10 things you need to know about Credit Card Reward offers

February 05, 2021

10 things you need to know about Credit Card Reward offers

Plastic card-based digital payments are the new trend as it offers a lot of benefits over traditional modes of payment. The convenience and ease of handling cards with no fear of losing it, along with it being a secure mode of payment are some of the benefits of online card payment. But one of the major reasons people are drawn to apply for a Credit Card is because of the various rewards they offer as part of the benefits structure.

The Indian eco-system is full of companies offering Credit Cards with different reward offers. But selecting the reward offer based on one’s needs and preferences is important.

The rewards on the Credit Cards come with various benefits and additional policies. Here is a list of 10 things a person should know about Credit Card offers:

1. How to earn:

The simple way to get rewarded is to use the Credit Card as much as possible for high-value shopping, such as electronic goods, travel booking, gold, etc. Such purchases often result in a lot more Reward points, which can be very useful in the future.

2. How to redeem:

There are 2 ways to redeem reward points earned on Credit Cards.

  1. Online redemption: Most Credit Card companies provide access to a person’s Credit Card statements, reward options and refund options through an online portal or Mobile Banking application. After logging in to the account, he/she needs to navigate to the section that relates to the Credit Card points, such as ‘Redeem my rewards’ or ‘Use my points’. Click on this section to view and claim your reward.
  2. Customer Care: If a person needs help in redeeming reward points, he/she can contact Customer Care. Most reward programmes allow to redeem reward points over the phone. The agent can tell you how many reward points are available and what rewards are available in lieu of those points. Customer Care can also answer any questions that you may have about collecting points and how long it usually takes to receive the reward.

3. Expiry of points:

Before redeeming your Credit Card points, it is important to know whether your card points expire on a certain date or after a certain time period. The reward points are usually time-limited and have to be redeemed quickly. There are premium cards that don’t have the expiry limitation, but all the same, it’s important to know if your points qualify for lifetime validity.

4. Choose carefully:

While all reward cards look lucrative, it is important for a person to know what kind of rewards will actually fit their lifestyle. For instance, it is useless for a person who shops a lot to have a Fuel card, which gives the maximum cashback on refueling.

5. Don’t get too many:

It is often advised that one should have multiple reward cards and use them as needed to maximise rewards across their purchases. However, this strategy is dangerous because bills can quickly pile up and at the same time, become very difficult to manage, since each card has its own set of policies and guidelines that one must remember while earning or redeeming rewards.

6. Fly for free:

The most common kind of rewards with Credit Cards is the option to redeem loyalty points for flying miles. These miles essentially get credited to your account every time you spend through your card and you can accumulate miles to buy airline tickets for your favourite destination. While using cards, one must make use of the ones which give the highest miles if they plan on travelling in the near future.

7. Use virtual cards:

Nowadays, one can get an online Credit Card instantly to purchase goods from their favourite shopping websites. This virtual card allows people to get instant credit as well as their favourite rewards, which can be immediately available for redemption on high-value purchases.

8. Transfer unused points:

If you have points that you haven’t used in an account for a while, you can choose to transfer them in a rewards account linked with another card that you are likely to use. The Credit Card company should be able to help in transferring reward points from your Credit Card online.

9. Convert to cash:

A limited number of Credit Cards have started offering conversion of loyalty points to actual cash at a certain predefined conversion rate. Those worried about their bills can use this facility to bring their bills down. Others can perhaps use their points to get gift vouchers for major shopping portals and fund part of their expenses through their rewards.

10. Look at charges:

While newer cards come with clear redemption policies, some of the older Credit Cards come with charges or fees in different ways for allowing you to redeem reward points. For instance, if you buy items through the reward store, you could be asked to pay the shipping fee. It is advisable to be aware of such charges before rushing to redeem points.


There are a variety of Credit Card reward offers available in the market. You should opt for offers that suit your own unique requirements. You can apply for the online Credit Card at ICICI Bank, to make the most of a comprehensive rewards programme that makes your shopping experience an enriching one.



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