Axis Bank Canceling Personal Credit Cards for Business Expenses Without Notice | Part 3

[TechnoFino]

Hey TFCians,

On 14th March 2023, I posted here on TF Community that Axis Bank was issuing cancellation notices to their customers( Read here: https://www.technofino.in/community...onal-credit-cards-for-business-expenses.9027/) who used their cards for commercial purposes. They sent notifications to lots of customers and suspended their EDGE reward point accounts. They asked such customers to submit supporting documents to prove that they were not conducting any business transactions using their personal credit cards. Many months later now, Axis Bank has started reviewing those documents, and if they find any issue with the documents, they are canceling the credit card straight away without sending any intimation to the customer.

A few members on TFC sent me DMs and screenshots of the email, which I'm going to post here.



I was talking to an unknown man from Axis Bank. According to him, there are many people who forged their documents to apply for Axis Magnus and Axis Reserve. They even joined some Telegram and WhatsApp groups to learn more about how people prepare such forged documents. Such customers are also going to get affected. You might know about Amex financial review, Axis Bank is also implementing similar measures.

 

[Shubham Yadav]

Sabse pehele toh axis ko dheet youtubers ko pakdna chahiye

Sidha Brainchild ko pakdo

Or file nipta do

 

[sxchzy]

tum bhi pele gaye kya sumanta bhai?

 

[TechnoFino]

tum bhi pele gaye kya sumanta bhai?

Notice mila tha, documents bhaji tha, they approved, check part 1 and part 2

 

[theglobalinvestor]

Any innocent customers affected? Or only those who were trying to game the system?

 

[Predator]

tum bhi pele gaye kya sumanta bhai?

Ye bhai to pelne walo me h, not other way around

 

[D₹V]

Notice mila tha, documents bhaji tha, they approved

roved, check part 1 and part 2

tum bhi pele gaye kya sumanta bhai?

 

[Nemesis]

It's good but waise hi Axis doob raha... After many degradation in rewards and less customer satisfaction... Koi nahi Axis ki aur focus kar raha

 

[D7162]

Seems like for axis, its better to keep transferring rewards, kab kya kar de kuch bharosa nhi

 

[Abhishek012]

It's good but waise hi Axis doob raha... After many degradation in rewards and less customer satisfaction... Koi nahi Axis ki aur focus kar raha

Nahi dubega. Ulte baki SBI Card, HDFC bank etc k liye inspiration banega Utility, Insurance, Wallet load, Govt spend, Education spend, Rent etc pe Rewards/cashback nahi dena chahiye.

Over usages pe business use bol k card cancel kar k rewards dene se bhi bach jao.

Long term me bank and customer k bich ek mindset create hoga aur credit card ka business aise he chalta rahega.

Hope woh din jaldi aaye, jab log credit card/credit on UPI isliye na use kare ki reward points/cashback milta ho.

Bas cool dekhne k liye, offline cash use se bachne k liye and aram se baad me repayment karne k liye credit card/credit on UPI ka use kare.

Muskil hai but impossible nahi hai.

 

[Harry1]

Whoa, A bold move.

 

[D₹V]

Nahi dubega. Ulte baki SBI Card, HDFC bank etc k liye inspiration banega Utility, Insurance, Wallet load, Govt spend, Education spend, Rent etc pe Rewards/cashback nahi dena chahiye.

Over usages pe business use bol k card cancel kar k rewards dene se bhi bach jao.

Long term me bank and customer k bich ek mindset create hoga aur credit card ka business aise he chalta rahega.

Hope woh din jaldi aaye, jab log credit card/credit on UPI isliye na use kare ki reward points/cashback milta ho.

Bas cool dekhne k liye, offline cash use se bachne k liye and aram se baad me repayment karne k liye credit card/credit on UPI ka use kare.

Muskil hai but impossible nahi hai.

Clown being clown 🤡

 

[coolguy1]

They invested so much money in expansion and getting credit card users.

Now, they're wasting so much money in trying to reduce the number of their credit card users - devaluations, blocks, bans everything possible.
Would love to see some data on how many users gained over the last 2 years vs users lost in last 6 months!

 

[Vaastav]

Hope woh din jaldi aaye, jab log credit card/credit on UPI isliye na use kare ki reward points/cashback milta ho.

Bas cool dekhne k liye, offline cash use se bachne k liye and aram se baad me repayment karne k liye credit card/credit on UPI ka use kare.

Muskil hai but impossible nahi hai.

