A lot of execs are enrolled in travel or credit programs that reward them with points for constant use. But you have to keep a close eye on changing terms and conditions to make sure you don’t lose rewards.

The best strategy for execs who are either enrolled in one of these programs, or considering enrollment is to read the terms and conditions ASAP. Here are three common reasons members should always not only read the fine print, but review the terms and conditions regularly:

1. A lot of companies tweak the rules annually: Depending on what type of ROI a company is seeing from its rewards program, as well as several other factors, the company may not only adjust point values, but also the actual rewards and incentives that members are entitled to.
2. Some partnerships are temporary: A lot of companies partner with one another to add value to their rewards programs by offering customers more choices. This combined approach is great for attracting more members and strengthening both brands. But if one or both companies determines it’s not seeing the ROI it would like, the two may dissolve their partnership, which means rewards members may not be able to redeem their points for specific incentives any longer.
3. Points may expire after a certain amount of time: Most companies want members to redeem their points, so they don’t have to deal with a backlog years later (or when the points program is terminated). One way companies avoid problems like that is by mandating rewards points be redeemed within a certain amount of time. Be sure to check the terms and ensure you still have plenty of time to accumulate points before you need to redeem them.

Have you had any positive/negative experiences with rewards programs? If so, how were they resolved?

Feel free to share your feedback in the comments section below.

Source: “Financial Tuneup: Check the Rules of Your Rewards Program,” by Ron Lieber, New York Times, 4/14/10.