Reward Points
Also known as: Loyalty Points, Cashback Points
Points earned on credit card spending that can be redeemed for cash, gifts, or statement credits.
Detailed Explanation
Reward points are incentives offered by credit cards for spending, typically 1-10 points per ₹100-₹150 spent depending on category and card type. Points can be redeemed for cash, gift vouchers, air miles, or statement credits. Different cards offer higher rewards for specific categories like dining, fuel, or online shopping.
Related Terms
Credit Card
A payment card that allows borrowing money from bank up to a predetermined limit for purchases.
Cashback
A percentage of the purchase amount credited back to the credit card account or as statement credit.
Annual Fee
Yearly charge levied by credit card companies for card membership and associated benefits.