Sachs
TF Select
Recently placed a request to convert my SBI simply click card to BPCL card. Before the useless executive went ahead with the request. I asked her how many reward points I had in my account. She said I had 700 odd points(I mentally calculated that I should have spent 70k INR/ atleast 14k atleast even If I assumed that I spent only on 5x category). I asked her what will happen to them?
She promptly said "Sir they will be forfeit". As if it was some law of nature, that was so obvious and I was too stupid to see it. Maybe she assumed I will not ask again thinking I dont know what "forfeit" means. I asked her again where will they go. She said with some effort said "they will be lost sir" as if I was making her eat bitter gourd against her will.
I asked her if they could be redeemed by statement credit. She declined and told me that I should have atleast 1000 points. I made a mental calulation again.
300 points meant 30k spending for base rewards, 15k for 5x only, 3k more if I spent only on 10x.
I asked her can I do it online myself. She said yes. I thanked her. I opened yaper and placed my first ever order for a 5k phone. Since amazon was a 10x partner, I should get 500 points. I will explain in detail all the problems with yaper in a different post.
After placing the order, I found out that SBI had stopped giving reward points for discounted items.
I also found out that that there is a reward redemption fee of 100INR equivalent to 10k/5k/1k depending on your spends.
This made me realize what a scam these reward points are. Redeeming them is also painful
But then maybe every bank is not like SBI. Did some research...
SBI --> validity 2 yrs Fee- 99INR
HDFC --> validity 3 years Fee -99INR
IDFC --> RPs dont expire, earlier no fee now 1 oct 2022, 99INR
Axis bank --> Validity 3 years, Fee of 100INR
Amex --> RPs do not expire, Redemption Fee (I could not find out. Do they charge? pls tell me)
I compared this to my Flipkart axis card. (I wish I had ace card) After literally evey transaction the bank sends me an SMS that I will recieve 1.5% CB in next billing cycle.
I have redeemed my points in past in my SBI Simply save with bitter valuebacks & now my 33k odd points in my HDFC Regalia are awaiting redemption this december.
This made me realise that I untill the point that I dont redeem my points my bank has provided me zero monetary spend based benefit for me. In case I dont redeem these points for some reason, "They will be forfeit"
Recently saw the review by Technofino about Amex gold chargecard. 18kt 24kt four transactions of a prticular value for monthly benefit. Keeping track of these RPs and redeeming them later. I realised this is all a giant web spun by the card company to make the card owner have his "sense of accomplishment" upon achieving milestone spends, redeeming RPs calculating valuebacks. Apart from the dopamine rush one gets while counting, these RPs truly accomplish nothing.
Upfront discount followed by cashback, I have decided will be my priority in future. Have peace of mind and concentrate on life. But then I have my brand new Magnus card where I have to accrue my points 🙁
What are your thoughts on RPs
what is the validity of RPs & redemption fee for other banks??
Is there any bank that provide RPs that dont expire & charges no redemption fee??
Please do tell me anything that can make my stand soften toward reward points.
She promptly said "Sir they will be forfeit". As if it was some law of nature, that was so obvious and I was too stupid to see it. Maybe she assumed I will not ask again thinking I dont know what "forfeit" means. I asked her again where will they go. She said with some effort said "they will be lost sir" as if I was making her eat bitter gourd against her will.
I asked her if they could be redeemed by statement credit. She declined and told me that I should have atleast 1000 points. I made a mental calulation again.
300 points meant 30k spending for base rewards, 15k for 5x only, 3k more if I spent only on 10x.
I asked her can I do it online myself. She said yes. I thanked her. I opened yaper and placed my first ever order for a 5k phone. Since amazon was a 10x partner, I should get 500 points. I will explain in detail all the problems with yaper in a different post.
After placing the order, I found out that SBI had stopped giving reward points for discounted items.
I also found out that that there is a reward redemption fee of 100INR equivalent to 10k/5k/1k depending on your spends.
This made me realize what a scam these reward points are. Redeeming them is also painful
But then maybe every bank is not like SBI. Did some research...
SBI --> validity 2 yrs Fee- 99INR
HDFC --> validity 3 years Fee -99INR
IDFC --> RPs dont expire, earlier no fee now 1 oct 2022, 99INR
Axis bank --> Validity 3 years, Fee of 100INR
Amex --> RPs do not expire, Redemption Fee (I could not find out. Do they charge? pls tell me)
I compared this to my Flipkart axis card. (I wish I had ace card) After literally evey transaction the bank sends me an SMS that I will recieve 1.5% CB in next billing cycle.
I have redeemed my points in past in my SBI Simply save with bitter valuebacks & now my 33k odd points in my HDFC Regalia are awaiting redemption this december.
This made me realise that I untill the point that I dont redeem my points my bank has provided me zero monetary spend based benefit for me. In case I dont redeem these points for some reason, "They will be forfeit"
Recently saw the review by Technofino about Amex gold chargecard. 18kt 24kt four transactions of a prticular value for monthly benefit. Keeping track of these RPs and redeeming them later. I realised this is all a giant web spun by the card company to make the card owner have his "sense of accomplishment" upon achieving milestone spends, redeeming RPs calculating valuebacks. Apart from the dopamine rush one gets while counting, these RPs truly accomplish nothing.
Upfront discount followed by cashback, I have decided will be my priority in future. Have peace of mind and concentrate on life. But then I have my brand new Magnus card where I have to accrue my points 🙁
What are your thoughts on RPs
what is the validity of RPs & redemption fee for other banks??
Is there any bank that provide RPs that dont expire & charges no redemption fee??
Please do tell me anything that can make my stand soften toward reward points.
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