7 Ways to Redeem Travel Rewards When You Don't Travel

Take the "travel" out of travel rewards and you still have rewards.

Travel rewards are easier than ever to collect thanks to travel credit cards. But they aren't always so easy to actually use. And sometimes you may find yourself with a surplus of travel rewards -- and nowhere to go.

There are two big reasons most experts will tell you to use your travel rewards sooner rather than later:

• They expire. Many types of credit card rewards only expire when you close your account, but travel points from hotels and airlines often have a limited shelf life.
• They get devalued. This is arguably the bigger issue. Rewards programs change all the time. Those changes are rarely to give people more bang for their buck (or rewards, in this case). Think of it like inflation for rewards points.

So, you have a pile of points but you aren't going to travel. What do you do now? While options vary depending on the specific program, you may have a surprising variety of options.

1. Use them for cash back

This is most often an option if your travel rewards are the kind offered by an issuer, instead of a hotel or airline. The four most popular programs are:

• American Express Membership Rewards
• Capital One Venture Rewards
• Chase Ultimate Rewards
• Citi ThankYou Rewards

These programs all allow you to redeem your rewards as a statement credit. You can also redeem for gift cards. The downside to this option is that it's usually a poor value. At best, you'll maybe get $0.01 per point. At worst, you may get half of that.

2. Make a charitable donation

If you're in a giving mood, you could give your idle travel rewards to a worthy cause. There are a few charities that take donated airline miles, for instance, including Delta's SkyWish program. And many rewards programs let you turn points into cash donations to partner causes, such as Amex's partnership with Just Giving.

3. Shop with points

Pretty much everyone has partnered with at least a few retailers to let you pay for purchases with your points. For example, you can use United miles to pay for eligible Apple purchases. Multiple programs also pair with Amazon to let you pay with points for just about anything.

4. Redeem for a unique experience

A lot of travel rewards programs have some sort of "experiences" portal where you can redeem your rewards for things like special dinners, or tickets to concerts or sporting events. The per-point dollar value you'll get for your points can vary a lot, but depending on the experience, the personal value could make up for it.

5. Enjoy a staycation

If going on vacation out of town isn't in the cards, you could still potentially put your hotel points to good use by taking a staycation. Does your city have a posh hotel you've always wanted to try? Do you and your partner want an extra fancy date night? Use your points to splurge a little on a local hotel that would normally be out of your budget or that's in a different part of town.

6. Gift them to a family member

Many rewards programs let you gift your points to a friend or family member -- but there's usually a catch. In most cases, there will be a fee for doing so, and that fee can get large depending on the program.

7. Go for a ride

While travel rewards often make us think of long-distance travel, you may also be able to use them for more local locomotion, such as getting a ride share. For example, Hilton lets you use your Hilton points to pay for Lyft rides. Similarly, Marriott points can be used to pay for Uber purchases. Alternatively, use your travel rewards to get a fancy rental car for the weekend or for a special event.

The controversial option: save them

There's a good argument against hanging on to credit card rewards too long. Devaluations happen all the time.

But there's just as much of an argument in favor of using them when they'll benefit you the most. Sometimes that may mean you hang on to them for a while. Is there a risk they'll be worth less later? Sure. But if you're going to make a low-value redemption now to avoid a possible drop in value later -- well, that's where you have to act within your own risk tolerance.