Banks began to cancel cashback for purchases on the Internet
Russian banks began to cancel loyalty programs amid the actions of the Central Bank in connection with the coronavirus pandemic. The regulator has reduced acquiring tariffs for online purchases as part of anti-crisis measures.
Gazprombank, Home Credit and Credit Europe Bank canceled cashback charges for payments in online stores due to the fact that the Bank of Russia began to regulate the fees for accepting cards that sellers pay to credit organizations, RBC writes.
Earlier, the Central Bank set a reduced commission for e-catering for online stores at 1% instead of the average market rate of 1.2-2%. This tariff applies to purchases of food, medicine, clothing, consumer goods, household appliances, electronics and communications. The regulator noted that the reduction in commission will enable trade and service enterprises to offer everyday goods with delivery, and for buyers to purchase goods without leaving home.
After the Central Bank made this decision, payment systems reduced the interbank commission to 0.7%, from the proceeds of which the issuing bank allocated funds to cashback.
Gazprombank announced the termination of accrual of cashback and miles on Internet transactions from May 1 to September 30, Credit Europe Bank intends to cancel such a cashback from May 6, and Home Credit will temporarily not accrue cashback from April 27. Note that the cards of these banks became winners in the Frank RG rating for the nominations of the best loyalty programs for the past year.
We recall that Central Bank allowed the Russians for three months to use cards that expired during the self-isolation regime.