SBI Reward points forfeiture rate.

[aonok]

Hello dear members,

I have recently activated a BPCL Credit card from SBI and was quite excited to start using it until I read about the reward points forfeiture on instant sale discounts policy on various threads here. Its disappointing that banks cannot streamline these issues to a convenient system. Since this is the case, I will have to roll with it but now my main concern is the reward points forfeiture rate. I have heard that if there arent enough reward points in your account SBI deducts it from the credit limit. Do they deduct the according to the rate at which they were earned on the instant discount or do they charge more than the earning rate of RP?

For example, the base reward rate for 'all other spends' (Under which sale instant discounts come) for the BPCL Credit card is 1 RP per Rs. 100 (1RP = Rs. 0.25). So if I buy a instant discounted phone worth Rs. 20000, I assume the reward points I get will be 20000/100 = RP 200, divided by 4 = Rs. 50. Will the bank deduct only the 200 points or Rs. 50 after 3 months if my reward balance is zero? or do they deduct more?

I am not concerned about the forfeiture but I have heard that SBI tends to deduct the RP or money on a higher rate than the rate at which the RP was earned in the first place.

Does anyone have experience or knowledge on this? I would be very grateful if you share.

 

[rajcasio]

Just bought a DELL monitor in AMAZON @ 8949 with 10% discount from SBI BPCL.
Wondering what will happen next with the RP's?

 

[GABBA₹]

after 3 months

I can't answer your question as I always keep buffer of 1000 RP. I am here to correct you that time doesn't matter for forfeiting. For AMAZON and Flipkart it's usually 3 months. For one of my croma order it forfeited RP after 9 months.

Wondering what will happen next with the RP's?

Always keep 89 RP in your account till it get forfeited.

 

[rajcasio]

Always keep 89 RP in your account till it get forfeited.

Right now having 2514 RP. Will they deduct from the current total(2514) or they add 89 RP and then deduct it

 

[GABBA₹]

Right now having 2514 RP. Will they deduct from the current total(2514) or they add 89 RP and then deduct it

Whenever your transaction will get settled you will earn 89 RPs instantly. The same 89 RPs will be forfeited later.

 

[aonok]

I can't answer your question as I always keep buffer of 1000 RP. I am here to correct you that time doesn't matter for forfeiting. For AMAZON and Flipkart it's usually 3 months. For one of my croma order it forfeited RP after 9 months.

Thank you so much for your insight. I will follow your template of reserving buffer points and keep tabs on discount sale RP earnings.

Whenever your transaction will get settled you will earn 89 RPs instantly. The same 89 RPs will be forfeited later.

I dont mind the deduction as long as it is in correct proportion to the RPs credited for the discount purchase. My concern is the deluge of reports about the forfeit amount being at higher rates than the actual RPs earned on the instant discount. Some reporting that disproportionate number of RPs being deducted from account along with actual cash being charged on the credit limit.

In your experience have you come across any instance where the RP deducted after the X amount of months was more than the exact RP earned from the purchase. For example, any chance they can deduct say RP 100 on the 89 RP we keep in reserve?

 

[kalyan324]

Just bought a DELL monitor in AMAZON @ 8949 with 10% discount from SBI BPCL.
Wondering what will happen next with the RP's?

Rewards points will be added after settling the transaction and
Definitely they will deduct same points after 2 or 3 months so it's better not to redeem them instantly
This is the main reason I have used ICICI card in this Amazon sale and never going to use SBI card for Instant discount
Telling from my experience even if reward points not sufficient to deduct they will debit the amount to statement @1RP=0.25 (in my case)

 

[GABBA₹]

any chance they can deduct say RP 100 on the 89 RP we keep in reserve?

Never. Always the same amount is being forfeited.