Axis Bank Reserve credit card loophole patched - negative EDGE points balance

[TechnoFinoTechnoFino is verified member.]

Hey TFCians,

I want to bring to your attention that Axis Bank has reversed lakhs of EDGE points that were mistakenly credited due to a technical error. The bank had been offering a bonus of 50,000 EDGE points (Activation bonus) to Axis Reserve credit card users every time they replaced their credit card, and many users had taken advantage of this loophole to earn lakhs of reward points without spending any money.

What is activation bonus: The activation bonus is a perk offered by Axis Bank to its Reserve Credit Card customers. Upon getting the card and paying the joining or annual fees, the bank credits 50,000 bonus EDGE points to the customer's account. This bonus is known as the activation bonus and is provided to the customer at the time of joining and every year upon paying the annual fees.

However, Axis Bank has now taken action to correct this error and is reclaiming all the bonus points that were credited. Even those who have already transferred their points to partners will have a negative EDGE points balance and will not be able to escape this reversal.

If you have already closed your credit cards, you will not be impacted by this reversal process. Please keep this in mind and check your EDGE points balance to avoid any surprises.

 

[R@J]

@RewardsAlert, @TechnoFino : Hi, I'm an old follower of your youtube channel. However, very new to this forum (where information flow is 2-way 🙂 ). I hold DCB, Vistara Infinite and Magnus SuperPremium cards; and also happen to be an ex-banker. Please add me to VIP Lounge club, I'm sure would be able to bring insights to group. Thanks 🙂

 

[4uziaul]

@RewardsAlert, @TechnoFino : Hi, I'm an old follower of your youtube channel. However, very new to this forum (where information flow is 2-way 🙂 ). I hold DCB, Vistara Infinite and Magnus SuperPremium cards; and also happen to be an ex-banker. Please add me to VIP Lounge club, I'm sure would be able to bring insights to group. Thanks 🙂

😂🤣🤪

 

[It_is_Naruto]

@RewardsAlert, @TechnoFino : Hi, I'm an old follower of your youtube channel. However, very new to this forum (where information flow is 2-way 🙂 ). I hold DCB, Vistara Infinite and Magnus SuperPremium cards; and also happen to be an ex-banker. Please add me to VIP Lounge club, I'm sure would be able to bring insights to group. Thanks 🙂

Send the photograph of your card ( magnus with name only) and your user id to Technofino ( reply on the welcome msg) for this. Welcome.

 

[CardTox]

Send the photograph of your card ( magnus with name only) and your user id to Technofino ( reply on the welcome msg) for this. Welcome.

Hi, i also want to join the VIP launge as i hold Magnus card. Where do i send the photograph of my cc, didn't understand.

 

[It_is_Naruto]

Hi, i also want to join the VIP launge as i hold Magnus card. Where do i send the photograph of my cc, didn't understand.

Send it to Technofino as DM. You are a premier member so would have access for sending DMs.

 

[stylebender]

You may join our group to know more about interesting finds.
Only a handful of quality people are there presently after a thorough validation.
So, no information can escape! 😉

can i join

 

[ankitfintech]

You may join our group to know more about interesting finds.
Only a handful of quality people are there presently after a thorough validation.
So, no information can escape! 😉

@RewardsAlert I am a member of VIP lounge. Can you add me? I think you missed my request last time.

 

[raghav101]

You have already been added basis your profile analysis.
Thanks!

I have Amex Black, Axis Reserve and HDFC Infinia.

 

[PiperatGatesofDawn]

Hi @RewardsAlert ... requesting VIP lounge sign up as well please.reward

 

[Thomas244]

Hi please add me to the group as well have Magnus infinia. Thank u

 

[seekndestroy99]

Curious question, what happened to the ones whose ER Points balance went negative? Were they charged on their credit cards on point to rupee basis?

 

[gurbina]

Curious question, what happened to the ones whose ER Points balance went negative? Were they charged on their credit cards on point to rupee basis?

With all their ToS and agreements, if I close my account with positive balance I lose my points but not the other way around?

Anyhow industry standard they will not refuse to close the account, they have to do it. They have no choice.
Depending on the amount, they will just write it off and call it a day. They might not allow you to open any new accounts anymore.

In a very odd situation where there was a wilful severe abuse of the system that can be proven, with a LOT of points and breach of agreement if it's worth it to pursue it, they can pursue it legally. However I don't think any court will side with them since the value is subjective, in the worst case scenario they might charge at the value of redeeming the points to pay for any dues which is usually abismally low.

 

[seekndestroy99]

With all their ToS and agreements, if I close my account with positive balance I lose my points but not the other way around?

Anyhow industry standard they will not refuse to close the account, they have to do it. They have no choice.
Depending on the amount, they will just write it off and call it a day. They might not allow you to open any new accounts anymore.

In a very odd situation where there was a wilful severe abuse of the system that can be proven, with a LOT of points and breach of agreement if it's worth it to pursue it, they can pursue it legally. However I don't think any court will side with them since the value is subjective, in the worst case scenario they might charge at the value of redeeming the points to pay for any dues which is usually abismally low.

Makes sense. But I don't know about the industry standard, SBI is (in)famous for reversing points or making points balance negative and charging them to the card as debit. So they can still do if they wish to. If Axis chooses to do that, would that be at a value of 0.2 or 0.8, that would be interesting.