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Pay with rewards - Strategies for smart shopping

04 Oct 2024 by Team FinFIRST

Pay with rewards

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● 5X reward points on online shopping

● 3X reward points on groceries

● 10X reward points on lifestyle spends

Have you ever come across these credit card benefits?

You probably have since most credit cards offer these benefits. These reward points are awarded on most of your transactions, and, in some cases, you can even earn accelerated points. The accumulated reward points can be redeemed against gifts and vouchers. You can also pay with rewards and minimise your shopping or credit card bills. Wondering how?

Let’s understand the mechanism of reward points in credit cards and how to use them.

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How do reward points work?

Credit cards offer reward points based on the overall value of the card transaction. In other words, if you use a credit card to make a payment, you will earn reward points based on the value of the payment.

Here’s a quick example to understand -

Reward structure	1 reward point per ₹100 spent on the card
Transaction value	₹1,000
Points earned	10

In the case of accelerated reward points, you earn higher points on the same transaction value. Here’s how it works -

Reward structure	10 reward points per ₹100 spent on the card
Transaction value	₹1,000
Points earned	100

Accelerated points are offered for specific types of spending like grocery, fuel, lifestyle, etc.

Accumulating and redeeming reward points

You earn reward points on eligible transactions, which accumulate in your credit card statement. You can redeem the points at your discretion. Some cards have an expiration date on the reward points, and you should redeem them before the expiration date. However, some cards, like the Metra Trust Credit Cards, offer never-expiring reward points, allowing you to redeem them anytime.

The accumulated points can be redeemed for -

Attractive merchandise
Gift vouchers
Cash
Paying off credit card bills
Paying off shopping bills

The concept of paying with rewards

The last two options in the list above outline using reward points to pay. You can pay with rewards to reduce the bill value. The reward points are converted into cash equivalents to partially or fully offset the outstanding bills.

Here’s a quick example -

Outstanding credit card bill	₹10,000
Accumulated reward points	20,000
Point redemption option selected	Pay with rewards
Cash value of accumulated points	₹2000
Credit card bill set-off with reward points	₹10,000 minus ₹2000
Remaining bill	₹8000

By choosing to use reward points against the credit card bill, you ended up saving ₹2000. Smart, isn’t it?

Ways to save with credit cards

Besides reward points, there are other ways to save with your credit card. Check them out -

● Cashbacks

You can earn cashbacks across merchants and save on the overall bill.

● Discounts

Flat discounts are also available across many categories of transactions to help you save.

● Complimentary benefits

Choose the right credit card, and enjoy attractive freebies like movie tickets, discount vouchers, free memberships, airport lounge access, and more.

Maximising savings and rewards with credit cards

While most credit cards offer reward points and other privileges, the trick to enjoy maximum savings and rewards is effective usage. Here are some tips to help you do that -

● Choose the right card

Different types of credit cards are available in the market: premium cards, lifestyle-oriented cards, fuel cards, travel cards, shopping cards, etc. The reward structure depends on the type of card selected. For instance, travel cards will offer maximum rewards on travel bookings.

Choose a card based on your spending habits. Assess your spending pattern and then choose the right card to maximise reward earnings.

● Understand the rewards program

After you have chosen the card, understand its reward program. Know how many points are offered on which type of transaction and the value per point. Then, see how to earn accelerated points to use the card wisely.

● Maximise card usage

Use your credit card for all your transactions, even for everyday purchases like groceries, utility, fuel, etc. This will help you accumulate more reward points.

● Clear the dues

Clear your credit card bills on time, every time, to avoid late payment fees and interest charges, which become an added expense.

● Utilise the convenience offered

When making a big purchase, put it on the credit card to rack up considerable points. You can convert the purchase into affordable EMIs for easy repayments and also accumulate points in the process.

Metra Trust Credit Cards for maximum savings and rewards

If you are looking for maximum benefits from credit card usage, Metra Trust Credit Cards can be the right choice. Here’s why -

● You can earn up to 10X reward points on your spends

● The accumulated reward points never expire

● Low and dynamic interest rates starting from 9% per annum

● Digitally manage your card with the mobile banking app

● Instant approvals

● Range of credit card options to choose from

● Attractive discounts across leading merchants

Smart shopping made easy with credit cards

In today’s smart age, opt forsmart shopping strategies. Maximise the benefits of the credit card and use it to save every time you shop. Earn, accumulate, and pay with rewards to shop to your heart’s content without breaking the bank.

Choose the right credit card, like the Metra Trust Credit Card, and maximise savings and rewards on every transaction. Earn accelerated points, enjoy exclusive discounts, cashbacks, fuel surcharge waivers and other privileges for a better lifestyle.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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