Devaluation SBI Cashback didn't give cashback on Magicpin and TataNeu Gift cards

[shubhamsoni529]

In latest June bill for SBI cashback, didn't get cashback on gift card purchases on Magicpin and TataNeu. Both usual merchant names -

30 May 25 TATA DIGITAL PVT LTD MUMBAI IN
31 May 25 SAMAST TECHNOLOGIES PR GURGAON

I think earlier both these were giving cashback.


Confirmed MCC is 5947.

 

[b4bhar]

Until last month it was giving. But now they seem to have removed the 5% banner. Unlike AGV and Flipkart GV which show cummulative 5% CB on using TNI card, Phonepay doesnt show any cashback banner. Will have to wait till month end to see if any cashback gets credited for the same.

yeah, its strange with 0 cb. Why would anyone buy it from Tata neu without any cb. I mean there should be some motivation for the customer, right?

 

[Dr.AMAN]

yeah, its strange with 0 cb. Why would anyone buy it from Tata neu without any cb. I mean there should be some motivation for the customer, right?

True. I guess they have deliberately stopped giving cashback on Phonepe GV because some people were misusing it to do money rotation by sending it to merchant qr codes and snapay. Even with 2-3% processing charge they were getting positive return due to the 5% CB. Basically some people started exploiting the benefits too much and finally everyone has to pay the price for it. Hope they dont devalue the AGV or flipkart GV otherwise there wont be much value of TNI card. Already they have kept a tight limit of Rs.1k on AGV purchase per gift card. It is so tedious to purchase many AGVs for high value transactions due to this 1k limit.

 

[b4bhar]

True. I guess they have deliberately stopped giving cashback on Phonepe GV because some people were misusing it to do money rotation by sending it to merchant qr codes and snapay. Even with 2-3% processing charge they were getting positive return due to the 5% CB. Basically some people started exploiting the benefits too much and finally everyone has to pay the price for it. Hope they dont devalue the AGV or flipkart GV otherwise there wont be much value of TNI card. Already they have kept a tight limit of Rs.1k on AGV purchase per gift card. It is so tedious to purchase many AGVs for high value transactions due to this 1k limit.

yes, they couldnt have restricted phonepe gv in a similar way rather than completely removing the cashback