Racking up on your credit card reward points is one of the best ways to become eligible for some of the best perks and benefits that are out there for credit card customers. No, this does not mean that you have to increase your spending. All we are trying to say is that if you own a rewards card, there is no point is not using your rewards and reaping the full benefits of it. Be it a free flight or a gift card, why miss out on exciting rewards.
Here are 6 ways to make the most out of your rewards credit card:
Perks and benefits:
The type of reward point you get is different depending on the category of the card that you are applying for. Some cards will offer you reward points that can be used towards health and wellness such as:
Key takeaways:
It is very important to remember that you can earn reward points only for certain number of transactions and only on specific transactions. Also, any defaults in the payment of your bill, will bring down the value of your reward points. Let us look at the things to be wary of:
A reward point redemption fee is usually charged when you decide to use your reward points. This may be a small percentage and sometimes, you may not even realize that you have been charged a fee. The fee can range anywhere from Rs.99 to Rs.150, depending on the bank and the type of credit card you hold. Be aware of the hidden charges that are applicable when you use your reward points.
What to do:
Some credit cards do not exactly offer rewards for e-transactions or payments made on wallets. So, if you spend a lot on these types of payment interfaces, check to see if your credit card offers you the required rewards. Remember, there are certain transactions for which you could get reward points. So, find out the details before you make the transaction.
Generally, chances are, you will be able to earn a number of reward points when you make purchases of high value. This means that there could be scope to reap higher rewards when buying a new television or other electronic items. However, this may not always be the case. Many a times, when purchases are made through EMIs, credit card companies may not offer you reward points for the entire value of your purchase. So, the next time you plan to convert your purchase into an EMI, think twice and see what best can be done to make the most of the big-ticket purchase and secure reward points from that particular transaction.
Usually, when you are paying an insurance premium, it is a comparatively a huge sum of money, and you will expect to gain a lot of reward points from this type of payment. However, this may not always be the case. Credit card companies often categorize the type of payments for which rewards points are given out and insurance may not be one among that list.
All reward points come with a validity period and once the you reach the validity period, no matter how many reward points you have, you will not be able to reap the benefits of the reward points that you may have accumulated over the course of a certain period of time.
Here are some tips to follow if you want to get the best out of your credit card:
The best thing to do is to make sure that you keep all the above factors in mind. First, know what credit card you have, what rewards it offers and how you can reap the maximum without spending a lot. Remember that earning reward points is not free.
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