Credit cards are popular for their convenience and rewards programs. These rewards can be lucrative if used wisely. In this article, we'll learn all about credit card reward points. We will also talk about redeeming HDFC Bank, ICICI Bank, SBI, and Axis Bank credit card reward points.
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Before we get into the nitty-gritty of the redemption process, it's crucial to understand what reward points in credit cards refer to. These points are a form of incentive provided by credit card issuers to encourage the usage of their cards.
For every purchase you make, you earn a certain number of credit points, which can be redeemed for various rewards such as travel, merchandise, gift cards, or even cashback. The number of points earned typically depends on the amount spent and the specific card's rewards program.
There are both online and offline ways to redeem credit card reward points. Let’s look at the methods one by one -
This is one of the online methods to redeem credit card points. Here are the steps you need to follow -
STEP 1: Log in to your credit card issuer’s website using your credentials.
STEP 2: Choose the type of redemption you want, such as voucher, merchandise, or cashback, if applicable.
STEP 3: Start the process and wait for it to be credited to you. The process takes up to 10 working days.
Credit card rewards can also be redeemed from rewards websites. The exact process will depend on the website you choose. The general steps are mentioned below -
STEP 1: Visit the registration page of the rewards website and sign up for your chosen rewards program.
STEP 2: Choose the product or service you want to redeem.
STEP 3: Fill in and confirm the required details.
STEP 4: Visit the ‘Redeem Now’ section and pick the reward you want.
STEP 5: Confirm the redemption by adding the chosen rewards to your basket.
All credit card issuers have their own mobile apps that can be used to manage your card, pay bills, etc. You can redeem your rewards through their mobile apps as well. The general steps are mentioned here -
STEP 1: Log in your account on your credit card issuer’s app using your username and password.
STEP 2: Go to ‘Menu’ → ‘Rewards’ → ‘Redeem Now’ → ‘Rewards Store’.
STEP 3: Choose the reward category and the reward you want, add it to your basket and click on ‘Confirm’.
Contacting the customer care of your credit card company is another way to redeem your accumulated reward points. You can contact them via call or email and choose the rewards you want.
You can write to your credit card provider to redeem your reward points. Downloading and submitting your redemption form is another way to redeem your points. Provide the details of your credit card and the chosen reward option.
You can also redeem your reward points at partner stores like retailers or petrol pumps, partnered with your credit card company. You will find the details of partner stores and redemption processes on the website of your credit card issuer.
Here are the steps you need to follow to redeem your credit card points -
The first step in credit card points redemption is to know how many points you have accumulated. You can check your balance by logging into your credit card account online or calling the customer care service.
Each credit card issuer offers a range of options for credit card points redemption. Common options include redeeming for travel, shopping vouchers, merchandise, gift cards, or converting points to cash.
Not all redemption options will offer the same value for your credit points. It's essential to compare how much value you're getting from each redemption choice.
Once you have decided how to use credit card reward points, proceed to the redemption section of your credit card's website or app. Follow the instructions provided to redeem your points for the chosen reward. If needed, customer service can also assist you with the redemption process.
Now that you know what reward points are and how to redeem them, let us look at some tips and tricks to get the maximum value out of your accumulated points -
Consider your spending habits before choosing what to use the points on
Aim for high value-options, like travel points or cashback
Keep track of the points that you earn and accumulate
Keep an eye on the expiry date of the points so you don’t waste them
Be mindful of the conversion ratio of points to rewards
If allowed by your credit card issuer, consider pooling in points of your family members or add-on cards
Look out for any special offers that your credit card issuer might be running and utilize them whenever possible
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The rules of redeeming points vary from bank to bank. Here we will discuss the ways to redeem credit card points of some top banks.
Log in to your netbanking portal → Go to the ‘Credit Cards’ tab → Click on ‘Redeem Reward Points’ → Select your card and click on ‘Continue’ → Click on ‘Redeem Rewards’ → Select ‘Points Range’ and ‘Item Catalogue’ to choose your reward.
