How To Ensure You Don’t Miss Out On Rewards When Using Digital Payments

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Many shoppers use digital wallets and payment systems because of how convenient they are. If you haven’t tried them yet, now might be the right time to start. However, as you start trying out this payment method, you might wonder whether you’re missing out on any rewards you would otherwise get.

If you’re worried about that, there’s excellent news: most digital wallets and payment systems are set up so you will get the full benefits you’d receive if you used a different payment method. In this article, we’ll talk about how these payment methods work and go over what you can do to ensure you’re getting every reward and benefit each credit card company offers.

<h2>Understanding Digital Wallet Payments<h2>

Since it’s easy to make payments with your digital wallet, you need to be careful not to go overboard. If you find that you’ve accrued some debt, you can always use the convenient snowball method to pay it off.

Digital wallet payments generally work through a system called tokenization. That’s what you’ll see with Google Pay, Apple Pay, Samsung Pay, and other popular methods.

The tokenization process begins when you make a transaction with a merchant. Rather than the digital wallet sharing your credit card number, it creates a token, which is a one-time-use number. The microchip embedded in your credit card does the same thing.

<h2>How Can You Tell Whether You’re Getting All Your Normal Points or Rewards?<h2>

You likely picked out your credit cards at least partially because of the rewards or points you get with them. Whether you opted for Amex, MasterCard, Discover, or Visa, you might have chosen it because of the double points on travel or the triple points on groceries or clothing. You never want to miss out on those rewards, whether you pay for a purchase by swiping or holding your smartphone over a payment terminal.

The tokenization process we described keeps your card number secure, but it still records the merchant transaction. That means the rewards you have coming your way should show up on your account with no issues.

The merchants from which you buy will be broken up into category codes by your credit card company. The tokenization process makes sure that the card company sees what you bought and the store where you purchased it. When you look at your card statement, your purchases will be right there, even if you almost exclusively use digital wallets or payment systems.

<h2>Are There Ever Exceptions?<h2>

If you look at your credit card agreement, it should spell out whether you can earn the same points or rewards if you prefer to use digital wallets or payments. That stipulation will probably read something like, “If you use Google Pay, you still get all the card’s rewards and benefits.”

If you’re considering signing up with a credit card company and don’t see something to that effect in the fine print, you can contact them directly and ask them. However, it’s unlikely at this point that digital wallets or payments won’t earn you the same benefits as more traditional contact payment methods. Digital payments are so popular now that any company that doesn’t let you earn the same benefits when using their credit card this way will quickly fall behind its competitors.

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