For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

SBI Credit Card Users Will Not Get Cashback At Fuel Stations From October

By Staff
|

Starting 1 October, the State Bank of India will discontinue cashback on credit card purchases of fuel as per an advisory from state-owned oil marketing companies.

Credit Card Users Will Not Get Cashback At Fuel Stations From October
 

SBI has been sending text messages to its customers informing the same that reads, "Dear SBI Credit Cardholder, as advised by Public Sector Oil Marketing Companies, the 0.75% cashback on fuel transactions will be discontinued with effect from October 1, 2019. T&C."

The three government-owned oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - provide a cashback of 0.75 percent of the value of fuel purchased using credit cards, debit cards and e-wallets. This amount is credited to the customer's bank account within 3 days of fuel purchase.

This cashback scheme was introduced after demonetization to promote digital payments.

A Mint report citing an oil retailer official said that the advisory has been made to all banks and the cashback would only be discontinued on credit cards from October. The official further said that other digital payments will continue to receive the cashback or discount.

If you hold a fuel credit card from a bank other than SBI, you may also be subject to this change.

Read more about: sbi credit card cashback petrol diesel
Story first published: Wednesday, September 25, 2019, 16:51 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more