Download the Rewards Redemption Form → Fill it and send it by post.
Log in to the SBI Card website → Click on ‘Rewards’ → ‘Redeem Reward Points’ → Choose the reward you want from the catalogue → Click on ‘Redeem Now’ and ‘Confirm’.
Log in to the SBI Card Mobile App → Navigate to the ‘More’ → Select ‘Rewards’ → Choose ‘Redeem’ and add the chosen products to your cart → Click on ‘Redeem Cart’ → ‘Checkout’.
If you want to redeem cash against your reward points, send an email to sbicard.com/email or contact the customer care on 18601801290.
Log in to the ICICI internet banking portal with your credentials → Go to the ‘Cards and Loans’ page → Go to ‘ICICI Bank Rewards’ → ‘Redeem Now’.
Log in to the ICICI Bank mobile app → Go to ‘Cards and Forex’ → Choose ‘Card/Savings Account Number’ → Click on ‘Redeem Now’.
Call on 18001080 or 1860120777.
Log in to the Axis Bank netbanking portal or the Mobile banking app using your credentials → Go to the ‘Rewards’ section → Click on the option to redeem points → Choose the product you want to redeem the points for → Click on ‘Confirm’.
Choose the rewards you want from the catalogue → Call Axis Bank customer care on 18002095577 or 18001035577 → Give your details and place an order.
Here are the most popular ways for credit card points redemption in India -
|
Type of Reward |
Details |
|---|---|
|
Travel Rewards |
Airline tickets, air miles, free flights, upgrades, booking hotels, holiday packages, etc. |
|
Merchandise Rewards |
Electronics, appliances, homeware, gift cards, discounts, etc. |
|
Instant Reward Vouchers |
Dining, movies, travel, jewellery, health and beauty, electronic items, appliances, etc. |
|
Sports and Fitness Rewards |
Gym memberships, sports, exercise, health, etc. |
|
Cashback Rewards |
Reduce your credit card bill or convert your points into cash and transfer them into your bank account. |
|
Other Rewards |
Fuel points, movie tickets, paying credit card’s annual fee, etc. |
Note:
One of the most common questions is ‘how to convert reward points to cash’. While it is not as common in India, some cards may allow you to convert reward points to cash at a predetermined rate.
This can be useful for specific needs, but generally offers a lower value per point compared to other redemption options.
Now that you know all about redeeming reward points, let’s learn how to earn points in the first place. Here is how you can earn reward points from credit cards -
Rules and regulations related to reward points depend on the credit card you have.
All or some purchases earn you reward points.
Reaching certain milestones, like spending ₹2 Lakh in a year, or spending on special occasions, like birthdays, earn you reward points.
These reward points get accumulated over time.
What the reward points can be exchanged for depends on the credit card issuer and your type of card.
Here are some tips to maximise your credit reward points -
Track the expiration date of the reward points and use them at the right point
Choose a card whose reward system offers services you frequently use
Don’t spend money only for reward points
Here are some factors that affect the reward points -
Credit card issuer
Type of credit card
Variant of credit card
Type of spending
Now that you know what reward points are and how to redeem them, let us look at some tips and tricks to get the maximum value out of your accumulated points -
Consider your spending habits before choosing what to use the points on
Aim for high value-options, like travel points or cashback
Keep track of the points that you earn and accumulate
Keep an eye on the expiry date of the points so you don’t waste them
Be mindful of the conversion ratio of points to rewards
If allowed by your credit card issuer, consider pooling in points of your family members or add-on cards
Look out for any special offers that your credit card issuer might be running and utilize them whenever possible
Apply for High Limit Credit Cards upto ₹5 Lakh*
Knowing how to redeem credit card points can feel like unlocking a treasure chest. By understanding how to redeem credit card points, comparing redemption options, and using your credit points wisely, you can make the most of your credit card's reward program.
Remember to stay informed about your credit card's specific redemption process and always look for the best value for your points. So, go ahead, start redeeming, and enjoy the fruits of your credit spending!
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