4 Questions To Ask About Your Credit Card Rewards Program

In case you are somebody who regularly outlets or journey, you should be conscious that some bank cards supply increased advantages, cashback or rewards on transactions at sure manufacturers. Whereas some playing cards supply additional rewards or cashback on making a transaction with the partnered service provider, some playing cards supply further advantages in your transactions with partnered retailers. So, whereas selecting a rewards bank card, you need to analyze your wants and test whether or not the cardboard presents respectable rewards throughout completely different purchases as per your way of life. You will need to consider the place you possibly can earn higher rewards and channelize your purchases accordingly.

Additionally, in case you are loyal to a selected model, then having a co-branded bank card makes extra sense moderately than having a card that provides related advantages throughout a number of manufacturers. Bank card issuers usually launch co-branded playing cards in affiliation with main style manufacturers, airways or others. These playing cards supply unique reductions and advantages whenever you make transactions on the partnered model. For instance, in case you are somebody who regularly outlets on-line from Amazon, then having Amazon Pay ICICI Credit score Card will assist you to maximize your advantages and lets you save extra in your transactions at Amazon and its partnered retailers.

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Credit score Card issuers assist you to redeem the earned reward factors in opposition to a number of choices as per your necessities. You may redeem the reward factors in opposition to a number of classes like Air Miles, money credit score, flight & resort bookings, reward vouchers, and many others., relying in your card issuer. So, earlier than making use of for a bank card you need to concentrate on the redemption choices. For example, with Intermiles HDFC Signature Credit score Card, you possibly can earn Intermiles, which might solely be redeemed in opposition to your bookings by way of Intermiles. Alternatively, HDFC Regalia Credit score Card helps you to redeem your reward factors in opposition to Air Miles, flight & resort bookings, merchandise & vouchers by way of its rewards portal or cashback, based on your choice.

So, in case you are somebody who regularly travels, you possibly can go for playing cards like Intermiles HDFC Signature, in any other case, there isn’t a level in getting a rewards bank card that lets you redeem your rewards in opposition to Air Miles. In case you are somebody who prefers to avail cashback as an alternative of Air Miles or bookings, you possibly can go for playing cards like HDFC Regalia Credit score Card. Subsequently, it is very important analyze whether or not the redemption choices align together with your way of life or not. It is best to at all times select a card that comes with a number of redemption choices in case you are not loyal to a selected model.

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There isn’t a doubt that a lot of the card issuers assist you to redeem reward factors in opposition to quite a few choices. However, you need to keep in mind that 1 reward level is just not equal to Re. 1 or 1 Air Mile in each case. For example, for HDFC Regalia, 1 Reward Level is equal to Re. 0.20 or 0.5 Air Mile. So, you need to test whether or not the worth offered on the time of redemption will assist you to maximize your advantages or in case you are simply incomes rewards for the sake of it.

Additionally, not each card issuer presents the identical redemption worth. With HDFC Regalia, you possibly can redeem 1 RP at a worth of Re. 0.50, whereas, SBI Card lets you redeem 1 RP at a worth of Re. 0.25. Moreover this, some premium bank cards supply a worth of 1 RP = Re. 1. Subsequently, you need to analyze the general redemption worth of the reward factors as per your necessities. Attempt to go for a card that provides 1:1 redemption worth, but when it’s not doable, select a card that provides the very best redemption worth based on your wants.

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The whole level of constructing purchases by way of your bank card is to capitalize on the reward factors they provide. However, a lot of the reward factors include validity. In case you fail to make use of the collected rewards inside the stipulated time, you’ll lose all of the earned reward factors. After the given validity, the earned reward factors grow to be null & void and also you won’t be able to redeem them. Nonetheless, some premium bank cards supply reward factors that do not need an expiry.

So, when selecting a bank card, go for the one the place your rewards don’t get expire. Nonetheless, you probably have a bank card that provides reward factors with a validity interval, you need to hold a tab in your reward factors in order that they’ll get redeemed earlier than they expire. You may log in to your card issuer’s web banking account to test your rewards expiry date and guarantee that your factors usually are not wasted.

What is going to occur to your reward factors for those who resolve to shut your bank card?
In case you shut a bank card then the reward factors collected to this point will likely be nullified. The very best factor to do is to redeem your factors earlier than you resolve to give up your card to reap the advantages you might have collected over time.

Advised learn: Credit score Card Reward Factors | Test Eligibility for Prime Playing cards

Extra tip: Contemplate the charges linked to your rewards bank card

Moreover choosing the proper bank card, it is very important analyze whether or not the advantages offered on the cardboard justify the annual payment. A lot of the rewards bank cards include an annual payment even some playing cards cost a payment even whenever you redeem your reward factors. It is best to learn all of the phrases and circumstances fastidiously whereas making use of for a card to test whether or not the linked charges & prices are appropriate for you.

Listed below are a number of the greatest bank cards that can assist you to earn respectable reward factors in your transactions:

Credit score Card

Annual Price

Reward Advantages

SBI Prime Credit score Card

Rs. 2,999
10 reward factors on each Rs. 100 spent on eating, groceries, departmental shops, and flicks

IDFC FIRST Choose Credit score Card
Nil
As much as 10X reward factors in your birthday and choose spends

Normal Chartered Platinum Rewards Credit score Card

Rs. 250
5 reward factors for each Rs. 150 spent on eating, gas and 1 reward level on different classes

American Specific SmartEarn™ Credit score Card
Rs. 495
10X Membership Rewards Factors on each Rs. 50 spent on Flipkart, Amazon and Uber

HDFC Regalia Credit score Card

Rs. 2,500
4 reward factors for each Rs. 150 spent through this bank card

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