India's Largest Lending Platform | Fibe (formerly EarlySalary

Ever wondered what’s an IFSC code? Well, it’s a special code used to identify a bank branch. Every bank branch has its own unique IFSC code. When you send money online, you need this code along with the person’s account number, name and bank branch. It helps make sure your money goes to the right person, safely and quickly. 

Read on to learn more about the IFS code, how it works, how to find it and more.

What is a Credit Card IFSC Code? 

A Credit Card IFSC code is a special code used when you’re making payments toward your credit card from a bank account. Just like you use an IFSC code to transfer money between two bank accounts, this code helps route your payment correctly to the credit card provider’s account. 

Each bank has a different IFSC code for credit card bill payments, and it’s important to use the right one, especially when you’re paying through NEFT or IMPS. Using the correct code ensures your payment goes to the right place without any delay. 

How to Check Your Credit Card IFS Code? 

You can find your bank’s IFSC information on the official website. You can also call customer care to ask for the relevant information regarding your credit card bill payment. Simply refer to the RBI website to find the required information. 

Difference Between Credit Card IFSC and Bank IFSC Code 

Here’s a simple breakdown that shows the key differences: 

Credit Card IFS Code for Top Banks 

For your reference, here are IFS codes of some top banks for credit card bill payments.  

Knowing these top banks’ credit card IFS codes, you can easily pay your bill on time with NEFT payments. While this option is useful, most issuers allow you to pay and manage your credit card bill on their mobile app. One such card is the Fibe Axis Bank Credit Card.  

It is India’s first numberless credit card that provides you with extra security. Loaded with benefits, this card is your one-stop solution for all your financial requirements. One such benefit is no annual and joining fees, which allows you to save on hefty payments to keep your credit card active.  

Additionally, you can easily manage and monitor your credit card activities on the Axis Bank Mobile App. With this credit card, you can enjoy up to 3% cashback on all your online and offline transactions. It is a UPI-based credit card which allows you to make streamlined payments instantly.  

Its other benefits include annual complimentary domestic lounge visits at the airport, dining benefits and a 1% surcharge waiver. Download the Fibe App from the Google Play Store or App Store to apply now!  

FAQs on Credit Card IFS Code 

What is the IFS code on a card?  

You cannot find your bank’s IFS code on the card. However, you can find the information on your cheque leaf issued by the bank.  

What is the IFS code for the One Credit Card?  

To find the bank details for making credit card bill payments through IMPS or NEFT, you need to download the One Credit Card App. Go to the statement section and scroll to the ‘Details’ option. Here, you will find all the details required to pay the bill via net banking.  

Whose IFS Code is UTIB0000400?  

It is the code for the Axis Bank Mumbai branch. You can use this detail to make a bill payment for your Axis Bank-issued credit card.  

What is the code for a credit card?  

The card security code or the Card Verification Value (CVV) is different from your IFS code on the card. It is a 3–4-digit code on the back of your card, which helps you make secure payments online and offline. It is also called a CVV code.  

Credit card churning is a strategy using which people aim to maximise rewards and bonuses offered by card providers. Issuers always aim to provide maximum benefits to their customers; this includes rewards, cashback, offers, discounts and more. One such benefit is the welcome reward points. 

Some people redeem their welcome benefits, rewards as well as other perks and later close their accounts. While this is not illegal, it can have financial repercussions for the credit card company as well as the cardholder’s credit profile. 

Read on to know what is credit card churning, its working, drawbacks and more.

How Credit Card Churning Works?

Say you applied for a credit card and got approval after a short period. Once delivered, the issuer credits 1,500 reward points as a welcome benefit. Now, you have used these points to get air miles and then book a flight ticket at a discounted price. 

Once your ticket is booked, you have no intention of using the credit to maintain your expenses. Thus, you can cancel the credit card. Since there are no cancellation fee charges on a credit card, the issuer closes your account. 

Shortly after that, you apply for another card which you intend to use for the same purpose. This process is known as credit card churning. Usually, churners close their card before the annual fees can apply. Their aim is to only enjoy the card’s benefits without paying any charges. 

Thus, the best credit cards for churning are the ones offering maximum welcome benefits and may not involve joining and annual fees. 

Also Read- Applying For A Credit Card? Don’t Make These 5 Mistakes

Credit Card Churning: When to Cancel

Most users who get cards with the aim of churning close them immediately after redeeming the rewards or benefits. However, you should not use this as a credit card churning guide, as it can hurt your credit score, or you may get blacklisted. 

How Does it Damage Your Credit Score?

Frequently swapping credit cards can hurt your credit score for your long-term financial future. This is because churning involves opening and closing your credit accounts frequently. With every new credit card application, issuers check your credit report known as the hard inquiry. 

This has a temporary effect on your credit score, which you can fix after making timely credit card payments. However, if you are not using your credit card to make payments but only to redeem the welcome benefits, your score will not improve. 

In addition to that, every new credit card adds to your credit history, which can effectively improve your credit score. By closing your credit account, you can lower the age of your total credit report, which will drop your score significantly. 

Multiple Credit Cards: What are Drawbacks?

While credit card churning is not an acceptable practice, you can hold many credit cards without any issues. 

Also Read- Pros And Cons Of Multiple Credit Cards

However, it depends on your financial capacity. One drawback of having so many credit cards is that you may have to pay high fees for them. Thus, it’s best to analyse your financial capacity before applying for a new credit card. 

