With the end of the year approaching, it’s the perfect time to take stock of your credit card’s benefits so you’ve used and maximized as much of it as possible this year.
Some of these benefits are “use it or lose it” at the end of the calendar year, meaning you’ll be leaving behind free meals, gifts, or travel as these benefits don’t carry over to next year.
Here’s a list of the most important credit card-related tasks you need to complete before the ball drops at midnight on December 31 and your 2023 calendar-based credits reset for 2024. And for more year-end advice, check out our points guide. and mileage tasks to be completed by the end of the year.
Use your annual statement credits
Some of the more valuable credit card benefits available include annual hotel award nights and annual airline incidental/travel credits. The validity of benefits such as free night certificates is generally based on your cardmember year (defined at the time you opened the account).
However, some statement credits expire at the end of each calendar year. Here’s a sampling of some of the most popular credits that expire at the end of the calendar year:
The information for the Bank of America Premium Rewards Elite, Citi Prestige, Hilton Aspire and Ritz-Carlton cards was independently collected by The Points Guy. The card details on this page have not been verified or provided by the card issuer.
Keep in mind that other credit cards with annual balances are not necessarily tied to the calendar year.
For example, the validity of the $300 in annual travel credits that come with the Chase Sapphire Reserve is based on your cardmember year. The credit will automatically be applied to all purchases coded as trips, including everything from plane tickets and Airbnb stays to car rentals and taxi rides. Please note that you will not earn 3 points per dollar on purchases covered by the $300 travel credit; you will only start earning bonus points on travel purchases once the travel credit has been used up.
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However, there is an exception to that general rule. If you opened your Sapphire Reserve before May 2017, the $300 travel credit on your card will still be tied to the calendar year – specifically tied to the date your December statement closes (which is likely before December 31).
Related: The Best Credit Cards with Annual Travel Credits
Use your semi-annual credits
American Express has a partnership with Saks Fifth Avenue, giving Platinum cardholders up to $100 in credits to spend at the retailer each calendar year – one $50 credit available for purchases between January and June and a second $50 credit available between July and December. Prior registration is required for this benefit.
The benefit is quite simple and there is no minimum spending requirement. However, you must register your card through the Amex website before you can take advantage of this benefit.
Although Saks is known for its high-quality goods with prices to match, it offers items for under $50 and hosts regular sales. Believe it or not, you may be able to use the credit without paying anything out of pocket. If you need inspiration, check out this list of gifts you can buy with the $50 credit.
Another Amex card that offers semi-annual credits is the Business platinum card. Cardholders can receive up to $200 in credits toward Dell purchases in each half of the year, for a value of up to $400 throughout the year. To take advantage of this benefit, prior registration is required. Then you shop as you normally would at Dell and use your Business Platinum to pay for your purchases. This benefit offers statement credits that are automatically applied after qualifying purchases.
Related: Amex Platinum and Amex Business Platinum store credits will be reset soon – why you should use them now
Use your quarterly and monthly credits
Depending on what’s in your wallet, you may have funds available every month or quarter.
Amex Platinum cardholders typically receive $15 in monthly Uber Cash credit, but a super-sized credit of $35 in December, so be sure to use this credit for rides or Uber Eats orders. If you the American Express® Gold Card, you can enjoy $10 in monthly Uber credits and $10 in monthly dining credits. Please note that Uber Credits are intended for use in the US
Other credits on the Amex Platinum card include reimbursement for a monthly Walmart+ membership and monthly streaming credits. The card has an annual fee of $695 (see rates and fees). Pre-registration is required for certain benefits.
Meanwhile, those who are the American Express Business Platinum Card can receive up to $10 per month in wireless credits and up to $90 per quarter in statement credits for Indeed purchases. These two benefits provide a combined total of up to $480 in annual credits to offset the card’s $695 annual fee (see rates and fees). Pre-registration is required for certain benefits.
Cardholders of the Marriott Bonvoy Brilliant® American Express® Card can enjoy $300 in annual dining credits, available in payouts up to $25 per month.
In addition, there are credit cards with quarterly bonus categories that you can activate for bonus income. These categories end on December 31 and will change into new categories early next year.
Related: Monthly Checklist: Credit Card Perks and Perks You Should Use This Month
Meet annual bonus spending thresholds
Numerous credit cards offer bonuses when you reach the spending threshold within a calendar year. For example the Delta SkyMiles® Platinum American Express Card offers 10,000 Medallion® qualifying miles when you spend $25,000 on the card, and an additional 10,000 MQMs when you reach $50,000.
On the hotel side there are maps like the Hilton Honors American Express Surpass® Card and the Hilton Honors American Express business card give free night certificates if you spend $15,000 on your card within a calendar year. This same annual spending threshold of $15,000 qualifies for a Category 1-4 Free Night on the World of Hyatt Credit Card.
With airlines, you can earn companion fares, or companion passes by spending goals on Southwest credit cards or cards like the Alaska Airlines Visa® Credit Card and the Alaska Airlines Visa® Business Card.
Regardless of the bonus, if you’re close to reaching the spending threshold, it’s worth reaching these thresholds.
Related: Credit cards with bonuses for meeting annual spending requirements
Take advantage of expiring temporary promotions
A slew of promotions ending on December 31 are worth taking advantage of if you can. These include targeted offers for extra points, bonus cash back or statement credits through Amex Offers, Bank AmeriDeals, Capital One Offers, Chase Offers and Citi Merchant Offers.
Because these are targeted offers, not everyone will receive them. You must also add the offers to your card before you can use them to receive the points or credits.
Request cards with increased welcome bonuses
There are several great credit card offers available right now. Many of these offers don’t last long, so you’ll want to take action sooner or later if you want to take advantage of one or more of these great sign-up bonuses.
Here are a few of these great deals:
Related: The best limited-time credit card deals to sign up for this month
In short
The end of the year is quickly approaching, so take some time now to review the action items above so you can maximize all available credit card benefits.
Travel and shopping credits are virtually free money to offset your card’s annual fees and are extremely easy to use. Taking control of these tasks means you won’t have to be in the spotlight of our next reader error story because you missed out on valuable travel credits or other benefits this year.
Related: This Reader Lost Nearly 750,000 Ultimate Rewards Points – Reader Mistake Story
For Amex Platinum rates and fees, click here.
For rates and fees of the Amex Business Platinum, click here.