A simple formula can help you figure out how to get the most out of your loyalty reward points
are a great way to offset the cost of groceries, travel, merchandise and more. But every redemption is different, so you need to know the value of your points to ensure you’re maximizing your rewards. And if you find that confusing, well, you’re not alone.With any redemption, you need to figure out the value of one point first. This is often referred to as cost per point or cent per point . With this number, you can quickly see how much value you’re getting.
Someone who may not be familiar with CPP may think that redeeming their points for airline gift cards is a good idea. However, that’s a lower value compared with booking your travel on your own and then redeeming your points as a statement credit. In addition, American Express Membership Rewards allows you to transfer your points to Aeroplan at a 1:1 ratio, so you could get even more value out of your points, as seen in the example above.
Whether you’re looking to redeem your points for a car wash or a business-class flight, you need to calculate your CPP first. For anyone who collects travel rewards, using your points for travel will always give you the most value.With PC Optimum – the loyalty program of Loblaw-owned grocery stores, Shoppers Drug Mart and Esso/Mobil gas stations – you can easily get additional value out of your points if you wait for a bonus redemption event.
Occasionally, RBC Avion Rewards and American Express Membership Rewards will offer a bonus when transferring your points to some of their travel partners.While maximizing your redemptions is essential, you also need to pay attention to how you’re earning points. Using a credit card that’s co-branded with your loyalty program of choice will always be the quickest way to earn points. That’s because they typically come with a welcome bonus, and you’ll earn points on almost every purchase.
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