How to Speed up your Credit Card Reward Point Accumulation?

Credit cards are fast becoming one of the most preferred methods of availing instant financing in India. Almost every major financial institution including NBFCs offers this financial tool to eligible applicants. Lenders also entice prospective customers with various loyalty programs offered with their credit cards.

One of the most popular loyalty programs offered by different financial institutions is credit card points. Such programs help the cardholder earn a certain number of reward points against the transactions they make using the credit card.

You can accumulate these reward points and redeem them for discounts, gift vouchers, and even cashback from various retailers. It can reduce your expenses in the long run. There are various types of reward points that credit card companies offer their customers. These include –

  • Travel points – These reward points can be redeemed for discounts on airfare, hotel bookings, complimentary airport lounge accesses, etc.
  • Shopping points – These points can be redeemed for discounts, cashback, vouchers, and special coupons while shopping online or offline. It is ideal for frequent shoppers.

However, you will need to accumulate a substantial number of credit card points to avail these features. There are certain methods you can follow to speed up your reward point accumulation.

Earning credit card reward points

There are several ways how you can speed up your reward point accumulation using your feature-packed credit card. Here are the factors that you should take into consideration

  • Choose the most suitable credit card _

You need to use a credit card which will help you earn the maximum reward points. Select a product according to your spending habits; for example, if you shop frequently, use a credit card that offers accelerated reward points against online and regular shopping. These purpose-specific cards will disburse the most number of points against their particular usage.

  • Divide the spending –

Financial experts often suggest using two different cards and divide the entire spending between them to speed up the accumulation of credit card points. For example, use a credit card to pay for your daily purchases, utility bills, etc. and another to pay for occasional expenses, fuel purchases, travel and flight bookings, etc. It will help you keep track of your expenses more accurately and allow maximum reward point accrual with each transaction.

  • Use it frequently –

Always utilise the credit card that offers the best reward points program. Cards like the Bajaj Finserv RBL Bank SuperCard comes with a reward point program that offers up to 2 credit card points for every Rs. 100 you spend with it.

  • Select a product that offers milestone and welcome packages –

Certain financial companies also offer welcome rewards along with several milestone gifts. These programs offer reward points as you sign-up for a credit card or reach a certain spending milestone. For instance, Bajaj Finserv RBL Bank SuperCard offers up to 20,000 reward points as a welcome gift after you apply for a credit card. They also offer up to 20,000 points when you spend Rs. 3,00,000 in a year.

Bajaj Finserv also provides pre-approved offers on credit cards, personal loans, home loans, business loans, and a range of other financial products. These offers not only to simplify the process of availing finances but also helps you save time. You only have to share some essential details online to check your pre-approved offer.

Things to remember about credit card reward points

  • Redeem the points before it expires –

Reward points come with an expiration period that generally ranges from 12 to 18 months. These points are redeemable only within that time frame beyond which they will expire in usage. Ensure you use the collected points within the given timeframe. The necessary details regarding the validity will be available on the company’s website.

  • Do not own multiple cards at once –

It is wise not to own more than 3 to 4 cards at the same time even if you want to divide your total spending over multiple credit cards. Credit bureaus will consider you credit dependent if you apply for a credit card too frequently. It will negatively affect your CIBIL score and deem you less creditworthy.

The above mentioned tips will help you speed up your card’s reward point collection, as well as aid to properly utilize the redeemable points. Follow these guidelines, and you will be able to get the best out of your credit card and its reward points.

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