1. Use your Credit Card Reward Points this Dhanteras

Use your Credit Card Reward Points this Dhanteras

Last Dhanteras I used the vouchers I got in exchange of my reward points for shopping for myself and my family. This year also I intend to the same.

By: | Updated: October 27, 2016 9:54 AM
Each credit card company has a different reward structure and there are different card variants which structure the reward points in different ways depending on the card usage. (Reuters) Each credit card company has a different reward structure and there are different card variants which structure the reward points in different ways depending on the card usage. (Reuters)

Last Dhanteras I used the vouchers I got in exchange of my reward points for shopping for myself and my family. This year also I intend to the same. I generally avoid using my reward points through the year and then when I have a whole lot of them accumulated I exchange them for the vouchers of an outlet that seems to be most useful depending on what we need.

All of us loving shopping and all of us love freebies; well the reward points just combine both. They allow you more flexibility in your shopping since you have added purchasing power and can help you save money also which is great way to celebrate Dhanteras the festival of Lakshmi, the Goddess of Wealth. So here are a few things you can do to make the best of your reward points.

Plan Ahead:

Each credit card company has a different reward structure and there are different card variants which structure the reward points in different ways depending on the card usage. So some cards may reward shopping, some may be partial towards dining and so on. Also there are usually a lot of options available to choose from for redeeming your reward points, thus before you choose what you want you should go through the reward catalogue and decide what you need and what suits your requirement the best.

Since it is Dhanteras time you could opt for gift items, electronic items or vouchers for a brand of your choice. If you are using the option for taking a product it may take time for it to arrive so make sure you order it well in advance. Some credit card issuers may issue e-vouchers while others may send them to you physically which may take time to arrive so order them well in time so that you receive them before the D day.

Check the Rewards Structure:

As we said in the earlier paragraph different credit card variants have a different reward structure, you should check what the reward plan of your credit card is. This will help you make the best use of them. It is possible that for 1000 reward points you may get a voucher worth Rs 500 of X brand and a voucher worth 750 of Y brand. So depending on your requirement make a wise choice. If you plan to spend some quality time with you family this festival season you could opt for options that allow you to dine out or take flight tickets to visit your family. If you have multiple cards then look at the option available for each card and then make the choice. Some cards may have limited options so you could opt for cash back.

Keep Collecting!

Another good idea is to accumulate you points over a time so that you can buy something substantial and useful with it. If you use your points often then most likely you will not have accumulated sufficient points to receive a big ticket article. Often redeeming points frequently could lead you to opting lot of small trinkets and then you might not have any points left for getting an expensive but useful thing which you might not buy otherwise. Having said that keep an eye on the expiry date of the points, though you want to save them for getting something worthwhile but some companies may have a guideline as per which cards expire after a certain time period.

I have my shopping list ready and I have vouchers of my favorite brand to help me do so. You also go ahead make the best of your reward points to celebrate the festival of love, light and joy.

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