5 Minutes Read

Axis Bank says malicious merchants behind fraudulent credit card transactions, no system breach

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The bank’s response followed numerous complaints from its credit cardholders regarding fraudulent international transactions, even among those who had previously disabled international transactions.

Axis Bank has addressed concerns raised by its customers regarding unauthorised international transactions on their credit cards. Sanjeev Moghe, President & Head of Cards and Payments at Axis Bank, clarified that there had been no breach of the bank’s systems.

Speaking to CNBC-TV18.com, Moghe said, “We would like to reassure our customers that their Axis Bank cards remain safe for use. There has been no breach of any Axis Bank’s systems. We have seen a few unauthorised transactions, as reported by our customers. This is a malicious attempt from certain merchants.”

He further added that Axis Bank has taken action to block these merchants and reported them to relevant associations.

The bank’s response followed numerous complaints from its credit cardholders regarding fraudulent international transactions, even among those who had previously disabled international transactions.

Many customers received messages prompting them to activate international transaction facilities, despite having disabled them.

Explaining the nature of the fraudulent transactions, Moghe highlighted that since these were international e-commerce transactions, they were not subjected to the two-factor authentication process.

However, he assured customers that they have full charge-back rights, and the amounts involved are fully recoverable.

To address concerns and report unauthorised transactions, Axis Bank customers can contact their credit card customer care at 1860 419 5555 or visit their nearest Axis Bank branch.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Credit card changes from April 1: Why are lenders adjusting benefits and what should consumers do

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Credit cards have become indispensable tools for users, offering convenience and flexibility in managing finances. However, it’s crucial to stay informed as some banks have announced changes to their credit cards.

As April 1 approaches, major credit card issuers in India are gearing up for changes in their policies regarding the accrual of reward points and lounge access benefits. Lenders like SBI Card, ICICI Bank, Axis Bank, and others are making these changes.

While these adjustments might raise concerns among users, it’s crucial to understand the reasons behind the restructuring of credit card offerings.

So, what’s going on?

According to Rohit Chhibbar, Head of Credit Cards Business at Paisabazaar, devaluation is not an uncommon practice and can stem from various internal and external factors, including the bank’s strategic decisions, the sustainability of its rewards programs, and prevailing market and economic conditions.

Credit cards typically undergo several changes throughout their lifecycle, encompassing modifications in rewards programs, promotional offers, annual fees, and eligibility criteria.

Echoing similar sentiments, Adhil Shetty, CEO of BankBazaar, stressed the broader challenges faced by credit card firms and their partners in maintaining sustainable operations.

He explained that these challenges range from meeting customer demands amidst inflation to tough competition and the need to improve margins.

He highlighted the necessity for credit card firms to reassess their rewards programs and adapt to evolving market dynamics.

“Banks are further differentiating their offerings to stay relevant and adjusting benefits to align with their target customer base,” he told CNBC-TV18.com.

He mentioned that while customers may witness changes or reductions in rewards in the short term, these adjustments aim at long-term sustainability.

So, what should customers do?

Chhibbar emphasised the importance of evaluating the impact of any major devaluation on personal finances.

“If the card has undergone a major devaluation and now falls below the expectations, the only real choice, as a consumer, is to look at other alternative credit cards, either from the existing ones or a new one. While doing this, consumers should ensure that the alternative option also suits their spending habits and is significantly better than the devalued card in terms of the overall value it provides,” he told CNBC-TV18.com.

He further suggested users compare available options based on individual spending habits and the overall value provided.

A look at the changes

Effective April 1, 2024, SBI Card will cease the accrual of reward points on rent payments for select cards, including AURUM, SBI Card Elite, and SimplyCLICK SBI Card.

On the other hand, ICICI Bank will increase the minimum spend required for complimentary airport lounge access to ₹35,000 in the preceding calendar quarter for several credit cards, including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card.

Effective April 1, 2024, YES Bank will mandate a minimum expenditure of ₹10,000 in the ongoing quarter to qualify for domestic lounge access benefits across all its credit cards.

