Earning reward points is the primary motivation for using a credit card. You must be curious about what reward points are and how to obtain them. Then, relax and sit back while we walk you through the entire process of using credit card reward points. The most important thing to remember is that you must apply for the credit card that best suits your needs and spending habits. Continue reading to get your research going.
What are reward points?
The benefits you receive for all or on a few selected spending categories are called reward points. For instance, you can get up to 10x reward points with the SBI SimplyCLICK Credit Card for every Rs. 100 you spend using the card. Customers of credit card companies are frequently rewarded with free welcome gifts, additional reward points, freebies, etc. A credit card comes with a rewards program that tempts you to use it so you can accumulate points for later benefits.
How to earn reward points?
You must be well-versed in your credit card rewards program before you can begin earning reward points on that card. learn from which spending categories you receive points. After that, only use your credit card for purchases that allow you to get reward points. On some credit cards, you receive a conditional welcome offer that states that after you spend a particular amount, you’ll receive reward points. This means that you can also earn welcome reward points. On credit cards, you can also accumulate reward points more quickly.
How to redeem reward points?
On credit cards with rewards, earning reward points is simple, and using the rewards program online to redeem them is simpler. You should bear the following in mind before redeeming your reward:
- Minimum necessary points: You must first accrue reward points in order to redeem them. For the redemption process on some credit cards, a minimum of 500 reward points must be accumulated.
- Expiration date: Remember that your reward points have a limited time to expire. The acquired reward points on credit cards expire after two years on most of the credit cards. Therefore, you must redeem them within the validity period.
- Redemption fee: When redeeming reward points, the credit card company assesses a redemption fee. Moreover, on some credit cards specifically premium credit cards, there is no redemption fee.
Modes of Reward redemption?
There are several ways you can use your reward points to make purchases, some of which are listed below:
- Online: Redeeming reward points online is the simplest method. Use the rewards program portal to do this, sign in to your account, and choose the things you want to purchase using reward points.
- Customer Service: Calling the customer service line and asking the customer agent for assistance with the award redemption process is another way to use the points.
- In-store: A few credit card companies have teamed with certain retailers to let you apply your reward points to in-store purchases. Your reward points can be quickly redeemed at the store.
What can you redeem reward points for?
You have a variety of options for using your reward points, like booking hotels and flights, making purchases, using e-vouchers, giving gifts, receiving cash payments, signing up for DTH services, and more.
Read More on How to use a credit card wisely?
Bottom Line:
To sum up, using a credit card to accumulate reward points is fantastic. To use your reward points within the allowed window of time, all you need to do is remember when they expire. This is the best way to maximize the benefits of your credit card.