How to Track Your Credit Card Rewards
Know your balances and expirations
Start with a simple list of every card, its current points or cash back balance, and whether those points expire. Flexible bank points generally do not expire while your account is open, but some airline and hotel miles expire after inactivity. Valuing each balance at a flat 1 cent tells you what your rewards are really worth, rather than the inflated number the program shows.
Watch the annual-fee math each year
The most important thing to track is whether each fee-charging card still pays for itself. Once a year, add up the rewards and credits a card earned you and compare that to its annual fee. If it is no longer ahead, consider downgrading it, a decision covered in are annual fees worth it and whether to switch cards.
Re-check your setup as spending changes
Your ideal cards shift as your life does, so a setup that was optimal two years ago may not be today. Periodically run your current spending through the credit card rewards calculator to confirm your cards still earn the most, and read how to maximize rewards for ways to tighten the setup.
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