• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

Alternative for Axis ACE after September devaluation

Apply For Lifetime Free IDFC First Credit Card
Santanu.Sen

Santanu.Sen

TF Buzz
Hello. This is my first post in this community.

I have a Axix Ace with about 2lakh limit, which I have been using for about a month. In the first month I managed to get 52000 in cashback by spending about 27 lakhs. The vast majority of my spending is on MCC codes associated with "Government Services" and "Utilities".
After the September devaluation I have been looking for alternatives without much success. I found the HSBC Cashback card but i do not live in any of the regions mentioned in eligibilty criteria. Also the Kotak White Reserve card has no more rewards beyond 1 crore spends.
If someone can suggest something good which suits my spending habits, I would be very grateful. I'm looking for the most value card for direct cashback or cash redemption against statement balance.

Thank you.
 
Apply For LTF AU LIT Credit Card
Sort by date Sort by votes
Predator said:
They did not ask for anything.
And Brother no matter which card you use, Eventually every card will meet the same fate. So, better milk the system in a sustainable way.
Click to expand...
Hi @Santanu.Sen - After reading this entire thread, my honest opinion
Reward points and cashback for credit cards meant for personal use should not be used for business purposes and vice-versa. Any personal credit card when used above certain threshold will get notified systematically to the bank and they will review and block your card. This will not stop with that and they can block you from getting any other cards in same bank. All these are possible in this IT world. Not sure banks can inform cibil about your profile and this may affect all your future financial endeavours.
Due to this kind of tricks people use nowadays, many banks are bringing in fair usage policies in the form of limiting the cashback or RPs. Suggest you use credit card with fairness
As far as IT is concerned, any business dealings when kept clean and transparent should not be a problem except responding to their demand or letters in timely manner.
 
Upvote 0 Downvote
Santanu.Sen said:
Interesting. However how did you get Business Regalia without trade license? But in any case, in the mail they said "limit utilization much higer than credit limit". But I messaged them back and then they changed tune and said it was because I used business CC for personal use. It was very confusing. I was about to get a 4-door fridge for free before they closed the card. Sad. 😢
Click to expand...
If you have such high repaying power, why not get a card with decent limit in the first place? If you can declare in the beginning that you're going to spend 1 Cr per month on that card, then the bank won't give you such meagre 2L limit. Isn't this how the system works, or am I missing something?
 
Upvote 0 Downvote
s73uresh said:
Hi @Santanu.Sen - After reading this entire thread, my honest opinion
Reward points and cashback for credit cards meant for personal use should not be used for business purposes and vice-versa. Any personal credit card when used above certain threshold will get notified systematically to the bank and they will review and block your card. This will not stop with that and they can block you from getting any other cards in same bank. All these are possible in this IT world. Not sure banks can inform cibil about your profile and this may affect all your future financial endeavours.
Due to this kind of tricks people use nowadays, many banks are bringing in fair usage policies in the form of limiting the cashback or RPs. Suggest you use credit card with fairness
As far as IT is concerned, any business dealings when kept clean and transparent should not be a problem except responding to their demand or letters in timely manner.
Click to expand...
I am also starting to see your point. But I want so badly to fvck these huge banks because when my dad died about 8 years back, the bank demanded that the 35 lakh loan he took be paid back immediately. They did not care to listen that I was ready to take on that loan.So we had to sell our house (which was collateral). Those were some tough times.
But you are right. We cant fight it. The system will always win.
 
Upvote 0 Downvote
shrewdoc said:
If you have such high repaying power, why not get a card with decent limit in the first place? If you can declare in the beginning that you're going to spend 1 Cr per month on that card, then the bank won't give you such meagre 2L limit. Isn't this how the system works, or am I missing something?
Click to expand...
How do I go about doing that? In the application forms and all there is no option to declare that. And I said this to my RM at HDFC but they said that even they dont have such an option.
 
Upvote 0 Downvote
Santanu.Sen said:
How do I go about doing that? In the application forms and all there is no option to declare that. And I said this to my RM at HDFC but they said that even they dont have such an option.
Click to expand...
I don't have a business, was assuming that's how business cards work. Attaching a written application along with the application form wouldn't have worked?

You were most likely getting flagged because you were using 1000-2000% of your sanctioned limit. If you can increase the credit limit offered to you, maybe your spends wouldn't get flagged?
 
Upvote 0 Downvote
shrewdoc said:
I don't have a business, was assuming that's how business cards work. Attaching a written application along with the application form wouldn't have worked?

You were most likely getting flagged because you were using 1000-2000% of your sanctioned limit. If you can increase the credit limit offered to you, maybe your spends wouldn't get flagged?
Click to expand...
As far as I know, the RM fill up the exact same application online as I would have if I were to apply for a card. But in the bottom he filled up his reference code. And he told me that the 3 lakh limit was pre-sanctioned and there was no way to increase it without "improving your relationship" with the bank. Which basically means I have to open FD, take term insurance policies, open mutual fund with them etc. All loss-making instruments, IMO.
 
Upvote 0 Downvote
Santanu.Sen said:
Arre but could only do it for 1 month. After that toh they devalued the card. I wont be using that card much anymore. So I dont think they will bother with me that much.
Click to expand...
Don't know but someone doing same with HDFC card hdfc immediately block the card bcz misused fr rewards... if u r lucky u may saved by axis transactions monitoring team
 
Upvote 0 Downvote
Santanu.Sen said:
From kotak's website. Click on Credit Card under "Cards & Fastag" dropdown menu on the top. Then scroll down and find "Categories" dropdown and select "premium". You find the apply button there.
Click to expand...
Ok , I was not aware that this card can be applied directly as kotak mentions it as invite only card.
Update here if they approve the sams
 
Upvote 0 Downvote
So guys any other suggestions? Apart from HSBC cashback card and Kotak white reserve? Is IDFC First Wealth good?
If there is nothing else, I fear the era of unlimited cashback cards is over. Axis Ace was the last such card. FML 😭
 
Upvote 0 Downvote
You must log in or register to reply here.

Similar threads

V
Alternative to Axis priority salary account
Replies
18
Views
498
HumorSimpson
HumorSimpson
hellwish
I want to cancel my Axis Magnus. What are the Alternative for Travel Spends? - Query & Discussion
Replies
11
Views
376
techstrom007
T
R
  • Question Question
Axis Ace Alternative
Replies
23
Views
3K
TheLazyInsomniac
T
V
  • Question Question
Flipkart Axis devaluation From March 2023 Alternative For Maximize Benefits
Replies
19
Views
3K
CHOCOPANDA
CHOCOPANDA
Back
Top