ALL Major Axis Bank Credit Cards Devalued – Effective April 2024

We all are well aware and, in fact, used to hearing some news about credit card devaluations. Whether it’s by HDFC, ICICI, or SBI Bank, these days, everyone is reducing the benefits of their card offerings. However, Axis Bank has now set a whole new benchmark for this “era of devaluations.” At approximately 9:30 PM on March 19th, Axis Bank sent out notifications to their customers regarding changes to their credit cards. Nearly all Axis Bank Credit Cards have undergone some type of change, including popular cards such as the Airtel Axis Card and premium offerings like the Magnus card.

Let’s take an overview of all the critical changes that some of the most popular Axis Credit Cards in India shall be going through from 20th April 2024.

Axis Bank Atlas Credit Card

• NO More EDGE Miles for transactions on gold/jewelry, rent, wallet, government institution, insurance, fuel, and utilities. All of these shall also not be considered for milestone benefits.
• Accelerated EDGE Miles capping has been introduced for transactions made on travel. 5 EDGE Miles for every ₹100 spent on Travel EDGE, airline, and hotel merchants up to cumulative transactions of ₹2 lakh per month only.
• 24*7 complimentary concierge services will be discontinued.
• Airport Meet & Greet and Airport Transfer have now been discontinued.
• Revised milestone benefits (Up to 10,000 EDGE Miles)-

Spend Milestone	No. of Edge Miles
₹3 lakh	2,500
₹7.5 lakh	Additional 2,500
₹15 lakh	Additional 5,000

• Revised annual benefits with the Atlas Card (Up to 5000 EDGE Miles) –

Membership Tier	Edge Miles Credited Annually
Silver	N/A
Gold	2,500
Platinum	5,000

Click here to see all the detailed Terms and Conditions. 

Airtel Axis Bank Credit Card

• The maximum cashback for Airtel Mobile, Broadband, Wi-Fi, and DTH payments via Airtel Thanks App has been reduced from ₹300 to ₹250 per billing cycle.
• The maximum cashback on utility bill payments, such as gas, electricity, etc., through the Airtel Thanks App has been reduced from ₹300 to ₹250 per statement cycle.
• No cash back on utility spends except on transactions done via the Airtel Thanks App.

Here is the detailed official document regarding this. 

Flipkart Axis Bank Credit Card

We used to receive 1.5% cashback on all transactions except those made on Flipkart and preferred merchants. Now, the cashback rate on other merchants and categories has been reduced to 1%.

View all the information on Flipkart Axis Credit Card devaluation here.

IndianOil Axis Bank Credit Card

• The welcome benefit of up to Rs. 250 cashback has been revised to 1250 EDGE REWARD Points (worth up to Rs. 250) on the first fuel transaction within 30 days of card issuance.
• The range of transactions that qualify for a 4% value back on Indian Oil fuel spends has been updated. It has been revised to Rs. 400 – Rs. 4000 instead of the previous range of Rs. 100 – Rs. 5000. Furthermore, the maximum EDGE REWARD Points that can be earned on fuel spends in a card statement month is limited to 1000.
• The criteria for a spend-based annual fee waiver have been revised from eligible spending of Rs. 50,000 to Rs. 3,50,000 for a card anniversary year. Spending on rent, wallet loading, insurance, EMI, cash withdrawals, and reversals will not be considered.
• Fuel surcharge and fuel surcharge waiver will be applicable on UPI transactions made using this credit card.

Read more about all the changes to the Axis Bank co-branded credit card.

Axis Bank Ace Credit Card

• Unlimited cashback on all eligible spends other than transactions on Google Pay or preferred partners has been revised from 2% to 1.5%.
• Utility spending on any other platform except Google Pay will not be eligible for cashback.

For more on the revisions to Ace Credit Card details, click here.

Axis Bank Vistara Signature Credit Card

In addition to the current category exclusions, insurance and gold or jewelry transactions will not be eligible for earning Club Vistara points or achieving milestone benefits.

Check the revisions made to the Axis Bank Vistara Signature Card. 

Axis Bank Vistara Infinite Credit Card

• No more concierge services.
• Club Vistara points and milestone benefits cannot be earned on transactions related to Insurance and Gold/Jewellery.

Click to view complete details.

Axis Bank MAGNUS Credit Card

• Insurance, Gold/Jewelry & Fuel are no longer eligible for EDGE REWARD Points. They are also excluded from the annual fee waiver threshold.
• While you and the Add-on cardholder can still enjoy complimentary domestic airport lounge visits, guest visits have been reduced from 8 to 4 per calendar year.
• The following features of the Magnus Credit Card shall be entirely removed from 20th April 2024.
  • Buy-one-Get-one free movie/non-movie ticket (up to ₹500 off on the second ticket) offer on BookMyShow.
  • 24*7 complimentary concierge services
  • 8 complimentary airport meet & assist services.

