If you prefer using Debit Cards or Credit Cards for making regular and frequent transactions, you enjoy a host of benefits. Apart from greater ease of utility and convenience, one of the most popular advantages of using a card are the Reward Points. Reward Points are points or credits accumulated in your name for specific frequency or volume of transactions.
Every time a person uses a Debit orCredit Cardfor a particular transaction, the Debit or Credit Card company earns an ‘X’ amount called an 'interchange' fee. This fee is received from the merchant outlet. It often varies from 1% to 2.5%, and the outlet can also choose to negotiate a lower fee if the volumes are high.
Reward Points are basically used to encourage you to make greater use of Credit Cards andDebit Cards. Once you accumulate specific points, you are given a reward or certain benefits. These benefits are often in the form of discounts or cash backs.
How to redeem Reward Points?
Once you win specific Reward Points, it is important to redeem them. Usually, Reward Points are easy to redeem. They can be redeemed online, following an easy procedure.
Online redemption is the most convenient ways to redeem your Reward Points as it can be done without calling up the bank's customer care department. Most banks offer you home delivery for products purchased online against Reward Points.
You can also convert these points into air miles and use them to buy air tickets. This can prove beneficial for you if you are a frequent flyer.
Some loyalty programmes give a points-plus-pay option, wherein, you can use the points and pay the balance to get what you want. While some other programmes waive off the annual fee, in exchange for Reward Points.
Some banks also allow you to accumulate the Reward Points earned on the Credit and Debit Cards, belonging to the same bank, in one pool and you can redeem them together.
If you want to redeem your points with HDFC Bank, here are a few steps to follow-
Log into to yourNetBankingPortal/Account on HDFC Bank website.
Once logged-in, click the ‘Cards’
Then click on the ‘Enquire’ tab in the Debit Card section.
Once you are taken to the next page, click on the ‘Cashback Enquiry and Redemption’ tab.
Select the account number for which you want to redeem the points and Voila! You can redeem the Reward Points.
Looking to apply for a Debit Card from HDFC Bank? New customers can get a new Debit Card through opening a new Savings Account while experiencing hassle-free banking with HDFC Bank. Existing HDFC Bank customers can get their Debit Card reissued within minutes here.
Read more on the different advantages of Debit Cardhere.
* Terms & conditions apply. Debit and Credit Card approvals are at sole discretion of HDFC Bank Ltd
FAQs
Online redemption is the most convenient ways to redeem your Reward Points as it can be done without calling up the bank's customer care department. Most banks offer you home delivery for products purchased online against Reward Points. You can also convert these points into air miles and use them to buy air tickets.
What is the best way to redeem card points? ›
To get the most value from your points, redeem them for high-value options like travel or points transfers to airline and hotel partners.
How do I redeem my Visa reward points? ›
Redeem Rewards
Log in to Account Access. Select your Account, and within the top navigation select “Rewards & Benefits”. Click “Redeem rewards at Rewards Center” to reach the rewards center and start redeeming.
How do I cash out my reward points? ›
Reward points can usually be redeemed through your credit card reward portal or mobile app. If you are actively working to earn and accumulate points, don't forget to check if there are any expiration dates associated with your earned points.
How do I redeem my rewards balance? ›
How to redeem points rewards
- Go to your card issuer's website. You can claim point-based rewards through your card issuer's redemption portal. ...
- Check out your redemption options. ...
- Compare the value of your points through different redemption options. ...
- Choose the redemption option that gives you the best value.
Login to Net Banking portal > Cards > Enquire > Redeem Reward Points > Select your card and Continue > Redeem Reward Points > Cash Redemption. Utilize your cashpoints to redeem as Insta vouchers through Net Banking Portal.
What is the best use of reward points? ›
Credit card points (e.g., Chase Ultimate Rewards®, American Express Membership Rewards, etc.) are flexible because they can be used in many ways. The best ways to use these points is often to transfer them to airlines or hotels or use them in lieu of cash when booking travel directly from credit card's travel portal.
What does it mean to redeem points? ›
Cash back and reward points may be redeemed as a statement credit for your monthly bill, online purchases or by check. Miles and travel-specific points may be redeemed for discounted flights and hotel rooms through travel booking portals or through their respective partner brand toward flight tickets.
When to use rewards points? ›
When is the best time to redeem rewards?
- Your rewards points are about to expire. ...
- Travel redemptions you want are available. ...
- You're going to cancel your credit card fairly soon. ...
- You found a special offer. ...
- You're ready to splurge. ...
- You're racking up points for a specific redemption. ...
- You want more options later on.
For some cards, accumulated reward points can be used towards your next credit card payment. In some cases, redemption options include requesting your reward points as cash payment through a check or direct deposit, which you can then use to pay for your next credit card payment.
Just follow these easy steps to learn How To Use a Visa Gift Card Online:
- Check the balance. ...
- Register your card. ...
- Add the card as a payment method. ...
- Enter the remaining balance. ...
- Complete the purchase.
Cash back is a form of credit card rewards you earn by making purchases with your credit card. You can redeem those rewards for statement credits, account deposits or purchases. In some cases, you can convert the cash back rewards into points and use them for other types of redemptions.
What is the best way to redeem credit card points? ›
You're better off paying for the purchase with your card, earning rewards from it, then using the rewards for something else where they will have a greater value, such as a gift card or travel booking.
Do rewards points ever expire? ›
Expiration policies vary by credit card issuer and rewards program. While some points expire after a certain period of inactivity or after a fixed time, others may not expire at all as long as the account remains open and in good standing.
How do reward points work? ›
Reward points are simply a bonus perk on your credit card. Don't make purchases only to collect points. Ensure that you pay your credit card bill in time so that you needn't pay for delayed payment fees or interest on your card. Also, this will make your reward points completely worth the value.
How many dollars is 1000 reward points? ›
Rewards rates will vary depending on the particular credit card you're using, but generally rewards are worth around 1 cent per point. If you earn 1,000 points, that would be worth around $10.
How much is 25000 Rewards points worth? ›
25,000 travel points are worth $250, on average, though the value depends on the card's rewards program and the redemption method. For example, Bank of America Travel Rewards points are worth 1 cent per point when redeemed for travel, so 25,000 points are worth $250.
How do I redeem my miles points? ›
Redeeming airline miles is usually pretty simple. With most airlines, you can redeem your miles for a free flight by logging into your account during the booking process. You'll need to book on the airline's website, rather than travel websites such as Expedia or Kayak, if you want to pay with miles.
