You start earning reward points as soon as you use the credit card. Whenever you swipe your card, the bank or credit card issuing company credits the reward points in your account.
Let us know what factors affect your reward points.
Card Variants – If you have a basic credit card of any bank, then you earn 2 to 4 reward points on every purchase of Rs 100 to 250. You can earn more reward points with Premium or Super Premium cards. A particular bank gives you more reward points for spending on weekends. Similarly, many banks give you additional reward points on fuel purchases with their credit cards.
Co-branded cards – Banks and card companies launch co-branded cards in association with big brands, oil marketing companies, airlines or a specific e-commerce company. In this, you get 5 or 10 times more reward points than normal shopping. For example, you get additional reward points by buying air tickets of the same airlines with the help of a branded card with any airlines.
Dependent on spend – The reward points sometimes also depend on where you have swiped the card. You can get more reward points for eating at a restaurant or shopping in a store than for a swiped card to pay electricity or telephone bill. The reason for this is that the restaurant or shopping store encourages customers to shop at their place under the agreement made with the bank.
Shopping on special occasions – Many times in the festive season, banks take out special offers for a particular purchase. Apart from cashback, you also get additional reward points when you shop at this time. Many banks tie up with e-commerce companies on Christmas, Diwali or Dussehra.
If you also want to get the most out of your credit card, then go to the store of the same brand for shopping with which your credit card is tied.
It is also important to keep in mind that pay your credit card bill on time and do not extend the loan on it by paying only the minimum amount. In this situation, the credit card issuing bank charges you an interest of up to 40 percent per annum as interest.