Tuesday, January 10, 2017

Hoarding Credit Card Rewards Carries Risks

MoneyTips

There is certainly some enjoyment in watching your savings grow, whether its cash in your savings account or reward points on a credit card. Be careful with the latter if possible, though, because these perks almost always lose their value after a certain time. Also, inactivity on an account can result in the card issuer closing it, causing you to lose all points as a result.

The longer you hang onto reward points on your credit card, the more likely it is that they will be devalued. Whilst building points for a vacation is worthwhile, saving them for too long is risky. One man who knows this well is Seattle's Ahmed Bhuiyan. He lost $3,730 worth of points when his account was shut down in 2016 due to inactivity. At the time, Bhuiyan was working in Singapore and had stopped using the account to avoid char...



from MoneyTips http://www.moneytips.com/hoarding-credit-card-rewards-carries-risks

No comments:

Post a Comment