Maximising rewards: How to get the most out of your credit card
Credit cards have evolved beyond just being a convenient payment tool; they are now gateways to a world of rewards, discounts, and privileges. If used wisely, a credit card can be a powerful financial tool, allowing you to get substantial benefits from everyday expenditures. Whether you are afrequent traveller, avid shopper, or simply someone looking to make the most of their financial tools, understanding how to maximise your credit card rewards can significantly enhance your financial strategy.
What is a credit card reward point?
Credit card reward points are incentives provided by card issuers as a loyalty benefit that can be redeemed anytime to get additional discount. For every transaction you make using your credit card, you accumulate points. These points can later be redeemed for a variety of rewards, including merchandise, travel bookings, cashback, and discounts. The value and earning rate of these points vary depending on the card issuer and the specific card programme. Understanding how these points work and how to effectively accumulate and redeem them is key to maximising their potential.
How to maximise credit card reward points
· Choose the right card for your lifestyle: Different credit cards cater to different spending habits. Select a card that aligns with your lifestyle. For instance, if you travel frequently, opt for a card that offers travel-related rewards and benefits. The IDFC FIRST Classic Credit Card, for example, provides a well-rounded reward system with never expiring points that can be redeemed instantly for online and in-store purchases, suitable for your dynamic spending patterns.
· Understand the reward structure: Familiarise yourself with your credit card's reward structure. Some cards offer higher points for specific categories like dining, groceries, travel, or fuel. Tailor your spending to these categories to accumulate points faster.
· Utilise sign-up bonuses: Many credit cards offer lucrative sign-up bonuses if you meet a minimum spending requirement within a specified period. Plan your major purchases to coincide with this period to earn a significant number of points right at the outset.
· Take advantage of special offers and promotions: Credit card issuers often run promotions that offer bonus points for shopping at partner merchants or during festive seasons. Keep an eye on these promotions and adjust your shopping habits to maximise your points.
· Pay attention to expiry dates: Reward points often come with an expiration date. Regularly check your points balance and plan how to redeem credit card reward points accordingly to ensure you do not lose out on valuable points due to expiry. Never-expiring reward points from IDFC FIRST Bank credit cards make stand out from the others, letting you enjoy your rewards without any constraints.
Which credit card offers the best reward points?
Selecting the best credit card for rewards depends on individual preferences and spending habits. However, one noteworthy option is the IDFC FIRST Classic Credit Card. This card stands out due to its comprehensive reward system that benefits a wide range of spending categories. The card offers 10X reward points on your birthday spends, 6X on online spends, and 3X on offline spends, ensuring you accumulate points quickly and efficiently.
Additionally, there isno cap on reward points, and they never expire, providing flexibility and long-term value. The IDFC FIRST Classic Credit Card also offers attractive benefits such as fuel surcharge waivers, 4 complimentary railway lounge access per quarter, and discounts on dining across 1500 + restaurants across the country and discount on movie tickets, making it a versatile and rewarding choice.
Conclusion
Maximising credit card rewards requires strategic planning and informed decision-making. By choosing the right credit card, understanding the reward structure, and leveraging bonuses and promotions, you can significantly enhance the value you get from your credit card. The IDFC FIRST Classic Credit Card exemplifies a well-rounded rewards programme suitable for diverse spending habits, offering substantial benefits and flexibility. With the right approach, you can use daily expenses to get valuable rewards, making your credit card a powerful tool for effective financial optimisation.
Disclaimer: This content is part of a marketing initiative. No TNIE Group journalists were involved in the creation of this content.