A recent Creditcard.com report reveals that 23% of reward cardholders have not redeemed any rewards over the past year, leaving significant value on the table. Cardless Co-founder and president Michael Spelfogel joins Wealth! to provide advice on maximizing credit card rewards.

Spelfogel emphasizes that credit card points are essentially depreciating assets, urging consumers to spend them "as quickly as possible." He highlights that every purchase presents "an opportunity" to earn some sort of reward, whether through cashback, points, miles, or other incentives.

"The best strategy I recommend is a diversified one," Spelfogel tells Yahoo Finance. By maintaining multiple cards, consumers can optimize their reward potential, strategically choosing which card to use for different types of purchases.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

Read more: Cash back or points: Which credit card rewards are better?

This post was written by Angel Smith