Don't lose those credit card rewards

You work hard to earn those credit card rewards, so you don't want to lose them.

Bill Hardekopf, CEO of LowCards.com, reminds us that you don't "own" your rewards. If the account is closed - by you or the credit card company - those points or airline miles can disappear.

You can also lose your rewards on some cards if you don't use the card for a long time. Airline miles often expire after 18 months of inactivity.

"So before you close an account, you should always deplete the amount of rewards that you have and then close the account," Hardekopf said.

With a card that racks up frequent-flier miles, you don't have to fly to keep it active, just make a transaction with it.

"So what you should do with any card that you do have rewards on is keep it active," he said. "Go and buy lunch once a month and pay that balance off in full and on time at the end of the month and you'll keep your rewards."

Remember, the credit card company can change the rules of their reward program at any time, so don't rack up too many points or miles.

More Info: Avoid Losing Your Credit Card Rewards