The Best Credit Cards With Reward Points
Do you love the reward point programs you can get on some of the best credit cards? Yes, it’s easy to earn points with every purchase you make with them – from travel rewards to your preferred merchandise.
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Some credit cards also help you make account adjustments with the points earned, making your monthly statements smaller. No matter what reward points credit card you like, the right one for you can depend on several factors. You may have to ask yourself:
– How much do you spend every month?
– Do you spend more on fuel or groceries?
– What is your income?
– How many reward points are on offer?
– Is there any welcome bonus?
– How much is a reward point worth?
What Are Reward Points?
Every time you purchase something with the best credit card you chose, the card company registers a specific point against your card. These points are known as reward points. The more expensive purchases you make, the more points you collect.
These reward points can be aggregated and exchanged for vouchers, coupons, payment of annual fees, select brand products, cashback offers on traveling, air ticketing, and a lot more. These redemptions usually vary for each credit card issuer, depending upon the offers and how the reward points have been collected.
Redemption of Reward Points
According to the offers provided by the bank, there are various options by which reward points can be redeemed:
1. Catalogs – Get hold of different brands of footwear, clothing items, eatables, and accessories in exchange for reward points. provides customers with a catalog of such products, which can be redeemed against the credit card reward points.
2. Vouchers – Credit card issuers have collaborative connections with various stores and retailers, where vouchers and gift coupons can be redeemed. Many such vouchers can be availed during online purchases against select retailers. Gift vouchers may range anything starting from Rs.100 to a few thousand rupees.
3. Travel miles – Travel miles are an excellent option for people who love to travel. Credit card issuers and banks are in alliance with travel agencies and airlines so that customers can redeem their reward points while they plan for traveling. You can also earn travel miles directly by purchasing airline tickets with your card. These travel miles can be exchanged for discounts on flight ticket bookings later on.
4. Donations – Many of the best credit cards let you donate your reward points to any charity of choice by converting it to cash.
5. Cashback – One of the many attractive schemes of redeeming your reward points is through cashback. You can redeem your reward points by getting a cashback of the purchase amount.
What's the Worth of Reward Points
Different credit cards have different rewards. Some may offer as many as 10 points for each $1 spent, but you need to know how much each point is worth.
If a credit card reward point is worth $0.01, and if the credit card has a sign-up bonus of 30,000 points for purchases made within the first three months of opening the account, the point’s cash conversion is $300.
In case an air ticket is purchased, the points collected will be higher compared to other purchases. Different credit card companies put up conditions against the redemption value of the credit card points – this includes the spending amount and the duration over which it has been spent.
Cashbacks Or Reward Points - Which One To Choose?
The main difference between the cashback system and the reward point system is that the reward point’s conversion can be more complicated.
Read all conditions for reward points by your bank. Check the rate of conversion and suitable offers to find a good offer to redeem. Traditionally, redeeming travel points has better value than say redeeming points for merchandise like an iPhone.
Often, the best reward points are those that can be converted to cashback offers. You can convert your points into money and earn extra against purchases made by you.
Things To Consider While Choosing One of the Best Credit Cards
If you are somebody who likes to shop or travel, getting yourself the best credit card with a fantastic reward point program will be a blessing in disguise. While you research for the credit card that suits you best, you must keep into consideration the following aspects:
• Sign-up bonus offered by the bank
• Rewards points offered against other brands
• Enhancements of reward points
• Options for redeeming reward points
• Fees and interest rates charged against the card
• Additional benefits
The Best Credit Cards For The Reward Point Program
The card rankings are based on the analysis of significant benefits obtained by the customers. Whether you are a corporate slave, a business person or a private practitioner, your best credit card must be customized according to you.
Choose your best credit card according to the spending habits and preferences of the user. Some offer more reward points for your groceries, some for office supplies, and more. So, the right one for you may depend on factors like whether you spend significantly on groceries every month.
Taking these into consideration, the best cards available in the market are:
1. Chase Sapphire Preferred Card
2. Bank Of America Premium Rewards Credit Card.
3. Bank Of America Travel Rewards Credit Card.
4. Wells Fargo Propel American Express Card.
5. Citi Premier Card
6. Citi Rewards+ Card
What Do You Need to Get One of Those Best Credit Cards?
If you’ve a good credit score, you may qualify for some of the reward points credit cards. Additionally, there may be other eligibility criteria as well. For instance, many of these cards have income eligibility criteria – so you may need to send in your last income tax return when applying.
Knowing your credit score will enable you to choose the best card for yourself quickly.