Considering the drawbacks of having many credit cards, it is best that you get one card that meets all your financial requirements. One such option you can choose is the Fibe Axis Bank Credit Card. 

As India’s first numberless credit card, this gives you maximum protection over identity theft and the risk of unauthorised transactions. Loaded with excellent features and deals, it is a great option if you want to save on all your payments. This UPI-based card helps carry out transactions seamlessly and securely.

For this, it gives you up to 3% cashback on online and offline payments in the travel, entertainment and food delivery categories. You also get 1% cashback on other transactions. Its other benefits include complimentary domestic lounge visits in a year and a 1% fuel surcharge waiver. 

Download the Fibe App now to get this lifetime-free credit card online. 

FAQs on Credit Card Churning

Is credit card churning worth it? 

For the short term, it may be beneficial, but in the long run, swapping credit cards can cause permanent damage to your credit health. 

Is credit card churning legal?

There are no laws against credit card cycling. However, it is against the policy of many issuers. 

Is it ok to have multiple credit cards?

Yes, having multiple credit cards is a great way to maintain cash flow and have funds readily available. However, you should only get multiple credit cards if you can afford them. 

How often can you churn the credit cards?

While there is no credit card churning guide, it mostly involves redeeming credit card rewards points and then closing them shortly after. 

Can I have two credit cards from the same bank

Yes! However, it is subject to your creditworthiness and issuer’s policy. 

Reversal of credit card transactions is a lesser-known but effective method to save yourself from losing money due to unauthorised transactions. Assume you were making a payment with your credit card, but you used incorrect details. If it is to an unknown person or a merchant, you can lose money. 

However, you can contact your issuer to reverse your credit card payment, allowing you to get the funds back. Apart from that, there are many other reasons why you can opt to reverse your credit card payment. 

Read to know what is credit card payment reversal, when and how you can opt for it and more. 

What is Credit Card Payment Reversal?

Credit card companies offer this facility where you can get a refund on your credit card payment. There are many situations where you may make a payment from your credit card, which you did not authorise. In such a case, you can request your issuer to undo the payment.

Alos Read: Best way to make the Payment of Credit Card Bills

Reversal of credit card transactions is only possible after a successful payment. If the payment shows a pending status and the funds are not deducted from your account, you cannot opt for this facility. 

Why Opt for Payment Reversal?

Here are some practical situations where you can request issuers to reverse your credit card payments. 

Fraudulent Transactions

In case your credit card payment is unauthorised, you have the right to claim a reversal. This is one of the most common reasons people reverse their credit card payments.

Statement Mismatch 

After viewing your credit card statement, you can opt for this if you notice any errors in your transaction history. For example, if the payment amount is incorrect or entered twice. 

Defective Product 

Say you have made a purchase from your credit card, which is either defective or the wrong product. In case the merchant does not refund you the money, you can file for a reversal with your issuer. 

Incorrect Information 

When you rely on your credit card to make payments frequently, it is possible that you may end up making an error. Some common errors are: 

• Incorrect payment amount 
• Inaccurate merchant details 
• Incorrect delivery address 
• Using the wrong card for payment, etc. 

In all such cases, you may want to get a reversal to fix a mistake and not face financial loss. 

Automatic Payments

Say you forgot to cancel the automatic payment or are charged after cancellation; opting for reversal helps you save money. This may happen due to technical errors on behalf of the beneficiary or the bank.

How To Reverse a Credit Card Transaction

As a responsible credit cardholder, know the following ways to reverse your credit card transactions online. 

Contact Your Merchant 

Before contacting your issuer, it is better to communicate with the merchant to refund the payment. Explain the situation and request them to refund the money into the same account or cancel the request from their side. 

Cancel the Order Online 

With this option, you can cancel your order, automatically refunding your amount to your credit card. 

Contact the Issuer 

If the other options don’t work out, you can always ask your credit card provider to give you a refund. This option gives you a complete refund of your transaction amount from your issuer.

Also Read: Credit Card Smart Payment

Credit Card Payment Reversal Time

You can request a reversal up to 60 days after making the transaction. Some issuers also allow you to apply up to 180 days post-transaction. 

Once you have made the request, most issuers will give you a refund for fraudulent or unauthorised transactions within 1-2 days. However, it may take between 7 and 14 working days to reflect on your statement. 

Knowing this timeline is important so that you can make your credit card reversal as quickly as possible. For this, you must keep an eye on your credit card statement or review your transactions periodically. This will allow for only detection and resolution of your problem. 

However, one way you can minimise the risk of credit card fraud or unauthorised transactions is to keep your details secure. Therefore, the Fibe Axis Bank Credit Card is a great option that gives you an extra layer of security as India’s first numberless card.

This UPI-based card allows you to make swift credit card transactions across all the platforms through online and offline channels. In addition to that, it gives you many other perks, such as up to 3% cashback on all your transactions, fuel surcharge waivers and complimentary lounge access. 

Download the Fibe App now to apply for this lifetime-free credit card today. 

FAQs on Credit Card Payment Reversal

What happens when a credit card transaction is reversed?

With the reversal of credit card transactions, you will receive the transaction amount back into your credit card. This will restore your credit card limit. 

Can credit card companies reverse transactions?

Upon making a request, the issuer will check if it is possible. If it is a proven error, they will reverse the payment. 

How do I reverse a credit transaction?

You can ask the issuer to reverse the payment shortly after making the transaction.

How long does it take to reverse a credit card payment?

Most issuers take up to 2 days to reverse the transaction. However, it depends on the issuer’s policy and investigation process.