Received A SMS From Axis Bank, ACE Credit Card no. XXXX Has Been Cancelled

Looks like they caught you abusing the card like hell for cashback! Pure gaav ka recharge aur billpay karte the kya ?

stop using card for commercial purposes...all these people ordering mobile phones in bulk and doing recharges...ruining the card for people with normal usage...

abusing rent pay as well..

getting all the cards devalued...

What was your usage pattern in the last three months which compelled axis bank to take this decision ?

please share with your current limit and amount/cashback earned each month ..

Most likely you rotated the money for cashback. If you want to rotate the money make sure it is only to reverse the annual charge of the cc

sanju8486 wrote:

What was your usage pattern in the last three months which compelled axis bank to take this decision ?

please share with your current limit and amount/cashback earned each month ..

My limit 1.29 lakhs, my monthly usage around 3 lakhs, monthly i got arround 6k.

Samen wrote:
My limit 1.29 lakhs, my monthly usage around 3 lakhs, monthly i got arround 6k.

hmm... its huge spending sir considering your limit...Sorry for your loss

Samen wrote:
My limit 1.29 lakhs, my monthly usage around 3 lakhs, monthly i got arround 6k.

From How Many Months U Doing 3 Lakhs Transactions? 

CB of around 10K per month or spends exceeding original card limit for 1 or 2 months leads to blocking

- based on observation

Samen wrote:
My limit 1.29 lakhs, my monthly usage around 3 lakhs, monthly i got arround 6k.

sorry for the loss;
Thanks for these details, its useful for others to not cross danger line

caks2006407 wrote:

CB of around 10K per month or spends exceeding original card limit for 1 or 2 months leads to blocking

- based on observation

Will they block my card if I spend more than my credit limit by resetting the limit by pre paying the outstanding balance too?

arpit.ak.kumar534 wrote:

Will they block my card if I spend more than my credit limit by resetting the limit by pre paying the outstanding balance too?

yes, I think so

arpit.ak.kumar534 wrote:

Will they block my card if I spend more than my credit limit by resetting the limit by pre paying the outstanding balance too?

They may if you do that often.

10ven wrote:
They may if you do that often.

What if I just pre pay to reduce my used credit limit? Does that work jn improving the credit score and will it lead to blocking of my card?

arpit.ak.kumar534 wrote:

Will they block my card if I spend more than my credit limit by resetting the limit by pre paying the outstanding balance too?

yes, because normal users do not spend this much.

Only those using card for commercial reasons do.

My Ace card got approved on 3 rd sep
Today got dispatched mail.

PowerStar wrote:

From How Many Months U Doing 3 Lakhs Transactions? 

i was made around 20 lakhs transactions in the last 6 months

Samen wrote:
i was made around 20 lakhs transactions in the last 6 months

Bro U May Be Receive Income Tax Notice Too 

Don't Spend More Than 10Lakhs Per Year 

Ab ED CBI peeche ghumega, Axis ne to peecha chura liya khud hi...

arpit.ak.kumar534 wrote:

Will they block my card if I spend more than my credit limit by resetting the limit by pre paying the outstanding balance too?

Yes, otherwise how else you think OP might have spent 3 laks per month when his limit was 1.29 lakhs only?

https://tenor.com/bdCz4.gif

Yaar logo ne to aate chaki ka business bana rakha hai, isliye har 8 mahine me devalue ho Jate hai

PowerStar wrote:

Bro U May Be Receive Income Tax Notice Too 

Don't Spend More Than 10Lakhs Per Year 

Bro, FY2021-22 year I made 26 lakhs transactions via credit cards, I am  in 
30 % tax slab,  i was paid tax  2.60 lakhs for this financial year.
i am shown all transactions in ITR, nothing to worry

Samen wrote:
Bro, FY2021-22 year I made 26 lakhs transactions via credit cards, I am  in 
30 % tax slab,  i was paid tax  2.60 lakhs for this financial year.
i am shown all transactions in ITR, nothing to worry

26Lakhs From Only One Card? 

sanvol wrote:
My Ace card got approved on 3 rd sep
Today got dispatched mail.

How did you applied? Are they still accepting Ace card application?

It was showing pre approved in apply now credit card section

Samen wrote:
My limit 1.29 lakhs, my monthly usage around 3 lakhs, monthly i got arround 6k.

Hi ... don't worry ... go for AXIS MAGUNS Credit Card... 
The reward is superb if Calender month transaction crosses 1L ... 
Please check and decide .. watch youtube .. technofino channel for more details.

I have ACE and i am using it extensively for Bill Payments ... 
I am also earning 5-6K cashback regularly ... and i know there is a danger of card being cancelled... so if that happens will go for MAGNUS card as my monthly card usage are more than 1L ... 

Yes but there won't be the luxury of CASHBACK .... It's only Rewards.

timelord wrote:

Most likely you rotated the money for cashback. If you want to rotate the money make sure it is only to reverse the annual charge of the cc

rotated the money for cashback

Please elaborate 

Samen wrote:
Bro, FY2021-22 year I made 26 lakhs transactions via credit cards, I am  in 
30 % tax slab,  i was paid tax  2.60 lakhs for this financial year.
i am shown all transactions in ITR, nothing to worry

From the available data, it looks like you are at around 15L gross income. And all credit card providers are mandated to report transactions amounting to 10L and above. And it is upto IT to decide whether or not to trigger the notice. As a general rule of thumb, if recorded transactions exceed income, it can trigger a notice. But you may be an exception. In any case, excercise caution from now on

@Samen, u got ur card blocked after statement generation or before?? What was ur spend when in the lastest statement when ur card got blocked.

I could only spend 1.6 lakh in last year so I had to do 40k rent payment just to reverse annual charges. How are you guys spending 3 lakh in a month?