Axis Airtel CC messed cashback by changing statement date on its own.

[FinanceBaBa]

Hi All..

This is to highlight fraud done by Axis in posting cashback on the Axis Airtel credit card
My Statement generation date is 12th of every month.
For the Airtel Broadband payment of 942.82 done on 11th October the same was not posted in October month Statement but posted in November statement.
But the transaction done on 11th November got posted in November month's statement itself.
This is some serious fraud being done by them. This lead to 2 transaction being posted is same bill making me loose some 240 Rs cash back.

Using the card for last 6 months.. But saw such fraud for the first time. 🪓Is is really the shitiest bank.. Have heard a lot but saw personally as well..
Was thinking of getting Atlas next month..
But after seeing this kind of fraud will stay miles away from any new products from them.
I'm not bothered by the amount lost here as it's small but this makes me sure they can mess up big time as well..

Thanks.


Update 14th Nov:
They generated statement on 11th in October instead of usual statement date of 12th.. Not sure why..

But coz of this 🪓shit lost the cashback..

Update: 15 November.- changed the post title as members feel it's not a fraud.
Old title: Axis Cards are Fraud.

 

[Jhon Anand]

Hi All..

This is to highlight fraud done by Axis in posting cashback on the Axis Airtel credit card
My Statement generation date is 12th of every month.
For the Airtel Broadband payment of 942.82 done on 11th October the same was not posted in October month Statement but posted in November statement.
But the transaction done on 11th November got posted in November month's statement itself.
This is some serious fraud being done by them. This lead to 2 transaction being posted is same bill making me loose some 240 Rs cash back.

Using the card for last 6 months.. But saw such fraud for the first time. 🪓Is is really the shitiest bank.. Have heard a lot but saw personally as well..
Was thinking of getting Atlas next month..
But after seeing this kind of fraud will stay miles away from any new products from them.
I'm not bothered by the amount lost here as it's small but this makes me sure they can mess up big time as well..

Thanks.

See with axis airtel you won't get exact cashback ever for both 25% and 10% category. I've given up hope and just use as without exact cashback also it's good enough than other ones.

 

[Anupama_Jha]

It happens sometimes due to delay in claiming settlement at merchant's end.

The debited trxn stays in process for atleast 24 hrs till merchant does settlement.

Next time. Do remember trxn done on 12th of every month will get posted in next billing month and sometimes maybe of 11th also.

Happened with me many times.

This is how cards, especially credit cards work.

 

[FinanceBaBa]

See with axis airtel you won't get exact cashback ever for both 25% and 10% category. I've given up hope and just use as without exact cashback also it's good enough than other ones.

I barely do 2 transactions per month on this card one broadband and another gas cylinder booking. If they can mess up with just these 2 then I don't have words to praise them.

 

[tachniki]

There is transaction date and there is settlement date. Now, settlement is actually done by merchant (manual or automated) or by service provide to merchant (automated). Settlement date can be same day or it can happen even after 2 or 3 days or even more. Credit card issuer (axis here) has no control over it.

In your case, in October, settlement was done possibly a day or more later. Thus it came up in November bill. In November, settlement may have hapoened same day.

Axis may be doing many shits. In this case, i don't think they are responsible. You should time your payments at least 3 or 4 days before billing date to manage this.

 

[FinanceBaBa]

It happens sometimes due to delay in claiming settlement at merchant's end.

The debited trxn stays in process for atleast 24 hrs till merchant does settlement.

Next time. Do remember trxn done on 12th of every month will get posted in next billing month and sometimes maybe of 11th also.

Happened with me many times.

This is how cards, especially credit cards work.

I'm aware of this delay in posting.. But never faced earlier.. Even with this card itself.. So god knows what mess they did

 

[Anupama_Jha]

I'm aware of this delay in posting.. But never faced earlier.. Even with this card itself.. So god knows what mess they did

Bro, this is how cards work. The delay in settlement is intentionally there to protect against fraudulent trxn or incase u have not received the goods/services for which u have paid.

If the debited amount gets instantly settled to merchant account, it will be very hard for banks to recover.

 

[FinanceBaBa]

There is transaction date and there is settlement date. Now, settlement is actually done by merchant (manual or automated) or by service provide to merchant (automated). Settlement date can be same day or it can happen even after 2 or 3 days or even more. Credit card issuer (axis here) has no control over it.

In your case, in October, settlement was done possibly a day or more later. Thus it came up in November bill. In November, settlement may have hapoened same day.

Axis may be doing many shits. In this case, i don't think they are responsible. You should time your payments at least 3 or 4 days before billing date to manage this.

I've been doing it on same day for almost last 6 months but didn't faced any such issues..

Axis is definitely doing shits which is evident everywhere and with almost all their cards.

 

[tachniki]

I've been doing it on same day for almost last 6 months but didn't faced any such issues..

I have worked in company that processes payments. I can say with full confidence credit card issuer bank has no control over it. Six months you were lucky.

