If you use credit, accumulating rewards along with your purchases makes sense. Right? Well, not always. Below are some things to think about before your next scan of the card:

1. Do your points have an expiration date?

Some companies don’t allow points to roll over from one year to the next. It’s worth seeing if this is the case for your card-because you don’t want all that spending to go to waste!

2. Are you paying off your balance every month?

Your interest rate is 0% if you pay your balance of within your billing cycle. If you don’t – and if it’s a common occurrence-your rewards might be negated by high interest charges. If you’re spending more in interest than you’re redeeming, it might be time for a no-frills, low interest card.

3. Are you accumulating the right kinds of rewards?

If you have a card that gives you free gasoline rewards but you don’t drive a car, it doesn’t make much sense, does it? Make sure your points are going towards things you’ll actually use-like hotels, groceries, and airlines that allow you to redeem rewards when you need them.

Above anything else, don’t just take the first credit card that’s offered to you-shop around! Find a card that meets your needs, and can actually work for you.

What’s your favourite rewards card?