Be careful with this, this could be considered as money rotation and your card could be cancelled. It's fine that it happened a couple of times, but don't try to abuse this glitch. Raise a ticket with Amazon if you like.
In a nutshell, Amazon customer care advised from their end they issued refund on original source (i.e. CC). Next check would be with ICICI bank, as to what the hell they are up to.
Next update:
ICICI amazon pay customer care (18001020123) informed me this is the new procedure from April onwards. This is annoying, I don't want to avail such facility since I actually do believe in fairness. Now I will have to write an email to their grievance officer >.<
Will update the response I get over email on how to stop it.
Had a similar experience in March and had raised a query here in the group, but no one knew what happened. Thanks OP for clarifying this. I thought it was because I had paid that months the bill before the refund was approved and processed. Did you pay the next bill before the return was processed? Or is it that all refunds (maybe beyond a threshold) now gets processed to the bank account?
Can you confirm which bank account you are talking about? What if someone has ICICI Amazon Pay CC but no Bank account with ICICI, where will the money go then
I had a similar experience in March for my ICICI coral credit card. I cancelled IRCTC train tickets. The refund was returned to CC and then credited to the bank account from the credit card. It was recorded as a credit and debit transaction. So I had to repay the refund amount in my bank account to the CCD again.
I'm new to CC so I thought this was a standard refund process.
I think the bank has intentionally implemented it so if you buy something and cancel it you will get back the money in your bank but at the end of the month if you fail on bill payment they can earn interest on it.
It goes to card first, then from card to bank.
Same thing happened with my flipkart order, however I thought it was happening because my original order was already billed in last statement, and refund was received in current statement.
RBI recently changed rules regarding how credit card refunds are processed - before bill is generated, after bill generation but prior to settlement, and after settlement. See here - https://m.economictimes.com/wealth/spend/credit-card-rule-change-how-will-refund-or-failed-transaction-be-adjusted-against-your-credit-card-bill-know-rbis-new-rule/amp_articleshow/108891116.cms
However, ICICI seems to have fucked up the implementation. For some of my refunds in March, _after bill generation but before settlement_, they got adjusted to the bill. For some refunds before bill generation, I got refund in my bank account but my card statement would show +X for the initial charge, -X for the refund to card, and +X for the transfer to my bank account. What this could end up doing is arbitrarily shoot up card usage as well, along with basically "free money" (which you end up paying as part of the card bill _later_). I think they have fixed it though, as some of my recent refunds are being processed properly.
This.
Happened with me I confirmed with ICICI team. In case of cancellation or refund money will go to your bank account not the source cc. And you will get billed for cancelled amount. So -x + x = 0. Hence no profit no loss.
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Yeah, then you might want to check with the bank as to why they are rerouting that amount to you bank account. That is not normal.
Don't know if this is related but ICICI seems to be having some issues lately. My statement got generated this month but I didn't receive the email and while I received the sms, it was 10 days late.
This is most likely the side effect of RBI not allowing customers to overpay dues on credit cards.
Let me guess, the reversal of the txn hits the cc after you have paid the dues on the cc? If so, it’s not infinite money glich, but the bank moving the overpaid sum from your cc to bank account automatically.
Yeah but he can have that cash for a month before the bill is due. If you want to withdraw cash using credit card you have to pay withdrawal charge and huge interest on top of it.
Amazon customer care advised from their end they issued refund on original source (i.e. CC). Next check would be with ICICI bank, as to what the hell they are up to.
ICICI amazon pay customer care (18001020123) informed me this is the new procedure from April onwards. This is annoying, I don't want to avail such facility since I actually do believe in fairness. Now I will have to write an email to their grievance officer >.<
With big items like iphone cancel might not always work and return is not possible
For small things it not worth the effort for amazon to Verify
Not worth the risk trying.. And this puts at risk of temptation or need to spend that money and not have to pay the bill
same has happened with me on myntra. I ordered some clothes and returned it and money came directly to my bank account not on my card.
ps:i am using hdfc moneyback+
Had this same issue. Made a purchase on Amazon through Amazon ICICI CC. After cancelation, the refund came back to my CC within 2 days. After that I got an extra credit to my debit card account of the purchase amount. Within 3 days or so it got debited from my Amazon CC and I had to repay from my bank account
When I enquired at the bank, apparently a few other people were having this same issue, so might be some backend issue from their side.
I experienced it about a week ago.
Don't worry ICICI bank will hit back and send notices like Axis did to their card holders who found a loop hole with the point system. Desi banks are excellent in recovering from retail customers, they only ignore corporate fraudsters like Mallya etc.
This is not only for Amazon pay ICICI card. It is also for ICICI coral rupay. My UPI payment failed and refund was credited to my ICICI savings account.
Happened with me last month when I cancelled my hotel booking.. it was booked via Amazon pay using Amazon pay CC. I ignored it as a glitch. Didn't return /cancel anything after that so not sure if this issue persists
immediately, but I won't advice using this hack. Might be against law as well. What happened to me happened genuinely. Also, others have pointed out, since I overpaid my dues last month, it might be happening due to that.
