The answer is different for each situation. You can usually use your rewards whenever you want to, but there are some scenarios where it’s best to redeem your rewards right away. For example, if your rewards will expire, make sure to redeem them before they do.  Additionally, sometimes there are incentives or offers to use your rewards on certain perks, such as deals on travel. Timing your redemptions around these incentives may be a smart move. And finally, if you plan to cancel your card, make sure to use your rewards before ending the program.