SBI sent wrong credit card

bigbyte

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May 14, 2007
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I was a SBI cc customer for more than 10 years but recently cancelled by ELITE card. I booked air tickets worth 2lacs on my credit card that I had to cancel due to some personal issues. Card statement was generated before cancellation. But cancellation refund ( around 1.8 lac) came before due date.

Now SBI expected full payment as per statement from me, without adjusting refund credited before due date. What it means, that I have to block 1.8 lacs with SBI card without any interest and use it on spends. Never had such issues with Citibank or ICICI.

I escalated matter to nodal officer, got the interest waived off and cancelled my card with them as a protest against their policies. Interestingly they haven’t mentioned it anywhere in their terms and conditions. Citibank has specifically mentioned that in case of merchant refunds it will be adjusted against dues but you need to pay minimum due amount(5%).
 

sandeepsachin

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Dec 16, 2011
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@bigbyte Was the refund credited before the statement generation date or after? If it was after statement generation, then it's the same for every Bank, you have to pay the entire amount. If it was before statement generation, then it's supposed to be adjusted
 

alekhkhanna

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May 29, 2008
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What happens in cases like above where somebody pays the 1.8 lacs, gets refunded in the next billing cycle BUT hasn't made purchases for that much amount to offset the refund ? Say they only spent 50k in that month, 30k in the next and so on ? Will it keep getting adjusted ?
 

logistopath

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May 25, 2007
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This happened once with me, with my SBI card. The amount was around 45K though. Had spent the amount on some e-commerce purchase, and the statement got generated. But due to some issues with delivery, the order was cancelled and the amount refunded back to my card. But since the statement was already generated by the system, I had to pay the entire amount of 45k towards card balance. Once the refund reflected in my card, I could request them to credit the remaining amount back to my bank. And they did it promptly within a week's time.

So yeah, you can get a refund back. But you will have to pay the entire amount generated in the statement. I think this is the same policy for every other credit card company.

Check this for confirmation: https://www.sbicard.com/en/faq/credit-balance-refund.page
 

sandeepsachin

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@bigbyte ICICI adjusts if refund is after statement generation? In my case, one of my orders worth 5k refunded by Amazon just before the due date was not considered as an adjustment and i was asked to pay the entire amount by ICICI. If Citi is different then please let us know
 

Sobirvs

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@bigbyte ICICI adjusts if refund is after statement generation? In my case, one of my orders worth 5k refunded by Amazon just before the due date was not considered as an adjustment and i was asked to pay the entire amount by ICICI. If Citi is different then please let us know
Doesn't ICICI specifically says on refund email that it is not considered a payment?
 

bigbyte

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May 14, 2007
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Yes, Citibank adjusts if refund is after statement generation but before due date. However you have to pay minimum amount due mentioned in statement. They have mentioned it in their TnC, need to dig it.

Edit: Found it.
Check section 13.2(j) , second illustration.

ICICI, though it clearly mentions that merchant refunds after statement generation won't be adjusted, in my case they never charged me interest when I paid only the amount remaining after refund.

SBI, is silent about this in it's TnC but charges interest.
@bigbyte ICICI adjusts if refund is after statement generation? In my case, one of my orders worth 5k refunded by Amazon just before the due date was not considered as an adjustment and i was asked to pay the entire amount by ICICI. If Citi is different then please let us know
 
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rdst_1

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In case of HDFC too, I have never faced this issue. Even if refund is after statement generation, it was adjusted and I only paid amount that was left after adjustment. Don't know if it is mentioned in their T&C or not, but I have done this so many times that I am 110% sure, they do adjust the refund amount without any issues
 

Kilroyquasar

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Jul 20, 2011
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Sorry for Bumping up an old thread, interested to know outcome of this.
@Kilroyquasar Were you able to close or downgrade the card?
i am thinking of applying for an sbi card just as a backup and wondering if it's a bad idea.
hello.
yes, was able to close it, though not before multiple visits to their office. a good lady there helped me with it and it was because of her efforts that it was finally resolved; else it could've probably remained just 'chakkar ghumyo re' for me...!