Credit cards not only provide you more efficient way to shop online and offline, but they are also a great way to make money through cashback and rewards. There are a variety of cards available in the market that offer various categories. Some credit cards even claim to offer rewards for every online and offline transaction. Some category-specific cards are also available, which offer you specific rewards on the selected categories. For example, the BPCL SBI Credit Card offers interesting benefits on Bharat Petroleum Gas stations, the Air India SBI Platinum Credit Card offers cashback on every rupee spent on the Air India, and the Amazon Pay ICICI Credit Card offers interesting offers on shopping on Amazon.
Here Are the Best 7 Ways to Maximize Your Credit Card Rewards and Earn Money:
1. Sign-Up Bonuses:
Many cards offer sign-up bonuses to attract new customers. These signup bonuses can vary from rewards, coupons, brand-specific vouchers, or air miles. Usually, these signup bonuses are attached to the minimum spending requirement within the first few days or months of opening the account. For example, the BPCL SBI Credit Card offers you 2000 reward points equal to ₹500 on the payment of the joining fee. So before applying for the credit card, look for a card that suits your needs and offers you a high signup bonus.
2. Referral Bonuses:
Some credit card providers offer you money if you refer a friend or family member. SBI Credit Card Referral Programme claims that existing card holders can earn vouchers up to ₹25000 by inviting friends and family. The ICICI Bank Credit Card Referral Program also offers you the opportunity to earn 2,000 bonus reward points for each successful referral. Then you can utilise these rewards for future purchases and avail specific benefits.
How the Referral Process Works:
- The credit card holder receives a unique code or a referral link that they can use to refer a friend or family member.
- Then the cardholder shares the link through mail, SMS, social media, or other mediums.
- Then the referred person uses the link or code to get the credit card online via their website or app.
- In the end, the referred person completes the process and completes the transaction if there is any minimum spending requirement by the credit card company.
- The cardholder who referred receives payment.
3. Partner Programs:
Many credit card companies partner with other organizations to offer Cobranded Cards. These cards are called cobranded credit cards and they can be a good choice for you. For example, the Amazon Pay ICICI Bank Credit Card offers you exclusive benefits on Amazon shopping. If you are a traveler, then you can use cobranded travel credit cards. In the same way Swiggy HDFC Bank Credit Card best benefits on the Swiggy food order, Instamart, Dineout&Genie, or others. Utilize these programs to maximize your earning potential and benefits.
You can choose any of the following Cobranded Credit Cards to maximize your reward and benefits:
- Amazon Pay ICICI Bank Credit Card
- Flipkart Axis Bank Credit Card
- Myntra Kotak Credit Card
- Swiggy HDFC Bank Credit Card
- Yatra SBI Card
- BPCL SBI Octane Card
ALSO READ: Best Co-branded Credit Cards in India
4. Pay bills with a credit card:
Paying utility bills with a credit Card can be rewarding. It will help you in building credit history too. You also earn extra rewards if you pay your bill using a credit card, which can be used later. Credit cards can be your one-stop solution for all utility bills, including electricity, water, gas, internet, and others. You can also use credit card features like autopay or digital and earn rewards and cashback points for paying bills.
5. Balance Transfer Offers:
If you have two or more credit cards, then you can use this feature to maximize your profit. Balance Transfer allows you to transfer debt from one account to another and enjoy an interest-free period. This can be a great way to consolidate your debt to a low-interest credit card. This will reduce the interest on your existing debt for a period of time.
ALSO READ: How to Pay Credit Card Bill from Another Credit Card
6. Festival offers:
Many e-commerce sites offer exclusive credit card offers for sale. You can wait for these sales to complete your big purchases. These sales offer you a variety of benefits, like cashback deals, instant discounts, no-cost EMI options, or many more. Cards like HDFC Bank Festive Treats, ICICI Bank Amazon Pay Card, SBI SimplyCLICK, and Axis Bank ACE Credit Card offer interesting benefits tailored for the festive season.to make the best out of these sales plan your purchase, check the offer validity, and enjoy the hassle-free shopping experience.
7. Redeem Rewards:
You can use your credit card rewards for exclusive benefits like flights, hotel stays, and other travel-related expenses. You can redeem these points to make your travel experience more pleasing. Some credit cards also offer you free miles on credit card purchases. You can use them for free travel tickets, ticket discounts, or sometimes to make your seat upgrade.
What You Can Do with Your Credit Card Reward Points
- These reward points can be used for hotel and flight bookings.
- For some credit cards, you can change these reward points into cash.
- You can use credit card rewards to buy selected products.
- For some credit cards, you can also use credit card points to pay annual fees.
- You can also donate credit card reward points to some charity.
- You can use your credit card to buy gift vouchers for online shopping.
Conclusion:
You need to be cautious to use your credit card responsibly. Credit cards can help you become financially independent, but they can also push you into the debt cycle. By exploring sign-up bonuses, referral programs, cobranded card partnerships, and festival offers, you can unlock the full potential of your credit card. Always keep an eye on the changing policies and upcoming offers, like festival offers or sales. Choose the credit card that aligns you with your spending habits and lifestyle. Always plan your spending and understand the terms and conditions. Always keep in mind to pay bills on time, avoid overspending, and choose the right card for your lifestyle.
