Credit cards are a good way of paying for your transactions. They help you transact on credit wherein you can buy the goods or services first and then pay for them later on. Moreover, credit cards also have a rewards system wherein you get something extra for using your card to pay for goods and services. Many of you, however, don’t have the complete idea of the credit card’s reward systems. As such, you are not able to make the most of your credit card. So, here are the basics of the reward systems which are available in most icici credit cards


Reward points

The most popular and also the most basic reward system in almost every credit card are reward points. You are allotted reward points based on the value of the transaction which is done using the card. For instance, for every INR 100 spent on the card, you might get 10 reward points. These reward points can then be accumulated and later used for various benefits. Some common ways to use the accumulated reward points are as follows –

For buying merchandise

You can redeem the reward points on merchandise from the catalog offered by the credit card issuer. Merchandise might include appliances, electronic gadgets, gift vouchers of partnered merchants, holiday packages, etc.

Forgetting cashbacks

You can also convert reward points into cash and get the amount credited to your bank account. However, cashbacks require redemption of higher reward points than merchandise. For example, 1000 reward points can give you worth INR 800 value of merchandise but only INR 500 as cashback.

For paying credit card bills
Instead of getting cashbacks, you can redeem your reward points as cash and use the cash to pay your credit card bills fully or partially.

For getting free fuel
If you have a fuel card, you can redeem your reward points on getting free fuel across merchant fuel outlets across India.
For buying air tickets
If you have travel cards, the reward points can be converted to Air Miles and used to buy air tickets. There are frequent flyer air programmes under travel cards and the reward points can be used to utilize the benefits of the frequent flyer programmes.
Lifestyle benefits

Besides reward points, credit cards also give you benefits on your lifestyle expenses. You can get the following lifestyle benefits from your credit cards –

  • Flat discounts on dining at partnered restaurants across India and also internationally

  • Free movie tickets every month

  • Discounts on grocery shopping at major shopping marts

  • Gift vouchers of merchant outlets

Privilege benefits

Premium credit cards give privilege lifestyle benefits too like the following –

  • Membership of premium hospitality clubs

  • Golf memberships and free golf rounds and lessons

  • Access  to international airport lounges when traveling

  • Discounts at luxury brand outlets, etc.

Fuel surcharge

Fuel surcharge rewards are available in almost all credit cards wherein you get a fuel surcharge waiver on fuel purchases.

So, these are the most common benefits which are provided by credit cards under their reward systems. Understand the rewards promised in your credit card so that you can maximize the benefits which your card can provide.