Maximize your earned loyalty points by reviewing your programs and understanding redemption options. This article explores strategies for maximizing value from your points, including travel rewards, financial rewards, and grocery loyalty programs.
An employee at a Tim Hortons hands out a coffee from their drive-thru window in St-Bruno-de-Montarville, Que., on Sept. 29, 2022.As the year winds down, it’s time to review your loyalty programs . A simple check-up can ensure maximum value for your hard-earned points. And you can set yourself up for big savings in 2025.Unless you’re saving your points or miles for a specific redemption, sitting on them is not the best strategy.
Loyalty points have real value, so not redeeming them is like putting them in a savings account that earns zero interest. When you’re ready to cash in your points, you want to try to maximize your value. For example, travel rewards programs typically give you the best return when redeeming your rewards for travel purchases. They may also offer gift card and merchandise redemptions, but they’re typically worth less. There is one exception. Some bank travel rewards programs – such as RBC Avion and BMO Rewards – allow you to use your points for financial rewards, such as contributing to your registered retirement savings plan or paying down your mortgage. The immediate return won’t be as high as travel rewards, but it’ll likely be worth more in the long run, thanks to compound interest.Loyalty programs constantly change, so seeing what’s out there is always worth it. Recently, WestJet Rewards announced it’ll be. If you’re flexible with your travel plans, it’s worth looking into Air Canada’s Aeroplan since the program is more rewarding, and the airline and its partners fly to more destinations.to Ontario earlier in the year. If you shop at Metro or Food Basics, joining the program is a no-brainer. There’s also Loblaw’s PC Optimum program, which has great reach since you can earn points at Loblaw-owned grocery stores, Esso gas stations and Shoppers Drug Mart. While it’s tempting to pick a grocery chain with the best loyalty program, choosing a store with the lowest prices will likely save you more money in the long ru
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