extent.
With a bit of planning and strategic use of your cards, you can ensure that you’re not only ready to close out this year but also set up for success in the next. What’s your plan for maximizing your credit card perks before the year ends? Share your strategies in the comments below!
