Rewards earned using RBS Reward Credit Cards are displayed as points called Rewards. It's best to view these points as cash back since 5 RBS Reward Points are equal to £5 when redeemed. When redeeming your points, they will be displayed as the cash equivalent, so you will not have to worry about doing any kind of converting between points and cash.
Once you grow your RBS Reward Points to a balance of at least £5, you can redeem them in one of the three following ways:
- Bank Them
- Trade Up
- Donate To Charity
You can cash out your RBS Reward Points and deposit them directly into your bank account. This gives you a flat value of 1p since you're looking at an equal face value. So if you cashed out 75 Reward Points, you would end up with £75 in your bank account.
Trade up is allows you to turn your RBS Reward Points into gift cards (physical and electronic) from a select group of partner retailers. This redemption method can actually give you higher value than 1p per point since you'll be given a slightly higher value when choosing this option.
For example, here's a Trade Up option listed for a John Lewis Partnership eGift Card:
- £10 Rewards = £10 John Lewis Partnership eGift Card + 4% Rewards
- £25 Rewards = £25 John Lewis Partnership eGift Card + 4% Rewards
- £50 Rewards = £50 John Lewis Partnership eGift Card + 4% Rewards
Redeeming your Rewards would give you a bonus 4% which is a better value than banking them. This is the route to take if you don't mind a gift card from their selected partners. Some of their retail partners include:
- Waitrose & Partners
- John Lewis & Partners
- Caffè Nero
- NOW TV
- Côte Brasserie
- Ted Baker London
- P&O Ferries
- Currys PC World
- British Airways Avios
- Red Letter Days
British Airways Avios
Using the Trade Up option, you can convert RBS Reward Points to British Airways Avios. You can exchange your points in the following increments:
- £10 - 1,170 Avios
- £20 - 2,350 Avios
- £50 - 5,870 Avios
Is this a good redemption option? Yes if you value Avios. Avios are worth around 1p each on average which means you'll be earning additional value with this exchange. And that's just the average value of Avios as you can possibly get higher redemptions depending on the effort of research you put in.
The exchange amounts for converting RBS Reward Points to Avios are a little uneven. Two £10 redemptions will give you a total of 2,340 Avios while a £20 redemption will give you 2,350 Avios. The £50 redemption gives you the total derived from 2 £20 redemptions and one £10 redemption. Basically the £20 redemption will always give you a couple of additional Avios. It will hardly make a big difference, but I wanted to bring it to your attention.
RBS Reward Points can be donated to charity starting at £5 in Rewards. You can donate your points to the following charities:
- Macmillan Cancer Support
- Cancer Research UK
- Princes Trust
- Sport Relief
- Alzheimer's Society
- British Heart Foundation
- Disasters Emergency Committee
There's only a handful of options for redeeming your RBC Reward Points, but you get some solid value out of them using the Trade Up option. I recommend picking up a RBS Reward credit card if you have a Reward Black current account since the annual fees will be waived on their credit cards which will give you a lot more value.