Refund considered as payment?

[mdshafiuddin24]

I would like to know that all the banks do considers refund as payment or not since I have been charged with the late payment fee on my SBI credit card but as per RBI guidelines, it should be considered as payment and should be adjusted with the last statement.

 

[cardio_guy]

Had a bill of 2900 . Minimum due 200.
Due date 23rd july

Redeemed cashback of 810 rs on 18th july.
Forgot to pay bill as i thought i paid along with redemption. Received email for overdue on 10th august
HDFC Bank already reported late payment to all CIC's.

THEY DON'T COUNT CASHBACK AS PAYMENT ALSO MENTIONED SAME WHILE REDEMPTION

Yes. Especialy for HDFC, Refund and cashback are not counted as payment.
Whatever the bill got generated, we have to pay that amount. Rest will be adjusted in the next bill.
Nothing more, nothing less.

 

[card-shard]

IDK why people over-complicate such trivial things.
People need to PAY full amount mentioned in the statement email+SMS, and have peace of mind (not worrying about negative remark on CIBIL)
In most cases: refunds/cashbacks aren't considered as payments.

If refund/cashback is small amount for you, it will get adjusted in next statement anyways. If it's significant amount, you can ask bank to refund excess amount in any of your bank accounts. Simple.

 

[praful47]

Merchant refunds are not considered as payment generally by the banks. I have seen banks specifically mentioning this.
It will definitely be adjusted to your bill though.
Not sure about RBI guidelines...

I cancelled one order and bill got generated on 10th August however i have received the refund amount in card after bill generation , that makes the total amount due 0 . It's due date is in the month end . So there won't be any issue na ??

 

[Bhagat Singh]

I cancelled one order and bill got generated on 10th August however i have received the refund amount in card after bill generation , that makes the total amount due 0 . It's due date is in the month end . So there won't be any issue na ??

Yes but talk to customer care once. Otherwise you might have to fight with them later on

 

[praful47]

Yes but talk to customer care once. Otherwise you might have to fight with them later on

yes , i will do

 

[cardio_guy]

I cancelled one order and bill got generated on 10th August however i have received the refund amount in card after bill generation , that makes the total amount due 0 . It's due date is in the month end . So there won't be any issue na ??

You have to pay the bill. When card is closed you will get the amount back in your bank account.

 

[Jatin Kumar]

There are some banks that I wish never improve their customer service so that they can get bamboo from RBI and I can get compensation.

SBI bank has done this same. We are getting for compensation for this issue after complaining to RBI ??

 

[Jatin Kumar]

Minimum Due Amount was paid Seprately ?

AFAIK, in case of SBI even if Full outstanding Amount is refunded after statement generation , one has to pay atleast minimum due Amount to avoid late fee.

But you can file complaint with RBI as SBI Voilated RBI Guidelines.

Any Compensation can we get from RBI for this issue ?

 

[VISHESH_BANSAL]

Any Compensation can we get from RBI for this issue ?

Raise the Complaint and Explain Properly How SBI Violated RBI's Master Direction.