For many type of transactions like, payment by credit card, debit card, online banking or online purchase, for all these types of money transaction, many bank started giving you rewards in terms of PAYBACK POINT.
Generally you need not to register yourself to PAYBACK. PAYBACK may already linked with your credit card, debit card or online banking.
In your bank Statement or credit card statement you can see the PAYBACK POINT earned by you.
If you want to know the Value of Payback point. It is equivalent to around 20 Paisa (0.2 Rupees per Payback point).
In normal way you can not redeem your payback point to get the money in Rupees. If you want to redeem the Payback point you need to buy some product online. for example at payback.in you can buy one gram gold (cost around Rs 3000) at 17200 Payback point. Similarly you can buy NOKIA LUMIA 720 (cost around Rs 25000) at Payback point of around 74500.
You can earn different payback point by doing different type of transaction. Generally if you purchase by credit card of value Rs 100 you may on average will get 2 payback point. It means, if your transaction value is Rs 100 by credit card, you will get reward of 40 paisa (0.4 Rupees). In other word you get the return of 0.4% of money in the form of Payback point.
In simple way, if you spend Rs 1,00,000 (Rs 1 lakh) you will get equivalent of Return of Rs 400. The return is very less. So don’t bother about payback points.
You should not fall in trap with Payback points. Do spending money carefully without considering the payback benefit.