AU devalues Rewardz 20% — ₹0.05/point lost
AU Small Finance Bank's Rewardz program devalues by 20% with e-voucher rate dropping to ₹0.20/point and a ₹99 + taxes redemption fee, affecting cards like AU Zenith and AU Ananta. This change reduces the value of earned points and increases the cost of redemption.
AU Small Finance Bank has made significant changes to its Rewardz program, effective from July 5, 2023. The e-voucher rate has been reduced from ₹0.25 to ₹0.20 per point, resulting in a 20% devaluation. Additionally, every redemption will now incur a fee of ₹99 plus taxes. The impact of this change will be felt by cardholders who rely on the Rewardz program for redemptions, particularly those using the e-voucher option. The reduced rate and added fee will decrease the overall value of earned points. For example, 100 points that previously redeemed for ₹25 in e-vouchers will now be worth ₹20, and cardholders will have to pay ₹99 plus taxes for the redemption. Our take: Cardholders should reassess their rewards strategy and consider alternative options. The devaluation and added fee make the Rewardz program less attractive, and cardholders may want to explore other cards or programs that offer better value. For those currently holding AU cards like AU Zenith or AU Ananta, it may be time to reevaluate the benefits and consider switching to a more rewarding program.