Credit card reward points are one of the main benefits of owning an ICICI Bank credit card. These points can be redeemed for a variety of rewards, including shopping vouchers, travel bookings, and even cashback. However, like many other financial products, these reward points do have an expiry date. Understanding how ICICI Bank credit card reward point expiry works is crucial for making the most of your points before they expire.
What Are ICICI Bank Credit Card Reward Points?
ICICI Bank credit cards offer reward points for every transaction made on the card. The reward points can be accumulated as you make everyday purchases such as groceries, dining, fuel, or online shopping. Depending on the type of ICICI Bank credit card you hold, you can earn more points for certain categories of spending.
These reward points are redeemable for various benefits, including:
- Gift vouchers
- Air miles
- Merchandise
- Travel bookings
- Cashback
However, like any rewards program, these points come with certain rules and conditions, including an expiry date.
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ICICI Bank Credit Card Reward Point Expiry: Key Facts
Points Expiry Period
The expiry period for ICICI Bank credit card reward points typically varies from 1 to 3 years from the date they were earned. Each credit card may have its specific expiry policy depending on the card type. For example, if you don’t use your points within the validity period, they will expire, and you will lose the opportunity to redeem them.
End of the Calendar Year
For most ICICI Bank credit cards, reward points earned during a particular calendar year are valid until December 31 of the following year. For instance, points earned in 2024 will expire by December 31, 2025. This provides you ample time to accumulate enough points and redeem them before they expire.
Expiry Date Display
You can easily check the expiration date of your reward points by logging into your ICICI Bank credit card account on the bank’s online portal or mobile app. The system will display the remaining validity period of your points, allowing you to plan your redemption accordingly.
No Extensions
Once the expiry date for your points passes, they will be forfeited, and ICICI Bank does not extend the validity of expired points. Therefore, it’s important to keep track of your points and their expiration dates.
How to Avoid Losing ICICI Bank Reward Points?
To ensure you don’t lose your reward points due to expiry, here are a few tips:
- Stay Updated on Expiry Dates: As mentioned earlier, you can check your reward points’ expiration dates by logging into your account. This will help you track the points that are about to expire and redeem them before they are lost.
- Use Points Regularly: It’s a good idea to redeem your points regularly, even if it’s for smaller rewards, so they don’t pile up and expire all at once. Some ICICI Bank credit cards also allow you to use points to pay for your credit card bills or for fuel purchases, making it easier to use them without needing to accumulate a large number.
- Sign Up for Notifications: ICICI Bank often sends reminders to customers about the expiration of reward points. Signing up for such notifications via email or SMS can ensure you are informed in time to make use of your points.
- Plan Big Redemptions in Advance: If you are planning to redeem your points for larger rewards such as flight tickets or high-value merchandise, it’s important to plan ahead and check the availability of rewards before your points expire.
- Consider Points Transfer: Some ICICI Bank credit cards allow you to transfer points to other partner loyalty programs, like frequent flyer programs or hotel chains. If you’re not sure about redeeming your points through ICICI’s platform, you can consider transferring them to avoid expiry.
How to Redeem ICICI Bank Credit Card Reward Points?
Redeeming your ICICI Bank credit card reward points is simple and can be done through several channels:
- ICICI Bank Rewards Portal: You can visit the ICICI Bank Rewards Portal to explore the available options for redeeming your points. There are multiple categories to choose from, including travel, shopping, and entertainment.
- ICICI Bank Mobile App: You can also redeem your points through the ICICI Bank mobile app. The app provides a user-friendly interface for browsing rewards and checking your points balance.
- Online or Offline Shopping: Many online retailers partner with ICICI Bank for rewards redemption, allowing you to use your points for discounts or free products. Similarly, you may also redeem your points at partner stores.
- Air Miles: If you’re a frequent flyer, you can convert your points into air miles with select airlines. This can be a great way to save on travel bookings.
What Happens if Your ICICI Bank Credit Card Reward Points Expire?
If your points expire, you lose the ability to redeem them for any rewards. Unfortunately, once expired, ICICI Bank does not offer the option to reinstate points. Therefore, it’s important to regularly track your points and make timely redemptions to avoid losing them.
Also Read: Unlock Lifetime Benefits with the ICICI Bank Lifetime Free Credit Card
Conclusion
ICICI Bank credit card reward points can be a great way to earn rewards for your everyday spending. However, it is important to understand the expiration policy associated with these points. By keeping track of the expiry dates and redeeming your points in time, you can maximize the benefits of the rewards program and make your spending more rewarding.
Make sure to stay informed about your reward points’ validity, sign up for notifications, and plan your redemptions in advance. By doing so, you can fully enjoy the rewards that ICICI Bank offers and avoid missing out on any benefits.
