Good news for all those who have debit cards of the State Bank Group (SBI or any of its associate banks). Just like how credit cards accumulate reward points when you use them for shopping, State Bank debit card (ATM cum Debit) holders can also earn such reward points from now on.
The State Bank group has recently introduced a unique rewards system called ‘Freedom Rewardz’. If you are a State Bank ATM Debit card holder and are living in India, you are automatically enrolled in the program. All you have to do to earn reward points is activate your account.
To do so, just visit this page and fill in the required details and you’ll have your own account where you can check your reward points any time and redeem them for Airline tickets, Bus tickets, Movie tickets and other exciting merchandise.
Earning and redeeming reward points
Every time you use your State bank debit card, you earn
2.5 points for every Rs.100 spent (see update below). If you spend the amount in any of the State bank partner outlets, you can earn as many as 4.5 reward points for every Rs.100 spent.
Redeeming points is easy too. And you can do it online via their website. It really got a wide range of products and there are products (although not that useful) which you can redeem for as less as 400 reward points. Even lesser, for 360 points, you can get a Rs.50 voucher of Lifestyle, Shoppers Stop, Costa Coffee etc. Other than these, as the points requirement increases, you have various products like Gold and diamond rings, necklaces, coins, luxury watches etc.
As an example, for a Rs.15525 worth diamond ring, you need 44712 freedom reward points. You can also book Air tickets, Bus tickets, movie tickets and the one that I find using most, recharge prepaid mobile or DTH. You can recharge almost all networks’ mobile numbers. For airtel, for a Rs.150 top up, you need 600 points (400 points for Rs.100 top up). The recharge happens electronically and really, really fast. A little disappointed that there are no full talk time top-up’s (atleast not now) but there are other talktime top up’s to do the work for the time being.
All redeemed products (if they are physical products) will be delivered to users address with in 30 days. Freedom points will be immediately debited from your account as soon as you place your redemption request. In case you do not receive your product with in 30 days, you should contact freedom rewardz and they will roll the debited points back to your account.
Update: Since November 2012, you only earn 1 point for every Rs.200 spent. This is a severe reduction in reward points by the State bank group.