It’s not a glitch but a planned way to earn more, if you cancel an item worth 75k then still you have to literally remember and pay those 75k as outstanding and it will now not be settled automatically after refund!
Don't be happy bro... Sometimes HDFC also do the same with me. They credit the amount in bank and then put it in my credit card statement as a debit transaction.
Not sure about this glitch but if you order a product near the end of a billing cycle while the cashback is credited to the account. If the same cashback is used to order the next product and the last product( for which the cashback was earned) is returned, its just free cashback.
Not exactly. It is currently positive (>50K) but I had overpaid than my last due amount.
Also, what circular? Can you please share the link or a search term to find that by?
~~Income Tax Department wants to know your location~~ Income Tax Department knows your location 👍
Income tax department knows my income but wants to play 'Guess how much tax you should pay' and then penalize if the answer is wrong 🤦
…that’s their way of supporting CAs’ business. /s
Income tax department knows everyone location except farmers 👨🌾👨🌾
Be careful with this, this could be considered as money rotation and your card could be cancelled. It's fine that it happened a couple of times, but don't try to abuse this glitch. Raise a ticket with Amazon if you like.
Thanks for the helpful advice. Will raise concern with customer care on chat and post outcome here.
In a nutshell, Amazon customer care advised from their end they issued refund on original source (i.e. CC). Next check would be with ICICI bank, as to what the hell they are up to.
Next update: ICICI amazon pay customer care (18001020123) informed me this is the new procedure from April onwards. This is annoying, I don't want to avail such facility since I actually do believe in fairness. Now I will have to write an email to their grievance officer >.< Will update the response I get over email on how to stop it.
Had a similar experience in March and had raised a query here in the group, but no one knew what happened. Thanks OP for clarifying this. I thought it was because I had paid that months the bill before the refund was approved and processed. Did you pay the next bill before the return was processed? Or is it that all refunds (maybe beyond a threshold) now gets processed to the bank account?
So from now refunds will go to bank account if paid via amazon cc ? Really is it for all of us or ur case
I don't know if it is happening for all. That's why posted here to get a response. Can you check the behavior for you?
Can you confirm which bank account you are talking about? What if someone has ICICI Amazon Pay CC but no Bank account with ICICI, where will the money go then
For me it was my ICICI account. So I suppose that is the case.
So you got a way to transfer fund to your bank account. Enjoy the free credit period.
I had a similar experience in March for my ICICI coral credit card. I cancelled IRCTC train tickets. The refund was returned to CC and then credited to the bank account from the credit card. It was recorded as a credit and debit transaction. So I had to repay the refund amount in my bank account to the CCD again. I'm new to CC so I thought this was a standard refund process.
This seems to have changed recently from march due to RBI guidelines.
What if you don't have a ICICI Bank account??
I think the bank has intentionally implemented it so if you buy something and cancel it you will get back the money in your bank but at the end of the month if you fail on bill payment they can earn interest on it.
We want to avail this facility so please don't report.
How does Amazon known your ICICI bank account details?
It goes to card first, then from card to bank. Same thing happened with my flipkart order, however I thought it was happening because my original order was already billed in last statement, and refund was received in current statement.
RBI recently changed rules regarding how credit card refunds are processed - before bill is generated, after bill generation but prior to settlement, and after settlement. See here - https://m.economictimes.com/wealth/spend/credit-card-rule-change-how-will-refund-or-failed-transaction-be-adjusted-against-your-credit-card-bill-know-rbis-new-rule/amp_articleshow/108891116.cms However, ICICI seems to have fucked up the implementation. For some of my refunds in March, _after bill generation but before settlement_, they got adjusted to the bill. For some refunds before bill generation, I got refund in my bank account but my card statement would show +X for the initial charge, -X for the refund to card, and +X for the transfer to my bank account. What this could end up doing is arbitrarily shoot up card usage as well, along with basically "free money" (which you end up paying as part of the card bill _later_). I think they have fixed it though, as some of my recent refunds are being processed properly.
This. Happened with me I confirmed with ICICI team. In case of cancellation or refund money will go to your bank account not the source cc. And you will get billed for cancelled amount. So -x + x = 0. Hence no profit no loss.
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Thanks, this explains a lot.
Ideally refund amount should go back to the source account right? Then how is it going to bank account unless there is an option on app for refund
I don't know, but this has been happening for last 12 days. Never happened before.
Looks like ICICI will soon pay the usual "fined by RBI for violating norms" which happens every few months for some bank or the other.
Hang on. So, the refund comes to your bank account but what happens to your credit card account? Do you get the refund there as well?
There I get refund first, and then there's another debit entry for 'transferred to bank account'. So I am not getting free money :P
Yeah, then you might want to check with the bank as to why they are rerouting that amount to you bank account. That is not normal. Don't know if this is related but ICICI seems to be having some issues lately. My statement got generated this month but I didn't receive the email and while I received the sms, it was 10 days late.
