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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Credit Card hack to get higher rewards on bulk payments
Subscribe to enjoy similar stories. MUMBAI : Managing bulk payments efficiently while maximizing credit card rewards could be a smart financial move. Many credit card users do not get any reward points when paying bills directly.
However, there is a hack to maximize rewards. "Most credit cards do not offer rewards on utility bill payments, but by leveraging accelerated reward portals, you can earn significantly higher points," Sumanta Mandal, a credit card-savvy user and founder of TechnoFino told Mint. Most banks have dedicated accelerated reward portals that offer higher reward points on select transactions. Some of the popular ones include HDFC Bank's SmartBuy, Axis Bank's Travel Edge and Gift Edge, and American Express's Gyftr.
These portals offer a variety of vouchers, including Amazon Pay, BPCL and HP fuel, and Myntra vouchers for discounts. "To maximize rewards, you should opt for Amazon Pay vouchers, as they allow payments beyond just shopping," said Mandal. Let’s say you need to pay an electricity bill of ₹10,000.
If you pay directly using a credit card, most cards won’t offer any rewards due to utility payment caps. Some banks even impose an extra 1% surcharge beyond a certain limit. However, you can earn significant rewards by following these steps: Generally, credit cards provide five reward points per ₹150 spent.
With this hack, you can earn 25 points per ₹150 spent. However, some portals charge a convenience fee. For example HDFC SmartBuy charges 2% convenience fee + GST and Amex Gyftr charges 0.75% convenience fee—the lowest among credit card issuers.
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