SBI PhonePe Black Select credit card silent devaluation:
Well, if you guys didn’t know, the SBI PhonePe Select Black credit card never mentioned the exclusion of MCC 5947 anywhere—not even in the MITC file.
Just 2 days ago, some people were saying on WhatsApp that they didn’t receive 5% cashback for buying gift vouchers from Tata Neu and Gyftr. The reason was MCC code 5947 (although I asked them to file a complaint with SBI).
Now those who remember, I had mentioned some time back that a few reward points were reversed on the SBI PhonePe credit card.
Finally, SBI replied explaining which transactions had their reward points reversed.
They said the transactions done on Cred (Amazon gift voucher purchases) were reversed.
Reason — the same MCC code 5947
But SBI said they would return the points as a one-time gesture. They haven’t done it yet.
By the way, next time if you want to do a transaction on Cred for gift voucher purchase, make sure you do it under the merchant name Dreamplug. That’s the only merchant name that’s eligible (OTP-based card transaction).
Conclusion —
I feel those idiots at SBI Card didn’t exclude these MCC codes at the time of launching the card. These are the same exclusions mcc codes that exist on the SBI Cashback credit card. They silently devalued it later and didn’t inform anyone.
I think the reason is that since the card is newly launched, if they announce a devaluation now, people will bash SBI Card heavily. So they’re quietly trying to pretend that these MCC codes were excluded from the beginning.
Well, if you guys didn’t know, the SBI PhonePe Select Black credit card never mentioned the exclusion of MCC 5947 anywhere—not even in the MITC file.
Just 2 days ago, some people were saying on WhatsApp that they didn’t receive 5% cashback for buying gift vouchers from Tata Neu and Gyftr. The reason was MCC code 5947 (although I asked them to file a complaint with SBI).
Now those who remember, I had mentioned some time back that a few reward points were reversed on the SBI PhonePe credit card.
Finally, SBI replied explaining which transactions had their reward points reversed.
They said the transactions done on Cred (Amazon gift voucher purchases) were reversed.
Reason — the same MCC code 5947
But SBI said they would return the points as a one-time gesture. They haven’t done it yet.
By the way, next time if you want to do a transaction on Cred for gift voucher purchase, make sure you do it under the merchant name Dreamplug. That’s the only merchant name that’s eligible (OTP-based card transaction).
Conclusion —
I feel those idiots at SBI Card didn’t exclude these MCC codes at the time of launching the card. These are the same exclusions mcc codes that exist on the SBI Cashback credit card. They silently devalued it later and didn’t inform anyone.
I think the reason is that since the card is newly launched, if they announce a devaluation now, people will bash SBI Card heavily. So they’re quietly trying to pretend that these MCC codes were excluded from the beginning.
