How to Make the Most of Your Credit Card Reward Points Before They Expire

Find out how your credit card reward points may be going to waste if not used on time. Many points expire in 2–3 years, so checking and using them wisely helps you avoid losing benefits.

Image Credit : Gemini

The first mistake we all make is not checking the validity of our points. Usually, credit card reward points are valid for only 2 to 3 years. So, log in to your net banking or credit card app, go to the 'Rewards' section, and see which points are expiring soon. Make sure to use the ones that are about to expire first.

Image Credit : Gemini

If you're not sure what to do with your points, the easiest option is to get an 'e-voucher'. You can convert your points into vouchers for big brands like Amazon, Flipkart, or Myntra. This way, you can buy anything you like for free.

Image Credit : Gemini

Did you know that many banks let you convert your reward points into 'cashback'? If you have a lot of points saved up, use them as a 'Statement Credit'. This will reduce your next month's credit card bill, which means you directly save money.

Image Credit : Getty

If you love to travel, your reward points can be a jackpot. You can transfer your points to airline miles or hotel loyalty points. Sometimes, 10,000 points can get you a free flight ticket that would otherwise cost you Rs 5,000-6,000 in the market.

Image Credit : getty

Here are some common credit card mistakes to avoid:

1. Don't fall for the rewards catalogue: The bank's catalogue often has things you don't really need. It's better to choose a voucher or cash instead of a random watch or mixer.

2. Watch out for redemption fees: Some banks charge a fee like Rs 99 plus GST to redeem rewards. So, only cash in your points when you have a large amount, so the fee doesn't feel too heavy.

Disclaimer: The process and policies for redeeming credit card reward points can be different for various banks like SBI, HDFC, ICICI, etc. Some banks might also levy extra charges on redemption. Please read your bank's Terms & Conditions carefully before you redeem any points.