Axis Bank, meanwhile, will make revisions to the Magnus Credit Card from April 20.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Axis Bank revises lounge access rules for select debit cards, changes effective from May 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Axis Bank’s modifications will impact users of the Burgundy, Delight, and Priority cards. Here’s more.

Axis Bank will make changes to the benefits associated with its debit cards, effective from May 1, 2024. These modifications will impact users of the Burgundy, Delight, and Priority cards.

Under the revamped guidelines, Burgundy debit cardholders will be required to conduct transactions amounting to at least ₹5,000 via their card in the three months preceding May to qualify for complimentary access to airport lounges.

Additionally, a 1% mark-up fee on dynamic currency conversion will be levied on Burgundy cardholders for international transactions, whether carried out on swipe machines or online platforms abroad.

Moreover, Burgundy cardholders will get benefits from the BookMyShow offer, entitling them to four tickets valued at ₹500 each and four tickets valued at ₹1,000 each per month.

For Priority cardholders, the majority of benefits will remain unaltered. However, adjustments have been made to the BookMyShow offer, with users now eligible for a 25% discount on tickets (up to ₹350) and a 20% discount on food and beverages (up to ₹60).

The Delight card, on the other hand, will no longer facilitate international transactions or offer BookMyShow benefits.

Additionally, Axis Bank has announced changes to its Magnus credit card from April 20, 2024. These revisions include adjustments to reward earnings, lounge access programmes, and annual fee waiver exclusions.

Spends on insurance, gold/jewellery, and fuel categories will no longer qualify for reward points. Benefits, including complimentary concierge services and airport meet and assist services, will be discontinued.

The lender will also make changes to the domestic airport lounge access programme, necessitating a minimum spend of ₹50,000 in the preceding three months for lounge access.

The number of complimentary guest visits for both domestic and international lounges will also be reduced from eight to four per calendar year.

ALSO READ | SBI to increase annual maintenance charges by ₹75 on these debit cards from April 1

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Paytm enables FASTag recharges via its app — here’s how to do it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

FASTags are mandatory for all four-wheeler vehicles and use radio-frequency identification technology (RFID) for a reusable tag affixed to the vehicle’s windscreen.

Paytm has launched a new feature enabling direct FASTag recharges through its mobile application. This development aims to support users amid the regulatory scrutiny faced by Paytm Payments Bank Ltd (PPBL).

The RBI earlier directed Paytm Payments Bank to halt the onboarding of new customers and refrain from accepting fresh deposits post March 15, 2024.

Here are the steps to recharge FASTag via Paytm app:

Step 1: Tap ‘FASTag Recharge’ option under ‘Bill Payments’ section

Step 2: Select the FASTag issuing bank which can be IDFC First Bank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, State Bank of India, AU Bank, Airtel Payments Bank, Axis Bank, Bandhan Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Equitas Small Finance Bank, Federal Bank, IDBI Bank, IOB Fastag, Indian Bank, Indian Highways Management Company, IndusInd Bank, Karnataka Bank, UCO Bank, The South Indian Bank Ltd, Union Bank of India and others.

Step 3: Enter the FASTag linked vehicle number and tap on ‘Proceed’.

Step 4: Confirm details, enter amount.

Step 5: Tap on ‘Proceed to Pay’ to complete

Once the recharge process is complete, the amount will be updated to the FASTag.

Meanwhile, Paytm users who wish to buy HDFC FASTag can follow the process mentioned below:

Step 1: On the Paytm app, search for ‘Buy HDFC FASTag’ and tap on it.

Step 2: Enter customer and vehicle details.

Step 3: Make payment and get the HDFC FASTag delivered to the home address.

FASTags are mandatory for all four-wheeler vehicles and use radio-frequency identification technology (RFID) for a reusable tag affixed to the vehicle’s windscreen.

When a vehicle crosses a toll plaza, the FASTag facilitates the instant automatic deduction of toll charges, making toll payments more efficient.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Axis Bank launches digital US dollar fixed deposits for NRIs at GIFT City

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

NRI customers of Axis Bank can now open US dollar Fixed Deposits at GIFT City through ‘Open by Axis Bank’; the mobile banking application of Axis Bank.