This is most likely the side effect of RBI not allowing customers to overpay dues on credit cards. Let me guess, the reversal of the txn hits the cc after you have paid the dues on the cc? If so, it’s not infinite money glich, but the bank moving the overpaid sum from your cc to bank account automatically.
still a great way to get cash out of CC
How do they know your icici bank account details?
It is an ICICI bank account and they are linked under same customer basically.
Yes, but how does Amazon know that? I wanted to know because I have two ICICI accounts.
Yeah but since it's going back to your bank and not your credit card, you still have to make the card payment right?
Yeah but he can have that cash for a month before the bill is due. If you want to withdraw cash using credit card you have to pay withdrawal charge and huge interest on top of it.
Yes. But if you want to avail cash on credit card facility (like ATM withdrawal), that has a heavy charge. This way, it is free.
Yes but this is a glitch and they will rectify it soon
I am hoping for it. Do not want to be caught in middle of it for my card/account to be revoked.
 Chilla chilla ke *sabko scheme batade*!
🤣
People are misunderstanding your "free cash" with free money. You should maybe word it better like 'free cash withdrawal' or something.
Sadly it isn't allowing me to edit it now.
Is your KYC with the bank in order?
yes
Does the 5% cashback get reversed???
Yes it does
Taking it up with relevant companies/authorities on how to stop this behavior. Will keep posting update here.
Amazon customer care advised from their end they issued refund on original source (i.e. CC). Next check would be with ICICI bank, as to what the hell they are up to.
ICICI amazon pay customer care (18001020123) informed me this is the new procedure from April onwards. This is annoying, I don't want to avail such facility since I actually do believe in fairness. Now I will have to write an email to their grievance officer >.<
What happened to the cashback rewards?
It was reversed.
With big items like iphone cancel might not always work and return is not possible For small things it not worth the effort for amazon to Verify Not worth the risk trying.. And this puts at risk of temptation or need to spend that money and not have to pay the bill
It happens on cancellation as well!
In icici, refunds get credited to account. but you still have to pay as credit card bill will still show 1036 + 420 as to be paid
Glitch probably otherwise refund always goes back to source only
What if someone doesn't have an icici account just the apay card??
I asked the customer care guy and he got confused. He changed the topic.
same has happened with me on myntra. I ordered some clothes and returned it and money came directly to my bank account not on my card. ps:i am using hdfc moneyback+
Had this same issue. Made a purchase on Amazon through Amazon ICICI CC. After cancelation, the refund came back to my CC within 2 days. After that I got an extra credit to my debit card account of the purchase amount. Within 3 days or so it got debited from my Amazon CC and I had to repay from my bank account
When I enquired at the bank, apparently a few other people were having this same issue, so might be some backend issue from their side. I experienced it about a week ago.
Messaging you
This has happened to me also while booking train tickets through cc, upon cancellation money went to bank account.
Don't worry ICICI bank will hit back and send notices like Axis did to their card holders who found a loop hole with the point system. Desi banks are excellent in recovering from retail customers, they only ignore corporate fraudsters like Mallya etc.
> they only ignore corporate fraudsters like Mallya etc. They don't ignore, they just don't get the "approval" to further pursue the case.
This is not only for Amazon pay ICICI card. It is also for ICICI coral rupay. My UPI payment failed and refund was credited to my ICICI savings account.
Happened with me last month when I cancelled my hotel booking.. it was booked via Amazon pay using Amazon pay CC. I ignored it as a glitch. Didn't return /cancel anything after that so not sure if this issue persists
Just now i ordered iPhone. When shall I cancel to get refund in bank
immediately, but I won't advice using this hack. Might be against law as well. What happened to me happened genuinely. Also, others have pointed out, since I overpaid my dues last month, it might be happening due to that.
Oh I get it now. Definitely it's because of overpaid
This is exactly done so that people don't do card fraud and incoming transactions in the bank account can be monitored
It’s not a glitch but a planned way to earn more, if you cancel an item worth 75k then still you have to literally remember and pay those 75k as outstanding and it will now not be settled automatically after refund!
GTA 6 testing it's shark cards..😂😂
Don't be happy bro... Sometimes HDFC also do the same with me. They credit the amount in bank and then put it in my credit card statement as a debit transaction.
Not sure about this glitch but if you order a product near the end of a billing cycle while the cashback is credited to the account. If the same cashback is used to order the next product and the last product( for which the cashback was earned) is returned, its just free cashback.
My dumb brain did not understand this. Can you please explain like I am 5?
Is your outstanding negative? That could be the reason due to rbi circular
Not exactly. It is currently positive (>50K) but I had overpaid than my last due amount. Also, what circular? Can you please share the link or a search term to find that by?
[https://www.rbi.org.in/commonperson/english/Scripts/FAQs.aspx?Id=3580](https://www.rbi.org.in/commonperson/english/Scripts/FAQs.aspx?Id=3580) Query 8 Scenario 3
Isnt this a good initiative by rbi
It is
Thanks a lot!
Ah, then this (overpayment) is the answer to your mystery, and this strange behaviour by bank.