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This offer is in fact available on all online transactions you make to pay online. But a particular card can avail the cash back only once during the entire offer period, but instead you can use other Visa Cards to get the cash back next month and so on. This offer is not valid for the Visa Credit Cards.
Visa will deterine the first 50,000 transactions based on various factors they have and will credit the cash back accordingly, while some cash back, especially bill payments at Visa Bill Pay are instant, I suppose, while for certain online transactions, the cash back will be done by Visa to the respective banks within 30 to 60 days.
This is an excellent offer without much pre-conditions and can save Rs. 50 on each bills and online transactions you make with your Visa Card and a must try till the offer period, if you are anyway going to pay those mobile bills or telephone bills or gas bills, electricity bills, etc., also for online purchases as well.
Visit Visa Bill Pay for more details
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