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The Domestic oil marketing companies (OMC) have discontinued the 0.75 per cent cashback offered to credit card holders on petrol and diesel purchases.
“As advised by the Public Sector Oil Marketing Companies, the 0.75 per cent cashback (capped at a maximum of ₹45 per transaction) that you earn on fuel transactions on your American Express Card will be discontinued, effective October 1, 2019,” American Express said in a communication sent to its credit card holders.
Reports said that State Bank of India also sent a similar message notifying the withdrawal of this benefit to consumers.
“This offer was introduced during demonetisation (November 2016) in a bit to encourage the use of digital currency. Till now, the burden of this cashback was being borne by the oil companies and not the banks. It has now been decided to withdraw this offer,” an official at an OMC told BusinessLine .
Other offers, such as those linked to co-branded credit or debit cards, or other incentives for opting for digital payments will continue to be valid for fuel purchases.
IndianOil and HDFC Bank Limited also launched a co-branded fuel credit card for users from non-metro cities and towns on Wednesday. This IndianOil HDFC Bank Credit Card offers customers rewards and benefits on fuel consumption. Customers earn reward points known as ‘fuel points’ for purchases made through this card. These points can be redeemed for up to 50 litres of fuel annually, an IndianOil statement said.
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