Do you know that the average American misses out on $600.00 per year in credit card rewards?
If you are like most people, you probably carry at least a half a dozen or so credit cards in your wallet, many of which promote rewards programs for everything from buying groceries to dining and restaurants, purchasing gasoline for your car, or shopping at your favorite department store.
Rewards cards frequently change terms and conditions to receive the benefits of using their card. Again, like most people, you may activate your new rewards card and simply forget how to qualify for the benefits you signed up for in the first place.
Well, now there’s an app for that.
Glyph is an app that you can download to your iPhone that will help you determine which is the best card to use to maximize rewards for your purchases instantaneously.
Glyph is free and easy to download, as are most apps. You will, however, have to put up with ads in exchange for the service. That may change in the future, as something tells me there is a premium service on the horizon to remove the ads.
Once downloaded, you simply enter your credit cards into the app.
Glyph currently supports more than 250 business and consumer credit cards and there’s more being added every day.
If your credit card is not listed, there is a feature where users can notify Glyph. Glyph CEO Mike Vichich says “we address those missing cards in prioritized fashion.”
People who will benefit the most from using Glyph are those who aren’t diligent about checking rewards programs regularly on their cards. For example, the Discover it card gives 5% at restaurants, but only during the first quarter of the year.
For the second quarter, you would have to use a different card, the Chase Freedom, to earn 5% in that category. Glyph will tell you this, so you don’t have to keep track of these things.
There is the danger of spreading your rewards cards too thin. Most rewards cards have to be used frequently to accumulate enough points where they can be cashed in for rewards. Spreading out purchases may dilute the benefits if you don’t reach the minimum number of points needed for the individual card, use caution there.
Another factor to keep in mind is, and we all should know this by now, rewards cards are designed to motivate their use. Glyph will tell you which cards will give you the best rewards, but make sure it isn’t encouraging you to spend more because of the rewards involved from the use of the card.
Getting cash back for using your credit card on something that you need is nice, but only if it is a need.
If you aren’t one of those people who tracks your credit card rewards programs, Glyph may help condition you to keep better track rewards and cash back credit cards.