If a credit card offers no rewards or cashback or travel benefits, and only provides a 50-day interest-free credit period then it'll no longer be the preferred payment option for many individuals. It's Human psychology as simple as that. Instead of it's rewards the focus will shift on it's debt trap, Late payment charges etc. People won't be incentivized to use them as the risk of missing payment will far outweigh the benefit it'll provide (50 days credit According to you) and more preference will again shift to Debit Cards,Wallets and other payment options. Never forget, in the competitive landscape of banking, enticing features, rewards, and customer-centric offerings are crucial not only for attracting new users but also for retaining existing ones.
Banks in other countries have already started offering reward crypto credit cards, and in India, the focus is still not entirely shifted to hotel or air rewards. Have a general poll, and you'll see people preferring cashback cards compared to miles cards. It won't even be a surprise as Many users value immediate benefits. And here you are presuming people to just use credit cards for their 40–50 days of credit. Tell me who is actively using Simpl, Lazypay, or other pay-later services (which provide similar things to what Abhishek is suggesting). In simpler words, what you are assuming according to me has a very little chance of happening unless there is something launched that provides an entirely new benefit far outweighing what a credit card provides. There is no sense in worrying or assuming about something that may or may not occur.

 

[theglobalinvestor]

If a credit card offers no rewards or cashback or travel benefits, and only provides a 50-day interest-free credit period then it'll no longer be the preferred payment option for many individuals. It's Human psychology as simple as that. Instead of it's rewards the focus will shift on it's debt trap, Late payment charges etc. People won't be incentivized to use them as the risk of missing payment will far outweigh the benefit it'll provide (50 days credit According to you) and more preference will again shift to Debit Cards,Wallets and other payment options. Never forget, in the competitive landscape of banking, enticing features, rewards, and customer-centric offerings are crucial not only for attracting new users but also for retaining existing ones.
Banks in other countries have already started offering reward crypto credit cards, and in India, the focus is still not entirely shifted to hotel or air rewards. Have a general poll, and you'll see people preferring cashback cards compared to miles cards. It won't even be a surprise as Many users value immediate benefits. And here you are presuming people to just use credit cards for their 40–50 days of credit. Tell me who is actively using Simpl, Lazypay, or other pay-later services (which provide similar things to what Abhishek is suggesting). In simpler words, what you are assuming according to me has a very little chance of happening unless there is something launched that provides an entirely new benefit far outweighing what a credit card provides. There is no sense in worrying or assuming about something that may or may not occur.

I agree. Proof of this is the number of folks using amex platinum charge card and others with huge annual fees.

 

[theglobalinvestor]

They invested so much money in expansion and getting credit card users.

Now, they're wasting so much money in trying to reduce the number of their credit card users - devaluations, blocks, bans everything possible.
Would love to see some data on how many users gained over the last 2 years vs users lost in last 6 months!

Right, this shows poor management at the top. Maybe an inexperienced person/team and possibly overwhelmed by the citi acquisition.

 

[pothi]

If a credit card offers no rewards or cashback or travel benefits, and only provides a 50-day interest-free credit period then it'll no longer be the preferred payment option for many individuals. It's Human psychology as simple as that. Instead of it's rewards the focus will shift on it's debt trap, Late payment charges etc. People won't be incentivized to use them as the risk of missing payment will far outweigh the benefit it'll provide (50 days credit According to you) and more preference will again shift to Debit Cards,Wallets and other payment options. Never forget, in the competitive landscape of banking, enticing features, rewards, and customer-centric offerings are crucial not only for attracting new users but also for retaining existing ones.
Banks in other countries have already started offering reward crypto credit cards, and in India, the focus is still not entirely shifted to hotel or air rewards. Have a general poll, and you'll see people preferring cashback cards compared to miles cards. It won't even be a surprise as Many users value immediate benefits. And here you are presuming people to just use credit cards for their 40–50 days of credit. Tell me who is actively using Simpl, Lazypay, or other pay-later services (which provide similar things to what Abhishek is suggesting). In simpler words, what you are assuming according to me has a very little chance of happening unless there is something launched that provides an entirely new benefit far outweighing what a credit card provides. There is no sense in worrying or assuming about something that may or may not occur.

Agreed.

My previous cards (10 years and 7 years old) had no CB, miles or any other benefits. Still paying them Rs.500 +GST every year for each card, until I found this community. Now both cards are closed after getting two CB cards, resulting in increase in spending. It was very hard for me to control spending during the first couple of months of getting the new cards. Only then, I got back some control over my spending, even though I am fortunate enough (for now) to spend more than my limit.

