Axis bank issuing card cancellation notice part 2

[TechnoFinoTechnoFino is verified member.]

Greetings everyone,

Yesterday, I had informed you all that numerous Axis Bank customers had received notifications to justify their spends, or else the bank might cancel their credit cards, specifically HNI Cards. To my surprise, I was also included in the list and was asked by Axis Bank to provide proof of my personal expenses.

Here is the thread- https://www.technofino.in/community...onal-credit-cards-for-business-expenses.9027/

Without delay, I shared all my invoices with them through email. I wasn't anxious about the notice as all my expenses were personal in nature.

Today, Axis Bank provided me with official clarification that my cards will not be canceled,

but they did caution against using the cards for business purposes. Hence, the amount of money spent, whether it is 10L, 50L or even 1 Cr, is not important as long as it can be justified as a personal expense.

Cheers 🥂

 

[RewardsAlert]

Greetings everyone,

Yesterday, I had informed you all that numerous Axis Bank customers had received notifications to justify their spends, or else the bank might cancel their credit cards, specifically HNI Cards. To my surprise, I was also included in the list and was asked by Axis Bank to provide proof of my personal expenses.

Here is the thread- https://www.technofino.in/community...onal-credit-cards-for-business-expenses.9027/

Without delay, I shared all my invoices with them through email. I wasn't anxious about the notice as all my expenses were personal in nature.

Today, Axis Bank provided me with official clarification that my cards will not be canceled,
View attachment 11772
but they did caution against using the cards for business purposes. Hence, the amount of money spent, whether it is 10L, 50L or even 1 Cr, is not important as long as it can be justified as a personal expense.

Cheers 🥂

Congratulations @TechnoFino for the deserved victory!
You are correct in saying that the amount of spends do not matter on the card as long as we are able to justify such spends as personal.
Your story will act as a signal to Money rotators on credit cards with high rewards such as Magnus or Infinia and they will think twice before using BharatNXT or fake rent payments on their cards.
In case of HNI Cards, even the bank wish to retain their loyal customers, so they are more on a lenient side, unlike Cashback cards such as Ace or Apay, which are most suspected to be used for commercial purposes and their radar.
I wish you best of luck for your future endeavours. Keep inspiring us by your miraculous jobs!
Thanks

 

[Avijeet]

Congratulations @TechnoFino and thanks for sharing everything without any hesitation.

 

[dileep]

Post the mail pic regarding cancellation 😀

 

[anirban.choudhuryanirban.choudhury is verified member.]

Great , congratulations @TechnoFino .

I have a doubt actually on this , is money rotation really illegal . I can understand using credit cards for commercial purpose like that on Yaper , or paying commercial bills or purchasing tickets for other customers as an agent does count as commercial usage which are not allowed as per MITC . But does money rotation also comes in this , like suppose you take out cash from credit card , or pay yourself rent both seems the same thing . If you are ok to pay the extra charges both in case of cash withdrawal or rent/ Tution fees and you have all the transactions details , that source and destination belong to you , so even in that case will there be any issue with the banks ??

Also to note :- I don’t use credit card for rent or cash withdrawal but just wanted to understand the login behind it .

 

[harshunlimited]

@TechnoFino Could it have been that their social media team realises & give feedback to their backend teams that you're the OG of this Axis CC game & they decide to send the warning to you knowing fully that it shall go full blown out in the social media & forums and hence people will start behaving and also get some publicity of their cards!?! They're smart if they doing just that 😛
Kind of similar to the saying 'when you make the naughtiest guy in the class, a monitor, the class behaves the best'.
Outside of twitter & this forum I hardly know anybody talking about Axis CCs in high esteem, it's still is Infinia & AmEx.

 

[RewardsAlert]

@TechnoFino Could it have been that their social media team realises & give feedback to their backend teams that you're the OG of this Axis CC game & they decide to send the warning to you knowing fully that it shall go full blown out in the social media & forums and hence people will start behaving and also get some publicity of their cards!?! They're smart if they doing just that 😛
Kind of similar to the saying 'when you make the naughtiest guy in the class, a monitor, the class behaves the best'.
Outside of twitter & this forum I hardly know anybody talking about Axis CCs in high esteem, it's still is Infinia & AmEx.

Dear Harsh, you're very very clever in thinking that, and I agree almost agree with your statement!
I have been personally involved with some Axis officials who were using a post in TF community as their reference/evidence for a case.
Therefore it would not be wrong to say they did all this drama, for spreading a caution message/fear of commercial transactions among other cardholders.
As Sumanta also mentioned, total no of people receiving such notices are only 500 which is a very small number compared to lakhs of HNI Cardholder, so it might be a full proof strategy by Axis in upping their Credit Card game.
Lastly all of this is a mere speculation, neither you nor me know what's actually going inside.
All we can do is hope for the best and enjoy such party till it lasts.

 

[abhishek12333@rediffmail.]

Congratulations. It is so swift. Everything happened in a matter of one day !!

 

[Wealth is my birth right!]

Dear Harsh, you're very very clever in thinking that, and I agree almost agree with your statement!
I have been personally involved with some Axis officials who were using a post in TF community as their reference/evidence for a case.
Therefore it would not be wrong to say they did all this drama, for spreading a caution message/fear of commercial transactions among other cardholders.
As Sumanta also mentioned, total no of people receiving such notices are only 500 which is a very small number compared to lakhs of HNI Cardholder, so it might be a full proof strategy by Axis in upping their Credit Card game.
Lastly all of this is a mere speculation, neither you nor me know what's actually going inside.
All we can do is hope for the best and enjoy such party till it lasts.

Or may be they have to record 500 such enquiries in an year for some audit purposes being a banker

 

[ccdc]

Great , congratulations @TechnoFino .

