Generally speaking, you'll get 1 cent per point when you cash in rewards for gift cards, but this can depend on the rewards credit card you have. You can also cash in all kinds of different points for various gift cards, whether you have a Discover credit card like the Discover it® Cash Back or another cash-back card like the Chase Freedom Flex℠ or the Capital One Quicksilver Rewards Credit Card. When you redeem American Express Membership Rewards points for statement credits, for example, you'll only get 0.6 cents for each point you redeem. Many cash-back credit cards tend to offer 1 cent per point in value for this option, which is solid if not spectacular, but the same may not be true with other flexible rewards or flexible travel points. Using rewards for statement credits or cash back may or may not be a good value depending on the type of rewards credit card you have. You can use either option to pay for holiday gifts, or to cover the cost of holiday parties and other end-of-year expenses. The best ways to use points to save on holiday expenses Use statement credits and cash back to cover purchasesįirst off, keep in mind that most rewards and cash-back cards let you redeem your points for statement credits or a check in the mail. If you have some points racked up on a rewards credit card and you haven't used them yet, here are some of the smartest ways to use points for holiday gifts and other spending this year. On the other hand, if you aren't worried about cash flow, now could be the perfect time to open a new card to earn rewards you can use later on - especially now that so many cards are offering elevated welcome bonuses. Should you really be using your rewards to cover your holiday shopping bill? That's really up to you, but there's certainly nothing wrong with this strategy.Ī lot of people save up their cash back or travel points for a splurge they really want - or for a luxurious trip when they're ready to travel - but if you'd like help covering holiday bills, it could absolutely make sense to redeem them to lower your out-of-pocket costs. Read Our Review A looong arrow, pointing right
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