On the advice of oil companies, banks are going to discontinue the cashback feature they offered on their credit cards for fuel purchase. This comes into effect from October 1.
“The 0.75 per cent cashback on fuel transactions will be discontinued with effect from October 1,” read a message from State Bank of India to its customers.
American Express card holders received similar messages. After the demonetisation exercise of November 2016, the government had asked oil marketing companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation to give a discount on card payments to promote digital transactions.
