Which banks cc consider refund as payment?
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Which banks cc consider refund as payment?
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Yes bank, i just got refund this month and it didn't allow to pay saying bill is already paid.
But some bank doesn't consider this like hdfc
The new T&C of ICICI clears state that refunds received within due date would be adjusted against dues and if dues have already been cleared then the refund would be sent to savings account.
https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=12300&fn=2&Mode=0
Scroll down to point (e) under "10. Billing" which clearly states -
"Any credit amount arising out of refund/failed/reversed transactions or similar transactions before the due date of payment for which payment has not been made by the cardholder, shall be immediately adjusted against the ‘payment due’ and notified to the cardholder."
So RBI has clearly instructed the banks to consider refunds as payments, though I agree that not all banks might be following but that's okay since even if something goes wrong, you have RBI in your corner. I forced SBI to refund the bullshit charges in Dec last year after complaining to RBI.
ICICI earlier didn't consider this, but now adjusts refund in Outstanding Bill amount
HDFC did not adjust the statement due for a refund txn from Amazon
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