Axis Bank Issuing Cancellation Notices for Using Personal Credit Cards for Business Expenses

[TechnoFinoTechnoFino is verified member.]

Dear TFC members,

I would like to inform you that Axis Bank has begun sending commercial use notifications to their HNI cardholders as well. As you may already know, Axis Bank has a history of cancelling their customers' cashback cards such as Axis Ace and Axis Flipkart Card if they are used for business purposes.

Recently, Axis Bank has sent suspected commercial use notifications to their HNI cardholders such as Axis Magnus, Axis Reserve, etc. Unfortunately, I have also received a notification from Axis Bank and they are requesting spending justification within the next seven working days.

In case a customer is unable to justify their spending as personal, the bank will close all their credit cards.
During that time frame (Dec 2022 and Jan 2023), all of my spending was personal. I am currently in the process of submitting all the necessary documents to Axis Bank for spending justification.
The primary reason for this post is to advise our members that even if you are using a high-end credit card from a bank, they may still flag your transactions if they are related to business expenses.
If you intend to charge anything other than personal expenses to your personal credit card, please exercise caution.

Edit:- many people are asking for subject line of the email, Here it is- "Commercial Usage on your Axis Bank Credit Card Accounts"

Update - Axis Bank has already sent notifications to more than 200 accounts on March 4, 2023. Now they have sent such a cancellation notice to more than 500 credit card accounts yesterday. and they are also filtering more accounts. (S.N.)

 

[thanix]

Looks like HDFC has joined the party

Email from hdfc bank for transaction clarification

Received email from hdfc for excessive use of credit card each month for single transaction.any suggestions for it. Attaching the screenshot here, as many members were asking me for this.

www.technofino.in

Wonder whether bank guys are also having a forum to strike at the same time🤔

 

[Nemesis]

Looks like HDFC has joined the party

Email from hdfc bank for transaction clarification

Received email from hdfc for excessive use of credit card each month for single transaction.any suggestions for it. Attaching the screenshot here, as many members were asking me for this.

www.technofino.in

Wonder whether bank guys are also having a forum to strike at the same time🤔

Aab toh Dar ka mahool hai... Next which famous CC... SBI Cashback card/ Axis Vistara Infinite? 🤣

 

[ccdc]

Aab toh Dar ka mahool hai... Next which famous CC... SBI Cashback card/ Axis Vistara Infinite? 🤣

this forum should be banned...coz all these bank ppl visit this forum and see what abuse is happening then they go and plug that loophole...the forum which was created for everyone's betterment is causing pain to everyone now...

 

[sv004]

Moneyrotators ki lag jaegi

 

[Nemesis]

Moneyrotators ki lag jaegi

FY Closing hai... Next month se chatai chalu

 

[kkk]

Suppose I use my credit card for investment(like for NPS), will that count as illegal or will it cause card cancellation. Few places we can use for personal investment - NPS, some Invoice discounting firm. Obviously there are extra charges on using credit card on this platform. @TechnoFino

 

[hireng]

In my case, using a personal credit card for e-commerce ads resulted in a financial query from the credit card company. If the total amount spent in a year is close to 50 lakhs, it's necessary to separate and divide the amount into all credit cards. However, if the amount is between 12-25 lakhs, there shouldn't be any issues. Please note, this advice is for sole proprietors only, not agencies or partnerships. and i always use multiple card and add all my personal expense too and nowadays each would transaction would be 4956 x 10/20/30.

haven't banks blocked MCCs for ad-spends? I heard a few banks do that

 

[787]

Dear TFC members,

I would like to inform you that Axis Bank has begun sending commercial use notifications to their HNI cardholders as well. As you may already know, Axis Bank has a history of cancelling their customers' cashback cards such as Axis Ace and Axis Flipkart Card if they are used for business purposes.

Recently, Axis Bank has sent suspected commercial use notifications to their HNI cardholders such as Axis Magnus, Axis Reserve, etc. Unfortunately, I have also received a notification from Axis Bank and they are requesting spending justification within the next seven working days.
View attachment 11709
In case a customer is unable to justify their spending as personal, the bank will close all their credit cards.
During that time frame (Dec 2022 and Jan 2023), all of my spending was personal. I am currently in the process of submitting all the necessary documents to Axis Bank for spending justification.
The primary reason for this post is to advise our members that even if you are using a high-end credit card from a bank, they may still flag your transactions if they are related to business expenses.
If you intend to charge anything other than personal expenses to your personal credit card, please exercise caution.

Edit:- many people are asking for subject line of the email, Here it is- "Commercial Usage on your Axis Bank Credit Card Accounts"
View attachment 11732
Update - Axis Bank has already sent notifications to more than 200 accounts on March 4, 2023. Now they have sent such a cancellation notice to more than 500 credit card accounts yesterday. and they are also filtering more accounts. (S.N.)

Hi.

As a landlord if I charge my tenant gst for a property owned by me, collect the gst from him and pay that gst through BharatNxt, is that okay or a restricted activity in this case.


Thanks!

 

[Wealth is my birth right!]

this forum should be banned...coz all these bank ppl visit this forum and see what abuse is happening then they go and plug that loophole...the forum which was created for everyone's betterment is causing pain to everyone now...

