Yes, but what happens if the shop doesn't notice you are putting it back on another card in your same name? Do you get the refund?
You may choose to refund to a non-point earning card for example.
"You Must Put The Refund Back on The Same Card You Purchased on"
anna10 on 21/12/2017 - 11:43
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Main reason is to stop fraud so people can't return something they didn't buy in the first place.
refund to a debit card. especially for a trs at the airport.
What's the advantage to this, other than points as mentioned by OP?
you can deposit the cash at a high saving interest or an offset home loan accounts.
Ahhh, good idea.
If you purchase something with a credit card, but get your refund onto a debit card, what's to stop you asking the bank to reverse the credit card entry as well, thereby getting two refunds?
Not answering the q. directly, but my bank won't reverse unless a good reason, they do an 'investigation' of some sort, and they also want to issue a new card which is v inconvenient.
Committing fraud, maybe?
A few weeks ago I paid online on AMEX for a $1,000+ item and wanted click and collect. However, when I went to the store after their 2-hr C&C wait time, they told me the item is out of stock and I'll have to wait 2 weeks. Then I requested a refund, they told me to go to the cashier and produce the card I used for the purchase.
At the cashier, I asked her to tell me the last 4 digits of the card I used, as I've forgotten which card it was (I have 3 AMEX cards).
Furthermore, the refund transaction was insert only at the store, and tap wasn't supported. And I usually don't carry any of the AMEX cards as they're on Samsung pay.
She told me to use whatever I think it was as they don't get that detail for an online transaction done through Visa-Checkout.So I used my ING debit card.
The refund was processed through EFTPOS network, and I got the money instantly in my account. My AMEX statement still shows that as a purchase, and I got the points ;)TL;DR; The Refund got through. However, the cashiers are instructed to verify the card numbers to prevent something like the above from happening.
That's awesome, best way to 'manufacture' spending, but of course can go any of many ways when it comes to doing it.
A sneaky trick I use is I link my savings card to my credit card and if I have to do a refund, I'll insert my cc and press savings:)
Free points on purchase!!
And if I put the funds into ING direct I'll earn the 0.000001% bonus interest before I have to pay my credit card back before the due date.
You could make a huge profit off it if your purchase price is $50milllion:)
Could you use this method to launder money as well? through the merchants
I had a credit card that was stolen, and then later a refund was made. It obviously couldn't be put back on the same card, but I did have a good excuse.
Refunds back on to the card are because most banks have a matched refund policy. This is stop fraudulent transactions.
Yes, it's usually in the MPA. Eg section 11 of below.
https://www.nab.com.au/content/dam/nabrwd/business/merchants…
Refund Back on The Same Card You Purchased on
This is usually recommended by payment gateways/banks as it reverses the transaction you made in the first place instead of refund. You loose the points and you will not get charged for interest also. But this can be done only if you used a credit card.
No a reversal is not the same as a refund.
You can get a refund on any card if they don't notice. I think the reason stores want it to be the same card is because they probably get part/all of the merchant fees refunded when you get refunded.