NEWS & ADVICE : CREDIT CARDS
Utilise credit card reward points
By Ankit Sharma
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How does one accumulate points?

It’s very simple! Every transaction using a credit card adds reward points to it. Hence, every swipe makes you richer by a preset amount of reward points. Generally you get one point per Rs. 100-250 spent. This, however, depends on the every card. Also it differs from bank the bank.

Also, banks offer more points on co-branded cards. For instance, State Bank of India gives one point per Rs 40 spent on its Gold Card and eight points per Rs 100 on its co-branded Tata Card.

The value of each reward point depends on the bank, and varies across credit cards and banks. Explains Sachin Khandelwal, head (cards), ICICI Bank, "The value of a point can be anywhere between 30 paise to a rupee and is also a function of the merchant partner in case of co-branded cards." For example, the value of one point on the SBI Gold Card is 70 paise, while it is Re 1 on the SBI-Tata Card.

However, with the advantage of a high reward, a co-branded card comes with its own limitations. The limitation with most accelerated reward points on co-branded cards is that they can be redeemed only against products and services of the partnered establishment.

Also, these points get accumulated only when one swipes the card to purchase a product. The card doesn’t give any reward points for cash withdrawals, if any.


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(Comments Posted : 30) Post Your Comments
1. I used Magento Reward Points.Thus, I know clearly about its benefits. But can you tell me more about your program?
Harry (Posted: Jun 11, 2015)
2. I have earned nearly 8200 on my platinum plus card I want to know gifts on my points
Pawan (Posted: May 14, 2015)
3. A credit card from the India’s largest bank is one popular thing in the financial world. If you are one of those customers’ holding a credit card from State Bank of India, you have much more than just using your credit card for shopping. With SBI card reward points (see State Bank ATM cum debit card rewards), spending money is just as fun as buying a gift for the loved one. Simply use your SBI card for shopping and earn points, redeem them later and get cool items.

More Info - http://www.fixya.com/support/t5442462-use_reward_points_earned_in_sbi
Venkat (Posted: Oct 22, 2014)
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