I Used to Be Skeptical About Credit Card Rewards. But Now I'm Going Full Throttle in 2024

I used to be skeptical about credit card rewards. "Meh," I thought. "Who cares if I get some dinky little 1% reward on every purchase! Who has that kind of time to keep track of all those details? And what if I make a mistake, miss a payment, and hurt my credit score?"

But now that I've learned more about rewards credit cards, I feel like I've been throwing away a fortune. I could've been getting hundreds or thousands of dollars per year in credit card rewards! I could've had cheaper flights, free hotels, and free business class upgrades! I could've been a better person!

Credit card rewards points are my new hobby and quasi-side hustle. I have signed up for three Chase credit cards (a Chase Trifecta) in 2024 and I'm using them for big purchases and everyday spending. Goal: get free travel and other great rewards!

Here are a few reasons why I'm going full throttle on credit card rewards in 2024.

1. I have great credit

Not to brag, but: my credit score is pretty impressive. And I shouldn't let that super-prime FICO® Score go to waste. I can qualify for more credit cards, so why not get a few? I'm a frugal, responsible spender whose idea of a good time is maxing out my Roth IRA. I'm not going to use these cards to overspend or start making extravagant purchases.

Not everyone should be too casual about applying for extra credit cards -- be mindful of your financial situation and credit score. But if you have good credit (or excellent credit), and you're curious about rewards credit cards, you might want to consider applying for a few. I applied for three credit cards in one month, and I only saw a loss of seven points from my FICO® Score.

2. I want a cut of those credit card processing fees

Most people might not realize this, but every time you use a credit card in your everyday life of buying dinner at a restaurant or shopping online, banks are making money off of you. There's a small percentage of each transaction that changes hands behind the scenes in the form of credit card processing fees. This invisible 2.24% (or more) of everything you buy is where credit card reward points come from.

I'm already generating this little stream of economic activity with everything I buy; I should get to keep some of that money for myself. Rewards credit cards make me feel like I'm getting a seat at the table, a slice of the pie. I'm participating in the global economy at a higher level.

3. Travel is worth more than money

I decided to focus on the Chase Sapphire Preferred® Card for my first travel rewards credit card, because I love to travel, and travel is always worth the effort and expense. Some of my happiest moments have been spent boarding a plane with my children, strolling the streets of bustling international cities that I've dreamed of visiting, getting onto a train to Berlin or Prague, and climbing the stairs of a Parisian apartment building. I'm a globetrotter and I want to do even more exploring in the years ahead.

Travel rewards credit cards make all of my most-wanted travel experiences a little more possible. The world is in reach for me now, in new ways. I see so many opportunities with travel rewards credit cards to get smarter about airline frequent flyer miles, get free hotels with loyalty programs, and much more. I feel like I have a new currency to spend on travel now, in the form of reward points.

4. Rewards credit cards are fun!

When I was growing up, I used to love playing sports video games where I could accumulate stats -- like a football game where you could play an entire season and track your players' stats. Rewards credit cards fulfill that same urge, somehow. Just by spending money, I get to accumulate stats and track data and make progress toward goals.

These credit cards turn my everyday consumer life into a fun little video game. I love seeing the bonus point categories and seeing which purchases get me some extra points, and strategizing for big purchases! But unlike a video game, I get to turn these hours of effort into real-world results, like plane tickets and hotel stays.

5. I'm not worried about hurting my credit

One risk of credit card rewards programs is that some people spend too much, make a mistake with paying their bill, and end up racking up interest or hurting their credit score. I'm not worried about this for myself, though. That's because I love using budgeting apps and mobile banking apps.

Today's online bill pay and mobile apps make it easy to keep track of your credit card bills and pay balances on time (or early). The Chase mobile app lets you easily make automatic monthly payments, immediate one-time payments, or schedule payments ahead of time.

Bottom line

Travel rewards credit cards have turned my everyday spending into an enjoyable hobby. I'm having a lot of fun learning more about the best ways to use rewards cards, how to get the best percentages of points, and how to redeem points for free travel. There are risks and downsides to using rewards credit cards, but if you're careful and monitor your spending, this can be a fun way to maximize your personal finances.