Everyone likes to enjoy the advantage of saving a little extra. The importance of savings gets even more prominent with today’s rising inflation and increased day to day expenses. Various financial and non financial companies understand the significance of savings and offer customers increased savings in case they use their services and products. Customers using products of one brand are given discounts and rewards allowing them to save money on regular expenses. Banks for example are offering a reward point program for every money paid using their credit cards or debit cards. Their customers thus get the benefit based on the number of points accumulated by them over time. While customer reward programs help the end users by getting them discounts galore, it also helps the companies to build a brand loyalty of customers. Let us take a look at some of the popular reward programs helpful in increased savings in the Indian financial spectrum.
Bank Reward Programs:
- BOI Star Reward Program: Bank of India star reward program named as the ‘BOI Star Rewardz’ is a unique loyalty program developed for Bank of India debit card customers. Each BOI debit card holder gets accumulated reward points each time they swipe their card for any retail purchase including both online purchase and store purchase. Customers can then utilize the reward points to avail goods, service and merchandise like airline tickets, bus tickets, movie tickets, merchandize, gift vouchers and mobile & DTH Recharge.
- Axis Edge Rewards: Axis Bank edge loyalty program is one of the most popular reward schemes operated by Axis Bank Limited. The Edge loyalty scheme allows users to redeem eDGE Loyalty Rewards by logging on a reward portal using their Internet Banking ID. Axis Bank edge loyalty program is available for savings bank account holders, credit card holders, NRI account holders as well as Forex and demat account holders.
- Make my Trip Loyalty Program: Makemytrip.com, the popular online ticket booking portals has a well oriented reward program for the loyal customers. Each individual can earn reward points from his or her first purchase with big discounts available on both MakeMyTrip fares and other payback partners. One can redeem the accumulated Reward Points in MakeMyTrip against any booking made for online domestic flight or hotel booking.
- SBI Credit Card Rewards: State Bank of India has a well defined customer loyalty program for its credit card holders. SBI Platinum Card Earn 2 Cash Points for every Rs.100 spent, 5X Cash Points on dining, departmental store and international spends. Customers can earn a whopping 10 cash points for every Rs.100 spent on dining, departmental store & international spends. SBI Gold & More Card earns 1 cash point for every Rs.100 spent. All accumulated points can be redeemed for exciting rewards.
- Travel Credit Cards: Citibank PremierMiles Credit Card is a popular travel credit card offering 10 Premier Miles for every Rs. 100 spent on multiple airlines. The card offers advantages for non airline travel as well to the tune of Earn 4 Premiermiles for every Rs. 100 spent on non-airline transactions. For travelers looking to fly with the national airline, Air India SBI Signature Credit Card offers the benefits of flying with Air India with 4 reward points for every 100 Rs spent. Each reward point accumulated by swapping the SBI Signature Credit Card amounts to 1 Air India Air Mile worth a welcome gift of 20,000 reward points. The card offers complimentary Priority Pass membership which allows access to lounges across the globe at a nominal fee along with a free fraud liability cover worth Rs 1 Lakh.
- Thomas Cook Travel Insurance Loyalty Benefits: Thomas Cook Senior Citizen Travel Insurance offers loyal customers an active discount and reward for their overseas travel with a subsidized medical insurance plan for senior citizens. The medical expenses offered by Thomas Cook to its loyal customers include costs for medical evacuation and repatriation up to a maximum limit of USD 50,000. Personal accident and dental treatment is also covered undue the policy along with a financial emergency assistance up to USD 1,000.
- Payback Rewards: Payback is a popular loyalty reward centric company offering users the advantage to earn points on everyday shopping irrespective of the mode of payment. Users with a Payback card can get reward points on each purchase by swapping their payback card in case of a retail purchase or entering their card details in case of an online purchase. Payback has collaborated with various in-store/retail store partners and online partners. Some of the popular partners of Payback include retail giant Big Bazaar, ICICI Bank, HPCL and www.makemytrip.com amid others.