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How Credit Card Rewards Points Work and How to Use Them

Credit card points are a win-win because you get the chance to earn while you spend. If you love clipping coupons or playing games on your phone, similarly, credit card rewards can add sparkle and a competitive edge to your budget.

Did you know? You can start earning credit card points as soon as you make your first purchase with your card. The best part is you get to choose how you want to redeem your points. You can buy cool stuff or amazing experiences, get cash back, and even make donations. 

Read on for the complete low down on how credit card points can pizzazz up your life!

Different Types of Credit Card Rewards

Credit card rewards tend to come in the form of credit card points or cash back on purchases. So what’s the difference and which one’s better? Here’s what you need to know.

Credit Card Points

A points system is how all the cool kids earn their credit card rewards and the UMe Visa Credit Card keeps things extra simple. You earn one point for every dollar you spend using your credit card! 

That’s right, every purchase transaction counts. So, unlike some of our competitors, you don’t need to waste time checking the fine print to see which purchases earn rewards and which don’t. (The only things that don’t count are ATM transactions, cash advances, fees, and interest.) 

Cash Back

Some credit card companies offer you various percentages of cash back for the purchases you make in qualifying categories, like groceries, gas, or dining out. Then at the end of the month – or even the end of the year – you get a deposit into your account.

This may sound complicated because it is. At UMe we make things as easy as possible for you. You earn points on all your purchases, and if you want to turn those points into cash, you can. UMe cash back rewards can be deposited in your UMe Savings or Checking account in increments of $25.00, $50.00, $75.00, $100.00, $250.00, or $500.00.

What Rewards Are Typically Worth

So you’ve got a handle on the first part, right? You get one point for every dollar you spend. But how many points do you need to buy something? Here’s the lowdown:

  • You need 2,500 points to earn $25 cash back.

  • The number of points you need to buy merchandise depends on the merchant. 

  • 2,000 points will get you $.50 off each gallon up to a total of $10 for each visit. 

How Do U Earn Credit Card Points?

Earning points is easy! It doesn’t matter what kinds of things you’re buying, it all adds up. Whether you’re buying broccoli or beauty products, everything counts! Just whip out your UMe Rewards Credit Card when you’re doing any of these things:

  • Shopping in-store

  • Shopping online

  • Paying a bill

What Can U Redeem Your Points For?

What you do with your points is totally up to you! Once you’re inside the rewards system, you’ll see all your choices stacked up. Here are a few excellent ideas to get your motor running:

  • Choose the best offers to buy great stuff from different merchants. 

  • Shop for airline tickets, hotel rooms, car rentals, and cruises.

  • Buy gift cards for friends, family, and maybe even your favorite coworkers.

  • Put your points to work at the gas pump, saving $.50 per gallon up to 20 gallons.

  • Redeem your points for cash and choose to get deposits in your Savings or Checking Account in handy chunks of $25, $50, $75, $100, $250, or $500.

  • Give some or all of your points to a good cause – we have over 1,000 awesome charities on our list.

How Do U Redeem Credit Card Points?

Redeeming points is the fun part! There are a few ways you can access your rewards so just choose the option that works best for you.

  • Login to online banking, find the “Manage Cards” tab, and click “UMe Rewards.”

  • Call (888) 347-0863 and a helpful rep will be happy to guide you through the marvelous world of credit card points. 

  • Once you get 2,000 points, a message will pop up at the gas pump asking if you want to use your points to get a discount – just select “yes!” 

Thinking About Getting a Rewards Credit Card?

Like everything in life, knowledge is power. We want you to have a love-love relationship with your credit card where it’s all pros and no cons. 

All it takes is a little research so you’re up to speed on stuff like rates, limits, and fees. Then you want to make sure you choose a credit card issuer (like us!) who’s got your best interests at heart. Click below to find out more!

everything U need to know about credit cards

 

 

Disclaimer: U matter to Me (all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!