Society & Culture
How To Use The Credit Card Reward Points
Having a rewards credit card comes with a lot of benefits. From being able to improve your credit score to being able to access money whenever and wherever you need it, the value of credit cards is huge. But, the most appealing benefit of a rewards credit card is earning rewards every time you shop.
Most credit card companies award points based on the frequency of credit card use, attitude toward repayment, and other criteria as determined by the company.
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Here are some ways to redeem your credit card reward points for shopping online.
1. Shop online
If you’re looking for a discount on your next online shopping spree or even looking for some cash back, your credit card rewards points can provide both. Some credit card issuers let you use rewards points to pay for all or some a purchase at select online stores.
2. Get cash back
Getting money deposited in your bank account or a statement credit is a great way to use your reward points. You can use the money to pay your bills, add to your savings balance, or reduce your credit card debt. You can also use the rewards to pay off part of your existing debt or move it into an account that pays you interest.
3. Redeem your reward points for gift cards
Buying gift cards is an ideal way to use your credit card rewards. Gift cards give recipients value and flexibility. And many credit card companies join with retail stores to give you an extra perk when you redeem your points for a gift card. For example, redeeming 1000 ruppee worth of rewards or points for a gift card might get you another 1000 ruppee gift card instead. And some card issuers let you redeem smaller amounts of points for gift cards compared with the points required for larger reward items. So you can get a gift card for a larger monetary amount for fewer points.
4. Get discounts on airfare and hotels
If you redeem your accumulated card rewards for travel, you can net hundreds of dollars in savings on airfare and hotel accommodations. The caveat is that travel-related rewards often require that you have a lot of points saved up. Travel rewards may also be subject to blackout dates, which may make this redemption option less desirable for some. But, if you’re willing to let your points add up and work around the blackout dates, you can get some great free travel. All you have to do is log into your online reward portal and get your discount.