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How to Maximize Your Credit Card Rewards and Frequent Flyer Points

Last Updated: June 17, 2010

Reward credit cards are a great invention - you are able to receive cash back, earn points toward travel and purchases, and reap many other fringe benefits by simply paying for the things you purchase on a daily basis. Using these reward cards for groceries, gas, or paying your mortgage will reap you extra benefits from these types of cards.

Does your credit card reward you in some way each time the cash register rings? If not, you should check out all credit cards available today that have some sort of rewards component associated with them, generally worth about $0.01 to $0.03 per dollar spent. According to a recent survey, 40-50% of all cards out there today have some type of reward program associated with them.

The challenge sometimes is simply keeping track of all these reward points, not to mention deciding how best to use them. Managing multiple frequent-flyer and credit card programs can be a real headache: program rules and restrictions are constantly changing, your mileage credits may be missing or incorrectly listed, there are multiple expiration dates to keep track of.

There are a number of websites available to help consumers track and get the most out of their hard-earned credit card points, rewards, and airline frequent flyer miles. Although some services charge an annual fee, they may offer worthwhile perks such as email alerts regarding when miles will expire and award listings. Here are a few websites to check out:

• MileTracker.com This site offers a free downloadable application sponsored by USA Today. MileTracker currently supports more than 105 frequent flier and loyalty programs. Once you create a profile and insert your multiple account information, you will not need to input it again. When you open MileTracker and tell it to display or update your accounts, it automatically and simultaneously goes to all the accounts your have listed in your profile, inserts your personal information required for each account, and retrieves the account data to be viewed on your computer desktop.

• Points.com. This website allows you to track reward miles and points for free. It also allows you to trade with other users on the site’s Global Points Exchange, GPX, but there is a fee involved. There is a processing fee of $6.95 per trade, plus whatever additional trading fees that may be required by the airline or rewards program.

• PlasticJungle.com. Here is a site for gift card exchange and services, for consumers who want to either buy gift cards at substantial savings, sell them for cash, or trade pre-owned gift cards for others. Given that many credit card reward programs offer gift cards as one of their available redemption choices, this site may be handy if you end up with a gift card you'll never use. Plastic Jungle guarantees all transactions and offers industry-leading features like gift card replacement protection in case they are lost or damaged, and instant alerts via text or email. Users may list gift cards for free on Plastic Jungle, with successful transactions charged a 10 percent fee when their gift card is sold or traded.