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  • Category: Miscellaneous

    What are the reward points offered by credit/debit/shopping card companies?

    Have a query about reward points offered by credit card/ shopping card companies? Check out advice from experts on this page.

    We often come across cases when the credit/debit/shopping card companies award the buyers few reward points. What are the reward points offered by credit/debit/shopping card companies? What is value and use of such reward points? Also, what is redemption of reward points?
    Experts: do respond.
  • #138864
    Providing reward points for credit card is based on company's policy. Different companies having different criteria and there link ups with other companies. You can select some products from catalog provided by banks on there websites. Selections of items depends on Reward points you have. You can redeem rewards points by filling form also which banks provide on website.

  • #138866
    Reward points are awarded to the debit card/credit card holders when they do shopping on popular stores. These POS (point of scale) transactions reward points for every transaction which can be later redeemed in the form of Indian currency. To activate rewards scheme for a bank, you must register yourself on their rewards website. For example, SBI has SBI Rewardz website, UBI has UBI Rewards website. You will have to signup there and enter card number so that transactions can be tracked and points will be added ultimately.
    With regards,
    "Time & Tides waits for none"

  • #138886
    Credit cards offer reward point system to allow the users to spend more using the card. By spending more they earn points. The points earned then can be redeemed by spending them at the partner merchants outlet. This way the ecosystem supports both credit card company and the sellers. Not all the time people benefit by spending using the credit card system. Reward points are basically the sales funnel for the sellers and the rewards for the consumers.

    For example, Payback is one such reward point system which is being used by the ICICI banking system. This system collects points from the debit card and credit cards of ICICI bank. And then offers rewards the people based on the points earned.

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