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Old 8th January 2017, 19:51   #61
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

I have tanked up several times (3000 INR Plus) Never got a cashback or any message about it as well, Used my Yes bank and ICICI bank Debit cards, I think its all just messedup, Some people are getting it back some people aren't, Even though i have seen on several petrol pumps some posters which says about the cashback.
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Old 8th January 2017, 19:57   #62
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The petrol bunk owners are using this opportune moment to renegotiate their merchant discount rates with the acquiring banks given that the alternate payment mode which is cash is being rationed. Will backfire on them because cars will now start filling for smaller values than before whereas they would be filling full tank. They would fall in line within a few days I think

Last edited by Vid6639 : 8th January 2017 at 21:57. Reason: fixed typos.
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Old 9th January 2017, 10:04   #63
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Wife tanked up her car for 2500 this morning and I got the Sms for the 0.75% credit.
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Old 9th January 2017, 10:05   #64
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

Quote:
Originally Posted by narayan View Post
The petrol bunk owners are using this opportune moment to renegotiate their merchant discount rates with the acquiring banks given that the alternate payment mode which is cash is being rationed. Will backfire on them because cars will now start filling for smaller values than before whereas they would be filling full tank. They would fall in line within a few days I think
The banks have become greedy and imposed additional 1% transaction fee on fuel purchases. thats the cause. it is differed till Jan 13th.

OT
Benefits of cashless system
1. Banks save costs on check printing, branch opening, ATM operation, cash handling etc etc.
2. Most of the times money stays with in banking system( one account to another account), which earns interest for them( in physical form, cash is outside the banking system)
3. Government benefits ( higher service tax on transaction fee, + higher compliance of IT and Sales Tax, as there will be a money trial
4. Government also saves the costs associated with printing money, cash handling and transportation, reduces Fake currency impact on economy.

Consumer view point
1. At present he does not pay the costs associated with cash handling, transportation, check printing & clearing, ATM maintenance etc. Now Consumer pays for these
2. At every stage consumer loses 1-2% as transaction fee. Merchants are not going to absorb the MDR for ever. The prices all goods will increase proportionately to include MDR
3. AT present Rs 100 will retain its value over repeated use, but not so in future.
Ex: A uses Rs 100 through wallet/card at a Y establishment. Y gets 100-MDR. Now Y uses this 100-MDR @ Z to eat. Then Z gets 100-MDR(Y) -MDR(Z). Cycle goes on.

Cashless system is a boon to intermediaries, as it is a perpetual source of income on every transaction done. Government also benefits with Service tax on every transaction and also IT and sales tax also.
Thats the reason everyone is jumping into this.

Ideally, there should be no charges for using debit cards and e wallets as the customer is using his own money. In addition both merchant and government are saving on physical handling of cash and higher tax compliance.

Mods please delete if it is not in conformity with forum rules

Last edited by rkg : 9th January 2017 at 10:09.
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Old 9th January 2017, 10:23   #65
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

The problem for the bunk owners is the fear of getting exposed to actual sales of diesel and petrol. If e-currency is used then the input stock v/s output sales can be tracked which will harm their adulteration business. The banks also have self interest in discouraging electronic transactions as they do not want to lose their high profile customers. But our PM's exercise of demonetization proved that black money was not hidden in other countries but it had a safe haven in the banks within India.
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Old 9th January 2017, 13:41   #66
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

The 0.75% discount is only for PSU petrol bunks, right? Shell etc. don't come under the purview of this discount, isn't it?
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Old 9th January 2017, 14:55   #67
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

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Originally Posted by ajayclicks View Post
Filled Rs.1000 worth of petrol at an HP petrol pump, using an ICICI- HP co-branded credit card. Besides the usual waive off on the surchage and the related service tax, Rs. 7.50 was credited back. Filled on 3rd, got the credit notification on the 6th. Also filled Rs. 3,800 worth of diesel on the 6th, will check on the 0.75% cash back after a few days
So for the diesel filled on the 6th, the surcharge and service tax got waived off on the 8th. But no 0.75% cash back. wondering if its one of the random issues, as many people here have posted that they too are not receiving the cashback. Or maybe as I already got the cashback once for petrol- not sure if you can get it only once a month, or more.
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Old 9th January 2017, 16:20   #68
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

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Originally Posted by sanjaykk View Post
The 0.75% discount is only for PSU petrol bunks, right?
Yes. Actually the PSU companies are being reimbursed by Govt, whereas private companies aren't.
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Originally Posted by Tanveer_2558 View Post
Some people are getting it back some people aren't
Quote:
Originally Posted by ajayclicks View Post
But no 0.75% cash back. wondering if its one of the random issues... not sure if you can get it only once a month, or more.
May be I am one of the lucky ones who are getting regular cash back and that too multiple times a month. I am using HDFC All Miles Credit Card (which already had surcharge waiver) at a neighbourhood HP COCO bunk and also a BP bunk in other city. Card transactions are attached for reference.

Also, I have used Paytm on the HP bunk and got instant cashback, but that seems like a promotional activity where Paytm credits cashback to customer instantly and later settles with the PSU.

Whatever the case may be, I am not complaining.
Attached Images
 

Last edited by AutoNoob : 9th January 2017 at 16:26. Reason: grammer
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Old 9th January 2017, 16:25   #69
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

Got my first cashback in 15 years of using credit cards to pay for petrol!

Rs 18.38/- credited back to my HDFC credit card for a payment of Rs 2450/- made a couple of days ago at HP. Interestingly got nothing back for a 4000/- transaction at the same pump on 20th Dec!

Feels good nonetheless.
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Old 13th January 2017, 17:54   #70
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

Rs. 16.25/- credited back to Citi Bank credit card for a payment of Rs.2166/- using Citi Turbo Points at Indian Oil outlet.

Cheers!
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Old 13th January 2017, 18:00   #71
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

Is there anybody who got the 0.75% Cash Back from SBI Credit Card?
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Old 13th January 2017, 18:30   #72
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

Yes, receiving from SBI card.
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Old 13th January 2017, 18:33   #73
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

I got it on my Amex Card. So i think it is not limited for PSU Bank Cards Only
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Old 13th January 2017, 18:37   #74
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

Quote:
Originally Posted by Ramon View Post
Is there anybody who got the 0.75% Cash Back from SBI Credit Card?
It is not card specific - it is Fuel company specific :
Quote:
Originally Posted by sanjaykk View Post
The 0.75% discount is only for PSU petrol bunks, right? Shell etc. don't come under the purview of this discount, isn't it?
Yes, Sanjay. Only with PSU bunks. Shell, Reliance, Essar, would not figure in this scheme.
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Old 13th January 2017, 20:26   #75
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Default Re: 0.75% discount for those who buy petrol and diesel using cards

I am yet to get the discount credited back.

I had made three transactions of 1000, 1300 and 1400 during the period.

Other than the regular Surcharge less the tax component credit, the 0.75% discount has not yet been given.
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