Life Beyond Credit Card Rewards

Title: “Adventurous LIFE BEYOND CREDIT CARD REWARDS”

There is more to life than credit card rewards

We are so busy practically every day tracking 2x/5x/10x rewards and offers that we don’t have time to consider the big picture of life.

Although using credit cards does offer a very strong return on investment, I frequently think that most people spend too much time on this game in exchange for too little reward. Unless you have high seven-digit annual spending, this is often true.

The Best Lifestyle Credit Card: A Card Expert Idea

After reviewing nearly all worthwhile credit cards available, I still believe that the industry is not progressing as quickly as it could.

After I just reviewed Dine Out, I got the notion to develop the full concept. I built the product overnight with the intention of publishing it because it had been occupying my thoughts with such intensity that I couldn’t get any rest. So let’s begin.

Premium Lifestyle Credit Card
Rs. 5,000 plus GST as the joining fee (renewal fee waiver on 8L spend
Welcome/renewal vouchers: Rs. 3,000 for dining out and Rs. 3,000 for shopping. (Amazon/Pantaloons)

Reward Points

Regular Reward Rate: 1.5% in Reward Points

Lounge access

International lounge Access:

Provider: Dream folks Dragon Pass card

Benefit: Spend $5 and have admission to the lounge and spa three times internationally.

Airport dining and wellness advantages are the newest big thing.

Access to domestic lounges

Benefit: Two visits every quarter Provider: Visa Signature (or) MasterCard World

Dining Benefits

Rs. 3,000 Dine Out voucher on every 1L spend 12k vouchers (4L spend)

This is inspired by the Dine Out Offer. Making such dining vouchers a primary benefit would be AMAZING!

Travel Benefits

Rs. 1,000 Ola voucher (Ola Money) on every 2L spend 3k vouchers (6L spent)

Hotel Benefits

10k Taj voucher on every 5L spend 20k vouchers (10L spend)

This is inspired by India’s best travel credit card:

Value to Customer

So by spending 10 Lakhs, we get vouchers & points with a value: of INR 50,000. (Net Reward Rate: 5%)

Even if the customer spends only 4 Lakhs (like many), he still gets a 5% reward rate.

To Bank’s Value

Gift cards for eating out are a lucrative business, so banks may purchase them for a very low price when you consider the promotion the brands receive.

Taj Vouchers: Again, high a margin business, so banks can get the vouchers at a very low cost. The customer has to anyway spend less/more than the voucher value, which is good for the bank/hotel. Taxes to be paid in addition gives extra cash flow to the hotel. Overall it makes sense!

Cab Vouchers: Less margin

Review

Card expert Self Rating: 5/5

Indian credit cards with the best rewards

Today, almost everyone wants to obtain a credit card to take advantage of the services and offers that these cards offer in addition to receiving a credit limit to spend. The most popular credit card categories on the market are rewards credit cards. It’s because most of them are reasonably priced and some of them even have no yearly cost. You receive a certain number of reward points for each dollar you spend while using a rewards card. Later, these points can be used to pay for a variety of things, such as shopping, reservations for trips, gift cards, and many other things. You may do this to save money on every purchase you make with a rewards credit card.

List of India’s Top Reward Credit Cards

In the Indian credit card market, a variety of credit cards are available that offer reward points on practically all purchases made by cardholders. Therefore, it becomes difficult for folks to sort through the top possibilities before discovering the ideal credit card for themselves. We’ll walk you through the finest rewards credit cards in this post, from the most basic to the most expensive.

Rewards Points for Credit Cards

Banks that offer credit cards frequently offer gifts, freebies, discounts, and other promotions to their cardholders. The usage of credit cards for bill payment, shopping, dining, travel, and other uses is encouraged through reward programs. In exchange, clients can accrue points and then exchange them for a range of benefits and gifts. Reward points are worth far less than the actual amount charged to the credit card, but they are only a bank benefit and not a mechanism to get your money back. However, after you have a certain number of reward points, you can exchange them for a variety of items, including cash, gift cards, merchandise, and air miles.

