One of many main advantages of proudly owning a bank card is the related rewards program that comes with it. Nevertheless, you must take advantage of related alternative from an array of choices which are accessible available in the market. Completely different playing cards include totally different perks. Rewards are supplied beneath three classes; cashback, factors and miles. Due to this fact, earlier than getting a rewards bank card, it is very important analyze what sort of advantages will align together with your life-style the very best. When you channelize your bills effectively, you may make most out of the reward advantages supplied in your bank card. Listed below are some questions that you could ask your self earlier than getting a rewards bank card to maximise your financial savings:
Q1. Will the reward factors differ relying on the place you store?
In case you are somebody who often retailers or journey, you should be conscious that some bank cards supply greater advantages, cashback or rewards on transactions at sure manufacturers. Whereas some playing cards supply further rewards or cashback on making a transaction with the partnered service provider, some playing cards supply extra advantages in your transactions with partnered retailers. So, whereas selecting a rewards bank card, you could analyze your wants and examine whether or not the cardboard affords first rate rewards throughout totally different purchases as per your life-style. You will need to consider the place you may earn higher rewards and channelize your purchases accordingly.
Additionally, if you’re loyal to a particular model, then having a co-branded bank card makes extra sense quite than having a card that provides comparable advantages throughout a number of manufacturers. Bank card issuers usually launch co-branded playing cards in affiliation with main trend manufacturers, airways or others. These playing cards supply unique reductions and advantages while you make transactions on the partnered model. For instance, if you’re somebody who often retailers on-line from Amazon, then having Amazon Pay ICICI Credit score Card will enable you maximize your advantages and means that you can save extra in your transactions at Amazon and its partnered retailers.
Urged learn: High Credit score Playing cards in India for On-line Procuring | Verify Eligibility for High Playing cards
Q2. What are the reward factors redemption choices?
Credit score Card issuers assist you to redeem the earned reward factors in opposition to a number of choices as per your necessities. You possibly can redeem the reward factors in opposition to a number of classes like Air Miles, money credit score, flight & resort bookings, present vouchers, and many others., relying in your card issuer. So, earlier than making use of for a bank card you could pay attention to the redemption choices. As an example, with Intermiles HDFC Signature Credit score Card, you may earn Intermiles, which may solely be redeemed in opposition to your bookings via Intermiles. However, HDFC Regalia Credit score Card helps you to redeem your reward factors in opposition to Air Miles, flight & resort bookings, merchandise & vouchers via its rewards portal or cashback, in line with your choice.
So, if you’re somebody who often travels, you may go for playing cards like Intermiles HDFC Signature, in any other case, there isn’t any level in getting a rewards bank card that means that you can redeem your rewards in opposition to Air Miles. In case you are somebody who prefers to avail cashback as a substitute of Air Miles or bookings, you may go for playing cards like HDFC Regalia Credit score Card. Due to this fact, it is very important analyze whether or not the redemption choices align together with your life-style or not. It’s best to at all times select a card that comes with a number of redemption choices if you’re not loyal to a particular model.
Urged learn: Easy methods to Redeem Credit score Card Reward Factors | Verify Eligibility for High Playing cards
Q3. What’s the worth of earned reward factors?
There is no such thing as a doubt that a lot of the card issuers assist you to redeem reward factors in opposition to quite a few choices. However, you could keep in mind that 1 reward level shouldn’t be equal to Re. 1 or 1 Air Mile in each case. As an example, for HDFC Regalia, 1 Reward Level is equal to Re. 0.20 or 0.5 Air Mile. So, you could examine whether or not the worth offered on the time of redemption will enable you maximize your advantages or if you’re simply incomes rewards for the sake of it.
Additionally, not each card issuer affords the identical redemption worth. With HDFC Regalia, you may redeem 1 RP at a price of Re. 0.50, whereas, SBI Card means that you can redeem 1 RP at a price of Re. 0.25. Moreover this, some premium bank cards supply a price of 1 RP = Re. 1. Due to this fact, you could 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 potential, select a card that provides the very best redemption worth in line with your wants.
Urged learn: Greatest Journey Credit score Playing cards in India | Greatest Credit score Playing cards for Worldwide Use
Q4. Will your reward factors expire if you don’t redeem them?
The complete level of creating purchases via your bank card is to capitalize on the reward factors they provide. However, a lot of the reward factors include validity. When you fail to make use of the gathered rewards throughout the stipulated time, you’ll lose all of the earned reward factors. After the given validity, the earned reward factors turn into null & void and also you won’t be able to redeem them. Nevertheless, some premium bank cards supply reward factors that wouldn’t have an expiry.
So, when selecting a bank card, go for the one the place your rewards don’t get expire. Nevertheless, if you have already got a bank card that provides reward factors with a validity interval, you could preserve a tab in your reward factors in order that they will get redeemed earlier than they expire. You possibly can log in to your card issuer’s internet banking account to examine your rewards expiry date and ensure that your factors aren’t wasted.
|
What’s going to occur to your reward factors in case you determine to shut your bank card? |
Urged learn: Credit score Card Reward Factors | Verify Eligibility for High Playing cards
Easy methods to maximize your bank card reward advantages?
Extra tip: Contemplate the charges linked to your rewards bank card
Moreover selecting the best 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 while you redeem your reward factors. It’s best to learn all of the phrases and circumstances rigorously whereas making use of for a card to examine whether or not the linked charges & prices are appropriate for you.
Greatest Credit score Playing cards for Reward Factors
Listed below are a few of the greatest bank cards that can enable you earn first rate 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 films |
| IDFC FIRST Choose Credit score Card | Nil | As much as 10X reward factors in your birthday and choose spends |
| Customary 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 Categorical 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 |
Urged learn: Greatest Credit score Playing cards for Eating | Greatest Cashback Credit score Playing cards | Greatest Credit score Playing cards for Grocery
The publish 4 Questions To Ask About Your Credit score Card Rewards Program appeared first on Evaluate & Apply Loans & Credit score Playing cards in India- Paisabazaar.com.
