Credit, Debit card reward points: Can SBI, RBL, ICICI, HDFC, Axis reward points be converted to cash?

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Published: February 6, 2019 2:18:28 PM

All bank provide reward points to its customers. Find out how you can redeem your reward points collected from those debit card and credit card swipes.

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You might be aware that reward points collected from your debit and credit cards can be converted to cash, but you never tried because you thought it might have a complicated process and because the banks never made it clear. Depending on the type of card you hold, reward points are awarded against most credit and debit card transactions by almost all banks. However, these points expire if not redeemed on time. Many think it is not a significant loss, but you could have encased those points. Though the process varies from bank to bank, when a bank agent offers you a debit or credit card, they tell you about various reward points and loyalty programmes offered by the bank. But after getting the card, you might have never used it, and hence the points lapse.

Find out how you can redeem your reward points collected from those debit card and credit card swipes:

State Bank of India (SBI)

The rewards programme of SBI is known as State bank Rewardz. The reward programme offers reward in multiple ways, and with this programme, you get rewarded every time you use State Bank products or services. If you have accumulated enough rewards points, you can redeem those points against the various range of redemption option.

For instance, you can use the reward points against options such as movie tickets, mobile recharge, electronics, home appliances, SBI gift card, DTH recharge, air tickets, apparel, and more. You don’t need to enroll in this programme separately. All SBI customers are pre-enrolled into State Bank Rewardz, on an individual basis. However, to use these reward points, you need to register by signing up on the State Bank Rewardz website. You can also redeem your rewards through the SBI mobile app.

Also Read: What is your post-Budget 2019 income tax outgo? Calculate now


HDFC Bank allows you to redeem the reward points into cash only for some of the selective HDFC credit cards. For instance, the Titanium Edge, Platinum Edge, Money Back, Business Money Back, Solitaire, Bharath Cashback, and Freedom credit card. The reward points of HDFC Bank can be used in the form of cashbacks and vouchers, but the rewards from these cards vary depending on the type of card you hold. For some of the cards, you cannot convert the reward points accumulated into cashbacks. However, you can redeem them against a wide range of gifts and vouchers. If a customer holds multiple HDFC bank credit cards, their redemption requests cannot be made by pooling reward points on different card accounts. You also need to accumulate a minimum of 500 points to be eligible for redemption of reward points in the MyRewards redemption program.


You can redeem your ICICI reward points through PAYBACK Rewards. The payback points earned on the ICICI cards are credited to customers payback account by the 15th of every month. For example, points earned in the month of January 2019 will be credited to the payback account by February 15, 2019.

You need to visit the PAYBACK website to redeem your points. From there depending on your accumulated points you can select any product from over 400 products. However, you will also be charged a redemption handling fee along with service taxes, which will be levied for every reward redemption request for reward points earned on ICICI Bank credit cards and debit cards.


Axis Bank’s reward program Axis eDGE Rewards is a loyalty program by Axis Bank that allows customers to earn points for every transaction they have with the bank. Starting from Savings and Current Account transactions, Credit and Debit Cards and across all other retail products like Axis Direct, Forex, and NRI. Axis eDGE reward points come with a validity of 3 years. Hence the points will expire automatically after a lapse of 3 years from the date of allotment. To redeem Axis reward points, you need to log on to internet banking or mobile app, click on the axis eDGE rewards to view your axis eDGE rewards balance. From the various categories, you can choose the reward of your choice to redeem your points.

RBL Bank

The RBL Bank Rewards programme is a loyalty programme for all RBL Bank Credit Card members. To redeem your reward points you can choose from many redemption options such as holiday getaways to luxury vacations to shopping extravaganzas. You can also redeem your points for flight tickets, hotel stays, or shop for product across different categories like electronics, apparels, jewelry, mobile recharge, or get vouchers across various categories like lifestyle, and grocery. You can also earn frequent flyer miles with your favorite airlines when using reward points. You can redeem reward points to pay for all or part of your selected product, and in case you fall short of reward points, you can pay the rest using your RBL bank credit card.

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