Big news for credit card users : no cashback for credit card users at petrol pumps from october 1: After the promotion of digital transactions by the government, the number of credit card users has increased rapidly. If you too often pay with your credit card to pay at a petrol pump or shop somewhere, then this news is very important for you. Under the new rule, the discount will not be available on the payment of Petrol-Diesel at the petrol pump with credit card payment.
With effect from 1 October 2019, the rebate given by the oil companies on payment by credit card is being discontinued. Two and a half years ago, the facility of giving cashback of 0.75 percent was introduced to customers on digital mode payment at the petrol pump.
Banks sent messages to customers
After demonetisation, the government introduced the facility of giving cashback of 0.75 percent to promote digital transactions. Many banks, including SBI, HDFC, told in text messages sent to their customers that the 0.75 percent cashback facility on credit card payments will stop from October 1. It is also written in the message that this is being done by public sector oil marketing companies.
Facility will be available on payment from e-wallet
After demonetisation in the year 2016, the government asked big oil companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum Corporation to give 0.75 percent cashback. This discount was also given to credit / debit card users as well as customers paying with e-wallet. However, this facility will continue to be available on payment by debit card or e-wallet.
Let us tell you that in the year 2017-18, the three oil companies have paid a total of Rs 1431 crore in the form of e-payment discount and MDR. At the same time, oil companies have paid 2000 crores rupees in 2018-19.