Are Debit Card and UPI Cashback Transactions Raising Red Flags for Banks?
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Clear guidelines from the RBI could help protect customers by requiring banks to be more transparent about the terms and conditions associated with these offers. For instance, if a student account has limitations on transactions or usage, that should be clearly communicated to avoid confusion and frustration.
It would also be beneficial for the RBI to address the practices of freezing accounts or imposing penalties, ensuring that customers are treated fairly, especially young or inexperienced account holders. What specific changes do you think would help improve this situation?
Bank like RBL offer cards that promote attractive rewards—such as 1% cashback up to ₹1,000 per month. However, students often face restrictions that prevent them from fully availing these benefits. If students can't utilize these cards effectively, especially in digital accounts that discourage large transactions for everyone either student or employed, then it raises the question: why do banks issue cards worth ₹5,000 to ₹8,000 plus GST on these accounts in the first place?
Additionally, the practice of freezing accounts can be incredibly frustrating. When an account is frozen, customers often feel treated like suspects or fraudsters. The situation can escalate to the point where bank staff behave as if they are investigative authorities, creating an atmosphere of intimidation. This lack of accountability and transparency from banks undermines customer trust and can lead to a poor banking experience.
It's crucial for banks to reconsider their policies and practices regarding cashback offers and account management to ensure fair treatment for all customers, especially students who may not be aware of the potential pitfalls.
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RBL Signature+ Debit Card - 2% cashback (1% Default cashback + if annually, 5 lakhs spend then Rs5000 extra cashback), here details - https://www.desidime.com/discussions/rbl-signat...
well sadly its their reward system, they would mention in T&C as bank has the final say or something like that, in case of reward disputes usually in any bank, i think RBL would have such clause as well to safe guard itself
as rewards system might break their safe
Excerpt:
RBL offer cards that promote attractive rewards—such as 1% cashback up to ₹1,000 per month
which debit card is that? and is it cashback or voucher back?