Benefits of Reward points on Credit card
The main reason that I like to use a credit card is to accumulate points that I can earn on the spendings and then redeem those points either for gift vouchers or against cash. I always make sure to use my credit card only to the limit of what money I have in my account. I do not use it in a manner that I do not have money so that I can use the card because that can become a headache on paying off the bills.
My sole purpose is to accumulate points. Last time I redeemed all my points which I had accumulated for quite a few years, I was able to buy a laptop, and I gifted it to my son on his birthday. But then the bank changed the format, now the points lapse after a certain period of time, so long term accumulation is not possible. Now I redeem it once a year against cash, which is also very good. Plus there is a good credit period also for paying the bills.
This one of my banker friend had suggested to me, that use your credit card for all your transactions that you would generally pay through your debit card, and then pay the bill just 2 or 3 days before the payment due date. This gives multiple benefits, one is you earn reward points, other is you get credit period to pay the bill, and for that period you can earn some interest on the money lying in your account. It is nominal, but on regular use, it makes a difference. I kind of liked the idea. There are some months when my expense is high, especially when it is birthday and festival times, which is ideally the period from October to Jan. So these little tricks helps me get some benefits. Also when I use credit card on certain merchandise and online shopping, there are cash back offers. So it's like little little of everything from the point of view of benefitting.
Yes, but credit card spending can be very luring, so this I make sure that the spending is never more then what money I have in my bank account. I never want to land up in a situation where I am being haunted to pay the bills. If used in the right manner these services can be beneficial.
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yes you are right mam, and i am also using CC from past few years . I am also using my CC smartly for now. I am using the same thing you discussed in your post and this is a great way to use it. Thanks for sharing mam have a great day and week ahead.
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Thank you @bhattg, it can be put to good benefit if used in the right manner.
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Wow 😲
I never knew about this, or maybe they don't give points in my country because this is my first time hearing of this. I know a few bankers friends I would ask them about it. Thank you for sharing this ma'am.
I really want to thank you for your support, thank you for always upvoting my post. I am truly grateful 🙏
Oh really, because as far as I know quite a few countries offer this reward. It can also be in places where they find it very competitive to exist so to lure people they come up with such offers.
You are welcome my dear. You are very sincere and hard working, I see your efforts and I like to encourage. I see myself in you, so that's the least support I can give to encourage you
Thank you so much ma'am
Earning points using a credit card is a useful method and important information for me..
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We need a HIVE credit card! :)
It would be so nice, then probably more people with invest in HBD on Hive
I think with sufficient discipline or basic financial principles, the lure to spend beyond what's on your bank account is greatly diminished. It's a good bonus that you're earning interest on it while it's unused, savings on interests over here is also very nominal, never seen it beyond 3%.
It's the same here as well, not more then 3%. 2 decades back it was somewhere 6% but with time it kept going lower.
Using a credit card smartly is rewarding, but overspending or falling into the EMI trap can drain you financially and emotionally.
Absolutely, that we have to always be mindful of