How Do I Use My Points to Pay My Bill with MasterCard
Once you have earned enough reward points from using your MasterCard, you can cash those points in to lower your credit card balance. Redeeming points for a statement credit or cash back that can be applied to your balance will lower your bill and help meet your monthly obligation while increasing your spending power.
You've used your MasterCard for everyday purchases, and you've earned reward points that you are ready to redeem. One of the options you have is to redeem your MasterCard reward points to pay your credit card bill. How do you use your points to pay your bill with MasterCard? You can get assistance from MasterCard customer service here, and you can read on to learn how to turn points into bill payments.
An Important Note About MasterCard
Your MasterCard was not issued directly by MasterCard; rather, it was issued by a bank, credit union or retailer that partners with MasterCard to provide lines of credit. MasterCard is a payment processing network and does not issue cards directly. Because of this, reward programs are often determined by the financial institution that issued your MasterCard.
Redeeming Points To Pay your MasterCard Bill
There are a couple of ways to redeem your MasterCard points to pay your bill: as a statement credit or for cash back.
Statement Credit
To use your MasterCard points as a statement credit, follow the steps discussed below:
- Log into your account at your financial institution that issued your MasterCard.
- Go to the rewards page for your credit card.
- Decide how many points you want to redeem.
- Choose "statement credit" or "apply to statement" to use the points toward your credit card bill.
- Confirm your selections and redeem your points.
- This should show up on your statement as a credit; however, it may take a few business days to appear.
Cash Back
Another way to use your MasterCard reward points to pay your bill is to redeem them for cash back. To use points this way, follow these steps:
- Go to your account at your financial institution and log in.
- Click the link to open your rewards page.
- Choose the number of points to redeem.
- Select "cash back" to get money directly deposited into your linked bank account or have a check mailed to you.
- Use the cash you received from redeeming your MasterCard points to pay your credit card bill.
Remember, when using your MasterCard reward points, you want to get the most out of your rewards. Redeeming points for a statement credit can reduce your overall debt and help you meet your monthly bill, but statement credits usually don't give full value for points redeemed. For more information, call MasterCard customer service here.
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