However, it is not only cash-back cards that are useful right now. With vacation on hold for the foreseeable future, you can redeem your travel credit card points for non-travel options such as cashback or items. (Keep in mind that the redemption rate is likely lower than when spending the travel rewards.)
If you have the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, for example, you can use your Ultimate Rewards® points to make Amazon.com purchases or as cashback in the form of a statement credit or a direct deposit into your bank or savings account.
And, as Americans’ buying habits changed during the pandemic, keep in mind that credit card companies kept up by changing their rewards programs, including changes to travel credit, until the end of the year.
Users of the Citi Prestige® Card can use their yearly $250 travel credit at supermarkets and restaurants. Money transfer programs like Venmo and PayPal are another area to look for lost dollars. These applications are lovely for dividing bills and splitting payments for takeout, but it’s best to deposit the money into your bank account. While you’re quarantined at home, it’s a great time to perform some financial “spring cleaning” and make sure none of your banking apps have money. Finally, don’t forget about those unused gift cards piling up in your wallet. Using Mercator Advisory Group estimates, CBS News reported that up to $3 billion in gift cards would go unredeemed this year alone.
Consider cashing in an outdated gift card for cash if you don’t like the store or just forgot about it. Card exchange companies, such as Cardpool.com, let you exchange or sell real and electronic gift cards for up to 88 percent of their original value.
In conclusion
Every dollar counts for the typical consumer as the economy battles to recover. Spend time searching for unclaimed money on websites like Unclaimed.org and MissingMoney.com, whether you’re short on cash right now or worried about further financial difficulty in the coming months.
Don’t forget about what you already have in your wallet, such as credit cards. You earned the benefits, and now is the time to cash them in.