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One-minute guide to understanding reward points

One-minute guide to understanding reward points
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First Published: Tue, Jan 05 2010. 10 07 PM IST
Updated: Tue, Jan 05 2010. 10 07 PM IST
0-15 seconds
Who am I?
I am that promise of a freebie that slips in every time you shop using a credit card. I usually get accumulated in the form of points having monetary value. How much I am worth would depend on my value per rupee spent. So, if the card vendor values me at Re1 every Rs100 spent, you’ll have to spend Rs1 lakh to buy a product worth Rs1,000.
15-30 seconds
What can I do?
You can trade me for a camera, music system or any other product listed on the catalogue issued by the card vendor. Remember, as in any game, there are rules here: you need a minimum number of points before you can begin redeeming. Some vendors allow you to trade me for a gift voucher in a specific mall or shop. But check my validity across cities, date of expiry and other issues that you may find in the fine print.
30-45 seconds
How do you use me?
To use me, you will have to fill a redemption coupon available on the card vendor’s website. You can either call the helpline and place an order or can do it yourself online.
45-60 seconds
When does it really work?
When you make large transactions on your card, you can get to shop for free several times in a year.
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First Published: Tue, Jan 05 2010. 10 07 PM IST