How to Use Reward Points to Pay Your Bill:
1. Check for Conversion Options:
Verify if your credit card offers the option to convert reward points into cash.
2. Visit Redemption Portal:
Go to your credit card issuer’s reward points redemption portal and convert your points into cash.
3. Apply to Your Bill:
The converted amount will be adjusted against your credit card bill in the next billing cycle.
Understanding Reward Points Calculation:
- Points Earned per Rupee:
Reward points vary by card and type of spending. For instance, one card might offer 2 points per rupee on travel expenses, while another offers only 1 point.
Five Key Things to Remember:
1. Expiration Date:
Reward points expire, so redeem them before they lapse.
2. Avoid Unnecessary Spending:
Don’t make unnecessary purchases just to collect points. Use them wisely.
3. Compare Prices:
Check if the product you want to buy with points is cheaper elsewhere. You might find better deals offline or on other e-commerce platforms.
4. Convert Points to Cash:
If you have an outstanding balance, converting points to cash can save you money.
5. Timely Payments:
Always make timely payments to avoid late fees and interest charges. This helps maintain a good credit score and ensures full value for your reward points.