How do you acquire reward points?

Different ways to gain points are available from each bank. Depending on whether a card is a low priority or a basic credit card, the number of points received will vary between different cards.

The following program is typically provided by credit card companies:

Welcome Bonuses

Some banks reward customers who sign up for credit cards by adding welcome points to their reward accounts. You might start with a few thousand reward points. Spending on your credit card within the first 90 days of receiving the card will also earn you points.

Frequent Rewards

Users will receive a specific number of reward points for every Rs. 100 you charge on their credit card. This can be anywhere from 1 point to 10 points or more.

Enhanced Benefits

Spending money on particular categories, such as dining at participating restaurants and retailers, entertainment, other dining costs, and so forth, allows you to earn extra points. When you spend on bus, rail, or aircraft tickets, for instance, if your credit card is designed for travel, you could receive bonus points. You may be able to earn more points on retail purchases if your card is designed for shopping.

Expensive purchases

More reward points can be earned by spending on expensive products like jewelry, travel arrangements, and vacations.

Worldwide Rewards

Using some credit cards while traveling overseas may qualify you for additional points.

Extra Credit

When you use a particular amount of your credit card, you might get extra points. For every Rs. 100 you spend, as an illustration, you receive 1 reward point. But each month, you charge Rs. 1.5 lakh to your credit card. Every additional Rs. 100 spent during the month will result in double the reward points.

Initial Loyalty Points

When your credit card is renewed, credit card providers also give benefits. You can receive a sizable number of points in exchange for using the credit card consistently.

Additional Cards

Additional cards are available for you to use for your family. They needed to be at least 18 years old. Any points accumulated through purchases on this card will be added to the rewards balance on the primary credit card.

Redemption of Reward Points

There are several options for redeeming your reward points. This will depend on the options the bank provides. You should consider the following considerations before deciding to choose to redeem your acquired points.

Required minimal points

Depending on the features of your credit card, you might need a minimum quantity of points to be eligible for redemption or there might not be one. However, each prize will have a certain number of points associated with it that you must have to use your reward points.

Date of Expiration

The majority of reward points have an expiration date. This deadline is set by banks at two to three years after the funds were generated. Regularly check your reward points and redeem them as soon as possible.

Fee for Redemption

The redemption of awards is frequently subject to a cost. For managing and processing the prize, there is a cost of about Rs. 100.

Rewards Redemption Methods:

Verify Reward Points from Other Banks’ Credit Cards

Online

To log in, enter your User ID and password. To access your credit card information, you might need to link your credit card to your savings account. You can then access your credit card statements, pay your credit card bill, read your rewards summary, and use your points after this is complete. Depending on your point balance, you can choose your prizes. Place your order, and the goods or gifts of your choice will be shipped to the address on file. Your order may be processed and delivered in ten business days or less. Your credit card will be debited for any handling fees.

Customer service

Users can call or email your bank’s credit card customer service department. A customer service agent will assist you through your points balance and the redemption process over the phone. With the representative, you can make a redemption request.

Submit the requested information together with the product you have selected. The redemption form may also need to be downloaded by you.

Post

The rewards redemption form is available for download or in person at a bank location. Mail it to the postal address for the bank’s credit card division after filling it out. The shipping of your award to your registered address can take anywhere between 10 and 15 working days from the date that the form is received. The product or gift card will be given to you after the points are deducted from your rewards point total.

Store-Based

What are the uses of reward points? Under their rewards programs, banks provide a selection of incentives, some more numerous than others. Some of the incentives you could get by exchanging your points are listed below.

Products

To find out what goods are available that match your point balance, consult the rewards catalog your bank has provided. Choose a product or a selection of products that you would like to purchase.

