Different types of rewards available with a credit card

Different types of rewards available with a credit card
4 min read
27 Oct 2023

Best credit cards with good rewards

Credit cards are not just a convenient way to make purchases, but also offer rewards and benefits that make them even more attractive. Most credit cards offer reward programs that allow cardholders to earn points for each purchase they make. You can redeem these points for a variety of rewards such as cashback, discounts, gift cards, airline miles, hotel discounts, and much more.

Additionally, credit cards with rewards programs often offer sign-up bonuses, cashback on certain categories of purchases, and special discounts or offers with partner businesses. With so many rewards and benefits available, credit cards can be a great way to save money and earn valuable rewards while making everyday purchases.

Bajaj Finance co-branded credit cards for attractive rewards

Some of the Bajaj Finance co-branded credit cards that offer incredible rewards and offers include:

Types of rewards credit cards in India

India has various rewards credit cards that provide customers with a range of exciting benefits. Here are some of the types of rewards credit cards available:

Each of these credit cards offer unique benefits and rewards that cater to the customer's preferences and lifestyle.

Benefits of rewards credit cards

Rewards credit cards are becoming increasingly popular in India for the range of benefits they provide. Here are some of the benefits of using a rewards credit card:

  • Earn rewards points on every transaction.
  • Redeem rewards points for products and services.
  • Receive exclusive discounts and offers at partner merchants.
  • Receive cashback on various categories such as dining, fuel, shopping, etc.
  • Enjoy travel-related benefits such as airport lounge access, insurance, and hotel room upgrades.
  • Build and improve credit scores with regular on-time payments.
  • Use EMI conversion to pay large purchases in instalments.
  • Get complimentary add-on cards for family members.

By using a rewards credit card, customers can get exclusive benefits and enjoy a range of services that cater to their lifestyle. With regular usage, rewards credit cards can help customers save money and earn big rewards.

Types of rewards offered with the Bajaj Finance co-branded credit card

With a credit card, a customer can access many rewards. Let’s look at what the Bajaj Finance co-branded credit cards offer to maximise your benefits:

  • Welcome bonus: Bajaj Finance provides a welcome bonus to new cardholders, letting them earn extra reward points. These points can be redeemed for discounts and gift vouchers. You must reach a minimum expenditure requirement within the first few months of card issuance to earn this bonus.
  • Cashback: These cashback credit cards refund a percentage of the transaction value back to your account. You can avail of cashback offers on fuel purchases, groceries, Ola/Uber transactions, and down payments at any Bajaj Finance partner store. The cashback you are eligible for depends on the card type and the kind of purchase.
  • Reward points: When you use credit cards to pay for products or services, you can earn reward points. With a Bajaj Finance co-branded credit card, you can avail of up to 12x reward points on online payments and purchases from the Bajaj Finance app. The number of reward points may differ depending on the card you choose and the transaction you make.
  • 10X points with a monthly milestone: Every time you cross a monthly milestone, you can multiply your cash point by 5X/7X/10X. The minimum monthly expenditure for this depends on your card type.
  • Accelerated cash points: Bajaj Finance co-branded credit cards also provide benefits like 15X accelerated cash points on utility payments via Bajaj Finance and DBS Bank app. You can earn a maximum of 15,000 cash points per month.

Apart from this, complimentary airport lounge access, fuel surcharge waivers, offers on movie tickets, and annual fee waivers are other important features of Bajaj Finance co-branded credit cards.

How to redeem your credit card rewards points

Once you have collected a certain number of reward points, you can choose to redeem them against E-vouchers, flight bookings, air miles, shopping, and more. While you cannot convert the Bajaj Finance co-branded credit card rewards directly into cash, you can use them to get lucrative discounts and deals.

To redeem your credit card reward points, you must follow these steps:

  1. Visit the RBL rewards website or the DBS Card+ IN app (according to your card type).
  2. Log in to your credit card account with your username and password.
  3. Select the service or product category you wish to purchase.
  4. On the next page, click on ‘Redeem Points’ and choose the number of reward points you want to redeem.
  5. Enter the OTP sent to your registered mobile number and complete the transaction.

How to choose the right credit card for maximum rewards

Due to the availability of several credit card offers and sign-up bonuses, it can be challenging to choose the best one. Here are some crucial factors to consider when selecting the right Bajaj Finance co-branded credit card.

  1. Observe your spending pattern: Different card types grant reward points in specific categories like travel, groceries, or dining. Thus, it is critical to study the areas you spend the most. This way, you can use the rewards to their maximum potential.
  2. Understand the different types of rewards: Credit cards offer several rewards, including redeemable reward points, cashback, fuel surcharge waivers, and airport lounge access. You must understand their pros and cons to find the credit card most suitable to your lifestyle.
  3. Check the fees: Bajaj Finance has a range of credit cards, each with a unique set of fees and charges. These may include the joining fee, annual fees, interest rates, penalty charges, cash advance fee, etc. That’s why you must always look out for these additional fees and choose the most beneficial credit card for your needs.

