Free money, gone: "The simple rewards step I forgot to take"
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You might be missing out on free money and not even realize it.
Credit cards with rewards and statement credits often require more than just swiping to save.
One overlooked detail could be the difference between earning and losing.
That’s exactly what happened to one cardholder who skipped a critical step.
Mike Winters, a personal finance reporter, used his credit card daily at his go-to coffee shop without knowing it offered a credit for those very purchases.
“My card offers up to $84 a year in statement credits for purchases at one of my regular coffee spots — but only if I enrolled first,” he explained.
The credit was added to his account in July 2024, but he never activated it. “I hadn’t, because I didn’t know the credit existed.”
Statement credits work like automatic rebates, reducing your credit card balance after eligible purchases.
But most require that you log in and manually enroll, usually under a benefits or offers tab.
“Like many statement credits, it only activates after you log into your card issuer’s website or app and manually opt in,” said Winters.
Missing one can mean months of lost value. Credits like these can significantly offset annual fees—if used.
Winters uses the American Express Gold card, which charges a $325 annual fee. “Now that I’ve updated my enrollment, that fee is more than offset by these statement credits,” he said.
Also read: Is AI about to take control of your credit card? What this credit card company has planned next will shock you!
In total, the card offers $424 annually in credits, including perks for dining, Uber, Resy, and Dunkin’.
Many cards include short-term deals that require the same opt-in process. “I enrolled in an offer for the streaming service Max just in time for my annual subscription renewal,” he said, earning $25 back on a $99 purchase.
These limited-time credits are often under the radar unless you check your card’s offers section. They’re separate from regular statement credits but just as valuable if timed right.
All of these benefits disappear fast if you carry a balance.
Also read: TSA weighs in: What your Costco card can’t do when you fly
“With average credit card interest rates near 21%, per Bankrate, any savings from statement credits or offers would quickly be wiped out,” Winters warned.
He always pays off his balance in full—something essential to making rewards cards work in your favor.
Minimum payments and long-term debt can erase even the best perks.
Read next: Trump launches his "Gold Card" with a familiar flair
Have you checked your credit card’s benefits lately? What’s the best credit or cash back perk you’ve ever forgotten to use? Tell us in the comments—especially if it cost you real money.
Credit cards with rewards and statement credits often require more than just swiping to save.
One overlooked detail could be the difference between earning and losing.
That’s exactly what happened to one cardholder who skipped a critical step.
Mike Winters, a personal finance reporter, used his credit card daily at his go-to coffee shop without knowing it offered a credit for those very purchases.
“My card offers up to $84 a year in statement credits for purchases at one of my regular coffee spots — but only if I enrolled first,” he explained.
The credit was added to his account in July 2024, but he never activated it. “I hadn’t, because I didn’t know the credit existed.”
Statement credits work like automatic rebates, reducing your credit card balance after eligible purchases.
I lost out on rewards points—the one step that could’ve saved me. Image source: Vitaly Taranov / Unsplash
But most require that you log in and manually enroll, usually under a benefits or offers tab.
“Like many statement credits, it only activates after you log into your card issuer’s website or app and manually opt in,” said Winters.
Missing one can mean months of lost value. Credits like these can significantly offset annual fees—if used.
Winters uses the American Express Gold card, which charges a $325 annual fee. “Now that I’ve updated my enrollment, that fee is more than offset by these statement credits,” he said.
Also read: Is AI about to take control of your credit card? What this credit card company has planned next will shock you!
In total, the card offers $424 annually in credits, including perks for dining, Uber, Resy, and Dunkin’.
Many cards include short-term deals that require the same opt-in process. “I enrolled in an offer for the streaming service Max just in time for my annual subscription renewal,” he said, earning $25 back on a $99 purchase.
These limited-time credits are often under the radar unless you check your card’s offers section. They’re separate from regular statement credits but just as valuable if timed right.
All of these benefits disappear fast if you carry a balance.
Also read: TSA weighs in: What your Costco card can’t do when you fly
“With average credit card interest rates near 21%, per Bankrate, any savings from statement credits or offers would quickly be wiped out,” Winters warned.
He always pays off his balance in full—something essential to making rewards cards work in your favor.
Minimum payments and long-term debt can erase even the best perks.
Read next: Trump launches his "Gold Card" with a familiar flair
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