Axis Bank on Monday (March 26) announced the introduction of digital US dollar fixed deposit for non-residential Indian (NRI) customers at Axis Bank IBU- GIFT City. With this introduction, Axis Bank said it becomes the first bank to offer a digital journey for GIFT City Deposits.

NRI customers of Axis Bank can now open US dollar Fixed Deposits at GIFT City through ‘Open by Axis Bank’; the mobile banking application of Axis Bank.

The US Dollar fixed deposit offers investment tenures ranging from seven days up to ten years.

Customers can also request partial or full pre-mature closure of the FD from the Axis Bank mobile application.

Vivek Gupta, President & Head – Wholesale Banking Products, Axis Bank said, “The IBU’s digital US Dollar FD will enable NRI customer’s multiple options of tenure and interest rates to choose from and they can be assured of high-quality service from the IBU’s dedicated team.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Reward points, airport lounge access and more: These credit cards to have new usage rules from April 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Credit cards have become indispensable tools for users, offering convenience and flexibility in managing finances. However, it’s crucial to stay informed as some banks have announced changes to their credit cards

Beginning April 1, major credit card issuers in India, such as SBI Card, ICICI Bank, Axis Bank and others, are bringing in significant modifications to their usage policies, particularly the accrual of reward points and lounge access benefits.

Here are some major changes announced by credit card firms so far:

SBI Card overhauls reward points policy

SBI Card has updated its policies on the accrual of reward points. Commencing from April 1, 2024, the accrual of reward points on rent payments will be discontinued for a range of credit cards offered by the lender. AURUM, SBI Card Elite, SimplyCLICK SBI Card, are the primarily impacted cards among others.

ICICI Bank to raise minimum spend for lounge access

ICICI Bank has revised criteria for complimentary airport lounge access. Starting from April 1, 2024, customers will have to spend a minimum of ₹35,000 in the preceding calendar quarter to unlock one complimentary airport lounge access for the subsequent quarter. This modification applies to a variety of ICICI Bank credit cards, including the Coral Credit Card, MakeMyTrip ICICI Bank Platinum Credit Card, and others.

YES Bank adjusts lounge access benefits

Yes Bank will revamp its domestic lounge access benefits from April 1, 2024. The bank has officially communicated that, for all its credit cards, cardmembers will be required to expend a minimum of ₹10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.

Axis Bank changes Magnus Credit Card benefits

Axis Bank has announced changes to its Magnus Credit Card from April 20 onwards. 2024. These revisions include adjustments to reward earnings, lounge access programs, and annual fee waiver exclusions.

Spends on insurance, gold/jewelry, and fuel categories will no longer qualify for reward points.

Benefits including complimentary concierge services and airport meet and assist services will be discontinued.

The lender will also make changes to the domestic airport lounge access program, necessitating a minimum spend of ₹50,000 in the preceding three months for lounge access.

The number of complimentary guest visits for both domestic and international lounges will also be reduced from 8 to 4 per calendar year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Axis Magnus Credit Card changes: Reward points revision from April 20, new lounge access rules from May 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The eligibility criteria for earning base and accelerated EDGE REWARD Points will change. Spends on insurance, gold/jewellery, and fuel categories will no longer qualify for rewards points. Here’s more

Axis Bank has announced revisions to the terms and conditions of the Magnus Credit Card starting from April 20, 2024. These changes encompass adjustments to rewards, benefits, and lounge access programmes.

As per the lender’s official website, the eligibility criteria for earning base and accelerated EDGE REWARD Points will change. Spends on insurance, gold/jewellery, and fuel categories will no longer qualify for reward points.

Further, partners under the Miles Transfer Program will be divided into Groups A and B.

Cardholders will be able to transfer a maximum of 1 lakh EDGE REWARD Points to Group A partners and 4 lakh EDGE REWARD Points to Group B partners in a calendar year, Axis Bank said.

Other changes in Magnus Credit Card features:

Discontinued benefits

Several features, including the buy-one-get-one-free offer on BookMyShow, 24*7 complimentary concierge services, and 8 complimentary airport meet and assist services, will be discontinued effective April 20, 2024.

