Cash rewards can take a few forms: direct deposit, statement credit or check. Gift cards will sometimes be an option, too, as a cash equivalent, but for more on that, see No. 4 below. Redeeming for a statement credit is a popular option, as it reduces your credit card balance.

Converting credit card miles or points to cash is usually done through your bank's online rewards portal under the "Redeem" or "Use Points" tab. Most major issuers (like Chase, Amex, or Citi) offer a "Statement Credit" or "Cash Back" option. When you select this, you can choose to have the value applied directly to your credit card balance or deposited into a linked checking or savings account. However, you should be aware of the "Value Gap": while miles are often worth 1.5 to 2 cents each when booked for travel, they are typically only worth 0.5 to 1 cent when redeemed for cash. For example, 50,000 miles might get you a $700 flight but only $500 in cash. Some cards, like the "Charles Schwab Amex Platinum," allow for higher-value cash-outs into brokerage accounts. If your miles are strictly "Airline Miles" (like Delta SkyMiles), you generally cannot convert them to cash directly; instead, you might have to use third-party "mileage broker" sites—though this is often a violation of the airline's terms and conditions and can lead to your account being permanently banned.