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Make your Credit Cards Reward You

Here are some few, simple ways to make credit cards rewarding for you:

The first, somewhat unexciting point is to pay your card bills, in total, on time. By avoiding any interest charges or late payment fees, you are more than halfway to making the most of your credit card. An auto debit from your bank account or a simple (but insistent) reminder system should help.

Wherever you can, use your credit card instead of cash. Most credit cards reward you with points of some kind. So when paying, if no extra charges are levied when you pay by card, then there is no benefit in paying cash.

credit card reward points

Given a choice, choose a credit card that rewards you with points in categories that matter to you. Some cards offer rewards in the form of somewhat useless gifts. Others have a simple mathematical equation that you can easily remember, like every Rs 100 spent gives you one point, and every one point equals Rs 1 in fuel rebate, or airline miles or even a cash-back plan.

For me, airline cards are very rewarding – in some cases, you get twice the number of airline miles in return for your annual fee. This effectively means 1 mile = 50 paise. Further, you could also get as much as six miles per Rs 100 spent. This means that during peak travel season, air tickets will cost you a lot less.

Don’t miss: A ‘cash’ course on credit card charges

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