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Icici giving option to earn rewards by bill payment of its own credit cards.. without actually spending

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Batmanbaba

Batmanbaba

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I think there was some circular by rbi to transfer the refund received into credit cards into the bank accounts......

Today My icici apay bill generated and I can see icici... First gave the refund to my card and then transferred it to my icici savings account.....

Although we can't get any milestone benefits or rewards on this... But through bill payment by using different debit cards we can earn some money without actually spending any money....
 
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Currently, Amazon/Flipkart is refunding any amount above 5000 spent via ICICI cards directly into your ICICI S/B account if linked with the card account in my case I am observing this.
In case of rewards it is getting adjusted in the next month's statement or the points are reversed if the bill is already issued before the refund.
Recently I canceled an item order via SBI Cashback in Amazon but the amount of 13K was refunded to my card account, I also have S/B account in SBI linked with the card.
 
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Anindya98 said:
Currently, Amazon/Flipkart is refunding any amount above 5000 spent via ICICI cards directly into your ICICI S/B account if linked with the card account in my case I am observing this.
In case of rewards it is getting adjusted in the next month's statement or the points are reversed if the bill is already issued before the refund.
Recently I canceled an item order via SBI Cashback in Amazon but the amount of 13K was refunded to my card account, I also have S/B account in SBI linked with the card.
Click to expand...
My refund was below 1000
 
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Batmanbaba said:
My refund was below 1000
Click to expand...
Last month I received a refund of 1300 in my card account from Amazon, not in S/B.
I called the CC in the first case when I received a refund of 80K & 25K in my S/B, as per the new RBI rules amount above 5K will be directly refunded to S/B if linked with the card account.
Not sure in your case kindly update any future encounter like this.
 
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Anindya98 said:
Currently, Amazon/Flipkart is refunding any amount above 5000 spent via ICICI cards directly into your ICICI S/B account if linked with the card account in my case I am observing this.
In case of rewards it is getting adjusted in the next month's statement or the points are reversed if the bill is already issued before the refund.
Recently I canceled an item order via SBI Cashback in Amazon but the amount of 13K was refunded to my card account, I also have S/B account in SBI linked with the card.
Click to expand...
True that I got 11.8K ICICI Refund in bank account last month I thought that was a mistake.



Will check statement once generated if I get any reward points for that although seems unlikely
 
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Batmanbaba said:
I think there was some circular by rbi to transfer the refund received into credit cards into the bank accounts......

Today My icici apay bill generated and I can see icici... First gave the refund to my card and then transferred it to my icici savings account.....

Although we can't get any milestone benefits or rewards on this... But through bill payment by using different debit cards we can earn some money without actually spending any money....
Click to expand...

ICICI Bank seems to be cheating customers and violating RBI norms blatantly.

RBI updated its Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 in March. Some of changes dealt with credit card refunds on failed transactions or returns via online transactions. As part of the Frequently Asked Questions (FAQs) on credit card payments for credit card customers released by the RBI, in case of credit of refund/failed/reversed transaction for which payment has already been made after billing, the regulator directed card-issuers to seek explicit consent of the cardholder to adjust the refund amount in the card account or if there was no consent or response, then the refund amount would have to be credited to the bank account of the cardholder.

The RBI did this in consumer interest -- if your statement has been generated you have paid the credit card bill and then there is a refund, it is better the funds should reach you rather than stay stuck as a credit in your credit card account. However, as we all are seeing, ICICI Bank is refunding funds to your bank account before statement/bill is generated!!!

This is a clear violation of 2 aspects of RBI norms:

1) If there is a refund after statement generation (billing) and payment, customer must be informed and asked whether they want the funds in their card account or bank account, and in case of no response from customer then bank should transfer refund amount to bank account.

2) This can only be done for refund transactions where statement/billing has happened and payment has taken place.

@TechnoFino Hope the power of forum can be used to bring such illegal practices to light and get RBI to take action against violators like ICICI Bank.
 
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I ordered one item worth 15k from amazon using SBI cashback cc, later i cancelled that order, the amount came back to my card not to my SBI sv account which is linked with my amazon account
 
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