Credit card reward points are a convenient way to earn cashback, discounts on your next flight and much more. Check out this article to explore more.
The moment you buy a credit card, you know you are bringing home much more than just a rectangular piece of plastic/metal. Be it future credit card bills to give you some worry or amazing benefits to help you keep up your mood, you would wish to make the best use of it by using credit card rewards
If you own a credit card, you must have heard about or may have even used some of the credit card reward points.
Credit card reward points are nothing but the sort of benefits that you get every time you make a purchase using a credit card. You are assigned certain points on each transaction which can be later on used to avail exciting gifts and benefits.
Almost every credit card issuer bank or company will offer you with reward points. As you make several transactions using your credit card, the reward points get collected in your reward points account. You can claim them anytime you want or your bank may directly contact you to use them.
Since these reward points sound so exciting, you wouldn’t want to waste any of them. You can avail a handful of benefits from each one of them. With each reward point, there will be several ways you can make use of it in the best way possible.
Here are some of tips or options that are worth to try on:
1. Pay your credit card bills
You must know that every reward point is equal to some monetary value. For example, 1 reward point might be equal to 25 paisa. This value varies from banks to banks- you can check how much your bank offers.
Next, since you can actually get some cash from them, it is a convenient option to pay off some part of your credit card bills if you wish to. Whether this option is available or not depends on your bank but if you can redeem reward points to pay your bill, you can consider doing so.
Here are 6 Sure Shot Ways To Pay Off Credit Card Bills Fast.
2. Use them for online shopping- the easiest way out
If you are someone who is not quite willing to spend these reward points on your credit card bill, you can opt for shopping instead. You will be surprised to know that almost every bank has its own shopping portal.
It provides various items like electronic gadgets, household items, etc. that you might consider buying. In case you have enough reward points in your account, you can use them to shop through your respective bank’s online store.
Some of the best known banks’ stores are: RBL Rewards, SBI Rewardz, HDFC MyRewardz, ICICI Payback, Axis EdgeRewards, etc.. Look for your bank’s e-shopping outlet and get going with your reward points!
3. Like certain brands? Buy their vouchers.
Once you visit the e-shopping site of your bank, you’ll find a handful of exciting deals and offers. There might be collaborations with other e-shopping platforms and various brands. It is typical that e-vouchers of those brands will be there. And yes, you can easily claim them through your reward points.
So before you actually start shopping for a particular brand, look for its e-voucher. This way you will not only be able to shop items of your favourite brand but also save some extra bucks!
4. Book your flights/hotels
This option may not be available through every bank’s website but some of the most popular ones like HDFC and SBI do offer you the option to book flights or hotels.
HDFC’s site Smartbuy and SBI’s Rewardz provide easy access to booking flight tickets and hotel rooms through your earned reward points. Even if you don’t get to have a full coverage of tickets or room, you will at least get to have a good amount of discount on them. So, use them.
5. Gift cards - an option worth considering
Once again, you’ll find various types of gift cards or discount coupons on your bank’s online shopping portal. From there, you can easily avail gift cards or coupons for any brand that you want and later use them while shopping.
You can purchase any product of your choice through gift cards, and that too, with amazing discounts on them!
Additional Read: 8 Things That Will Happen If You Don't Use Your Credit Card
6. Do the good deed- send them to charity
Some of the banks are also involved in various charity works. If you want, you can donate your reward points in charity through them. Your bank will convert these reward points into money and donate them on your behalf. It is a good option if you wish to help the needy :)
7. Travel miles
Travel miles are an attractive option for people who are enthusiastic about travelling long distances. You can redeem your reward points in exchange for miles- that is, travel benefits.
Either your bank's collaboration with a certain airline or hotel or your direct usage of a credit card to pay for those transactions can help. You can later on use these miles while booking flight tickets.
8. Cash backs
Another simple option to redeem your reward points is cashbacks. You can opt for this option if you want to make your job simpler. Just ask your bank for cashbacks on your purchase in exchange for your reward points.
When you do this, every time you will carry out a transaction, your bank will pay you cashbacks instead of assigning reward points.
9. Other options
There are some other additional options that banks provide as a part of their reward points redemption program. These can be discounts on fuel purchases, training, classes, availing specialised services, entertainment purchases, etc.
You may also get to redeem your reward points in exchange for discounts on vacation packages or if your bank has collaborated with certain stores in your city, you can buy from these stores and earn amazing discounts.
Credit card reward points are an amazing option to earn discounts and save yourself some money. If you know how to use them in the best way possible, you can do a lot through them.
From earning cashbacks to earning heavy discounted electronic gadgets through your bank’s e-shopping portal, you can use your reward points anywhere to get your hands on amazing deals on your favourite brands.
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