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.
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.