There are almost as many different reward programs as Bajaj Finance co-branded credit cards. They allow you to earn cashback on purchases, low-interest rates, reward points, special rates on travel, etc. With co-branded credit cards from Bajaj Finserv, you will never miss opportunities to earn rewards and get maximum value.

Eligibility to apply for rewards credit cards

Eligibility criteria for rewards credit cards in India may vary slightly from lender to lender. However, here are some general requirements that most lenders look for when evaluating a credit card application:

Eligibility

Description

Age

The applicant must be at least 18 years old.

Income

The applicant must meet the minimum income requirement set by the lender.

Credit score

The applicant must have a good credit score.

Employment status

The applicant should be salaried or self-employed with a regular income source.

Documents

The applicant must provide identification, address, and income proof documents as required by the lender.

 

Documents required to apply for rewards credit cards

When applying for a rewards credit card in India, there are specific documents that are required to be submitted in order to apply. Here is a list of some of the primary documents required:

  • Proof of identity - Aadhaar card, PAN Card, or passport.
  • Proof of address - Bank statement, utility bill, Aadhaar card, or passport.
  • Income proof - Salary slips, income tax returns (ITR), or bank statements.
  • Recent passport-size photographs.
  • PAN card

It's important to note that the documents required can vary slightly amongst different credit card issuers and based on the reward program offered.

How to apply for rewards credit cards?

Applying for a rewards credit card in India is a simple process, but it does require thorough research and consideration before submitting an application. Here are some steps to follow when applying for rewards credit cards:

  1. Research the different rewards credit cards available in India and choose the one that suits your spending patterns and needs.
  2. Check your eligibility by reviewing the income, credit score and employment criteria set by the lender.
  3. Prepare the documents required for application.
  4. Apply online through the lender's website or visit a branch to apply in-person.
  5. Fill out the application form with accurate details and submit the required documents.
  6. Wait for the lender to review your application and approve the credit card.
  7. Once approved, the lender will send the credit card to your registered address.

By following these steps, you can successfully apply for a rewards credit card in India and enjoy the benefits on offer.

Bajaj Finserv App for All Your Financial Needs and Goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

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Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

What is a reward credit card?

A reward credit card is a financial product that offers cardholders various incentives and benefits for using the card. These rewards typically come in the form of cashback, points, miles, or other redeemable perks. Cardholders earn these rewards based on their spending habits and, in return, can use them for a range of benefits such as discounts, travel, merchandise, or even cashback on their card statement.

What are the three main types of credit card rewards?

The three main types of credit card rewards are cashback, travel rewards, and points/miles. Cashback rewards provide a percentage of your purchases as a cash rebate, travel rewards allow you to earn points or miles for flights, hotel stays, or other travel-related expenses, and points/miles can be redeemed for various rewards, including travel, merchandise, or gift cards, depending on the card's loyalty programme.

What features should I look for in a credit card with good rewards?

Features to look for in a credit card with good rewards include reward points for your transactions that can be redeemed for various benefits, extra rewards for bonus categories (dining, travel, or online spending), welcome bonuses, annual fee waivers, and flexible redemption options (cashback, vouchers, or merchandise)

Which credit cards offer the best rewards for everyday purchases?

Bajaj Finserv RBL Bank Credit Cards offer excellent rewards for everyday spending, cashback, and discounts, along with accelerated rewards for online transactions, depending on your card variant, as well as a host of other benefits.

How can I maximize the rewards on my credit card?

To make the most of your rewards, ensure you match your spending with the card’s bonus categories, pay your recurring expenses with your credit card to earn points, keep an eye on special promotions or limited-time offers, redeem your points strategically for high-value options (flights or hotel bookings), and avoid carrying balances to minimise interest charges.

Which credit card offers the best rewards for everyday purchases?

Bajaj Finserv credit card variants are a solid choice for everyday spending. They offer reward points on nearly every transaction, accelerated rewards on online spending, and discounts and cashback on select categories. Furthermore, they offer fuel surcharge waiver, making transport more economical.

How can I compare different rewards credit cards to find the best one for me?

Consider factors like the reward structure (cashback, reward points, or miles) annual fee, and bonus categories. Also compare earn rates, redemption options, and any welcome or sign-up bonuses offered. Finally, ensure any card you opt for aligns with your spending habits and preferences.

What are the common types of rewards offered by the best rewards credit cards?

Common types of rewards include points, redeemable for travel, gift cards, or merchandise, cashback, miles, and accelerated rewards for buns categories such as dining, groceries, or transport.

What types of rewards can I earn with a no annual fee credit card?

With a no annual fee credit card, you can earn various rewards, including cashback on purchases, reward points redeemable for gifts, discounts on shopping and dining, complimentary airport lounge access, and waivers on fuel transaction fees. These benefits encourage usage without the cost of an annual fee.

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