In the recent past, credit cards have become a very popular financial tool amongst its consumers. This is because the banks have incentivized the use of credit credit cards through the provision of facilities and benefits that come with it . Benefits have enticed consumers to avail themselves of the services of credit cards. All major banks in India and around the world have mastered the credit card facility and successfully rolled in customers to make the best of them through attractive discounts, freebies, gifts, and other distinguishing features of credit cards. Credit card points can be earned on every transaction that is made by the customer through them.
Credit cards are used for bill payments, shopping for dining, and travel also. Every time a credit card is swiped for any transaction, a certain degree of points is earned on the credit card through various complex algorithmic calculations. It is to be noted that the rewards that are on credit card transactions are in kind and not money repayments or cashbacks. If enough reward points are accumulated after a long period, some considerable merchandise, facilities, and benefits can be made use of by the customer.
How to get credit card reward points?
Every bank has its own set of rules and regulations to provide points to the customers. It is dependent on their discretion and does not offer negotiation for questioning. Let’s see how to earn reward points:
- Loyalty points are awarded for loyal behavior by the consumers through regular transactions and continuity.
- A sign-up bonus is awarded when a customer gets a new credit card and makes the first transaction using it.
- Partner stores partner restaurants and even partner sports products.
- For international spending, there is a separate reward system assigned by banks.
Let’s look at the process of redemption of these credit card points which has been made by the consumers on their credit cards.
The best way for consumers to redeem their credit card points is through online banking. To enable this, the consumer must link that credit card to the bank account and then access credit card details in the options mentioned. Along with the credit card details, transaction history lies a list of rewards summaries. Here they can view a redemption of points option.
Once the above steps are followed, the consumer must have reached a tab where they can successfully redeem their points. To continue, the consumer must select the account number which is connected to the card for which they want to redeem the points. After this step, the consumer can successfully redeem the points in any form that day wish to through purchase of merchandise, conversion of points to earn flyer miles for a purchase of flight tickets, and many more.
Banks provide demo tutorials for them to view and understand the process of credit card redemption if they are left with any queries or doubts. Observers and researchers have noticed that credit card points are a very successful tactic to get people to sign up for the use of credit cards and can only predict that the number of credit cardholders in the future is going to increase manifold.