And don't be lured by sign-up bonuses to apply for a new card, unless there's a definite big trip on the horizon—a honeymoon or a 50th birthday splurge—and those points will be put to good use. But make sure the card is opened about five months before the trip to ensure any spending requirements have been met and the points are in your account, warns Sara Rathner, an author at NerdWallet.
Unfortunately, consumers can’t do much when the terms change for formerly enticing rewards points or airline miles. Still, it's worth calling to see if they can try to get a card's annual fee waived (if there is one), or request to be switched to a card with more flexible benefits, says Ted Rossman, a senior industry analyst at creditcards.com.
Finally, consider being charitable if there are points or miles you're unlikely to redeem anytime soon and are concerned they may be devalued. Some nonprofits will accept them, and the airline, hotel or card company may even match the donation. Here’s a helpful roundup from the Points Guy.
Whatever you do, don’t put these decisions off. Remember, millions of people will be looking to get the most of their miles, and their chances of redeeming them for something they want are higher if they beat others to the gate.
Alexis Leondis is a Bloomberg Opinion columnist covering personal finance. Previously, she oversaw tax coverage for Bloomberg News.