Commercial banks are intensifying the fight to get a bigger market share of the plastic money spend.
After Standard Chartered Bank's life-time 5 per cent cash back offer on all fuel purchases and payment of telecom bills on one of its credit cards, ICICI Bank launched a limited-period scheme on Thursday offering to pay back the entire amount spent in one transaction.
Under the scheme, ICICI Bank card holders will get 100 per cent cash back if the six digits of the transaction authorisation approval code printed on the charge slip add up to 51 or more. If the AAC digits add up to 1-5, the card holder will get back 75 per cent of the spend.
The "Get up to 100 per cent cash back" offer can be availed of by the existing credit card customers of ICICI Bank on all transactions of Rs 2,000 and above only on ICICI Bank charge slip.
Under this scheme, a customer shall get a minimum of 1 per cent cash back and maximum of 100 per cent cash back on eligible transactions.
The customers are not required to register to participate in the scheme. All they need to do is transact at a merchant establishment with ICICI Bank point-of-sale terminal.
V Vaidyanathan, country head-retail
banking at ICICI Bank, said "ICICI Bank believes in offering value to all its customers and has been rewarding them through various schemes time and again. This special offer provides an ideal opportunity to our credit card customers to enrich their shopping experience while reaping the benefits of getting up to 100 per cent cash back."
The ICICI Bank scheme offers a minimum cash back of 1 per cent. For credit card transactions on the Internet or on ICICI Bank-American Express credit cards of Rs 2,000 and above will get a flat 2 per cent cash back.
Even Standard Chartered also offers 1 per cent cashback on all other purchases on its "Super Value Titanium MasterCard Credit Card", but there is a cap of Rs 6,000 per annum on cashback.
ICICI Bank has, however, not stipulated a cap on the amount of cash back its credit card holders can get. Citibank and HSBC have also made cash back offers in the recent past.
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