Credit cards have become a favourite of shoppers for the convenience and safety they offer while making payments offline or online. The best credit cards in India additionally provide offers, rewards, and bonuses to their credit card customers.
To get a credit card, apply online and save yourself from the hassle of visiting the branch of the credit card issuer. Credit cards have many benefits and lucrative offers that make them a good choice for customers.
Credit card rewards are of different kinds, like travel rewards, shopping points, bonuses, etc. Customers can choose a credit card that offers the maximum rewards for the type of spending they do most. Before you choose a credit card and the rewards you would like, there are a few things you should know:
- How to earn more rewards: The easiest way to earn more is by swiping your card for purchases of higher amounts. In most cases, the higher the credit card purchase, the more rewards it brings to the cardholder. You can buy electronic gadgets, gold, book air tickets, etc., to earn more reward points, as these are all expensive purchases.
- How to redeem the reward points: You can redeem the reward points in the following two ways:
- The best credit cards in India allow cardholders to redeem their reward points online through the banks website or mobile application. Cardholders can view and redeem their reward points under the Redeem my rewards or View my points section on the banks mobile app or website.
- Credit cardholders can contact the bank’s customer care helpline to get help using the reward points.
3. Expiry of reward points: Rewards points usually have an expiration date and are not valid for a lifetime. The cardholder needs to redeem the reward points before the reward points expire. Some premium credit cards do not have an expiry date or period on the reward points they offer, but it is not true for all cards.
4. Choose the right kind of rewards: Various cards offer different rewards for credit card spending. Choosing the right card with the right type of reward that a customer may use is crucial. For example, a credit card with travel reward points is not useful for a cardholder who does not travel much. A cardholder who does a lot of grocery shopping using his credit card can opt for a card that offers more rewards for grocery shopping.
5. Getting too many credit cards for rewards: Often, customers apply for multiple credit cards to get a variety of reward points. However, this can be a dangerous strategy as the credit card bills for all these cards will keep piling up, and the customer will soon find himself in a debt trap. Additionally, every credit card will have different policies to redeem reward points, which can be difficult to remember. It is possible for the cardholder to miss the expiration date of the reward.
6. Use virtual credit cards: These days, credit card companies offer virtual credit cards to customers, which they can apply to instantly shop from their favourite online shopping websites. By using these virtual cards, customers can get instant credit and rewards that they can instantly redeem on high-value expenses.
7. Transfer unused points: If a customer has reward points on his credit card, he can transfer these points with the help of the credit card issuer to another credit card he uses more frequently. This way, they can save the reward points from getting wasted. Some credit cards come with a feature of converting reward points into cash at a predefined conversion rate. Cardholders can use this facility to convert the reward points into cash to pay their bills or get gift vouchers for their loved ones.
8. Look at the charges: Some credit cards may have different ways of charging a customer when he redeems the reward points. For example, if the cardholder shops from the reward store using his reward points, he may have to pay the shipping charges or taxes on the products. To avoid such charges, cardholders should read the terms and conditions carefully before redeeming reward points.
The Final Word
Credit cards are a win-win situation if you can be disciplined with the bill payments and get the right kind of credit card with the maximum benefit for you. Look at the various credit cards offered by the issuing bank of your choice and select the card with the least charges and most suitable reward programs.