Axis Bank Credit Card Cancellation Notice: Another Round Of Card Cancellation & Some Unknown Updates

[TechnoFino]

Hello TFCians,
I'm sure you are aware of the recent credit card cancellation notices that have been sent to many users. Screenshots of these notices are being shared across various groups, Twitter, and our community as well. Numerous individuals have received these notices, requesting clarification on transactions made with merchants intended for business purposes. Personally, I find it implausible to present transactions from merchants like show bharatNXT as personal expenses.

Source: Thread started by ChurningSidd
​

However, what you may not be aware of is that Axis Bank is actively tracking a list of individuals. Those on Twitter playing the "community game" or selling loopholes are unaware that they are being monitored. Someone, or possibly a few individuals, is sending emails to Axis Bank officials. I won't answer how I know all of this for obvious reasons.
You may be wondering how Axis Bank found out about the reserve and Axis Magnus travel edge bugs. Actually, those loopholes were reported to Axis Bank officers by some individuals; they didn't discover them on their own.

Axis Bank has already reviewed the credit card transactions of some heavy spenders and gained insight into how their customers are rotating money. You can expect to see more cancellation notices sent to numerous customers in the near future.
One individual, for instance, was using their credit card to purchase lakhs worth of fuel every month, leading to the cancellation of their credit card as well.

It is strongly advised not to use your credit card for business purposes or to rotate money. If you have engaged in such practices in the past, it is recommended to transfer your points as soon as possible.

 

[vina]

The only reason I'm replying is that I recently came to know about payment gateway ask legitimate proof of business nowdays. You mentioned Razorpay and 3-4 other gateways. The thing is, from what I've heard, gateways nowadays require more proof compared to the last 3 years. I have 3-5 gateway accounts under my name because I run a legitimate online business. I even created another gateway account with the same provider because I forgot the password and email I used before. However, in the past 4 years or so, payment gateway companies didn't used to ask for GST and other information. But in 2020, they started asking for mine. I already have a GST and a current account, although you can accept payments in a savings account too – just saying, I think GST is a must nowadays. Correct me if I'm wrong, but all of my accounts with PayU Money, Razorpay, Paytm Business, and my own website are quite old, so I have no clue about the current requirements. They do ask questions about why I need these payment gateways.

Reading this gave me an idea that I could have done around 5-7 lakhs in rotating money in a year (playing it safe here) without any issue, because I know people with similar facilities who wouldn't mind. So, imagine this game could be so much bigger. Now, I can understand even a genuine user would follow this too. However, this has a flaw, as the person receiving shouldn't have any income either. Using Magnus will give the maximum benefit, though. P.S. I don't follow any credit card hacks on YouTube; this is purely fictional stuff that I came up with in my mind, and it's only to demonstrate the effect of Magnus on credit card users. and i don't hold magnus card either.

you see, shop owners (or brothers of shop owners) don't even need to bother too much about the proof stuff


as for the rest - I'm not sure they are opening the accounts without proof of GST registrations, though some gateways (PayU included) say even Yoga teachers can use the platform to accept payments. I haven't tried this route, had no intention to do that.

 

[hiteshgurnani14]

Is there any1 whose account got suspended after a similar email and got reactivated after sometime after the explanation for the transactions highlighted..?

 

[fageriaji]

It is good move. All bank start to do the same but do not devaluation of their cards.

 

[neogen]

It is good move. All bank start to do the same but do not devaluation of their cards.

Agree

 

[nandhakumar]

Hi all.
Anyone clear this issue.i have received notice before 3 months.still card is active and reward redemption is blocked.

 

[Copycat]

Would spending about 3L on a multi-year software subscription count as a business or a personal expense? The idea is to learn the stuff, inside out, so that in the future one can use it on projects

 

[shashankrt]

Would spending about 3L on a multi-year software subscription count as a business or a personal expense? The idea is to learn the stuff, inside out, so that in the future one can use it on projects

Dont think that bank will care about 3L expense and that too a bonafide personal expense. Above notices were primarily to serial abusers who spent in lakhs to rake up reward points and to sell them. Also most of them got caught due to BharathNxt transactions. Your transaction would probably will be on merchant side and not on BharathNXT.

 

[sxchzy]

Would spending about 3L on a multi-year software subscription count as a business or a personal expense? The idea is to learn the stuff, inside out, so that in the future one can use it on projects

share the invoice with axis
and doesnt this subscription have a gateway for direct cc payment

 

[Copycat]

share the invoice with axis
and doesnt this subscription have a gateway for direct cc payment

They provide a PayTrace link that identifies the actual vendor of the software. The invoice will have my name on it, so no issues there

 

[sxchzy]

good then do it