*Representational Picture courtesy-i.ndtvimg.com
With an aim to popularize cash less and digital transaction in the state,the customer who pays his/her electric bill online, will be provided Cash Back facility,said Jharkhand Development Commissioner cum Additional Chief Secretary Amit Khare today.
Khare made it clear that after Jharkhand State Electricity Regulatory Commission approve the scheme entailing payment of electricity bills on digital mode,Cash Back facility will be provided to the customer.Khare was speaking in the Board meeting of the Jharkhand Electricity Supply Corporation Ltd in Ranchi.
In fact,Cash back can refer to two different kinds of card transactions,notes investopedia.com.
1) An option available to retail consumers when, during a debit card transaction, the customer can request to add an extra amount to the purchase price and receive the added amount in cash. Cash back using debit provides customers a convenient method of obtaining cash when purchasing goods and services without having to make a separate trip to an ATM or bank.
2) A cardholder benefit offered by some credit card companies that pays the cardholder a small percentage of their net expenditures (purchases less refunds). Cash back benefits often provide the cardholder with the opportunity to choose from taking the cash, or using the "points" for purchases, travel (as with miles awards for air travel) or gift cards.
Typically, cardholders must reach a certain points level to redeem for cash or other benefits. Some credit cards offer varying levels of cash back depending on the purchase. For example, a cardholder might earn 5% back on gas purchases, 2% on groceries and 1%on all other purchases,according to investopedia.com report.--------------------------Advertisement--------------------------