hat began as a small promotional scheme late last year has become a big deal in credit card marketing. It is the cash back scheme and it seems to be turning ubiquitous.

ICICI Bank says it was the first to make this promotional offer in October last year. Citibank followed soon after in November, and took to television advertising to make a nationwide offer. Standard Chartered is another bank that has taken to the idea with gusto. And now Indian Airlines and American Express have jointly launched a card that offers cash back on specified air fares.... more