Credit card cashback offers not only help us save money, but also give us opportunities to reduce costs on our daily expenses. This could involve shopping, eating outside or even paying your utility bills. However, did you know that with proper planning, you can double your cashback rewards?

Here are some key strategies to maximise cashback rewards on credit cards.

Choose the right card

The first step in maximising your cashback rewards is selecting the right credit card. Different cards offer varying cashback rates based on categories such as groceries, fuel, dining, and more. Adhil Shetty, CEO, Bankbazaar.com, says an individual should identify her spending patterns and choose a card that offers higher cashback percentages on categories where she spends the most. “Additionally, look for cards with welcome bonuses or promotional offers to kickstart your cashback earnings,” he says.

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Leverage partner offers

Many credit card issuers collaborate with merchants to offer exclusive discounts and increased cashback rates. Keep an eye on your card issuer’s website or mobile app for ongoing partner offers. By shopping at partner stores or using partner services, you can often earn double or even triple cashback rewards compared to regular transactions.

Utilise multiplier events

Some credit cards host special events or promotional periods where they offer enhanced cashback rates or multiplier benefits. These events may coincide with festive seasons, shopping festivals, or specific days of the week. Plan your major purchases during these events to capitalise on higher cashbacks and maximise your rewards.

Combine offers and rewards

Smart cardholders know how to stack offers to multiply their benefits. Combine cashback offers with discounts, coupons, and reward points redemption to maximise savings. For example, if your card offers 5% cashback on dining and a restaurant has a 20% discount for cardholders, you effectively save 25% on your bill.

Monitor spending limits and terms

Credit card cashback offers often come with spending limits or conditions such as minimum spend requirements or transaction types eligible for cashback. Stay informed about these terms to ensure you meet the criteria for earning cashback rewards. Splitting purchases strategically or timing big-ticket expenses can help you reach spending thresholds without overspending. Late payments not only incur fees but can also negate your cashback rewards for that billing cycle.

Pay Bills Timely

Late payments not only incur fees but can also negate your cashback rewards for that billing cycle.

Shetty suggests, “Pay your credit card bills on time to maintain a good payment record and preserve your cashback earnings. Set up alerts or reminders to avoid missing payment due dates.”

Track and redeem rewards

Regularly monitor your credit card statements and rewards balance to track your cashback earnings accurately. Most card issuers provide online portals or apps where you can view rewards and redemption options. Redeem your cashback rewards wisely, whether as statement credits, gift vouchers, or merchandise, to get the most value out of your earnings.

You can effectively double your cashback rewards and enjoy significant savings on your expenses if you choose the cards based on your spending habits and also check where a specific card offering more benefits can help you reduce costs and earn more reward points. Remember to review your card’s terms and conditions regularly to stay updated on new offers and opportunities.