Cashback/discounts Discontinued On Credit Card Payments At Petrol Pumps
Sep 26, 2019 By Admin
Almost 3 years after demonetisation, Oil Companies have decided to lay off the Cash back discounts on the purchase of fuel with CREDIT CARDS. ‘0.75%’ was set on fuel transactions since Dec 13, 2016 will now be discontinued from Oct 1, 2019.
Exactly a month after the demonetisation exercise, the government announced a series of measures like discounts on online payments for insurance policies, rail tickets and highway toll charges, cash back on digital payments at petrol pumps as the government looked to promote digital cash post note ban.
The government had directed Oil Companies to give a discount on card payments to promote digital transactions. Apart from the discounts, the government had also directed oil companies to bear the burden of card payment charges- called merchant discount rate (MDR), which is usually paid by the retailer.
Published by : RAKESH KANWAR & CO.
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