Credit card experts' advice on maximizing rewards cards in quarantine - Business Insider

Whatever changes you decide to make to the credit cards in your wallet, it's important to keep tabs on your credit report to make sure there are no errors.In "normal" times, spending $95 or more a year for a credit card that earns you points or miles toward a vacation can feel like a no-brainer if you love to travel. But, as we all know, "normal" looks a lot different in the middle of a worldwide pandemic.

that found that travel rewards cards provide the most value to consumers who spend $8,600 or more on travel per year or take at least one international trip pear year. Given the coronavirus pandemic, many who would otherwise meet one of those requirements are falling short this year — and credit card issuers are well aware of this. To compensate for travel benefits that aren't as relevant for the time being, issuers from American Express to Citi have added, along with additional spending bonuses for grocery and dining purchases.

If you do decide that it's no longer worth paying the annual fee for any of your cards, Benét Wilson, credit cards editor at The Points Guy, recommends ashut down cards," she says. "Your credit score will take a hit. Instead, consider downgrading to a lower-cost or free option." Your credit score could decrease if you close a credit card rather than downgrading it, because closing a card will reduce your total available credit. Your credit utilization ratio — the percentage of your available credit across all cards that you're using — is the second-biggest factor in determining your credit score, and you want to keep this ratio as low as possible. Nearly every major credit card issuer has adjusted its rewards and benefits to account for our current situation.

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