All requests raised until April 19, 2024, for future travel dates will be fulfilled (as per terms and conditions and subject to availability). No new requests will be taken from April 20, 2024 onwards, the bank mentioned.

Revision of the domestic airport lounge access programme

Starting May 1, 2024, access to domestic airport lounges will be based on the cardholder’s spending in the previous three calendar months.

A minimum spend of ₹50,000 in the preceding three months will be required for lounge access, Axis Bank said.

In case of a newly issued card, the minimum spend criteria will be waived for the month of issuance followed by the next 3 calendar months.

This means if the card issuance date is March 20, 2024, users will be able to access the lounge for the period March 20 to June 30, 2024, without any minimum spending. But if users want to avail lounge access after this period (in this case July 2024), then they will be able to do so only by spending ₹50,000 from April 1 to June 30, 2024 (preceding 3 calendar months).

Additionally, the number of complimentary guest visits for both domestic and international lounges will be reduced from 8 to 4 per calendar year.

Domestic lounge: For the current calendar year, all Magnus customers will have four guest visits available from April 20, 2024, till December 31, 2024, irrespective of the number of guest visits utilised till April 19, 2024. From the next calendar year, Magnus customers can get four complimentary guest visits per calendar year.

International lounge: For the current card anniversary year, all Magnus customers will have four guest visits available from April 20, till the card anniversary date, irrespective of the number of guest visits utilised till April 19, 2024. From the next card anniversary year, Magnus customers can get four complimentary guest visits on Priority Pass, per card anniversary year.

ALSO READ | SBI Card to discontinue rent payment rewards from April 1: Check affected credit cards

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Axis Bank suspends reward redemptions on Atlas Credit Card for select users: Here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Several cardholders received emails from Axis Bank, urging them to furnish details of their travel transactions spanning from November 1, 2023, to February 29, 2024.

Axis Bank has temporarily halted reward redemptions on the Axis Atlas credit card for some of its customers. This decision comes as numerous cardholders, who had utilised their Atlas credit cards for travel expenses, are now required to furnish invoices proving that their trips were for leisure rather than business purposes.

Several cardholders received emails from the private lender, urging them to furnish details of their travel transactions from November 1, 2023, to February 29, 2024.

In the emails, Axis Bank emphasised that their cards are intended for personal spending.

Customers who have used their cards for commercial expenses or manufactured spending to accrue points are now subject to scrutiny.

Axis Bank has provided a 30-day notice period for affected customers to gather evidence proving the personal nature of their spending.

Upon submission of valid documents, their points redemption will be unblocked, the lender said.

An Axis Bank spokesperson, speaking to CNBC-TV18.com, stated, “Evaluating usage of the features and benefits offered on various credit cards is a periodic and ongoing exercise. As part of this exercise, whenever the bank observes a pattern of transactions that is non-personal, customers are requested to furnish evidence to establish the nature of such transactions. Communication to customers is part of a regular process to discourage inappropriate usage for business or commercial purposes, which are prohibited for personal credit cards.”

On the other hand, customers whose reward points have not been suspended can continue to earn reward points on ‘eligible transactions’ as per the card holder agreement signed with the bank.

Regarding the Axis Bank Atlas credit card, it is one of the air miles credit cards in India.

Unlike most co-branded air mile credit cards associated with specific airlines, this card provides general EDGE Miles instead of reward points.

These EDGE Miles can be redeemed across 10+ airlines and 3 hotel loyalty programs. The card also features unique tier-based advantages, enhancing its travel benefits.

With an annual fee of ₹5,000, the card is suited for travel enthusiasts, requiring a minimum annual income of ₹9 lakh for salaried individuals and ₹12 lakh for self-employed individuals.

Upon successful completion of three transactions within 30 days from card activation, cardholders can receive a welcome benefit of 5,000 EDGE Miles.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Axis Bank modifies gold membership terms on its Vistara Infinite credit card: Check key revisions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Effective March 2024, cardholders can get the benefits of the Gold Tier, which will be issued in the first year after the payment of the annual fee.