Betterment of banks

 

[Wealth is my birth right!]

Aab toh Dar ka mahool hai... Next which famous CC... SBI Cashback card/ Axis Vistara Infinite? 🤣

Whichever we TF take it and hit that card will be under bank’s radar

 

[Sharjeelshaikh]

Hi.

As a landlord if I charge my tenant gst for a property owned by me, collect the gst from him and pay that gst through BharatNxt, is that okay or a restricted activity in this case.


Thanks!

It's personal expense since gst in not on company name but personal name.if property in company name then commercial

 

[Zacobite]

Dear TFC members,

I would like to inform you that Axis Bank has begun sending commercial use notifications to their HNI cardholders as well. As you may already know, Axis Bank has a history of cancelling their customers' cashback cards such as Axis Ace and Axis Flipkart Card if they are used for business purposes.

Recently, Axis Bank has sent suspected commercial use notifications to their HNI cardholders such as Axis Magnus, Axis Reserve, etc. Unfortunately, I have also received a notification from Axis Bank and they are requesting spending justification within the next seven working days.
View attachment 11709
In case a customer is unable to justify their spending as personal, the bank will close all their credit cards.
During that time frame (Dec 2022 and Jan 2023), all of my spending was personal. I am currently in the process of submitting all the necessary documents to Axis Bank for spending justification.
The primary reason for this post is to advise our members that even if you are using a high-end credit card from a bank, they may still flag your transactions if they are related to business expenses.
If you intend to charge anything other than personal expenses to your personal credit card, please exercise caution.

Edit:- many people are asking for subject line of the email, Here it is- "Commercial Usage on your Axis Bank Credit Card Accounts"
View attachment 11732
Update - Axis Bank has already sent notifications to more than 200 accounts on March 4, 2023. Now they have sent such a cancellation notice to more than 500 credit card accounts yesterday. and they are also filtering more accounts. (S.N.)

Yes.. Your warning is so needed here ..Your transperant communication is well appreciated.. Thanks

 

[vaibhav111vaibhav111 is verified member.]

this forum should be banned...coz all these bank ppl visit this forum and see what abuse is happening then they go and plug that loophole...the forum which was created for everyone's betterment is causing pain to everyone now...

More like don’t use for such 💳🔁activity cause they will only spoil your financial mindset and bank are aware they are still making money and want you to do such dumb activities like money rotate and charge you on that amount too and they will fix when they think it causing them loss instead of profit. Bank is much higher altitude that one single person can actually understand so it like give & take and someone will stop doing money rotations and other will find some more ways to find a loophole

 

[787]

It's personal expense since gst in not on company name but personal name.if property in company name then commercial

Okay thank you

 

[ccdc]

More like don’t use for such 💳🔁activity cause they will only spoil your financial mindset and bank are aware they are still making money and want you to do such dumb activities like money rotate and charge you on that amount too and they will fix when they think it causing them loss instead of profit. Bank is much higher altitude that one single person can actually understand so it like give & take and someone will stop doing money rotations and other will find some more ways to find a loophole

it's human tendency to abuse...for ex this rent payment.... genuine ppl were using it effectively to pay rent and enjoy free credit period...now they have to pay min 100-200 charges on any bank card...coz of the abusers.. geniune ppl have to suffer...

 

[vaibhav111vaibhav111 is verified member.]

haven't banks blocked MCCs for ad-spends? I heard a few banks do that

nah why would they do see they transaction doesn't get any 1x/2x so it basic transaction the volume matter here. the spend for ads are in cr in India

it's human tendency to abuse...for ex this rent payment.... genuine ppl were using it effectively to pay rent and enjoy free credit period...now they have to pay min 100-200 charges on any bank card...coz of the abusers.. geniune ppl have to suffer...

Abuse seem to be strong word here I would use misuse and for rent payment even I was supposed to get magnus and get would complete 2 month of milestone out of 12 for sure. and have proper rent agreement 🤝 but in feb axis annouched so i missed the train and didnt wanted to pay early rent so yeah you will win and loose, circle of life.

 

[krishh]

I find it a little amusing since i used to think that more a card is used, better it is for the banks since they get some commission on it.... If this is true then why woild they object to some one using exessively... To whatever end it may be, it is benefitting banks right... But i think my understanding is wrong when i see this thread

 

[Alex292929]

My father owns a manufacturing firm we get electricity bill above 2 lacs every month, If I use my cc to pay that, not every month once in a quarter or once in 6 months, will there be any issue?

 

[Sharjeelshaikh]

My father owns a manufacturing firm we get electricity bill above 2 lacs every month, If I use my cc to pay that, not every month once in a quarter or once in 6 months, will there be any issue?
currently we are paying it to an agent in cash and he pays for that

In all likelihood they will filter it.better stop they can easily evaluate that nobody gets 2 lac utility bill.AI picks it easily

 

[akshayhs]

My father owns a manufacturing firm we get electricity bill above 2 lacs every month, If I use my cc to pay that, not every month once in a quarter or once in 6 months, will there be any issue?
currently we are paying it to an agent in cash and he pays for that

Get a business credit card for the firm and put every business expense on that. It's better that way