Cash back offers on credit cards are only partly true

Festivals are always a good reason for credit card companies to come up with numerous cash back offers to attract its users. Every company wants you to use their credit card. From 10% to 100% cash back offers, companies are trying hard to woo the customers. But before you benefit from these offers, it is important that you examine them well.

 

For example, ICICI Bank has an offer where you may be lucky to get 100% cash back and in this offer, there is no particular limit on cash back or shopping. This 100% cash back offer is for all the users but, however if the transaction is done by ICICI Bank Amex card or through internet, you get only 2% cash back. To benefit from this offer, you need to shop for minimum Rs 2,000. Other than this, you need to check out the six-digit approval code number on your payment slip because based on the total of the code; you will get your cash back. If the total is between 21-30 points, you will get 1% cash back and if the sum is between 0-5, then you will be getting 75% cash back. To get 100% cash back, your total must be more than 51 points.

 

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Rajiv Sabharwal, GM, Retail Assets, ICICI Bank says, "We have done some research and it is clear that the customer will win some cash back. But the probability of winning higher cash back is lesser. However, there could be a lot of people who can win 75% or 100% cash back. It is a game of probabilities."

 

Similarly, HSBC credit card is offering 10% cash back. But for that, you need to call up on HSBC's toll free number and register yourself. The first 1.25 lakh registered customers will be lucky to make use of this offer. You must shop for a minimum of Rs 1,000. If your bill amount is between Rs 1,000 to Rs 5,000, you will get 3% cash back. If it is between Rs 5,000-7,500, you will get 5% cash back. To get 10% cash back, you bill amount should exceed Rs 7,500.

 

Bill Amount	Cash Back limit
Rs 1000-Rs 5000	3%
Rs 5000- Rs 7500	5%
Rs 7500 or more	10%

 

 

 

 

 

 

 

On the other hand, Standard Chartered Bank is giving cash back only if you shop for clothes. Shopping for a minimum of Rs 750 will entitle you for a cash back. Everytime you swipe your card, you get a cash back of Rs 50. The maximum limit to get cash back is Rs 250.

 

Apart from these festive offers, you can also avail of Citibank and Standard Chartered credit cards that have the cash back scheme for the entire year. So, next time before getting attracted towards these cash back or other offers, it is better to look into the terms and conditions and understand it properly. ( Get rewarded to spend money. To know more, click here )

 

by Hiral Sachde and Kamiya Jani.