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Axis Bank May Issue Legal Notices for Unsettled Negative Reward Points Balances

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Slayer said:
Avg guy who needs to pay CC bills 6 figures and above each month
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Well the other txns with amount 25K-50K or 1L never fails. 🙂 So the one that failed I shared about it.

Next month it is well above 6 figures again due to advance tax payments before March 15th (HDFC BiZpower Visa card that provides 3.4% on tax payments effectively but only in reward points yet good one). Then it will fall below 6 figs from April having not much payments to do.
 
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malavkarkar said:
Reward points might or might not have monetary value, this is extremely hard to prove either way. But it does cost the bank something. When you transfer your Amex points to let's say Marriott; I don't exactly know what happens behind the scenes, but in simple words, Amex essentially buys Marriott points on your behalf at a negotiated rate. This can be 25p, 30p, nobody knows outside of these two companies. Maybe @BestBanker can help!

Taxing reward points is way more complicated than this though, and I personally don't think that Stree has the capability to figure out such complex structure. The only thing they do is tax these at fixed rate of what the bank is willing to provide its customers. Amex offers 25p for each point when you convert it into cash, so each and every point you earn is valued at that, and gets added to your income. Whatever rate above 25p you redeem this at is your bonus.

But they can never tax these points at redemption level. We're talking about hundreds and thousands of loyalty programs worldwide that might or might not have any presence in India.
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Stree … 😁😁😁
 
Till now, I have faced soft cheating and blatant lies only from the Axis bank employees...no other bank is that blatant...
Hence, I have not activated Axis atlas once i got the flavour of this bank...no lure of reward...as it will come back as bigger pain...
currently only have Airtel card and no more relationship..as it is better to avoid a crocked and incompetent..
exposure is so less that i decided to keep it as I can easily recover the cost but still it may happen that later on citing any excuse, they may demand the refund of the cashback earned in this airtel card also...who knows...that is why, I only pay my own electric bill and airtel postpaid bill...no other use...as grocery and zomato, swiggy i can get from other cards...
 
Anil_Singh said:
All saints in this thread preaching morals but they themselves using tricks and bugs to abuse reward systems. A prime example is earnings rewards for paying credit card bills.

Khud kare to raasleela, koi aur kare to character dheela. Wah 😂
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Sir, I don't know about others but for me it's not character dheela. It's payback time, for availing services customers thought are prepaid but are actually postpaid (at zero interest).

Because they were not asked to pay for 1.5 years they started believing it's free.

Now they are having a reality check.

"Backdoor entry of H***_and_R** cashback for some exploiters laughing at the corner. Don't know about others, but, I won't deny ever. Infact, I never took it in my advantage even though I discovered it on my own."

It's all about taking right stand. Rightful gain vs taking unethical advantage and later rona dhona.
 
ujjwal2024 said:
Till now, I have faced soft cheating and blatant lies only from the Axis bank employees...no other bank is that blatant...
Hence, I have not activated Axis atlas once i got the flavour of this bank...no lure of reward...as it will come back as bigger pain...
currently only have Airtel card and no more relationship..as it is better to avoid a crocked and incompetent..
exposure is so less that i decided to keep it as I can easily recover the cost but still it may happen that later on citing any excuse, they may demand the refund of the cashback earned in this airtel card also...who knows...that is why, I only pay my own electric bill and airtel postpaid bill...no other use...as grocery and zomato, swiggy i can get from other cards...
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No one can beat Indus idiots for soft cheating. Every other day someone will call and start with "this is a service information call" and then throw all sorts of commercial traps like loans, paid upgrades etc.
 
panchabhut said:
No one can beat Indus idiots for soft cheating. Every other day someone will call and start with "this is a service information call" and then throw all sorts of commercial traps like loans, paid upgrades etc.
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Aapko bhi ? 😅 They are offering me daily the same legend card with the same limit which I already hold since 2023.
 
bhai kal hi pre approved axis atlas liya hai, cancel kardu kya? axis ki itni tariff sune ko mil rahi hai, i knew axis IT system is shit faced this issue myself, online booked FD mein source account hi remove kardiya tha bewakufoo ne, RM mereko blame kar raha tha... galiya khayee thi mere se
 
