Only Premium & Super Premium Cards Discussion

[RewardsAlert]

Banks have very powerful legal teams. You never know they may go legally after people who closed cards earlier too

Agreed, in legal matters against a bank, it will be too expensive and time consuming for an individual to justify himself.
It's better to pay penalties upfront if asked or avoid using such loopholes which can cause legal implications.

 

[FinGuru]

Banks have very powerful legal teams. You never know they may go legally after people who closed cards earlier too

That's true but RBI is a powerful institution. RBI won't allow retroactive action on retail customers. In my opinion, those who closed the card before the changes are safe.

Disclosure - I did not use the loophole.

 

[RaviAglRaviAgl is verified member.]

That's true but RBI is a powerful institution. RBI won't allow retroactive action on retail customers. In my opinion, those who closed the card before the changes are safe.

Disclosure - I did not use the loophole.

I agree with this. Customers who closed the card account are safe. Unless, the amount is exceptionally huge to the order of some Rs 10 Lacs or above, the bank will not go after that customer as it needs to go the legal route and legal spends are damn expensive. So, the bank will probably write off that amount and forget it rather than taking the pain to recover it. You cannot say that for sure but most of the times that is the commercial method to manage such stuff.

Now, I have a story here -

I was operating a Cash Credit (CC) account in a reputed bank (govt Bank - Say X Bank) opened in year March 2012. The Bank offered Point of Sale Terminal facility but I was reluctant to take it because of high MDR, poor support and there were other multiple issues. So, I took a PoS from another bank, say Y Bank again in September 2012. I received my settlement and sale proceeds of the PoS in the current account of that Y Bank. So, effectively maintaining 2 accounts.

Now, some time in 2015 (I am not sure), when the case of Vijay Malya came to light, RBI came up with a strange rule, that a CC account holder cannot have a separate account in another bank. All transactions must be routed through that CC Account only. If an other account is present, then the customer has to immediately close the other account and inform the bank holding the CC account.

Now, I did not close the account with Y Bank and though I was aware of it, I did not take it seriously then. However, some time in 2019 the bank CC officer came to know of it (because it showed up in their internal audit). He said that some penal charges of Rs 3.50 to 4.0 Lacs for the entire period of 4 years could be debited to my CC account owing to this rule. Since, I had a very healthy relationship with him, he asked me to close that CC account, get a No Dues from the Bank and shift my account elsewhere.

Now, a go and gone case, I am happily enjoying my life elsewhere. However, since I have the No Dues from the Bank (it was a requirement to shift the account too), the bank cannot sue me now but they can if they want to because of their legal rights (bhool chook leni deni, as we call it).

So, live happily man.

Cheers!!

 

[RewardsAlert]

 

[loveshah]

I think no one has received ER points after 19th and 20th April for credit card transactions. Yes, there were points credited and debited for debit card transactions in which Axis Bank credited ER equivalent to the transaction amount and then later they realized the mistake and corrected it.
Couldn't understand this cryptic tweet though 😅

 

[Copycat]

I don't check TF for a few days and so much stuff happens 🙂

Though, I think that sometimes, maybe very rarely, lack of knowledge is a good thing. I'm just wondering what I would have done if I had known about the Reserve "replacement" trick. Would it have tempted me to go for a Reserve card? Maybe, yes. I don't have enough spends and my spend and redemption patterns don't fit in with Reserve, so never opted for a Reserve at all.

I have a couple of questions though:

I think no one has received ER points after 19th and 20th April for credit card transactions

What did you mean by this? Did you mean the set of people who were using the Reserve "replacement" trick?

Also, how did @TechnoFino know in advance when to get out? It's fine, if you don't answer. Also, my apologies if I wrongly assumed you were one of the people who tried the trick (I excel at incorrect and hasty assumptions 🙂)

Also, @RewardsAlert do you think it is wise to have this post out there: https://www.technofino.in/community...egative-edge-points-balance.12226/post-205448 given a desire to prevent info from leaking from our group? If I were a banker, that post would get my competitive juices flowing and I'd try my best to get into our group. I know you (and team??) are working hard to filter, but still.....

 

[loveshah]

What did you mean by this? Did you mean the set of people who were using the Reserve "replacement" trick?

No. It is for all the Axis cardholders. Axis Bank is currently busy clawing back the ER points of folks who took advantage of the Reserve loophole. Hence, they will be crediting ER points from 26th May 2023. Some folks have received the following message "Due to technical issues, Axis Bank EDGE REWARD Points credit for recent few transactions will be done by 26-05-23 basis eligibility. Regret any inconvenience."

 

[RewardsAlert]

I don't check TF for a few days and so much stuff happens 🙂

Though, I think that sometimes, maybe very rarely, lack of knowledge is a good thing. I'm just wondering what I would have done if I had known about the Reserve "replacement" trick. Would it have tempted me to go for a Reserve card? Maybe, yes. I don't have enough spends and my spend and redemption patterns don't fit in with Reserve, so never opted for a Reserve at all.

I have a couple of questions though:


What did you mean by this? Did you mean the set of people who were using the Reserve "replacement" trick?

