Here’s a startling statistic: The average consumer earns $622 per year in rewards and leaves $205 of that on the table.
According to a 2011 study by COLLOQUY, Americans accumulate miles and points that are worth about $48 billion annually. But a third of the rewards—roughly $16 billion—go unredeemed.
In a way, I’m not surprised. Many rewards programs are notoriously difficult to understand. It’s hard to track miles or points if you don’t know how the system works. The study also showed that the average household has signed up for 18.4 programs! Now, they only actively participate in about 8.4. But even so, the thought of keeping track of 8 rewards programs makes my head spin. No wonder money is being wasted.
If you’re only participating in one or two rewards programs you can always set up your own spreadsheet using Excel and track your rewards. You’d have to remember to check your accounts online and update the spreadsheet frequently, though. If you’re tracking several rewards programs, then consider using a website that specializes in tracking rewards points for you. Sometimes “outsourcing” a task you don’t have time for is the best way to go.
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I reviewed some of these rewards tracking websites and a few of them charge an annual fee. I like freebies, so I focused on websites that offer the “basic service” for free. So here are a few websites that want to help you track—and take advantage of—your rewards:
Points.com
This website was founded in 2000 so it’s been around for awhile. On this site, you can trade, buy, redeem or give away points or miles. The site supports over 100 loyalty programs.
One thing I really like about this site is that if you find you can no longer use miles from a particular program, you can request a trade or exchange. For example, you can offer to trade your Delta SkyMiles for American Airlines AAdvantage miles.
Original article by Beverly Blair Harzog (c) Credit.com News + Advice - Read full story here.