Axis Bank has revealed changes to the terms and conditions of its Vistara Infinite Credit Card, particularly focusing on the complimentary Club Vistara Gold Membership. Effective March 2024, cardholders can get the benefits of the Gold Tier, which will be issued in the first year after the payment of the annual fee.

This Gold Tier status will be valid for 12 months from the date of the upgrade, and members can expect it to be credited within 10 working days of fee payment, Axis Bank said on its website.

Retention criteria for subsequent years

From the second year onwards, to retain the Gold Tier status, customers must meet specific criteria.

This includes achieving 4 Vistara flights and accumulating 15,000 Tier Points within the last 12 months.

Failure to meet these requirements will result in an automatic revision to the perpetual Silver Tier until the set criteria are fulfilled in the next tier evaluation cycle.

Tier evaluation cycle

Gold tier status will be awarded only after completing one evaluation cycle and achieving the specified criteria.

Upgrades to the gold tier will not be considered if the customer fulfills the criteria before the completion of the cycle, Axis Bank said.

Tier Points are earned exclusively by flying with Vistara and are distinct from CV Points, which can be used for redeeming award flights or upgrade awards, the lender mentioned.

Other benefits of the card

The card offers welcome privileges, ongoing Club Vistara benefits, and activation/milestone benefits based on the card variant.

It provides lifestyle benefits such as extraordinary weekends by Axis Bank, golf sessions at premium golf clubs, and complimentary lounge access at select airports across India.

For Axis Vistara Infinite Cardholders, milestone benefits are based on the amount spent in a year.

Amount spent in a year
Activation / Milestone Benefit
₹1,00,000 10,000 Bonus CV Points
₹2,50,000 1 Business Class ticket
₹5,00,000 1 Business Class ticket
₹7,50,000 1 Business Class ticket
₹12,00,000 1 Business Class ticket

These benefits range from bonus CV Points to complimentary Business Class tickets.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

After Axis Bank, Paytm now in talks with Yes Bank to open a nodal account

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

This move is aimed at ensuring seamless merchant settlements beyond March 15, by when the Reserve Bank of India (RBI) has asked Paytm Payments Bank to stop all banking activities.

Paytm is currently in discussions with Yes Bank to establish a nodal account for One 97 Communications & Paytm Payment Services, a person directly in the know told CNBC-TV18.

This move is aimed at ensuring seamless merchant settlements beyond March 15, by when the Reserve Bank of India (RBI) has asked Paytm Payments Bank to stop all banking activities.

Previously, Paytm managed its nodal accounts through its own bank, Paytm Payments Bank.

However, regulatory directives from the RBI necessitated the termination of these accounts, prompting Paytm to seek alternatives.

Last month, Paytm collaborated with Axis Bank to establish a nodal Escrow Account for OCL, Paytm Payment Services, and if negotiations prove successful, Yes Bank will become the second bank to facilitate such arrangements.

This setup will enable the handling of large UPI transaction volumes that Paytm processes between the two banks.

For the banks, this collaboration presents dual advantages. Firstly, it will earn fees for facilitating merchant settlements on behalf of Paytm. Secondly, it gains access to float available in these accounts, allowing the bank to deploy funds in money markets to generate additional income.

Simultaneously, Paytm has applied for third-party application provider (TPAP) status with the NPCI, CNBC-TV18 has learnt.

For this, Paytm has secured consent from Axis Bank and Yes Bank to serve as payment service providers (PSPs) for its UPI channel, as per sources. Furthermore, discussions are underway with SBI and HDFC Bank for similar PSP partnerships, CNBC-TV18 has learnt.

RBI had recently directed NPCI to certify 4-5 banks as Payment Service Provider (PSP) Banks for Paytm to ensure the eamless migration of ‘@paytm’ handles to other banks who are equipped to process high-volume UPI transactions.

These strategic initiatives are designed to ensure uninterrupted payment services for Paytm’s customers despite the cessation of banking operations from March 15.

In a separate development, One 97 Communications has disclosed to exchanges that Paytm and PPBL have mutually agreed to discontinue various inter-company agreements. Additionally, shareholders of the bank have consented to simplifying the Shareholders Agreement to enhance governance, irrespective of their individual interests.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?