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best way to utilize payback points

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Deal Newbie
pm101315

I have around 450 payback points what is the best way to utilize it.
Also my payback number is linked to ICICI bank is there any way to avoid charges from ICICI bank on redemption

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Deal Cadet Deal Cadet
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Don’t even think of it.
By any chance, if your Payback is linked to ICICI account, it’ll debit Rs 99 + GST as Payback redemption fee.

Analyst Analyst
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You should forget them and keep accumulating unless you intend to discard/close the account just like mutual fund SIPs

Deal Lieutenant Deal Lieutenant
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By redeeming 450 reward points you can get Rs. 112 Amazon voucher, which is the best option. But ICICI will charge you Rs. 118 for this transaction.

Payback program is totally worthless now for ICICI users. If you earn Payback rewards from some other source other than ICICI cards, then you should request payback to delink your ICICI payback number and transfer all points to other/new Payback number.

Deal Cadet Deal Cadet
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How can I check that my payback card is linked with my icici account or not.

Deal Cadet Deal Cadet
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m0n3y5av0r wrote:

How can I check that my payback card is linked with my icici account or not.

Login to icici NetBanking app.. you can find info there.

Deal Newbie Deal Newbie
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+ 1 …its is better to use it in mobiqwick n then you can pay some bills (water/ mobile, etc) also and also get 5% cashback on the bill (by using supercash).

Deal Lieutenant Deal Lieutenant
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Convert in mobikwik free of charge

Deal Lieutenant Deal Lieutenant
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@pm101315 please don’t redem your points.
You will be charged by ICICI bank for payback linked with ICICI account.
Better to create another account and start earning points in new account.
When you create new account, link with another mobile number. Which is not registered with ICICI.

Deal Subedar Deal Subedar
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@ OP, Wait till you get 2000 PayBack points & you can get an Instant Amazon GV of 500 rupees…If you want to wait more & accumulate 4000 Payback points, you can get Amazon GV of 1000/-…The reward redemption charge is 99+18% GST so don’t redeem now…I also wait till I accumulate 2000 points & get 500/- Amazon GV with that…So, even if you have to pay 99+GST (116.82/-) it’s still much profitable because you are paying 116.82/- for an Instant Amazon E-Gift card/voucher worth of 500/-…

Deal Captain Deal Captain
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aam_aadmi wrote:
you can get Rs. 112 Amazon voucher, But ICICI will charge you Rs. 118 for this transaction.

Its a win win situation. I mean … for ICICI wink

Deal Newbie Deal Newbie
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insta wrote:

Convert in mobikwik free of charge

are you sure there are no charges even if payback account is linked to icici?

Comrade Comrade
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pm101315 wrote:

are you sure there are no charges even if payback account is linked to icici?

It doesn’t even mind that… Mobile number shud be same in mobikwik and payback… Free redemption to money… U can utilize fr free if u have blue card

Deal Lieutenant Deal Lieutenant
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pm101315 wrote:

are you sure there are no charges even if payback account is linked to icici?

My payback is for icici debit card only, I am never charged, have converted in the last 2-3 years, pl do confirm from other dimers too

Deal Subedar Deal Subedar
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Redeem them for cash credit if you hold icici credit card by calling customer care
1860-258-5000

Deal Cadet Deal Cadet
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LOL… I was going to comment to dig a hole behind the house and bury them there, but looks like a lot of people have the same crappy opinion about this useless reward point system.

Deal Newbie Deal Newbie
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Thanks all. looking at comments I have decided to let these points rest in peace for time being

Deal Lieutenant Deal Lieutenant
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Sushrut.B wrote:

@ OP, Wait till you get 2000 PayBack points & you can get an Instant Amazon GV of 500 rupees…If you want to wait more & accumulate 4000 Payback points, you can get Amazon GV of 1000/-…The reward redemption charge is 99+18% GST so don’t redeem now…I also wait till I accumulate 2000 points & get 500/- Amazon GV with that…So, even if you have to pay 99+GST (116.82/-) it’s still much profitable because you are paying 116.82/- for an Instant Amazon E-Gift card/voucher worth of 500/-…

I redeemed more than 10 times through gyftr but never charged why ?
I redemeed approx 7000 Points In past 2 Month Earned through icici CC

Analyst Analyst
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sauravDD wrote:

I redeemed more than 10 times through gyftr but never charged why ?
I redemeed approx 7000 Points In past 2 Month Earned through icici CC

No worries, you will eventually find it in your card statement or bank statement(if you have) in a month or two.

