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Axis Bank Debiting Reward Points for Reversed Transactions of 2023: Year-End Circus 🎪

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Hey TFCians,

Axis Bank is back with its year-end circus 🎪!

A notification on the rewards points page of their mobile app states that you need to click a link to check if the bank has debited any reward points for transactions made in 2023. This applies to transactions that were reversed, refunded, or those that shouldn't have earned points in the first place.

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I checked my account and found that no reward points have been debited from mine.

IMG-20241214-WA0002.webp

What about you? Are you safe from this circus, or has Axis Bank caught you in its net?

Let us know in the comments below!
 
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Looks like Mandal babu' thread is behind this mangalam
discussion talk GIF
 
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RajS said:
If some one could share link to know what was the hack about?
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Not aware as most of them were kept secret within closed groups (remember that irritating IYKYK thing). But one such loophole was 45X points on brands like M&S on gift edge portal. People used to order clothes online (Someone once did 60k shopping on M&S via Gift Edge) and later return at the physical stores to collect refund. Points were not reversed because of the glitch. A similar hack was replacing Reserve and Magnus. The replacement was detected as a new card (without fee) and guys collected hundreds of thousands of edge reward points and tata cliq vouchers.
 
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Bionick said:
Axis is now debiting points for cancelled transactions done in 2023. People who enjoyed zero paisa hack are now paying back. Everyone check whether they are affected. BTW, next level troll by Axis Bank in debit description 🤣
Source: Twitter.
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It is all conjecture at this point. As far as I know, that section is blank for everyone. It could be just that Axis is trying to segregate debit/credit of points. Right now, everything is present in the same table of transactions and hard to navigate.

Previously, EM was not visible on the app. Only ER and its history was present. But they changed it and now we have separate sections for both.

But if you still want to celebrate without any clear evidence then no one can stop you.

Lastly, people who exploited will still be in advantage because Axis can claim maximum of Re 0.2 per point while they transferred it to FFPs and got a lot better return.
 
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HumorSimpson said:
Marked as personal loan on CIBIL
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This is incorrect. Bank cannot open a personal loan entry without the consumer's knowledge.

However, they can reopen the card and post the charges as they have a clause in their MITC allowing them to do it in case of any adjustments. Don't remember the exact wording but it is something similar.
 
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chasni said:
This is incorrect. Bank cannot open a personal loan entry without the consumer's knowledge.

However, they can reopen the card and post the charges as they have a clause in their MITC allowing them to do it in case of any adjustments. Don't remember the exact wording but it is something similar.
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As equivalent as a loan if it reflects on the credit card. Thanks for this interesting info
 
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