Utilise credit card reward points
By Ankit Sharma
Print    Email    RSS   
How can one redeem points?

This question basically tackles two things: What products can a customer use to redeem those reward points and the procedure to redeem the points.

  • What to redeem on

    Initially when the points redeeming was a new territory, the banks used to offer only a limited variety of products. In addition to that, the prices used to be very high, offering no scope for negotiations. However, now there is a whole categorical list of what can be done with these points.

    The most common is the conventional catalogue which includes apparel, gadgets, jewellery, luggage items, and the like. There is also an option which allows customers to encash their points against gift vouchers. For instance, with HDFC Bank's Gold Card you can get gift vouchers from Domino's, Cafe Coffee Day, Pantaloons, Westside, Lee, Music World and Landmark.

    However, going a step further, these days, banks have tied-up with certain merchants which allow you the opportunity to redeem your points instantly. You don't have to contact the bank and get vouchers; you can pay using the points.

    When the consumer uses the card, the reward points get reflected on the machine as soon as it is swiped. So, if you have accumulated points worth, say, Rs 500 and you buy goods worth Rs 1,000, the merchant will offer you the choice of using your points for payment.

    Some banks today offer air tickets on reward points, a feature that was earlier limited to co-branded cards. HDFC Bank, for instance, has tied up with Jet Airways, Indian and Kingfisher Airlines to allow its card users to convert their reward points into air miles. Usually, the value of one air mile is set equal to one reward point.

    Speaking about this, Parag Rao, executive vice-president, head (product and portfolio management), credit cards, HDFC Bank, says, "The air miles required to get complimentary tickets would depend on the airline and the travel sector."

    In addition to this, some banks, like Bank of Baroda, let one redeem their reward points against cash. That is, cash corresponding to one’s reward points are credited to his/her account. Deutsche Bank does the same on its Gold Card, but also offers a gift catalogue.

  • Procedure

    To redeem your points, you can start by filling up a redemption coupon which is present on a banks' website. You can also use the phone banking option. Banks also offer the choice of online redemption, for web-enabled credit card holders.

    The banks can take anywhere between a week to a month to redeem the points.

Page    | 12345 |  
(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 -
Venkat (Posted: Oct 22, 2014)
Show All Comments
 Select a product:

 Select a product:

Know if you are in CIBIL’s list of...
Understand Your Credit Card Statement
Know the Reasons for Rejection of a Credit...
South Indian Bank launches Mobile banking...
Must have add-ons for luxury car insurance

World Famous Astrologer call to in karnataka...
Black magic love vasikarn specialist baba...
Vashikaran Specialist In Pune +91-9610897260
09780991739 Escort Service Amritsar - 09780991739
08196881150 Call Girls in Amritsar - 08196881150
Katraj Escorts Service 9130502223 Call Girls In...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive