You have not mentioned one more hitch in this schemes.
ICICI bank have floated the 5% cash back scheme. I availed of it.
They gave me the cash back also after 1 month, but they slashed 75 points from my earned rewards points. This was never informed before hand & is wrong on part of ICICI. In a way by slashing the reward points, they have pocketed back some money out of the 5% cash back.
bank thinks customers are fool. But i have noted their foul play & vow not to use their card ,as far as possible.
RE:cash back
by Tejinder Singh on Nov 13, 2005 08:17 PM
My experience with ICICI is very bad. Their customer care is extremely poor and they make fool of the customers under garb of technicalities.I redeemed my reward points for a Pizza Hut voucher but the bank neither mentioned on their site nor informed me that these vouchers will work only in mumbai.On talking to them, they simply shrugged it of. Finally I was asked to return the vouchers-they kept on denying the receipt of vouchers back till I confronted them with delivery proof. Better beware of dealing with ICICI bank!
In some of the banks, they offer cash back after you avail for the balance transfer service, hence after balance transfer, they give u 5% cash back and enjoy 24% interest, until you pay off your balance transfer dues.
Balance Transfer (BT) is one more common feature of todays credit card business. If utilised with wisdom this could be an interest free loan for you (for those who use two or more credit cards. You could keep transferring your balances periodically (every 2-3 months depending on the bank) from one card to another while paying 5 % of the dues without any interest. Banks may (as usual) have a lot of hidden conditions which needs to be looked into before making use.
well payment thru credit cards should only be made when one goes on a huge shopping spree like on diwali or other occassions coz at that time it is not sensible 2 carry 2 much cash in ur pocket..but still credit cards shud b used very wisely and not for every product or every offer that we came across.
Never use credit card because there is some sceme like cash back or to earn points. Buy if u actually need something during such offer time & consider these cash back, holiday package gimmicks only as a bonus, never the otherway. All credit card isuers just interested in looting you ! be aware ( iam using cards since 1995 so i know the kind of gimmicks these people ofer t rob u)
RE:legal action can be taken??????????
by mehul hirani on Oct 25, 2005 05:19 PM
unfortunately the ads are misleading, but there is always a fineprint so legal action will not favour the consumer. there is always a loophole in these schemes and one cannot do much about it other then be very careful.
