As per new RBI guid lines If customer have some refund on credit card for which customer have already paid credit card bill customer have option to get that refund amount on his/her bank account. One of my friend received refund amount of ICICI cc into his saving account.
I don't see this Information in TF so posting for awareness.
quoting ET article on same-
Credit of refund/failed/reversed transaction for which payment has already been made
For instance, your credit card bill due date was on November 6. The refund was credited to your account on November 7. So, the refund came after you paid your credit card bill.
For such cases, RBI instructed, "As the cardholder has already cleared the dues, card-issuers shall seek the explicit consent of the cardholder to adjust the refund amount in line with the provision stipulated in Para 10(h)
Case I: If the cardholder gives explicit consent, then the refund amount shall be adjusted.
Case II: If the cardholder does not provide consent or no response is received for adjustment of the refund, then the refund amount will be credited to the bank account of the cardholder in line with para 10(h), the central bank said.
"Further, if the cardholder makes a request for crediting the refund (a transaction for which payment has already been made)
the same shall be credited back to the bank account of the cardholder irrespective of the cut-off defined under Para10(h)," the regulator added.
When a cardholder makes a request to the card issuer for reversal of the credit amount outstanding in the card account into his/her bank account, the card issuer is required to do it within three working days from the receipt of such request, RBI said.
So, when you get a credit card refund after you pay your credit card bill for the month, you will have options to either adjust it or get it in your bank account.
Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst
I don't see this Information in TF so posting for awareness.
quoting ET article on same-
Credit of refund/failed/reversed transaction for which payment has already been made
For instance, your credit card bill due date was on November 6. The refund was credited to your account on November 7. So, the refund came after you paid your credit card bill.
For such cases, RBI instructed, "As the cardholder has already cleared the dues, card-issuers shall seek the explicit consent of the cardholder to adjust the refund amount in line with the provision stipulated in Para 10(h)
Case I: If the cardholder gives explicit consent, then the refund amount shall be adjusted.
Case II: If the cardholder does not provide consent or no response is received for adjustment of the refund, then the refund amount will be credited to the bank account of the cardholder in line with para 10(h), the central bank said.
"Further, if the cardholder makes a request for crediting the refund (a transaction for which payment has already been made)
the same shall be credited back to the bank account of the cardholder irrespective of the cut-off defined under Para10(h)," the regulator added.
When a cardholder makes a request to the card issuer for reversal of the credit amount outstanding in the card account into his/her bank account, the card issuer is required to do it within three working days from the receipt of such request, RBI said.
So, when you get a credit card refund after you pay your credit card bill for the month, you will have options to either adjust it or get it in your bank account.
Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst
