The use of credit cards is increasing very rapidly in India and people are using it extensively for their daily needs and purchases. A big truth is that most people are not able to take full advantage of the benefits and reward points provided by their cards. According to a recent survey by Savage, 70 percent of credit card users fail to manage their rewards properly. This simply means that 7 out of every 10 people are giving up the benefits they get on their shopping which could have been very useful to them and they are losing out on the benefits they are entitled to.
Credit card rewards are a kind of reward that banks give you for using the card. Whenever you make a purchase with the card, the bank gives you certain points in return for that expenditure, which can be accumulated to get discounts on future purchases. Banks often vary the value of points on different types of spending, such as petrol, grocery or online shopping, so if you read the rules of your card carefully, you can know which spending is getting you the most rewards.
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To take full advantage of your rewards, you should regularly check your reward points by visiting the bank’s mobile app or website and keep an eye on the expiry date of the points. Often points expire and become worthless. It is often more beneficial to use points towards vouchers or travel bookings from partner brands, rather than simply converting them into cashback.
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The trend of credit cards is increasing in the country but the old methods of payment still dominate. Surprisingly, 55 percent of daily transactions are still done through UPI or cash and people prefer traditional methods rather than using credit cards. By making purchases through credit cards, they not only get rewards but also get the benefit of free credit period i.e. interest free time.
How to redeem reward points
To use your reward points, first log in to the bank’s mobile app or net banking, go to the credit card section and click on the ‘Reward Points’ option there. After this, go to ‘Reward Catalog’ and choose the option of your choice from gift voucher, online shopping or cashback and see how many points you have.
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Enter the number of points as per your requirement and after clicking on the Redeem button, complete the process by entering the OTP, after which the benefit of points will be added to your card or related service. During this entire process, it is important to keep in mind that the expiry date of the points has not passed.
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