How to redeem a credit card rewards for a statement credit? It is one of the important questions that most cardholders ask often. Redeeming a Statement Credit is the avenue that a credit card issuers issue cash back or rewards earned by cardholders. Redeeming Credit Card Rewards for a statement credit is very vital for a cardholder to enjoy the card’s perks. They can credit money to your account to make payments on purchases without borrowing it. It comes up every month end, shows in your monthly credit card statement. shows up in the list of transactions category of your account activity.
How To Redeem Credit Card Rewards For A Statement Credit, How It Works
Credit card Statement reduces your outstanding balance by the amount if your redemption, similar to a refund. If you have a $200 balance and redeem your rewards for a Statement Credit of $5, your outstanding balance goes down $195. Importantly, a Statement Credit Card allows you to spend less on your outstanding credit card balance, which may be beneficial if you’ve accumulated a large number of rewards. Statement Credit Card can be used to cover a greater or part of all cost of the family vacation.
How To Redeem a Statement Credit
Some credit card grant you access to statement credit rewards redemption straight from your online account. As you logged in, you’ll view your outstanding rewards and choose the amount you desire to redeem. You can contact your credit card issuers. Use the number at the back of your card to redeem your rewards.
Based on your credit card, your statement Credit may be applied to your account immediately. It may take up to one or two billing cycles to reflect on your credit card statement. At most cases, the statement Credit can free up some additional credit that you can use to make purchases from your credit card.
What To Watch out
Note that, many rewards credit cards do not have an expiration date, some credit card rewards there are many that do. Ensure that, you’re familiar with the expiration period for your credit card rewards. This way you can redeem your rewards or it expires.
Other Ways To Redeem Credit Card Rewards For A Statement Credit
Be flexible in redeeming your rewards, you’ll have to choose a credit card that offers redemption options outside of a Statement Credit. You can apply for rewards directly for purchases or redeem for gift cards, merchandise or travel. redeeming your statement Credit does not take the place of your minimum payment due. There can only be an exception if your statement Credit is linked to your balance. It will immediately wipe out all your credit card balance. You will be left with a Zero balance or even a credit to your balance.