 

[FinanceBaBa]

Bro, this is how cards work. The delay in settlement is intentionally there to protect against fraudulent trxn or incase u have not received the goods/services for which u have paid.

If the debited amount gets instantly settled to merchant account, it will be very hard for banks to recover.

I have worked in company that processes payments. I can say with full confidence credit card issuer bank has no control over it. Six months you were lucky.

Being a banker I'm aware of this buddy..

But this just happened only once in last 6 months or so..
Moreover try sometime filing a charge back with Axis and share your story after that..

 

[RAMESH BABU N]

If you do very few trxns - and only for airtel n gas bills - then it's better to call quits.

Close your card n be happy. Avoid Axis.

However logically others try to explain, you have decided to call Axis names n brand it with words like fraud, shittiest n laziest.....

Why live with such a bank ? There are dozens of other banks available in the market. Select what suits your style.

 

[tachniki]

The debited trxn stays in process for atleast 24 hrs till merchant does settlement.

Not necessarily. One can settle immediately after a transaction. But usually merchants settle at end of day (or even later sometimes). Main reason for settlement is batching multiple transactions together. Also, funding / payment does not happen immediately at settlement. That was earlier t+2 days. Now, possibly could be t+1 after settlement.

The delay in settlement is intentionally there to protect against fraudulent trxn or incase u have not received theफ goods/services for which u have paid.

Not really. It comes from a time when real time payment was not possible. Today, UPI is doing realtime payment. May be some day all credit cards may be settled and paid immediately. Bitcoin is near (how near) real time.

 

[FinanceBaBa]

If you do very trxns - and only for airtel n gas bills - then it's better to call quit.

Close your card n be happy. Avoid Axis.

However logically others try to explain, you have decided to call Axis names n brand it with words like fraud, shittiest n laziest.....

Why live with such a bank ? There are dozens of other banks available in the market. Select what suits your style.

Not just using adjective without facing the issues.

Have alredy called quit by closing magnus and samsung infinite long back due to same points posting fiasco created many times.

This was just suiting me for airtel Broadband for 25% and occasional 10% on gas.. If this happens again will definitely close this on renewal.

 

[Anupama_Jha]

•The debited trxn stays in process for atleast 24 hrs till merchant does settlement.

Not necessarily. One can settle immediately after a transaction. But usually merchants settle at end of day (or even later sometimes). Main reason for settlement is batching multiple transactions together. Also, funding / payment does not happen immediately at settlement. That was earlier t+2 days. Now, possibly could be t+1 after settlement.

Bro, read the sentence atleast. I am myself both customer and merchant.



•The delay in settlement is intentionally there to protect against fraudulent trxn or incase u have not received the goods/services for which u have paid.

Not really. It comes from a time when real time payment was not possible. Today, UPI is doing realtime payment. May be some day all credit cards may be settled and paid immediately. Bitcoin is near (how near) real time.

Credit cards transactions won't settle immediately.

 

[Jhon Anand]

Not just using adjective without facing the issues.

Have alredy called quit by closing magnus and samsung infinite long back due to same points posting fiasco created many times.

This was just suiting me for airtel Broadband for 25% and occasional 10% on gas.. If this happens again will definitely close this on renewal.

See man, let's be honest here. No other card will give you 25% for your Airtel broadband and 10% for gas, so even if you miss couple of cashback completely which never happens, it's usually partially and sometimes they credit it after months, you will easily best returns over other cards.

You need to learn how to adjust and settle in life with what we have rather than taking decisions in haste.

 

[FinanceBaBa]

See man, let's be honest here. No other card will give you 25% for your Airtel broadband and 10% for gas, so even if you miss couple of cashback completely which never happens, it's usually partially and sometimes they credit it after months, you will easily best returns over other cards.

You need to learn how to adjust and settle in life with what we have rather than taking decisions in haste.

This is what I said in previous posts mate.. No other good card for airtel broadband.. But for gas can be handled through Amex and other.
It just that was caught off guard with what happened in this statement.

 

[tachniki]

Credit cards transactions won't settle immediately.

Will happen. If not today, may be 10 years later. It will take one network to take lead. I wish Rupay does that. 🙂

 

[Anupama_Jha]

Will happen. If not today, may be 10 years later. It will take one network to take lead. I wish Rupay does that. 🙂

After 10 yrs I am supposed to get retired😭

 

[tachniki]

After 10 yrs I am supposed to get retired😭

Karte hai koshish, jaldi karne ka. 😁

 

[sidp]

I've been doing it on same day for almost last 6 months but didn't faced any such issues..

Axis is definitely doing shits which is evident everywhere and with almost all their cards.

Seems like You were lucky 6 times. This is how cc settlement works. They do mention this in tnc as well. Being a banker you should know it by now. If you request them nicely, they might entertain for an one off; hdfc/icici does(but I wouldn't hold my breath for axis).

Anyway screaming on top of lungs on your rooftop might work better than venting here.