These cards are popular among those who shop frequently. Banks offer reward points for spends incurred on their credit cards. These reward points can be redeemed in multiple ways including vouchers from your favourite malls or for purchasing, jewellery, holiday tours, electronics, beauty products and many more.
What are the key points to consider while choosing a Reward Points card?
a. Find out what is the worth of your spend from a reward point perspective i.e what is the value of 1 Reward point in AED?
b. Is there any expiry period for these points? If yes, what are the conditions?
c. Do the points get forfeited or lapsed in case payments are missed?
d. How can these points be redeemed? Is it an easy process or a complex one?
e. Does the reward card come with the required benefits as per your requirements?
f. Can you switch between different reward types?
While each of the above types of credit cards (travel, cashback, reward points) caters to a specific need, it can also potentially be beneficial to have one of each type to maximise your savings and benefits. Provided one has a healthy credit score and manages credit card usage smartly and responsibly.
With 2018 coming to an end, it makes sense to review your wallet and see if you have the right credit card(s) for you. It only takes a few minutes to browse through the most suitable options on SoulWallet (www.soulwallet.com) and identify credit cards with the best savings for you using the “Savings Simulator”. After all, why say no to the idea of saving a few more valuable dirhams?