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

[bargainHunter]

Concealing by users point is so laughable. Axis literally realtime had all the txn details, refunds, conversion to emi etc.

 

[ash_m]

Sure, I'll stop repeating myself. Its not fraud. Those 72 people just randomly decided to order and cancel crores of orders and at the same time the loophole was open. Just a crazy coincidence.

They closed the account with NOC after the loop was patched because again no intention to conceal anything.

It shouldn't have given points if it wanted them back. 200% their fault. Mistakes don't ever happen in this world. And there is no legal recourse for mistakes. Nothing called statute of limitations or mistake of facts or unilateral mistakes.

Yeah, Axis big bad idiot bully. Definitely avoid it. Everyone should close their Atlas and Olympus and Magnus Burgundy and Burgundy Private. 100% or Axis will come to bully you.

Yeah, Axis is bluffing cause it can send legal notice but didn't. You can't wake up someone who's pretending to be asleep.

Axis will learn soon. The d**do of consequences rarely arrives lubed.

You win.

@Copycat Please stop hurting him by asking such questions.

 

[Pinky]

Sorry, I disagree. You keep repeating the same, again and again, that what they did was a fraud. You keep failing to show how it is a fraud. Just because you think it is a fraud doesn't make it a fraud in the eyes of the law
1) They are well within their rights to cancel orders. the quantum of orders or cancellations doesn't matter. Also their past and future (as in after the cancellations) ordering behaviour doesn't matter for reasons I pointed out earlier
2) They are under no obligation to inform Axis to take back the points
3) They have not attempted to conceal any facts. The very act of cancelling the order would have resulted in a credit to the CC account, which Axis could very well see

Axis has exhibited utter negligence in not reclaiming the points in the first place. Axis made its error worse by issuing NOCs. It then dug itself into a bigger hole by attempting to recover points at the rate of 40p when its own terms and conditions state the monetary value of an ER point as 20p

Please point out which specific act of the exploiters constitutes a fraud, in the legal sense of the term "fraud". Or if you have already answered it please point out where. If you are unaware of what a fraud is, in a legal sense, please refer to this https://indiankanoon.org/doc/299780/ & this https://www.lawyersclubindia.com/articles/criminal-fraud-vs-civil-fraud-14863.asp

Axis very well knows that it has not much of a case. Because of point 3 above, i.e. it was evident to Axis that the transaction was cancelled, the case would be thrown out of court. Which is why it is trying the bluff & bully route. If Axis had the faintest hope of winning, it would already have sent legal notices for recovery. Legal notices don't cost anything when you have lawyers on the roll. And merely sending a legal notice does not place any burden on the sender of the notice.

You seem to be knowledgeable and your comments are logical as well as rational,

I have one theory going on in my for so many days , pls let me know about this different angle also that Axis and staff would have benefitted with this Glitch or not?

✅ More Credit Card Sign-ups – Axis Bank gave extra reward points to customers, which made the credit card look very attractive. More people applied for Axis credit cards, thinking they would get huge benefits.

✅ Inflated Financial Reports – When people did transactions (even if later canceled), Axis Bank recorded them as business growth. This made their quarterly financial reports look stronger than they actually were.

✅ Stock Price Manipulation? – If the financial reports showed high growth, investors trusted the bank more and bought shares. This could have increased Axis Bank’s stock price, benefiting top executives who owned company shares or received performance-based bonuses.

✅ Merchant Fee Earnings – Even when transactions were later canceled, Axis may have charged fees to merchants for processing those transactions. This means the bank earned money without actually providing a real service.

 

[aaa1]

You seem to be knowledgeable and your comments are logical as well as rational,

I have one theory going on in my for so many days , pls let me know about this different angle also that Axis and staff would have benefitted with this Glitch or not?

✅ More Credit Card Sign-ups – Axis Bank gave extra reward points to customers, which made the credit card look very attractive. More people applied for Axis credit cards, thinking they would get huge benefits.

✅ Inflated Financial Reports – When people did transactions (even if later canceled), Axis Bank recorded them as business growth. This made their quarterly financial reports look stronger than they actually were.

✅ Stock Price Manipulation? – If the financial reports showed high growth, investors trusted the bank more and bought shares. This could have increased Axis Bank’s stock price, benefiting top executives who owned company shares or received performance-based bonuses.

✅ Merchant Fee Earnings – Even when transactions were later canceled, Axis may have charged fees to merchants for processing those transactions. This means the bank earned money without actually providing a real service.

Ohh shit here we go again...

 

[kiwi]

Final what happened to those 72 people

 

[Copycat]

You seem to be knowledgeable and your comments are logical as well as rational,

I have one theory going on in my for so many days , pls let me know about this different angle also that Axis and staff would have benefitted with this Glitch or not?