After reviewing all the responses, I’ve identified three types of people:

  1. "Axis Bank is right" – These people believe that those who misused Axis Bank’s reward points two years ago should be blamed. Their argument is a moral one: "You can leave your door open, but others shouldn't steal from your house."
  2. "Axis Bank is at fault" – These people question why Axis Bank left the "door open" in the first place and failed to prevent the misuse.
  3. "Hume kya... hum maze lenge side se..." – These people are just here for the drama and entertainment.
However, many people are missing a few major points:

  1. Axis Bank did not specify a reward point value until 2024. Now, they are punishing customers who closed their cards in 2023 by applying the 2024 MITC, which these customers never signed or agreed to.
  2. If Axis Bank assigns a monetary value to reward points, income tax authorities could demand that customers declare them as income. This would be disastrous. "Reward points do not have any monetary value"—this is a standard rule across the banking industry.
  3. Banking and finance have nothing to do with morality or ethics; what matters is the agreement you sign.
    • Suppose you take a loan without insurance, meet with an accident, and lose your job. Your employer won’t pay you, and the bank won’t spare you—they will still demand repayment. The bank will not think twice before sending a recovery agent to your address.
    • Similarly, big corporations don’t care about ethics. You don’t get a loan or a credit card based on your moral values—you must show proof of income, maintain a good CIBIL score, and sign a legal agreement.
    • And please don’t compare leaving a door open to a bank’s IT infrastructure. If that were the case, people should just keep their money at home instead of in a bank.
    • Think about the worst-case scenario—what if a major hacker group attacks such a weak IT infrastructure and steals your money? Would you still say, "The bank left the door open, but the hackers shouldn't have attacked"?
Yes, I agree that some people exploited the system. The bank can take legal action, and the court/RBI will decide who is right and who is wrong. We can take sides and have a healthy discussion.

My Experience with Axis Bank:​

  1. Unauthorized Mutual Fund SIP (2017):
    If I remember correctly, in 2017, an Axis Bank employee signed a mutual fund agreement on my behalf and started a SIP of ₹1,500 per month, setting up an ECS mandate from my Axis Bank account—just to meet their sales target. When I complained, the branch head and other employees denied any wrongdoing. When I escalated the issue to Axis Mutual Fund, they claimed I had personally signed the SIP creation form at the branch. To this day, they have not revealed the name of the employee responsible.

  2. Unfair Consolidated Charges (₹15,000+ Deducted):
    Axis Bank debited over ₹15,000 from one of my relative’s accounts as "consolidated charges" (non-maintenance charges) over a few years. He had opened an account with a ₹10,000 minimum balance requirement, but Axis Bank upgraded it to a priority account without informing him. They also never notified him about the change in account type, which led to these heavy deductions.
 
Anil_Singh said:
All saints in this thread preaching morals but they themselves using tricks and bugs to abuse reward systems. A prime example is earnings rewards for paying credit card bills.

Khud kare to raasleela, koi aur kare to character dheela. Wah 😂
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Already mentioned bro, morals are high for everyone of us but it went into sleep mode when we pay CC bills via DC. It is not termed illegal. Look even BHIM gives us 40 for 1000 every month. So morals are high. We aren't tricking the bank here. Trciking is actually abusing without doing any txns. Here txns via DC are in full context. Already 6012 not part of it and many people will still pay it for lounge benefit on DC.

Once Arjun put the same question to Krishna as to why what he (Krishna) is doing to others can't be considered sin.

Krishna happily replied, you just leave right and wrong to me and let me decide. You just kill the Kauravas because I don't like their karmas. Then Arjun was cleared of the context of sin and Krishna's message to world was pinned. Then :partyface:started and Pandav's cashback was credited.
 
2025 said:
Sir, aap chahe kuch v bolo, ye sab dekh k toh lag raha hay gamers k sath hi game ho geya.

Beating hardcover players in their own game is really fascinating to watch.

Result ka intezar rahega.
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Again, I'm not supporting those who exploited the system to such an extent. I'm simply questioning Axis Bank for not fixing the issue sooner, for their IT infrastructure.
But yea... having different opinion s totally fine... but honestly the screenshot looks edited to me.
 
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