Thanks buddy. This is actually a news to me.
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Repercussions of lending my credit card to friend / family on their international trip
- Thread starter darkjediknight
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- Replies 30
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- credit card international trip
primary . .
It's primary cardholder's PAN. All spends are attributed to the primary card holder. Even your 18 yr old children are eligible to get add-on cards who don't usually have PAN.
callsignmaverick
TF Premier
I personally would never let anyone else use my card without me being around.
But since you are ok with it, let's think of this in terms of the card you have. With an Axis Magnus card I would never recommend it since Axis is notorious for blocking account/points and asking for documents. And this is not even a personal expense, it's a business expense (which are not allowed on a person credit card). So short answer - DON'T DO IT!!!
So I've decided not to give my card. Thanks everyone for your input.
Not worth the risk considering it's Axis bank 🤣
Not worth the risk considering it's Axis bank 🤣
bing1309
TF Premier
Giving your card for others to use so you get rewards it sound good, right? NO, it's wrong
do note certain things,
1. The bank gives your information if you cross every 10l within a year to Income Tax (if your Income tax can match the income of you and spent then no problem, if you get IT notice be prepared to face the music from them, as Income tax comes with very strong evidence and getting out from there eye or monitoring is very difficult you will be in their radar for 5 to 7 years. (total money spent by your PAN card and total incoming amount to your PAN card match this)
2. During international transactions enabled on your card and the card is not with you. its very difficult to determine whether he made a transaction or there was an unauthorized transaction, and if any unauthorized transaction, banks ask a couple of questions like is the card with you as of now? and during that day of the transaction? and a ( 90 days investigation opens) temporary credit they might give but during the investigation if found the card was not with you or you have given it to someone else (consequences are there legally on you for defrauding the bank)
3. due to a lot of exclusion in MCC you might end up in a 1% surcharge and with no rewards etc so careful
4. Axis Bank also sometimes can block your card if you don't provide invoices for the purchase made (the way you can explain when you made a purchase, can't be explained in a way when someone purchases on your card)
5. if the card stolen/lost and your friend did not tell you and the transaction happened (then will he pay you for that transaction? )
6. follow t&c banks says clearly the card is for you only behalf of you someone does anything and still vouch for him, the bank is not responsible for such a loss
do note certain things,
1. The bank gives your information if you cross every 10l within a year to Income Tax (if your Income tax can match the income of you and spent then no problem, if you get IT notice be prepared to face the music from them, as Income tax comes with very strong evidence and getting out from there eye or monitoring is very difficult you will be in their radar for 5 to 7 years. (total money spent by your PAN card and total incoming amount to your PAN card match this)
2. During international transactions enabled on your card and the card is not with you. its very difficult to determine whether he made a transaction or there was an unauthorized transaction, and if any unauthorized transaction, banks ask a couple of questions like is the card with you as of now? and during that day of the transaction? and a ( 90 days investigation opens) temporary credit they might give but during the investigation if found the card was not with you or you have given it to someone else (consequences are there legally on you for defrauding the bank)
3. due to a lot of exclusion in MCC you might end up in a 1% surcharge and with no rewards etc so careful
4. Axis Bank also sometimes can block your card if you don't provide invoices for the purchase made (the way you can explain when you made a purchase, can't be explained in a way when someone purchases on your card)
5. if the card stolen/lost and your friend did not tell you and the transaction happened (then will he pay you for that transaction? )
6. follow t&c banks says clearly the card is for you only behalf of you someone does anything and still vouch for him, the bank is not responsible for such a loss
Last edited:
I have a doubt it might be silly
will reimbursement be consider by income tax department and then according u will have to pay tax right
No tax on reimbursement
You might earn some more reward points. But in that process you will loose a lot of other things.
IF SOMETHING GOES WRONG:
You will loose peace of mind, relationship, money, goodwill, tax problems, even your credit card itself may get blocked.
IF EVERYTHING GOES WELL:
You will get those extra rewards, you get extra miles, bonuses, milestone rewards, happiness, and lot more.
If it was me, I won't take chances. I won't invite problems and unknown dangers in my life unnecessarily. Rest is up to you.
IF SOMETHING GOES WRONG:
You will loose peace of mind, relationship, money, goodwill, tax problems, even your credit card itself may get blocked.
IF EVERYTHING GOES WELL:
You will get those extra rewards, you get extra miles, bonuses, milestone rewards, happiness, and lot more.
If it was me, I won't take chances. I won't invite problems and unknown dangers in my life unnecessarily. Rest is up to you.
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