✅ More Credit Card Sign-ups – Axis Bank gave extra reward points to customers, which made the credit card look very attractive. More people applied for Axis credit cards, thinking they would get huge benefits.

✅ Inflated Financial Reports – When people did transactions (even if later canceled), Axis Bank recorded them as business growth. This made their quarterly financial reports look stronger than they actually were.

✅ Stock Price Manipulation? – If the financial reports showed high growth, investors trusted the bank more and bought shares. This could have increased Axis Bank’s stock price, benefiting top executives who owned company shares or received performance-based bonuses.

✅ Merchant Fee Earnings – Even when transactions were later canceled, Axis may have charged fees to merchants for processing those transactions. This means the bank earned money without actually providing a real service.

Thank you for your kind words. However, I do not have sufficient knowledge to comment about some of the points that you have raised

1) Is Axis guilty of launching cards with loose terms and higher customer benefits and then later on adding a whole host of exclusions? Definitely, yes. It has happened so many times that I no longer believe it to be a mistake committed because they were unaware of potential customer response or out of negligence by staff. It seems to have become their modus operandi. Launch attractive seeming cards, collect fees and then reduce benefits or claim a misuse of benefits. Axis, of course, gets to keep the upfront fees and it very likely translates to an initial increase in customers, better financial performance and higher shareholder value. However, unless they keep doing this indefinitely and their customers are absolute fools, this isn't a very sustainable business practice. Ultimately, the customer count will go down, financial performance will suffer and shareholder value will erode

2) Does Axis get to keep fees in case of cancelled transactions? This is the part that I don' t know. I'm aware that Stripe, Paypal and platforms like Shopify charge their merchants fees for canceled transactions because they in turn have to pay fees to the issuing and acquiring banks, as well as the network. Does this happen in the context of large Indian platforms like Flipkart/Amazon/travel aggregators? I don't know. Someone selling on Amazon/Flipkart would be better placed to answer this

 

[sjmajumder]

2) Does Axis get to keep fees in case of cancelled transactions? This is the part that I don' t know. I'm aware that Stripe, Paypal and platforms like Shopify charge their merchants fees for canceled transactions because they in turn have to pay fees to the issuing and acquiring banks, as well as the network. Does this happen in the context of large Indian platforms like Flipkart/Amazon/travel aggregators? I don't know. Someone selling on Amazon/Flipkart would be better placed to answer this

Yes, Axis get's to keep the fees of the original transaction. No additional charges for the refund.

So actually it is beneficial for the bank and a loss making scenario for the merchant/platform. The merchant/platform has to bear the charges while getting no business at all.

Consider the scenario when an order is cancelled - Axis gets their money back in few days and gets to keep the charges, whereas if there is no cancellation Axis gets their money between 18-48 days which is a considerably longer interest free loan period. So, actually in this case Axis loses nothing even if the rewards are awarded to the customer as it comes at the cost of the merchant/platform. Now the the obvious question, if bank loses nothing why reverse the RPs - it is because, otherwise we will only be placing and cancelling orders and merchant/platforms will keep funding the RPs while getting no business at all 😀 😀 😀

 

[aaa1]

Yes, Axis get's to keep the fees of the original transaction. No additional charges for the refund.

So actually it is beneficial for the bank and a loss making scenario for the merchant/platform. The merchant/platform has to bear the charges while getting no business at all.

Consider the scenario when an order is cancelled - Axis gets their money back in few days and gets to keep the charges, whereas if there is no cancellation Axis gets their money between 18-48 days which is a considerably longer interest free loan period. So, actually in this case Axis loses nothing even if the rewards are awarded to the customer as it comes at the cost of the merchant/platform. Now the the obvious question, if bank loses nothing why reverse the RPs - it is because, otherwise we will only be placing and cancelling orders and merchant/platforms will keep funding the RPs while getting no business at all 😀 😀 😀

I can't even

 

[Pinky]

Yes, Axis get's to keep the fees of the original transaction. No additional charges for the refund.

So actually it is beneficial for the bank and a loss making scenario for the merchant/platform. The merchant/platform has to bear the charges while getting no business at all.

