Thursday, March 28th, 2024

Know the easy way to redeem HDFC ICICI SBI PNB reward points, avail 100% credit card benefits


Photo: File credit card

New Delhi: What are reward points, how can you use them? Today we are giving you information in this news. The bank gives reward points to the customers using the credit card. The purpose of the bank behind giving reward points is to encourage the customers for credit cards. If you prefer to use a debit card or credit card to make regular and frequent transactions, you enjoy a host of benefits. Apart from being simple and convenient, one of the most popular benefits of using the card are the reward points. Reward points are points or credits credited to your credit for transaction volume.

Every time a person uses a debit or credit card for a particular transaction, the debit or credit card company earns ‘X’ amount which is called ‘interchange’ fee. This fee is collected from the merchant outlet. This often varies from 1% to 2.5%, and the outlet may consider negotiating a lower fee if volumes are high.

Reward points are basically used to encourage you to use credit cards and debit cards more. Once you accumulate a certain point, you are given a reward or some benefits. These benefits are often in the form of discounts or cashback.

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How to redeem reward points?

When you win a certain amount of reward points, it is important to redeem them. Generally, redeeming reward points is easy. They can be redeemed online following a simple process. Online redemption is the most convenient way to redeem your reward points as it can be done without calling the customer care department of the bank. Most of the banks provide home delivery for the products you buy online against reward points.

You can also convert these points into air miles and use them to buy air tickets. If you travel a lot by air, then it can prove to be beneficial for you. Some loyalty programs offer a points-plus-pay option, in which you can use points and pay the balance to get what you want. While some other programs waive off the annual fee in exchange for reward points. Some banks allow you to pool reward points earned on credit and debit cards belonging to the same bank in a pool and you can redeem them all at once.

If you want to redeem your points with HDFC Bank, you can follow these steps-

  1. Log in to your NetBanking Portal / HDFC Bank website account.
  2. After log-in, click on ‘Card’.
  3. Then click on the ‘Enquiry’ tab in the Debit Card section.
  4. When you are redirected to the next page, click on the ‘Cashback Inquiry and Redemption’ tab.
  5. Select the account number for which you want to redeem the points. After this you can now redeem the reward points.

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