I have a doubt actually on this , is money rotation really illegal . I can understand using credit cards for commercial purpose like that on Yaper , or paying commercial bills or purchasing tickets for other customers as an agent does count as commercial usage which are not allowed as per MITC . But does money rotation also comes in this , like suppose you take out cash from credit card , or pay yourself rent both seems the same thing . If you are ok to pay the extra charges both in case of cash withdrawal or rent/ Tution fees and you have all the transactions details , that source and destination belong to you , so even in that case will there be any issue with the banks ??

Also to note :- I don’t use credit card for rent or cash withdrawal but just wanted to understand the login behind it .

money rotation is def illegal...since if IT dept finds out that the credits in your bank account/wallet are due to such tricks...there's nothing stopping them from counting it in your income...also on such spends banks have to give you rewards/milestone...so it's a cost to them as well for "useless spends".......as far as rent..tutuion fees etc is concerned...ppl have abused it a lot so these devaluations...otherwise nothing wrong in paying those from your cc if you're okay to bear charges...my thoughts..others might differ..

 

[Dr-green69]

Greetings everyone,

Yesterday, I had informed you all that numerous Axis Bank customers had received notifications to justify their spends, or else the bank might cancel their credit cards, specifically HNI Cards. To my surprise, I was also included in the list and was asked by Axis Bank to provide proof of my personal expenses.

Here is the thread- https://www.technofino.in/community...onal-credit-cards-for-business-expenses.9027/

Without delay, I shared all my invoices with them through email. I wasn't anxious about the notice as all my expenses were personal in nature.

Today, Axis Bank provided me with official clarification that my cards will not be canceled,
View attachment 11772
but they did caution against using the cards for business purposes. Hence, the amount of money spent, whether it is 10L, 50L or even 1 Cr, is not important as long as it can be justified as a personal expense.

Cheers 🥂

@TechnoFino first of all congratulations. I would like to ask you spend on my magnus so the thing is my brother is planning a trip of 3 or 4 countries after may and i was thinking i should buy his tickets from my magnus credit card but after this notice things should i Avoid buying tickets for him? Amount will not exceed 300k total but does it comes under commercial use??

 

[akshayhs]

I am okay with them doing this every month to filter out the bad guys and kill their practices rather than devaluing the cards as a whole and everyone else who are using it as per the T&C, suffering as a whole for the mistake of a few bad apples. I infact assume this would be a trend this year for every bank if not just Axis.

 

[manzb]

@TechnoFino first of all congratulations. I would like to ask you spend on my magnus so the thing is my brother is planning a trip of 3 or 4 countries after may and i was thinking i should buy his tickets from my magnus credit card but after this notice things should i Avoid buying tickets for him? Amount will not exceed 300k total but does it comes under commercial use??

Definitely NO. It is a genuine expense as you are buying tickets for a close relative it is like gifting.

 

[Kenu73]

money rotation is def illegal...since if IT dept finds out that the credits in your bank account/wallet are due to such tricks...there's nothing stopping them from counting it in your income...also on such spends banks have to give you rewards/milestone...so it's a cost to them as well for "useless spends".......as far as rent..tutuion fees etc is concerned...ppl have abused it a lot so these devaluations...otherwise nothing wrong in paying those from your cc if you're okay to bear charges...my thoughts..others might differ..

Money rotation isn't illegal, credit card is a loan product. Money coming from loan product can't be your income. You need to be able to justify the source if a notice comes.

But in credit card terms it's called, gaming and if Card companies find it. They will cancel your card but "ITS NOT ILLEGAL" . You can easily pay 2-3 percentage to a wallet and transfer so as per you? That's illegal.

Yes banks can cancel your card due to gaming but nothing illegal.


PS.- I was part of one such arm of a financial institution and this institution has the most dynamic and stringent transaction monitoring architecture

 

[Riteshgpt60]

Is there’s any limit of how much cashback per month is safe for axis flipkart card?
Like 8000 for amazon icici and 10000 for sbi cashback.

 

[Wealth is my birth right!]

Is there’s any limit of how much cashback per month is safe for axis flipkart card?
Like 8000 for amazon icici and 10000 for sbi cashback.

Separate thread is highly required admins😃
Safe keep below 5k

 

[Riteshgpt60]

I

Separate thread is highly required admins😃
Safe keep below 5k

got 8k cb on axis flipkart monthly, nothing happens. Got No warning .

 

[govindkhandare]

if customer has Opted for EMI and his EMI for 12 months in that case card will remain active as per my opinion , suggest me your opinion as well

 

[Theo]

Greetings everyone,

Yesterday, I had informed you all that numerous Axis Bank customers had received notifications to justify their spends, or else the bank might cancel their credit cards, specifically HNI Cards. To my surprise, I was also included in the list and was asked by Axis Bank to provide proof of my personal expenses.

Here is the thread- https://www.technofino.in/community...onal-credit-cards-for-business-expenses.9027/

Without delay, I shared all my invoices with them through email. I wasn't anxious about the notice as all my expenses were personal in nature.

Today, Axis Bank provided me with official clarification that my cards will not be canceled,
View attachment 11772
but they did caution against using the cards for business purposes. Hence, the amount of money spent, whether it is 10L, 50L or even 1 Cr, is not important as long as it can be justified as a personal expense.

Cheers 🥂

Without providing specific details, can you give some idea of the kinds if transactions they were looking into, frequency of the transactions, range of value and how old were these transactions

 

[akshayhs]

Is there’s any limit of how much cashback per month is safe for axis flipkart card?
Like 8000 for amazon icici and 10000 for sbi cashback.

My understanding is as long as that cashback does not land in your bank account you'd be fine. The cashback policy is advertised by the bank for their product which you are using for your personal benefit.