Gift cards

Gift cards with a value of between Rs. 100 and Rs. 5,000 or more can be purchased with your earned points. Gift certificates can be used in-person or online at a specific retailer. A few examples of gift voucher categories are clothing, books, groceries, lifestyle, cuisine, and beverages. You can exchange a gift certificate for goods or accessories from the company’s store. Cash, a debit card, a credit card, etc. can all be used to pay any leftover balance.

Miles were flown in aircraft

Holders of credit cards can use partner airlines to convert their reward points into air miles.

Room Miles

Hotels and banks occasionally collaborate on rewards programs These programs allow customers to convert their reward points into room miles that can be used at hotels.

Cashback

Transform your points into cashback that may be applied to your credit card bill or spent for purchases with your credit card. Cashback is a fantastic way to lower the balance on your credit card.

Charity

Users can donate to one of the charities registered with the bank using the points they earn. Donations can be made to support children’s education or lunchtime meals. Helping the aged, blind, crippled, and underprivileged is another thing you can do. The charities covered by the incentive programs also provide contributions to the fields of health, the environment, traditional employment, women, and young people. Your chosen charity will receive the cash value in exchange for your reward points.

Initial Transfer Points

A limited number of reward points can sometimes be transferred by customers to family members or friends who also have credit cards with the same bank. One company that offers this option is Axis Bank. Customers of Axis Bank can send points to family members as gifts.

A cardholder can be more alert by following these suggestions:

The incentive program should fit the cardholders’ financial demands and lifestyles.

The incentive program should fit the cardholders’ financial demands and lifestyles. They should not choose cards that offer Air Miles or advantages for flying if they are not frequent flyers.

If the cardholder is unsure about their rewards account, they should contact the customer service representative to learn more about their options. By doing so, they will be better able to understand the type of credit card inventory they have.

Catalogs of Rewards:

The products or merchandise that can be redeemed for rewards are listed in catalogs that banks give to their customers. The bank’s official website and its rewards website both have online catalogs for these products. The rewards program may have its website at some banks. Customers may manage their reward accrual and redemption more easily and conveniently as a result. The things, coupons, contributions, and miles that can be redeemed with reward points are listed in reward catalogs.

Final observations

This does not imply that one should completely disregard the incentives and perks of credit cards. The secret is to strike a “balance” and limit the amount of time spent on increasing the rewards.

If your expenditure is more than average and you want to stay informed often, you might sign up for instant email alerts, which will deliver all crucial updates directly to your inbox.

A single card should ideally cover every element of a person’s life (shopping, travel, lodging, dining, and wellness), leading them to eventually use it as their main card.

FAQs

What exactly are reward points?

Every time a cardholder uses their credit card to make a purchase, their bank will give them a reward point. As you make purchases with your credit card, you can accumulate these points. When you have accumulated enough points, you can exchange them for anything like gift cards, products, and air miles.

How much is one reward point worth?

Each bank may have a different value for 1 reward point.

How do I get reward points?

To earn points, just use your credit card when you shop. For purchases made with your card, you can accrue points. For every Rs. 100 you spend on the card; banks will often reward you. Your credit card can be used to pay bills, purchase in stores and online, cover travel and other expenses, and earn rewards points.

How can reward points be used?

You can exchange your reward points for cash, gift cards, online purchases, items from the bank’s catalog, or air miles.

How can I cash out the points on my credit card?

Users can convert their credit card reward points on the bank’s website. Visit the bank’s net banking portal and select “Redeem Reward Points” to start the process in general.

My credit card bills may I pay with my reward points?

Only a few banks let you use reward points that you have accumulated to pay down your outstanding credit card debt.

How many points must I collect before I can use them?

The minimal amount that must be met by each bank to redeem points varies. There may be no minimum threshold for points at some banks. However, to use them for redemption, you must have accumulated enough points to be worth something listed in the catalog.

Reward points: do they have a lifespan?

Unless otherwise noted by the bank, yes. In 2 to 3 years from the day they were obtained, reward points will expire. To learn more about your bank’s reward point expiration policy, contact them.