Amazon Pay ICICI Bank Credit Card

Samuel

Samuel

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Why doesn’t ICICI consider refunds as payments or excludes them from being generated into the statement?
 
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A

a.c

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Does any other card consider this payment? I think even HDFC does not.
Even Experian blog says refunds are not considered payments.
Don't know why this is the case, as it's same as any other credit
 
Samuel

Samuel

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I started noticing it after reading it in the emails by ICICI whenever I get a refund. Never cared about it earlier.

If I spent 10k on my credit card, and the statement is generated for the same. But the next day of receiving the statement I get a refund of 3k, so what this means is I still have to make the payment for 10k and the 3k would be considered “credit”, is that so?
 
M

mikrotik

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I disagree, you only need to make payment of 7K. Even RBI made it a rule that all the refunds will be adjusted immediately. HDFC had been adjusting these for more than 5years now. Till now the statment due amount won't change but you could make the payment after adjusting and no one will say anything. But now, RBI has mandated that statement amount be adjusted.
 


A

AAK

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But in mailers from icici , axis it clearly states that refunds won't be considered as payment.
Don't know if RBI rules are implemented yet
 
Lolita_Magnum

Lolita_Magnum

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I'm happy to say I'm saving at least 10K yearly using this card. So has been a pretty good deal to me. I also have Millenia, so I use that too when needed but it has been mostly a secondary card. Since Amazon pay balance can nowadays be used to pay for almost anything, it's not really a bad deal plus they don't expire.
 
X

Xposed

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They do have an expiration date of one year from the date of issue but you can always order something and apply for refund later which extends the validity for another year
 
Lolita_Magnum

Lolita_Magnum

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Rewards earned from CC do not expire. It's literally on their website.
  1. No joining fees or annual fees
  2. No limits on earnings for this credit card
  3. No expiry date to your earnings
 
X

Xposed

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See this is from my spending last month and you can see it does have an expiry date which for some reason has been extended to 3 years but it does have an expiry date

 
Lolita_Magnum

Lolita_Magnum

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Yes, I have the same date of 3 years, but my old gift cards automatically re-extend for another 3 years. Plus 3 years is anyway enough.
 
Samuel

Samuel

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mhsabir

mhsabir

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I think there is a deeper understanding needed here. If 3000 was outstanding and 3000 came as refund, you don't need to make a separate payment.

However if 10k is outstanding and bill is generates with a minimum due of say 500 and you get a 3k refund. You still need to make a minimum payment of 500 to be not considered as past due and no late fee to be applied.

I cannot claim this to be 100% accurate, but this is most likely explanation as to why a refund is not considered a payment.
 
A

a.c

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Okay, looks like the RBI guildline will only be effective from July 1st, 2022.

Quoting the required lines.
These Directions shall be effective from July 01, 2022.
Any credit amount arising out of refund/failed/reversed transactions or similar transactions before the due date of payment for which payment has not been made by the cardholder, shall be immediately adjusted against the ‘payment due’ and notified to the cardholder.

Hope someone here reads the full doc and share any more good points (if any) 🙂

Doc: Reserve Bank of India - Notifications
 

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