A lot of people with rewards credit cards – about 70% according to a new survey by LendingTree – are sitting on unused cash back, points, or miles.
Of that group, the majority (49%) have unused cash back rewards, while 13% have unused airline miles and 11% unused fuel points.
“The truth is that if you’re sitting on a bunch of points and you just don’t know what to do with them, you’re probably better off using them sooner rather than later because they’re not going to do anything generally but get less valuable over time,” said Matt Schulz, chief credit analyst at LendingTree.
About 40% of rewards credit cardholders haven’t used anyrewards in the past year, the LendingTree survey found.
While you may be building up points or miles for a trip, it doesn’t make much sense not to spend that cash.
“Even if it’s not a ton of money, that extra money is going to help extend your budget, make your life a little easier,” Schulz said. “So go ahead and use that cash back sooner rather than later.”
More Info: Nearly 7 in 10 Rewards Credit Cardholders Sitting on Unused Cash Back, Points or Miles
