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POSTED BY ON August 12, 2013 12:32 pm COMMENTS (5)
Hi
ICICI Recently is providing payback points on purchases made using debit card. I was wondering if anyone has tried to buy mutual funds using their debit card and obtained reward points. Since there are many people using SIP route, and the amount being debited is substantial. If anyone has tried this do let me know.
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Got the answer i was looking for
http://www.icicibank.com/Personal-Banking/cards/debit-card/debit-cards/debit-reward-program.html. No luck
Note: W.e.f 1-April-2013 you will not earn reward points on Mutual fund, Telecom, Education, Utilities, Insurance premium, Government Payments and Post Office payment made through your ICICI Bank Debit Card.
Dear Geaorge, I doubt that such transaction ‘ll be considered. If it’s considered, so be it & you should enjoy the benefit for your hard work of manual SIP.
thanks
Ashal
By SIP i am interested to do a do-it-yourself SIP using the debit card on 5th of each month(regardless of the market conditions, instead of auto debit). Approx a large % of my sal goes into SIP as of now and if i can get benefits from reward points then i shall do so. If however ICICI for whatever reasons dont consider debit card purchases for SIP as a legit transaction for earning payback points thats what i wanted to check
Dear George, how you are going to arrange SIP for your debit card?
thanks
Ashal
If your debit card is linked to Payback then yes they can provide payback point since for bank SIP transaction is also a normal transaction.