With a steady rise
in the disposable income in the economy, consumerism has taken a new definition
in India. The Purchasing Power Parity (PPP) which stood at a paltry $1,960 at
the turn of the century has risen to $7,060 in 2018. It has led India to emerge
as the world’s largest consumer market with billions worth of transactions made
every month.
This rise has also
propelled the growth in the number of shopping credit
card users. After the financial crisis that hit the world in
2008, the number of credit card users hovered around 18 million. In a matter of
just a decade, this number has grown to over 150 million with approximately 10
million more added each year.
What are reward points and why they matter?
One of the primary
reasons behind this rising popularity of credit cards is the various benefits
that financial organizations offer with them. Almost every financial the institution, for example, provides the provision of reward points to their
shopping credit card customers.
Such offers are
slowly but surely nudging Indians to opt for credit cards as their primary
method of transactions. Although they are nowhere close to debit cards in sheer
number, the steady growth is encouraging for credit card issuers.
Reward points are
points that a credit card user accumulates on every purchase he/she makes using
the said card. As one continues using their credit card, their reward points
keep increasing. After they have accumulated a certain number of reward points,
they can redeem those in various ways.
RBL rewards point use can be done in the following ways –
●
Shopping
●
Flight tickets
●
Mobile recharge
●
Fine dining
●
Hotel bookings
●
Gift coupons
●
Cash backs
These are some of
the things you can do with your credit card reward points. When it comes to
shopping, reward points can be put to good use. Financial institutions have
corporate tie-ups with various manufacturers, retailers and other brands. You
can avail exciting discounts when you purchase from them. RBL rewards
point use can be done on online shopping as well. You may have
noticed certain products on e-commerce sites come with exclusive deals for
certain credit card companies.
The Bajaj Finserv
RBL Bank SuperCard from Bajaj Finserv in collaboration with RBL Bank for
example, has tie-ups with leading retailers, airline companies, fuel brands,
etc. You can redeem your reward points to earn attractive discounts, cash backs
and gifts.
Along with these,
they also bring you pre-approved offers that make availing credit quick and
easy. Such offers are available on numerous financial products other than
credit cards as well, such as secured credits like home loans, and unsecured
credits like business loans and personal loans. You can take a look at your
pre-approved offer by providing your name and phone number.
How to redeem credit card reward points?
Reward points are a
great way of saving money on shopping. The amount of reward points you
accumulate depends on the type of credit card, the amount of purchase, among
other things. If you are wondering how to redeem your reward points, here’s a
brief guide for you.
●
Log in to the official website of
RBL bank and click on the Reward Points tab.
●
From the drop-down menu, choose
the relevant category in which you wish to redeem your points. You will find
various categories, like shopping, travel, gift vouchers, mobile recharge, etc.
Click on the Shopping link.
●
In the next page, you’ll find the
RBL Bank credit card reward points redeem option. Click on this link and choose
the number of points you wish to redeem.
●
An OTP will arrive on your
registered phone number, which you need to enter in the portal. Your
transaction is now complete, and you are ready to avail the benefits of your
credit card reward points.
The notion of
reward points has attained such popularity in recent times that every credit
card company has made it a standard feature with their cards. It is most likely
that its features will only see an improvement in the foreseeable future.
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