Reward point redemption methods

[cardio_guy]

For many banks, redeeming reward points can be quite expensive. Typically, rewards portals charge Rs 99 + GST for point redemption, which totals around Rs 110/-.
To cover this cost, you would need 440 points if the conversion rate is 4 points = 1 Rs.
Even with a 1 point = 1 Rs conversion rate, you would still need 110 points just to break even.

There are, however, a few places where you can redeem reward points without incurring extra charges.
One such example is BookMyShow, which does not charge an additional fee for point redemptions.
Are there any other online or offline stores where you can redeem reward points without paying extra fees like Rs 50 or Rs 100?

What are your experiences? Also, what are your preferred cards or choices for point redemptions?

 

[6ix9ine]

For many banks, redeeming reward points can be quite expensive. Typically, rewards portals charge Rs 99 + GST for point redemption, which totals around Rs 110/-.
To cover this cost, you would need 440 points if the conversion rate is 4 points = 1 Rs.
Even with a 1 point = 1 Rs conversion rate, you would still need 110 points just to break even.

There are, however, a few places where you can redeem reward points without incurring extra charges.
One such example is BookMyShow, which does not charge an additional fee for point redemptions.
Are there any other online or offline stores where you can redeem reward points without paying extra fees like Rs 50 or Rs 100?

What are your experiences? Also, what are your preferred cards or choices for point redemptions?

Which bank are you talking about? Also, it would be great if you could elaborate on BookMyShow part.

 

[HumorSimpson]

99+ GST is 120 approx

 

[cardio_guy]

Which bank are you talking about? Also, it would be great if you could elaborate on BookMyShow part.

I was talking in general for all cards. Is there any card which has 0 redemption fees?

In Bookmyshow, while making payment, there is an option to pay by using reward points and you need to select yuor banka nd it will fetch the points available to redeem.

 

[6ix9ine]

I was talking in general for all cards. Is there any card which has 0 redemption fees?

Well, if we talk about conversion of points into cash value (directly). There is a thread as far as I remember, someone has compiled all the banks in that.

In Bookmyshow, while making payment, there is an option to pay by using reward points and you need to select yuor banka nd it will fetch the points available to redeem.

Ahh I get what you meant, I thought of something else.

 

[helloworld]

I was talking in general for all cards. Is there any card which has 0 redemption fees?

In Bookmyshow, while making payment, there is an option to pay by using reward points and you need to select yuor banka nd it will fetch the points available to redeem.

Btw, no bank charges redemption fee while redeeming points. It only shows after it billed to statement. Same case for BMS, Twid etc. where you can redeem but redemption fee as per card policy not as per website. Its like those fuel surcharge, billed only after settlement to statement.

IMHO,

Reward cards are mainly to accumulate points overtime and redeem at bulk, not for every ₹120. For 120 points it may nullify the value (when 1 point = ₹1) but what about 5000 points or 10000 points or more.

Also, "reward credit cards" need frequent spends so that you'll accumulate required points faster otherwise you're risking for devaluation. The faster you earn the better your reward rate.

Few years ago, we may not have choice but in current trend, if point accumulation is a problem, do check "cashback credit cards".

Btw, high value of redemption can only be achieved with travel/hotel. These are not meant for redeeming cashback, or product vouchers.

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Indus will charge 118rs, in statement after redemption through twid
Yes will charge (Except Reserv / Marquee) 118rs. + Its only valued 0.10p // for same can purchase amzn voucher.

 

[cardio_guy]

Has the situation changed now for redeeming reward points? Do banks still allow to redeem all points for free?
I see Axis has introduced some 99 rs charges for reward point redemption.
What about other banks?

 

[Anindya98]

I see Axis has introduced some 99 rs charges for reward point redemption.

Yes, 99 + GST for normal redemption
And 199 + GST for the redemption of partner points.

 

[Anindya98]

What about other banks?

Most of the banks charge it.