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There has been a significant increase in the usage of credit cards as they provide numerous benefits to the users. The day-to-day expenses can easily be managed with a credit card. There are varieties of credit cards based on your spending habits and interests. For example, if you are an individual who loves travelling, there are specific cards that offer discounts on travel category. A shopping cards can be helpful to accrue benefits and discounts on various products.
Would it not be a reasonable fact to get hold of a credit card wherein you can save on what you spend? Yes, the reward points that get accumulated on credit card usage can help you cut down your monthly bill. Moreover, the reward points can be redeemed against various attractive gifts from partnered stores. Each lender offers reward points under various names; loyalty points, edge points, cashback point, reward miles, payback points, rewardz points etc., are some of the names given reward points.
Each bank has different criteria when it comes to reward points accumulation. The redemption procedure also could vary depending on the rules of the lender. However, most of the process is general in nature. Let us look at how reward points work and how you can redeem them.
The reward points accumulated brings out a lot of benefits to the users. The points can be converted to cashback and used while paying the credit card bill, thus reducing the total amount. Partnering with various companies, the credit card issuer lets you redeem the reward points against gift items, vouchers. It can reduce the actual cost of the product and help you save maximum on the purchase.
If you are a frequent traveller, you can accrue the reward points on travel bookings and use them to get discounts. You can also get vouchers from the reward points which can be used in purchasing groceries and various other gift items.
The point system across the credit card issuer seems to be the same. However, the allocation and their value could be different according to the card issued. The value of one reward point is 25 paise. This is general across most of the lenders, however it may differ as per the rules of the bank. So, when you get 1 rupee when you gather four reward points. The user gets 1 or 2 reward points on every Rs. 100 spent. However, some lenders offer 1 reward point on every Rs. 150.
The collected reward points cannot be redeemed at once. You need to accumulate a certain amount reward points for redemption. Generally, you have to collect 1000 reward points to redeem against vouchers or various gift items. The range could vary from lender to lender.
The accumulated reward points should be redeemed within a specific period. It could expire if it is not redeemed within the time limit. Most banks allow you redeem within 2 to 3 years.
Internet Banking: Log on to Internet Banking with your Customer ID & Password. Click on Rewards on the Account Summary page. Accept the Terms & Conditions and then click ‘Redeem Now’ to view the Rewards Store. Choose the reward of your choice from various categories, add to basket & confirm the redemption. After accepting the Terms and Conditions for the first time on Internet banking
Mobile app: Download the bank mobile app. Click on ‘Rewards’ tab from the Menu to view your points balance. Go to ‘Redeem Now’ section and click on 'Rewards Store'. Choose the rewards of your choice from different categories, add to basket and confirm the redemption.
Rewards Website: To redeem your points through Rewards website, you will have to sign up for the program by visiting the registration page. Depending on the product you hold and your relationship with the bank you will need to choose the appropriate product from the dropdown and then fill in the relevant details to register. Once you have registered successfully you will receive an email confirming your user ID and password. You can visit ‘Redeem Now’ section post login with your user ID/ customer ID & password. Choose the reward of your choice from various categories. Add to basket & confirm the redemption.
Certain customers holding select products will be auto registered into the program. All customers who are auto registered will receive an email confirming their login credentials, which they can use to access their loyalty account on the website or redeem their points.
Contact Center: You can redeem your points for products displayed at the ‘Reward Store’ through the contact center. Services offered on the ‘Recharges & Bookings’ store cannot be redeemed through the contact center.
With enough points accumulated you can redeem it for any of the following gifts. The gifts range from the expensive phones in the electronic category such as an iPhone, instant vouchers across categories.
1. Can I transfer the reward points from one credit card to another?
No, reward points cannot be transferred from one credit card to another.
2. Can the reward points be converted to cashback points?
Yes, you can convert the reward points to cashback. However, some lenders have different terms and conditions on reward points redemption.
3. Are there any charges applicable on redemption of reward points?
It depends on your credit card issuer. Some lenders do charge a certain amount of fee with applicable tax for redeeming your credit card reward points.
4. Can cardholder club the reward points from multiple cards and make single request for redemption?
No, every card is processed individually. Balance transfer of reward points is not allowed across various credit cards.
5. I bought something through a partner brand store and I want to return it. What happens to my points?
Merchandize purchased at partner brand outlets are governed by policies of individual store and the partners. In case return of the products is allowed the equivalent amount of points would be rolled back to your account.
6. What are the various options to utilize your Reward Points?
The banks offer many options to you for redeeming your reward points as per your requirement. You can redeem the points through the rewards catalogue, airmiles, cashback or get vouchers.
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