credit card holders :If you use Axis Bank’s credit card, then there is bad news for you. Actually, many customers of Axis Bank received an email from the bank on July 21, 2023. It states that the bank has put a hold on the redemption of their reward points. Many users have given their response on the social media platform Twitter against this decision of the bank.
Moneycontrol has seen a copy of this mail sent to customers. In the mail, it has been said from the bank that non-personal usage of your credit card has been seen. The bank has also mentioned the names of some merchants. The bank has said that as per the policies, the credit card can be used only for personal expenses. All other uses including business and commercial are prohibited under the Axis Bank Card Member Agreement. According to the mail, the bank has found that users are using the card for unauthorized expenses to earn reward points.
Using personal credit for business expenses is against the terms and conditions
Tejas Ghongadi, co-founder of The Points Code, said that using personal credit for business expenses is against the terms and conditions. Axis Bank seems to have sent this mail to users who have used a particular payment gateway. Such gateway is used for business payment.
The right step for the sustainability of the rewards program
Ankur Mittal, co-founder and CTO of Card Insider, said that the bank’s decision to stop the redemption of reward points for some users is the right step for the sustainability of the rewards program. He said that Axis Bank has tried to ensure that genuine users continue to get the benefits of rewards while restricting business spends on personal cards.