Consider the scenario when an order is cancelled - Axis gets their money back in few days and gets to keep the charges, whereas if there is no cancellation Axis gets their money between 18-48 days which is a considerably longer interest free loan period. So, actually in this case Axis loses nothing even if the rewards are awarded to the customer as it comes at the cost of the merchant/platform. Now the the obvious question, if bank loses nothing why reverse the RPs - it is because, otherwise we will only be placing and cancelling orders and merchant/platforms will keep funding the RPs while getting no business at all 😀 😀 😀

So in this case Axis is going to benefit from everywhere 😃,
So this So called Glitch (Trap) or Loophole was like "FAAYDE KA SAUDA THA" for Axis.
HDFC, ICICI, SBI etc should learn from Axis na 🤣

 

[aaa1]

So in this case Axis is going to benefit from everywhere 😃,
So this So called Glitch (Trap) or Loophole was like "FAAYDE KA SAUDA THA" for Axis.
HDFC, ICICI, SBI etc should learn from Axis na 🤣

Banks can earn infinite money. Central Banks hate this simple trick.

 

[S.S.]

Oh, I think we all agree that the looters abused the Axis system. And most of us (I include myself) hate them for it because it screwed up the system for those who were using it fairly. But that doesn't make it a fraud. Read what constitutes a fraud here:

https://indiankanoon.org/doc/299780/

I don't see any attempt by the looters to deceive Axis about whether or not the goods were returned. Axis had all the info at their fingertips, yet they chose to take no action. They went even further and issued NOCs to some. Then they tried to extort money (by doubling the rate at which they valued the points) from those who abused the system.

What if, I didn't know I was doing anything wrong? What if, being the financial newb I am to credit cards/loans etc, I thought that axis system was working as designed and reward points were supposed to be accrued with refunded transactions? I mean from my perspective, I only know taking loan and repaying loan i.e. the business of credit cards. These reward points etc were a by product and I firmly believed that this was actually a feature of the infamous magnus /atlas credit cards for which there have been numerous atlrticles online both paid and free by axis i.e. you get reward points for making high value transactions. Isn't that enough to entangle a newb like me? I mean, how was I, as a new credit card user, to know that the points that I am getting are not as designed? As far as I was concerned, it wasn't even real money! Just some make belief token that axis was playing at!? And axis, as part of its promotional emails, kept insisting/insinuating for me to transfer them to accor itc etc? Was I not led on? In the end, is this not misselling? I.e. axis gave me points upfront for some transactions which I thought were valid, and later axis wants to quote a random number(0.4) i.e. when their mitc stipulated 0.2. looks to me like axis bank wanted unsuspecting users to take advantage of an "as designed" system to quote an higher amount for each ER point that would probably have gone unsold for all we know. This, seems like misselling and institutionalized fraud to me.

 

[bargainHunter]

What if, I didn't know I was doing anything wrong? What if, being the financial newb I am to credit cards/loans etc, I thought that axis system was working as designed and reward points were supposed to be accrued with refunded transactions? I mean from my perspective, I only know taking loan and repaying loan i.e. the business of credit cards. These reward points etc were a by product and I firmly believed that this was actually a feature of the infamous magnus /atlas credit cards for which there have been numerous atlrticles online both paid and free by axis i.e. you get reward points for making high value transactions. Isn't that enough to entangle a newb like me? I mean, how was I, as a new credit card user, to know that the points that I am getting are not as designed? As far as I was concerned, it wasn't not even real money! Just some make belief token that axis was playing at!? And axis, as part of its promotional emails, kept insisting for me to transfer them to accor itc etc? Was I not led on?

The way someone spends free loyalty points is different that how real money is spent. So of course, Axis was at fault more than users given they had all details real time. Asking for 0.4 Rs vs 0.2 Rs (value of gv redemption) is extortion by Axis

 

[Pinky]

What if, I didn't know I was doing anything wrong? What if, being the financial newb I am to credit cards/loans etc, I thought that axis system was working as designed and reward points were supposed to be accrued with refunded transactions? I mean from my perspective, I only know taking loan and repaying loan i.e. the business of credit cards. These reward points etc were a by product and I firmly believed that this was actually a feature of the infamous magnus /atlas credit cards for which there have been numerous atlrticles online both paid and free by axis i.e. you get reward points for making high value transactions. Isn't that enough to entangle a newb like me? I mean, how was I, as a new credit card user, to know that the points that I am getting are not as designed? As far as I was concerned, it wasn't even real money! Just some make belief token that axis was playing at!? And axis, as part of its promotional emails, kept insisting/insinuating for me to transfer them to accor itc etc? Was I not led on? In the end, is this not misselling? I.e. axis gave me points upfront for some transactions which I thought were valid, and later axis wants to quote a random number(0.4) i.e. when their mitc stipulated 0.2. looks to me like axis bank wanted unsuspecting users to take advantage of an "as designed" system to quote an higher amount for each ER point that would probably have gone unsold for all we know. This, seems like misselling to me.

That's Why I have quoted in my previous comments that , It was a Well Planned Trap and not a Loophole or Glitch.

Axis with its employees definitely gained a lot with this.