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Researchers Pinpoint Best Ways to Double-Dip for Credit Card Rewards

[Sunday, December 20th, 2015]

If you’d like to double up on your credit card rewards – and who wouldn’t? – then researchers at Canstar have some tips for you.

Double-dipping isn’t good manners at a party, but when it comes to credit card rewards, there’s nothing wrong with it at all. If it can be done, you should do it without shame. Double-dipping simply means using credit card rewards and other rewards at the same time. For example, if you use a points credit card to earn frequent flyer miles for every dollar you earn, and you also take advantage of an airline promotion that gives you double miles, you’ll get extra rewards. This is using rewards programs to their best advantage to squeeze out every drop of value.

Canstar gives the following tips for aspiring double-dippers:

• Gas rewards are good double-dip prospects. Participating BP service stations give two Velocity frequent flyer points per gallon, and if you use a rewards credit card, you can earn even more Velocity points.

• Check for updated retailer reward programs. Woolworth and Qantas Frequent Flyer used to have a points program that allowed customers to get double rewards, but it was recently discontinued. However, Canstar researchers said that the new program has an even better rewards structure, so not to fear.

• Always keep your eyes open. “If you have a preferred rewards provider, make yourself aware of the bonus partners where you can earn additional points by presenting your rewards card or membership number,” said a Canstar researcher. He said many people are missing out on deal because they aren’t paying attention.

• Don’t forget the fine print. “Make sure you’re getting the value over and above the expense of having the credit card,” said another Canstar expert. He said most rewards points are worth less than one cent each. “If you’re paying a surcharge to use your credit card, or could find the goods elsewhere for a much lower price, you would be worse off trying to earn those extra points,” he said.

The company’s research showed that many credit cards that allow double dipping also charge high interest rates. That means you should be sure to pay off your purchases in full right away, and not carry debt over from one month to the next. If you are the type of credit card user who doesn’t always pay off their balance in full each month, the value rewards points you earn will most likely be far less than the interest charges you will incur.

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