Accelerated rewards explained: Identify the best rewards Credit Card

Summary: Credit Cards offer accelerated reward points on specific transactions. Know what the concept means. Also, find out how to choose the best rewards Credit Card for your needs.

22 Apr 2023 by IDFC FIRST Bank

Apply Now

When you think of Credit Cards, one of the first things that comes to mind is the rewards program. Credit Cards get you reward points every time you spend. With certain transactions, you can multiply your points – called accelerated reward points. This lets you earn points faster and the best rewards Credit Cards offer this feature.

Want to know more about accelerated reward points? This article is for you.

What are accelerated reward points?

Accelerated rewards work by rewarding points at a higher rate if certain criteria are met. Points typically accumulate faster than the regular system, making accelerated reward points an attractive option for customers.

For example, with the IDFC FIRST Select Credit Card you earn 1 reward point per ₹125 spent or 1x rewards as a base system. On spending ₹25,000 per month, you earn 10 reward points per ₹125 on incremental spends or 10x reward points. This higher reward rating system is called accelerated rewards as it allows customers to accumulate Credit Card reward points at an accelerated rate.

You can then redeem these points for rewards of varying value. Customers can earn discounts on their purchases, free gifts, and exclusive offers. Points can also be redeemed for cashback or credit toward future purchases.

Want extra rewards on your Credit Card? Use them for these 4 purchases

Plan your vacation with the best rewards Credit Card

How to choose the best rewards Credit Card

Accelerated rewards are offered on most Credit Cards, including those by IDFC FIRST Bank. Here are a few tips to help you choose the best one:

· Find out the eligible categories

As mentioned earlier, the eligible category for accelerated rewards differs across cards. Some of the best rewards Credit Cards offer them on travel bookings while others offer it on lifestyle or online spending. Check the category in which the accelerated points are available. Ensure that the category matches your spending habits to maximize this feature.

For instance, if you spend more on lifestyle expenses, choose a card that offers accelerated points on dining, clothing, etc. Similarly, accelerated rewards on travel bookings would be suitable for frequent travellers.

· Check the accelerated rewards

Once you shortlist the best rewards Credit Card that matches your spending patterns and habits, check the accelerated reward points. The higher, the better.

· Know the card's limitations

Even the best rewards Credit Cards have limitations on reward points earning and redemptions. For instance, the maximum reward points you can earn might be restricted. Try and avoid these limitations as they restrict the benefits.

· Understand the redemption process

Accumulating the rewards is not enough. You need to know how to redeem them too. Credit Cards offer vouchers, merchandise, credit set-off, and other benefits. See which benefits are available and which appeal the most.

With IDFC FIRST Bank, the redemption process is simple. You can pay with points during the checkout stage of any online transaction and some select offline outlets too.

· Compare the fees

As a final step, you should check the fees and charges associated with the best rewards Credit Cards. For instance, the annual fee for the Credit Card is a recurring expense that should be avoided. Moreover, make sure that there are no charges associated with accelerated rewards and redemptions.

In conclusion

With accelerated reward points on Credit Cards, you can save money and make purchases more affordable. Responsible use of them can make managing finances easier. However, it’s important to understand the terms and conditions of any reward program. This will help determine which rewards programs are truly beneficial for you and maximize their benefits.

IDFC FIRST Bank offers some of the most rewarding Credit Cards with up to 10x accelerated reward points, flexible redemptions, no joining or annual fee, dedicated customer support and more. Remember these points while choosing the best rewards credit card, and earn accelerated rewards for maximum benefits!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.