How to multiply credit card rewards with SmartBuy, Reward Multiplier and Gift Edge?

Most of us use our credit cards directly for online transactions or swipe them at the offline retailer's point of sale (POS) machine. If we do that, we will receive the base reward points. But what if we told you that you can multiply your rewards points (up to 10x) by paying with gift cards instead of directly with a credit card?

Banks like HDFC Bank, Axis Bank, American Express etc. have separate platforms for purchasing these gift vouchers. You can multiply your credit card reward points when you purchase gift cards from various online and offline brands on these platforms. You can then use the gift vouchers to pay at the online/offline retailer. Let's understand how.

HDFC Bank SmartBuy Platform

On the SmartBuy platform, HDFC Bank credit card holders can purchase instant vouchers and get up to five times reward points instead of the base reward rate. The platform has instant coupons from more than 100 online and offline brands. The brands are spread across categories like grocery, fashion, travel, entertainment, wellness, electronics, etc. Some popular brands' gift vouchers include Amazon, Croma, Lifestyle, PVR, Pizza Hut, ITC Hotels, Swiggy, Reliance Smart, etc.

The multiple of reward points depends on the HDFC Bank credit card you have.

(Source: https://offers.smartbuy.hdfcbank.com/offer_details/smartbuy/15282/Zmilm2U%3D)

The table above shows how an Infinia cardholder can earn 5x reward points and a Diners Black cardholder can earn 3x reward points instead of the base reward rate. In addition to several reward points, you will receive discounts on instant vouchers from many brands. The cardholder should purchase the instant voucher from the online/offline brand and pay with it instead of using/swiping the card directly at the merchant.

Apart from instant vouchers, SmartBuy platform offers up to 10x reward points in various other categories like:

1. Online shopping from specific retailers like Nykaa, Myntra, Jockey, Pharmeasy etc.
2. Booking hotels, flights, bus, train tickets, etc.,
3. Purchasing Apple products from Tresor
4. Book holiday packages through MakeMyTrip

The reward points rate varies between 3x and 10x depending on the credit card and online merchant the transaction was made with. There are limits to the maximum reward points that can be earned in a month. Additionally, there is a limit to the number of gift cards you can purchase each month for certain brands. Further details can be found on the SmartBuy website.

American Express Reward Multiplier Platform

On the Reward Multiplier platform, American Express credit cardholders can purchase gift cards and earn up to five times reward points instead of the base reward rate. Like the SmartBuy platform, the Reward Multiplier platform also has gift vouchers from more than 100 online/offline brands.

The reward points multiple depends on the American Express credit card you have.

(Source: https://www.americanexpress.com/in/benefits/rewards-program.html#points)

The table above shows how American Express Gold Card holders can earn up to 5x rewards points by purchasing gift cards instead of using the card directly from the online/offline retailer.

Besides gift cards, another way to multiply your reward points is to visit the online retailer through the Reward Multiplier platform. For example, if you want to shop on Flipkart, visit the Reward Multiplier platform. Below the Flipkart logo, you will see the Shop Now button. Click on it.

On the next page, enter your 15-digit American Express credit card number and 4-digit security code and click Submit. You will be redirected to the Flipkart website. Shop as usual on the Flipkart website and make payment using American Express credit card. Instead of basic rewards points, you'll earn multiple rewards points based on the American Express credit card you own.

Acceptance of American Express credit cards is lower than HDFC Bank credit cards issued on Visa and Mastercard platforms. To solve the American Express credit card acceptance issue, check if the brand's gift cards are available on the Reward Multiplier platform. If yes, paying with gift card will help you get more reward points and instant discounts and also solve the credit card acceptance problem.

Check the limits of the multiple reward points you can earn each month. There are also limits on the number of gift cards you can purchase each month for certain brands (e.g. Amazon Pay gift cards). Please see the Reward Multiplier website for details.

Axis Bank Gift Edge Platform

Axis Bank credit card holders can purchase gift vouchers of various brands on the Gift Edge platform. Benefits include instant discounts and up to 10% GyFTR coins. While HDFC and American Express cardholders get multiple reward points, Axis Bank cardholders get GyFTR coins. For gift vouchers from different brands, the percentage of GyFTR coins offered varies and is a maximum of 10% of the purchased gift voucher value.

The value of one GyFTR coin is Rs. 1. The GyFTR coins can be used/redeemed to purchase gift vouchers of various brands on the Gift Edge platform.

Similar to the HDFC SmartBuy and American Express Reward Multiplier platforms, the Axis Bank Gift Edge platform has a monthly limit on the specific brands of gift vouchers that can be purchased. However, there is no limit to the amount of GyFTR coins that can be earned.

Multiply your reward points this festive season

The festive season has already begun. You may have some big purchases planned online or offline. Instead of directly using your HDFC Bank/Axis Bank/American Express credit card for purchase, check if the brand's gift vouchers are available. If yes, visit the above-mentioned platforms, purchase the brand's gift vouchers and pay with them. Gift vouchers give you instant discounts and multiply your credit card rewards points.

Gopal Gidwani is a freelance personal finance content writer with over 15 years of experience. He can be reached on LinkedIn.