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According to data from the RBI, the number of credit cards used increased to 43.24 million at the end of November 2018 from 34.78 million at the end of November 2017 (iStock) 5 minutes read. Updated: 25 February 2019, 07:45 IST Shaikh Zoaib Saleem
When was the last time you used the reward points collected on your credit card to buy items? Or when was the last time you collected enough rewards to make a worthwhile purchase before the points expired?
Credit Card With The Best Rewards Program
Reward points are one of the main attractions that banks focus on when they push for credit cards, in addition to offers such as age fee waivers, extra access to the Lounge at the airport and free movie tickets every month. While reward points can be valuable if you do certain trades in certain places, banks will rarely tell you about the restrictions that come with it.
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The number of credit cards used in India has increased exponentially over the years. According to information from the Central Bank of India (RBI), the number of credit cards used increased to 43.24 million at the end of November 2018 from 34.78 million at the end of November 2017 and 17.03 million in the same month in 2011 (see). bit.ly/2tu3Bf3).
Each credit card has its own advantages and limitations when it comes to collecting gift points, some of which are common in banks. We look at credit cards from some of the top banks compared to the highest share of the credit card market in India at zero down to six restrictions that will prevent you from accumulating reward points to the extent you think you can.
No card dealer will tell you about the costs included unless you specifically ask. Many leading card companies charge a redemption fee when you use reward points for transactions. For example, generally credit cards from HDFC Bank and SBI Card charge a fixed redemption fee of £ 99 plus GST. So if a credit card gives you 2 points for every Rs. 100 spent and 100 points gives Rs. 25 cash or valuables, you have to spend Rs. 20,000 in the correct trade category to earn Rs. 100 points in value. And if your bank charges you Rs. 100 as a redemption fee, you get nothing.
Fuel cards are a special category of credit cards that give gifts for buying fuel. Special banks affiliated with oil and fuel market companies from relevant petrol stations will offer prizes. For example, if you have a specialized fuel credit card from a bank affiliated with, for example, HPCL, you will receive exemption from fuel tax and possibly a higher reward for spending at an HPCL gas station.
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However, not all credit cards offer reward points at the gas station. If you use a standard multi-purpose credit card to pay for fuel purchases, you may not be rewarded for the transaction. For example, ICICI Bank’s Platinum Chip Card gives 2 refund points for every Rs. 100 was purchased for all retail purchases, except fuel.
E-wallets have disappeared rapidly and evolved in recent years. Many users prefer to use e-wallets for everyday business at low cost such as taxi messages or food messages online, not only because of their convenience and convenience but also because generally electronic wallets offer attractive refunds. Leading banks such as HDFC Bank have also stopped offering credit card transactions to replenish e-wallets.
Usually you will think that you can accumulate a lot of reward points when you buy a big ticket like buying a smart TV. However, these purchases are often made in EMI. Many credit cards do not give reward points for purchases made with the EMI card facility or if you change your spending to EMI later. So, even if you make a lot of purchases with a credit card, you don’t get reward points. In fact, your bank will even refund your reward rate if you later change your regular EMI payment. Some Citibank cards fall into this category.
Like an expensive purchase, paying a social security contribution, usually a significant amount, may not give you as much reward as you would like. Most credit card companies offer limited or lower rewards for paying premiums compared to other retail purchases. This is an important area because many investment and savings -related insurance policies have high premiums, which can lead to higher rewards.
Best Buy Rewards Program And Credit Card Review, 5 6% Back On Best Buy Purchases
For example, HDFC Bank has a maximum of 2,000 basis points per transaction for insurance transactions. In addition, ICICI offers 1 rebate point for every £ 100 spent on a series of insurance against 2 rebate points for other retail costs of the same amount.
You may want to collect reward points to make significant purchases later. However, keep in mind that reward points may have an expiration date.
In the case of HDFC Bank, according to information available on its website on February 18, gift points are valid for two years from the date of accumulation. So if 100 gift points are collected at the end of February 2019, those 100 gift points will be valid until February 2021. Some high quality HDFC bank credit cards have a gift value for three years. In addition, gift points on some SBI cards are valid for two years.
Raj Khosla, founder and CEO of MyMoneyMantra, said that different cards have different limits and the limits of each card should be carefully researched before signing up. “While the reward level shouldn’t be the only reason you sign up for a card, for maximum benefit, it’s a smart idea to get a card that matches your spending pattern,” he says.
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You should always analyze your spending patterns to choose the card that offers maximum benefits to your business pattern, said Sahil Arora, Vice President and Chief Product Officer, Paisabazaar.com. For example, if you’re a frequent flyer, consider a credit card that offers free flight miles, free lounge access and hotel vouchers on card expenses. In addition, use a fuel card if you spend a lot of fuel while traveling.
“Reward points, discounts, refunds or vouchers available on a credit card should be kept in mind as they can reduce overall transaction costs. However, when doing this, consider various credit card fees, such as entry fees and renewal fees, so that these costs do not exceed benefits, ”Arora said.
There are smart ways to use your credit card effectively and maximize your card benefits. However, you should keep in mind that failing to repay your credit card account can affect your credit rating and ruin your future prospects for getting a cheap loan. In addition, credit cards charge an interest rate of 2-3.5% per month, which is 24-42% per year, if the bill is not paid on time. So, use your credit card carefully when you need it, and not just to take advantage of free offers or gifts.
You are currently subscribing to our newsletter. If you do not find an email from us, check your spam folder. Best Buy Rewards is a Best Buy loyalty program. Free program members earn points for all Best Buy purchases and online shopping. Points are redeemed as gift certificates that can be used at the Best Buy store or online at bestbuy.com.
How To Pick The Right Rewards Credit Card
With the first registration, you will earn 0.5 points for every dollar you spend. After spending $ 1,500 per calendar year, you will become an Elite member and earn 1 point per dollar. After spending $ 3,500 you will become an Elite Plus and earn 1.25 points per dollar.
The most confusing thing about the program is that each point is worth 2 cents. Whenever you see or hear some specific points, just double it and you will have value. For example, if you earn 742 points, it’s $ 14.84 in Best Buy retail credit. This will be especially confusing with credit card revenue (more on that below), just double it and you’ll get the right number.
Basically, Visa Platinum is a free card that can be used anywhere Visa is accepted, both Best Buy credit cards are free cards that can only be used at Best Buy and Visa Gold can be used anywhere but have an annual fee of $ 59. All cards get a gift Best Buy 5-6%.
You will probably receive one of the first three cards; if you get a Gold Visa you will probably immediately cancel the annual fee. Personally, I got one of my Best Buy store credit cards (not sure which one) and some time later they automatically renewed it to Visa Platinum. The main reason you want to get the Visa version is because the special offers posted (see below) are pretty good.
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You can use a Best Buy credit card at the store by entering some security information on the PIN pad, even without a card. This helps for scenarios when you forget your case and also allows you to use the card immediately after approval, without waiting for the card to arrive.
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