What are Bank Reward Portals?
Bank reward portals are online platforms operated by credit card issuers where you can purchase gift vouchers, book travel, or shop at partner merchants to earn accelerated reward points.
Instead of earning the standard rate (e.g., 1 point per ₹150), these portals offer multipliers like 5x, 10x, or even higher on specific categories or merchants.
Popular examples include HDFC SmartBuy, Axis TravelEdge and ICICI iShop.
How do Bank Portals work?
The process is straightforward:
- Log in: Access your bank's reward portal using your credit card credentials.
- Browse: Look for gift vouchers (Amazon, Flipkart, BigBasket, etc.) or travel bookings.
- Purchase: Buy the voucher or service using your eligible credit card.
- Earn Accelerated Points: Receive bonus points on top of your base earning rate.
- Redeem: Use the voucher for your actual purchase on the merchant's platform.
Types of offerings on Bank Portals
Bank portals typically offer two main categories:
1. Gift Vouchers
Purchase e-gift cards for popular merchants like Amazon, Flipkart, BigBasket, Swiggy, Zomato, and more. These vouchers can be used for your regular shopping, effectively earning you bonus points on purchases you would make anyway.
2. Travel Bookings
Book flights, hotels, and holiday packages directly through the portal. Many banks offer accelerated points on travel bookings, making this an attractive option for frequent travelers.
Popular Bank Portals in India
Here are the major bank reward portals you should know about:
HDFC SmartBuy
One of the most popular portals, offering 5x-10x reward points on select vouchers and travel bookings. Works for all HDFC cards, with some cards earning accelerated reward points (to do: add example) and others cashback (to do: add example).
ICICI iShop
Offers accelerated points or cashback depending on card used, on various gift vouchers and travel bookings.
HSBC MarketPlace
Get accelerated reward points when making travel bookings on HSBC marketplace.
Strategies to maximize Bank Portal benefits
- Stack Discount: Some vouchers are available on discount and you also get accelerated rewards.
- Check Validity: Gift vouchers typically have 6-12 month validity. Don't buy more than you can use.
- Read Terms: Each portal has specific eligible cards, minimum transaction amounts, and monthly caps.