 

[Abhishek012]

If a credit card offers no rewards or cashback or travel benefits, and only provides a 50-day interest-free credit period then it'll no longer be the preferred payment option for many individuals. It's Human psychology as simple as that. Instead of it's rewards the focus will shift on it's debt trap, Late payment charges etc. People won't be incentivized to use them as the risk of missing payment will far outweigh the benefit it'll provide (50 days credit According to you) and more preference will again shift to Debit Cards,Wallets and other payment options. Never forget, in the competitive landscape of banking, enticing features, rewards, and customer-centric offerings are crucial not only for attracting new users but also for retaining existing ones.
Banks in other countries have already started offering reward crypto credit cards, and in India, the focus is still not entirely shifted to hotel or air rewards. Have a general poll, and you'll see people preferring cashback cards compared to miles cards. It won't even be a surprise as Many users value immediate benefits. And here you are presuming people to just use credit cards for their 40–50 days of credit. Tell me who is actively using Simpl, Lazypay, or other pay-later services (which provide similar things to what Abhishek is suggesting). In simpler words, what you are assuming according to me has a very little chance of happening unless there is something launched that provides an entirely new benefit far outweighing what a credit card provides. There is no sense in worrying or assuming about something that may or may not occur.

Im not saying that banks should not give reward points/cashback.

1st thing, all banks should remove rewards from Utility, Insurance, Wallet load, Govt spend, Education spend, Rent etc.

2nd thing, Banks should offer rewards/cashback only on e-commerce purchases and offline purchases.

3rd thing, 1% cashback is enough for premium cards and 1.5% to 2% cashback for super premium cards.

4th and last thing, ya "It's Human psychology as simple as that." You can't give guarantee about future generations. They will also be greedy for reward points like us. We can develop such a mindset in our future generation that we use credit cards only to make our lives easier and save our time. That is all.

Our previous generation and our generation too still use cash. Even some educated people still use cash (educated means im talking about those people who know how to use mobile, credit cards, banking apps, payment apps etc). No rewards we get for using cash but still they are using cash. Why ? because "It's Human psychology". We get used to what we use. All the greedy people in India already have credit cards and they have become habituated to using 40-50 days interest free credit cards, now people in Tier 2, Tier 3 cities or other tier cities prefer to use 40-50 days interest free credit card payment system. 95% people dnt care about reward points etc. They just need a 40-50 days interest free credit card and nothing else.

 

[D₹V]

Im not saying that banks should not give reward points/cashback.

1st thing, all banks should remove rewards from Utility, Insurance, Wallet load, Govt spend, Education spend, Rent etc.

2nd thing, Banks should offer rewards/cashback only on e-commerce purchases and offline purchases.

3rd thing, 1% cashback is enough for premium cards and 1.5% to 2% cashback for super premium cards.

4th and last thing, ya "It's Human psychology as simple as that." You can't give guarantee about future generations. They will also be greedy for reward points like us. We can develop such a mindset in our future generation that we use credit cards only to make our lives easier and save our time. That is all.

Our previous generation and our generation too still use cash. Even some educated people still use cash (educated means im talking about those people who know how to use mobile, credit cards, banking apps, payment apps etc). No rewards we get for using cash but still they are using cash. Why ? because "It's Human psychology". We get used to what we use. All the greedy people in India already have credit cards and they have become habituated to using 40-50 days interest free credit cards, now people in Tier 2, Tier 3 cities or other tier cities prefer to use 40-50 days interest free credit card payment system. 95% people dnt care about reward points etc. They just need a 40-50 days interest free credit card and nothing else.

Bol kaun raha hai 🤣🤷

Jo SBI cashback se 3% earn karke ka trick batata hai 🥱.

 

[kushhh]

Im not saying that banks should not give reward points/cashback.

1st thing, all banks should remove rewards from Utility, Insurance, Wallet load, Govt spend, Education spend, Rent etc.

2nd thing, Banks should offer rewards/cashback only on e-commerce purchases and offline purchases.

3rd thing, 1% cashback is enough for premium cards and 1.5% to 2% cashback for super premium cards.

4th and last thing, ya "It's Human psychology as simple as that." You can't give guarantee about future generations. They will also be greedy for reward points like us. We can develop such a mindset in our future generation that we use credit cards only to make our lives easier and save our time. That is all.

Our previous generation and our generation too still use cash. Even some educated people still use cash (educated means im talking about those people who know how to use mobile, credit cards, banking apps, payment apps etc). No rewards we get for using cash but still they are using cash. Why ? because "It's Human psychology". We get used to what we use. All the greedy people in India already have credit cards and they have become habituated to using 40-50 days interest free credit cards, now people in Tier 2, Tier 3 cities or other tier cities prefer to use 40-50 days interest free credit card payment system. 95% people dnt care about reward points etc. They just need a 40-50 days interest free credit card and nothing else.

Bhai , this is for you