Short of cash? Use credit card reward points to pay your card bill! Here’s how

financialexpress.com:

Banks and credit card companies offer a variety of reward point programmes on their respective credit cards. Under these programmes, customers earn points based on their credit card spending. Different cards come with different offers. Once a customer accumulates a certain number of points on their cards, they can redeem these points for various benefits such as vouchers, cash back, air miles and other benefits.

Some credit cards allow their customers to convert reward points directly into cash. Therefore, you can effectively use reward points to partially or fully pay your credit card bill, depending on the amount due and the number of reward points on your card.

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You should check if your card has the feature of converting reward points into cash. If it does, you can visit the reward points redemption portal of your credit card issuer or bank and convert your reward points into cash. The converted amount will be adjusted against your credit card bill for the next billing cycle.

You receive reward points for every rupee you spend, but the points you earn depend on the type of card you have. The same bank may have two different point systems in place for two different cards. So if you spend the same amount on two cards, you might not get equal points. Some cards may offer extra points for specific types of spending. For example, one credit card might provide 2 points per rupee spent on all travel-related expenses, such as hotels and airfare. On the other hand, another credit card might only offer 1 point per rupee for the same expenses.