Axis Magnus Bank have cancelled my Magnus card..

[bhatt83hemang]

I received first mail by Asix bnak in early DEC -2023 regarding non-personal traansecion proof of merchanet Bankit & Runpaisa for 1st Aug to 31st Oct. And with that they block my Edge reward portal. I have 82k point unused.
For that transection i have shared Insurance payment receipt, but they continuesly asking me receipt form Bankit & runpaisa which dont generate receipt.
and yesterday morning I received SMS that my Magnus card is canclled.
I have 2 card with Axis bank, 2nd is Vistara Platinum which is active( i have confirm with CC).
But still my reward portal is Blocked.

Now i have few question:
Can i complain in RBI about this? Do i get any resolution ?
Can i apply Axis bank card again? if yes, what is buffer period? Chance of appruval?
What other option to get batter card in Axis Now?

 

[akshayhs]

Can i complain in RBI about this? Do i get any resolution ?

Unlikely. They have proof that you don't have. What did you use those services for?

 

[drsel]

In order to analyse this better, we need some more information--
1) what type of merchants are bankit and run paisa?
2) what are their MCC codes?
3) How many transactions in a month were done on each of these merchants?
4) What was the value of each transaction
5) was it the same amount repeated many times?
6) what was the total value of these so called business transactions in a month?

 

[SSV]

Can i complain in RBI about this? Do i get any resolution

Mostly, Not likely about the cancellation..
About frozen ERs, 50-50 chances after a prolonged battle in the best case scenario

Can i apply Axis bank card again

Definitely

what is buffer period

I don’t think there is any buffer period in this case

Chance of appruval

I believe this episode will not have any impact on the chances of approval for the new application.
But I suggest give sometime to cool off and also we will know how seriously axis took this incident by looking at their actions/ inactions on your other existing card. This will give an indication of gravity of the situation

What other option to get batter card in Axis Now

You have plenty of options for Axis cards. Don’t worry about it too much.. all will be right in my view soon../

 

[bhatt83hemang]

Unlikely. They have proof that you don't have. What did you use those services for?

repay card payment

 

[bhatt83hemang]

In order to analyse this better, we need some more information--
1) what type of merchants are bankit and run paisa?
2) what are their MCC codes?
3) How many transactions in a month were done on each of these merchants?
4) What was the value of each transaction
5) was it the same amount repeated many times?
6) what was the total value of these so called business transactions in a month?

1, Utility payment apps.
2. Utility
3. 1-2 trnsactio
4. 1-1.25 lakh
5. almost same amount
6. 1.5-1.6 lakh

 

[bhatt83hemang]

Mostly, Not likely about the cancellation..
About frozen ERs, 50-50 chances after a prolonged battle in the best case scenario


Definitely


I don’t think there is any buffer period in this case


I believe this episode will not have any impact on the chances of approval for the new application.
But I suggest give sometime to cool off and also we will know how seriously axis took this incident by looking at their actions/ inactions on your other existing card. This will give an indication of gravity of the situation



You have plenty of options for Axis cards. Don’t worry about it too much.. all will be right in my view soon../

tahnks for clarity

 

[Vasuki]

I received first mail by Asix bnak in early DEC -2023 regarding non-personal traansecion proof of merchanet Bankit & Runpaisa for 1st Aug to 31st Oct. And with that they block my Edge reward portal. I have 82k point unused.
For that transection i have shared Insurance payment receipt, but they continuesly asking me receipt form Bankit & runpaisa which dont generate receipt.
and yesterday morning I received SMS that my Magnus card is canclled.
I have 2 card with Axis bank, 2nd is Vistara Platinum which is active( i have confirm with CC).
But still my reward portal is Blocked.

Now i have few question:
Can i complain in RBI about this? Do i get any resolution ?
Can i apply Axis bank card again? if yes, what is buffer period? Chance of appruval?
What other option to get batter card in Axis Now?

Best would be to use axis bank card with non Edge Reward system .

 

[drsel]

1, Utility payment apps.
2. Utility
3. 1-2 trnsactio
4. 1-1.25 lakh
5. almost same amount
6. 1.5-1.6 lakh

For utility payments the merchant discount rate MDR is very low.
Number 4 and number 5 were the problem--
4) the value of each transaction was more than 1 lakh
5) the same amount was done multiple times.
6) If you do 1.00--1.25 lacs twice a month , it will come to 2.00--2.50 lakh every month.
how come the total transactions per month was only 1.5 lakhs?

 

[sahilgulati5]

Sorry to say.. Something is fishy.. for how many months u did like that?

 

[bhatt83hemang]

For utility payments the merchant discount rate MDR is very low.
Number 4 and number 5 were the problem--
4) the value of each transaction was more than 1 lakh
5) the same amount was done multiple times.
6) If you do 1.00--1.25 lacs twice a month , it will come to 2.00--2.50 lakh every month.
how come the total transactions per month was only 1.5 lakhs?

this was 2 times only for july & aug only. as from sept they discontinue reward on utility... prior to that only 1.0-1.1 max

 

[Deleted member 9785]

rotation or misuse

 

[sidp]

Now i have few question:

frequency and transaction can be cause of getting under the radar. But only one thing matters? Was that a business transaction or personal?
You can do transaction of any amount or any frequency but they can't cancel if you have used for personal expenses.

If it was a business expense, you can't do anything. But if it was personal, then you can complain to RBI.
People have got their card blocked by using it on Bharatnxt, and then reactivated by proving it was personal transaction. As these are marketed as b2b platforms, they are under the scanner of cc issuers.

 

[bhatt83hemang]

Sorry to say.. Something is fishy.. for how many months u did like that?

rotation or misuse

rotation. . .

 

[sidp]

rotation. . .

Now can you even recover renewal fee? Cut your loss. You can't do anything. If you complain to rbi, axis may blacklist you entirely and put adverse comment in credit bureau.

 

[drsel]

rotation. . .

Did you transfer this 1.00 to 1.25 lakhs to your bank account every month?

 

[drsel]

rotation. . .

What were the Magnus outstanding bills for the months of August, September and October and how did you pay them?

 

[RajMahadik]

1, Utility payment apps.
2. Utility
3. 1-2 trnsactio
4. 1-1.25 lakh
5. almost same amount
6. 1.5-1.6 lakh

Regular same Spending pattern enough for them to mark as non personal use... its obvious

 

[bhatt83hemang]

Did you transfer this 1.00 to 1.25 lakhs to your bank account every m

What were the Magnus outstanding bills for the months of August, September and October and how did you pay them?

Yes.. all bill in time. Full amount...

 

[drsel]

Yes.. all bill in time. Full amount...

But you must have transferred at least 14 lacs in August September October to get 82000 points