Deal Captain Deal Captain
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sauravDD wrote:

I redeemed more than 10 times through gyftr but never charged why ?
I redemeed approx 7000 Points In past 2 Month Earned through icici CC

please check ur statement and inform. If they have not charged then its an avenue plus1

Analyst Analyst
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tristar wrote:

LOL… I was going to comment to dig a hole behind the house and bury them there, but looks like a lot of people have the same crappy opinion about this useless reward point system.

payback rewards are useful when you have nothing to earn from your usual purchases.

For instance, I fill petrol, and get payback points separately, irrespective of my payment mode. It happens on a separate payback machine. I fill for 500/- and the person there enters 3000 or 5000 where I get 30-50 points, no harm right?

Similar way, I buy amazon voucher for self consumption at times, now there are no affiliate cashbacks for gift vouchers. I do it through payback, I get the usual rewards and sometimes bonus points after activating some offers on payback.

Until now, I redeemed about 60k payback points which is equivalent to 15k INR. Please note I’m not a hardcode dimer. I just use it when there are no other affiliate options available.

Deal Cadet Deal Cadet
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andromeda wrote:

payback rewards are useful when you have nothing to earn from your usual purchases.

For instance, I fill petrol, and get payback points separately, irrespective of my payment mode. It happens on a separate payback machine. I fill for 500/- and the person there enters 3000 or 5000 where I get 30-50 points, no harm right?

Similar way, I buy amazon voucher for self consumption at times, now there are no affiliate cashbacks for gift vouchers. I do it through payback, I get the usual rewards and sometimes bonus points after activating some offers on payback.

Until now, I redeemed about 60k payback points which is equivalent to 15k INR. Please note I’m not a hardcode dimer. I just use it when there are no other affiliate options available.

Nice !! But have you tracked how much money you paid for transaction charges or Handling charges ?

ICICI is shameless to charge customers for even redeeming reward points. If you were not aware of this, you might want to check your past statements.

If you don’t find it there, check how many points were charged for the purchase and then compare the purchase price vs rewward points (this used to happen with the yesteryear ebay.in)

Analyst Analyst
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tristar wrote:

Nice !! But have you tracked how much money you paid for transaction charges or Handling charges ?

ICICI is shameless to charge customers for even redeeming reward points. If you were not aware of this, you might want to check your past statements.

If you don’t find it there, check how many points were charged for the purchase and then compare the purchase price vs rewward points (this used to happen with the yesteryear ebay.in)

Here’s what happened. Most of my redemptions are in batches of atleast 4-5k. And once ICICI started charging for redemption, I created a new payback account and ensured not to link both accounts. And moved most of my accumulations to new account, so no charges on redemption.

By the way there are other banks who charge redemption fee.

Deal Cadet Deal Cadet
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Your Payback card is linked to your Account, so I’m confused, if they’re not ‘linked’ how does the new Payback Account get the points ?

Like I said previously, if you don’t see redemption charges, check the Price vs Points Redeemed, they could’ve charged the excess in points itself (however I think ICICI had changed that policy a while back and you had to pay that extra in NB or Card, forgot though, been 6-7 years since I used PB)

Deal Lieutenant Deal Lieutenant
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Astraa wrote:

please check ur statement and inform. If they have not charged then its an avenue plus1

Bank account statement or credit card statement?
Because my bank account has been freezed due to kyc (insta account) only credit card ar working

Deal Lieutenant Deal Lieutenant
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andromeda wrote:

No worries, you will eventually find it in your card statement or bank statement(if you have) in a month or two.

Bank account statement or credit card statement.
Because my bank account has been freezed due to kyc (insta account) only credit card ar working

Deal Captain Deal Captain
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sauravDD wrote:

Bank account statement or credit card statement.
Because my bank account has been freezed due to kyc (insta account) only credit card ar working

CC only

Deal Lieutenant Deal Lieutenant
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Astraa wrote:

CC only

No bro I checked previous 3-4 month statement but no any txn showing (which deducted for reward redemption)

Analyst Analyst
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tristar wrote:

Your Payback card is linked to your Account, so I’m confused, if they’re not ‘linked’ how does the new Payback Account get the points ?

Like I said previously, if you don’t see redemption charges, check the Price vs Points Redeemed, they could’ve charged the excess in points itself (however I think ICICI had changed that policy a while back and you had to pay that extra in NB or Card, forgot though, been 6-7 years since I used PB)

icici is not the only source of payback. I signed up for a new payback account through bigbazaar and gave that for amex payback card(I dont hold this card anymore). The accumulations to this account is from all other partners except icici, this way there is no connection between icici and payback accounts. And I made this payback account as my primary one. If I exhaust offers on this, I will the use icici linked one for accumulation.

And whenever I redeem, it’s always the 0.25p per point. I always double check for any redemption charges in the form of poitns in the payback account, no trace for now.

Long story cut short, icici and payback can exist independently.

Missing