Also, how did @TechnoFino know in advance when to get out? It's fine, if you don't answer. Also, my apologies if I wrongly assumed you were one of the people who tried the trick (I excel at incorrect and hasty assumptions 🙂)

Also, @RewardsAlert do you think it is wise to have this post out there: https://www.technofino.in/community...egative-edge-points-balance.12226/post-205448 given a desire to prevent info from leaking from our group? If I were a banker, that post would get my competitive juices flowing and I'd try my best to get into our group. I know you (and team??) are working hard to filter, but still.....

Firstly, to clarify,

Technofino had used this replacement trick himself to earn millions of ER points.
He somehow managed to get the information of reversal well in advance and closed his Axis relationship in March.

Therefore this tweet is denoting his ideology to be ahead of the bank.

Regarding my post, that you have referred, it was for Avijeet. I had given him an invitation to join the group upfrontly after seeing his comment and profile.

I know that it can trigger a lot of Bank officials to give a joining request.

Maybe, that comment can act as source as you rightly said.

But, it's also a fact that this group is visible to everyone in groups section on TF.
Even though it's closed, but it can trigger the curiosity to know what's happening.


That's why in my last post, I mentioned about making this group secret.
Which means it will disappear from public and no one will be able to send a joining request.

I want to take a poll about that plan but no option is available in groups.
Please let me know if you have any idea.

 

[Copycat]

Thank you @loveshah and @RewardsAlert for the explanations
@RewardsAlert Maybe you could make the group secret and we invite people only if they fulfil one of the conditions below:
a) They are very active on the forum. I think it would be evident to everyone who these people are
b) They become members of the VIP Lounge. If you like, I volunteer to scan through the VIP Lounge request thread once/twice a week and compile a list of people who got access to the VIP lounge after a post there. Then you and others could vet them and decide whether to invite them. I don't know what to do though, if they DM TechnoFino and don't post in that thread. Maybe we ask TechnoFino to insist that everyone posts in that thread though they can DM him the image data for privacy reasons

 

[FinGuru]

Thank you @loveshah and @RewardsAlert for the explanations
@RewardsAlert Maybe you could make the group secret and we invite people only if they fulfil one of the conditions below:
a) They are very active on the forum. I think it would be evident to everyone who these people are
b) They become members of the VIP Lounge. If you like, I volunteer to scan through the VIP Lounge request thread once/twice a week and compile a list of people who got access to the VIP lounge after a post there. Then you and others could vet them and decide whether to invite them. I don't know what to do though, if they DM TechnoFino and don't post in that thread. Maybe we ask TechnoFino to insist that everyone posts in that thread though they can DM him the image data for privacy reasons

So if I have understood the problem correctly, some Reserve card holders kept closing their cards and reapplying to get 50k reward points? Additionally, they didn't have to pay Rs. 50k fee each time they got a new card?

 

[4uziaul]

So if I have understood the problem correctly, some Reserve card holders kept closing their cards and reapplying to get 50k reward points? Additionally, they didn't have to pay Rs. 50k fee each time they got a new card?

Bilkul sahi jawab 😂

 

[ashwinsid]

So if I have understood the problem correctly, some Reserve card holders kept closing their cards and reapplying to get 50k reward points? Additionally, they didn't have to pay Rs. 50k fee each time they got a new card?

Not closing but blocking the cards and then getting it re-issued. Every re-issue AXIS system would consider it a new card (because new card numbers) and so 50K points. But because customer ID is same and no new application, there is no fees.

 

[D7162]

No. It is for all the Axis cardholders. Axis Bank is currently busy clawing back the ER points of folks who took advantage of the Reserve loophole. Hence, they will be crediting ER points from 26th May 2023. Some folks have received the following message "Due to technical issues, Axis Bank EDGE REWARD Points credit for recent few transactions will be done by 26-05-23 basis eligibility. Regret any inconvenience."

I have received points till 6th May.. Pending after that

 

[Banking101]

The lesson here is to avoid using hacks unless you are well-informed like the founder of TechnoFino.

 

[RewardsAlert]

 

[FinGuru]

I have received points till 6th May.. Pending after that

I have received base points for transatcuons done until until May 20.

 

[RewardsAlert]

The lesson here is to avoid using hacks unless you are well-informed like the founder of TechnoFino.

In case anyone wishes to know about the real Credit Card points balances of Technofino, then do read this comment.

Our Founder got featured in Top 4 Indian Credit Card Enthusiasts in Livemint with highest records

Dear TFC members, It brings me joy and proud to share with all of you that our beloved Founder - Mr. Sumanta Mandal has been featured in Indias Top Credit Card Enthusiasts among 3 other people. This list was curated by an active Twitter journalist and Deputy Editor - Neil Borate working in...

www.technofino.in

 

[RewardsAlert]

 

[RewardsAlert]

Seems like interests of people in exploring Loopholes is getting bigger and bigger! 😛

 

[Banking101]

Correct me if I am wrong but the op claimed that he disliked the practice of 'if you know, you know', but he himself took advantage of the system. Now that he revealed everything without having an Axis card, the bank may close these loopholes.