Turkmenistan State Commercial Bank to increase cash backs

Business Materials 12 May 2020 14:31 (UTC +04:00)

BAKU, Azerbaijan, May 12

By Jeila Aliyeva - Trend:

Turkmenistan State Commercial Bank will increase the cash backs from 0.5 percent to 2 percent during the month of May, Trend reports with reference to Business Turkmenistan information portal.

This applies to those cash backs, which are charged to Altyn Asyr bank cards. During payments for fuel at Turkmenistan’s gas stations in non-cash form via payment terminals, the amount of cashback will be up to 2 percent in May.

Cash back refers to a credit card benefit that refunds the cardholder's account a small percentage of the sum spent on purchases. Cash back rewards are actual cash that can be applied to a credit card bill or received as a check or bank account deposit.

The move is being made in honor of two national holidays of the country, which are held on May 18 - Constitution Day and the State Flag of Turkmenistan.

The bank customers who pay by bank transfer via bank terminals for bought goods and services at retail outlets in Turkmenistan, receive 0.5 percent of the total amount of all purchases back to their account.

Turkmenistan and Halkbank State Commercial Banks, as well as Rysgal Joint-Stock Commercial Bank have launched this program of monetary remuneration since January 2, 2020.

This service is connected to bank cards that are credited with salaries, scholarships for students, allowances for conscripts and state social assistance. This service does not apply to bank cards for entrepreneurs and Goyum cards.