Debit card for business spends

[shazansalim]

I have an IDFC First Bank Wealth debit card.
For around 3 lac spends every month I'll get reward points equivalent to 6500 rupees. I have a couple of questions as follows:

1. Are there any other debit cards that will give me better benefits on spend of above 3 lac per month?

2. My father will be making 3 lac+ spends from my debit card, and then transferring back the amount through NEFT at the end of every month. Will such large transactions cause any issue if we assume that each month he will spend a minimum of 3 lac?

 

[imdjay]

Yes. I won't suggest doing such things.
First, your Reward account will be blocked, then your savings account.

 

[shazansalim]

Yes. I won't suggest doing such things.
First, your Reward account will be blocked, then your savings account.

Do you know any such case where the card got blocked? I think debit card transactions are not as strict as credit card transactions. But I don't have much knowledge or prior experience about the matter

 

[Wealth is my birth right!]

Do you know any such case where the card got blocked? I think debit card transactions are not as strict as credit card transactions. But I don't have much knowledge or prior experience about the matter

If your ITR is more than 40l then monthly 3l will not get any notice

 

[imdjay]

Do you know any such case where the card got blocked? I think debit card transactions are not as strict as credit card transactions. But I don't have much knowledge or prior experience about the matter

Y E S. And so many others here.

If your ITR is more than 40l then monthly 3l will not get any notice

He is not talking about IT only. He is asking overall if there would be any kind of issue. And if he does those transaction regularly, i am 100% sure, his reward account will be blocked first and then his savings account. This is what we have seen with idfc.

 

[RS_]

Do you know any such case where the card got blocked? I think debit card transactions are not as strict as credit card transactions. But I don't have much knowledge or prior experience about the matter

If your ITR don't match yor CC spends, you might get notice
And if you can't justify the notice you may face penalties

 

[imdjay]

If your ITR don't match yor CC spends, you might get notice
And if you can't justify the notice you may face penalties

Reward the thread man. He is asking about DC not CC.

 

[shazansalim]

Y E S. And so many others here.

Do you think I should talk to the branch manager once about it. I am maintaining balances near to 1 cr in the account. I don't get it why they would block it when I'm just using my money. Also if the account gets blocked there must be an appeal or procedure to get it unblocked right?

 

[TUSHAR.]

Do you think I should talk to the branch manager once about it. I am maintaining balances near to 1 cr in the account. I don't get it why they would block it when I'm just using my money. Also if the account gets blocked there must be an appeal or procedure to get it unblocked right?

Are these business spends, if yes then they might block your account, If personal spends then it might be sorted with BM.

Didn't you recieved any verification call for these transactions as business transactions?

 

[shazansalim]

Are these business spends, if yes then they might block your account, If personal spends then it might be sorted with BM.

Didn't you recieved any verification call for these transactions as business transactions?

Yes these are business transactions. But I just started it this month. The transaction amount is not 3 lac but it's a series of transactions over the month which totals to 3 lac+ for example 67,000 at one vendor and 40 000 at another then some days pass and these transactions repeat with different numbers but same POS machines.

 

[TUSHAR.]

Yes these are business transactions. But I just started it this month. The transaction amount is not 3 lac but it's a series of transactions over the month which totals to 3 lac+ for example 67,000 at one vendor and 40 000 at another then some days pass and these transactions repeat with different numbers but same POS machines.

If these are business transactions then bank can definitely block your account, as you can't do business transactions from your personal account.

HDFC I know is strict with these type of transaction and the call for verification also,
So IDFC could also.

 

[aayusharyan]

If these are business transactions then bank can definitely block your account, as you can't do business transactions from your personal account.

HDFC I know is strict with these type of transaction and the call for verification also,
So IDFC could also.

Even ICICI, I saw someone got their APay CC blocked because of Corporate spends.
I know the thread is of DC, but I'm generally saying about banks.