Magnus Credit Card was once one of the most beneficial cards to have. It was indeed considered the all-rounder. But now, with the latest round of reductions, many are wondering about its feasibility and utility. Have a look at all the details for Magnus devaluation here. 

Axis Bank MAGNUS for Burgundy

• Spending on Insurance, Gold, & Fuel MCC will no longer be eligible for EDGE REWARD Points. Expenditures on these shall also not be considered for the annual spend waiver.
• Effective 20th April 2024, 8 complimentary airport meet & assist services on the Burgundy Credit Card’s MAGNUS will be reduced to 4 services per calendar year.
• The buy-one-get-one free movie/non-movie ticket (up to ₹500 off on the second ticket) offer on BookMyShow has been discontinued.
• 24*7 complimentary concierge services have been discontinued.

Take a look at the complete changes for the super-premium Axis Bank Magnus for Burgundy Credit Card. 

Axis Bank Privilege Credit Card

• Gold/Jewellery transactions will not be eligible for earning EDGE REWARD Points; this is on top of the current exclusions.
• Milestone benefits have now been revised. Customers who spend ₹2.5 lakh in a card anniversary year will get 10,000 EDGE REWARD Points worth ₹2,000. The earlier double redemption value has now been discontinued.
• Customers who get onboarded on or after April 20th, 2024, will receive a fee waiver of ₹1500 on their spends of ₹5 lakhs during the previous card anniversary year. On the other hand, for customers who got onboarded before this date, an annual fee waiver will apply to cumulative spends of ₹2.5 lakhs in the preceding card anniversary year.
• 24*7 complimentary concierge service shall be discontinued.

Click here to view the detailed document.

Axis Bank Freecharge Plus Credit Card

Utility spends on any other platforms except the Freecharge platform will not be eligible for cashback. Here is the official notification regarding the same.

Miles & More Axis Bank Credit Card

• Spends on government services, rent, insurance, gold/jewelry, and utilities will not be eligible for earning Award Miles. This is valid for both Miles and More Axis Bank World and Select Credit Card. 
• 24*7 complimentary concierge services will be discontinued

Check the complete details here.

Axis Bank Burgundy Private Credit Card

• The welcome and annual benefit of 30,000 EDGE REWARD Points shall be discontinued.
• Spends on government services, utilities, gold/jewelry and fuel will not be eligible for EDGE REWARD Points.
• Spends done on Insurance will be capped at 6,000 EDGE REWARD points per month

You can look at the detailed notification here.

Axis Bank Select Credit Card

• Complimentary golf rounds have been increased from 9 to 12 in a financial year (April to March).
• The minimum spend criteria for an annual fee waiver of  ₹3000 has been revised from  ₹6 Lakhs to  ₹8 Lakhs in a card anniversary year.
• Spends on government services, utilities, gold/jewelry, rent, wallet, insurance, fuel, and educational services will not be eligible for milestone achievement and annual fee waiver calculation.
• BookMyShow offer and 24*7 complimentary concierge services will be discontinued.

A complete list of revisions for the Axis Select Credit Card is available here.

Revision to Airport Lounge Program

One of the major new introductions to Axis Bank Credit Cards is the minimum spend threshold required for accessing airport lounges. Axis Bank Credit Card holders would now be required to spend at least Rs. 50,000 in the previous three months to access the airport lounge for free. This change shall be effective from 1st May 2024. The spend-based criteria are waived for Burgundy Private, Reserve, and Atlas Credit Card.

In the case of a newly issued card, the minimum spend requirement is waived for the first month of card issuance, as well as the following three calendar months.

Revision to Miles Transfer Program

All existing Miles transfer partners shall now be divided into two groups (Group A & Group B) from 20th April 2024. The number of EDGE MILES/REWARD points that a customer can transfer will be capped based on the group in which the partner lies, ie per customer id, customers can transfer only a specific amount of their total EDGE MILES/Points cumulatively to partners in Group A, and rest of the EDGE MILES/Points in total to partners in Group B. Please note the Group A & Group B classification and the partners list are subject to change at the bank’s discretion without notice

Card Name	Overall Annual Capping Per Customer ID	Annual Capping for Group A (Per Customer ID)	Annual Capping for Group B (Per Customer ID)
Burgundy Private	15,00,000	3,00,000	12,00,000
Magnus Burgundy	10,00,000	2,00,000	8,00,000
Magnus	5,00,000	1,00,000	4,00,000
Reserve	5,00,000	1,00,000	4,00,000
Atlas	1,50,000	30,000	1,20,000
Select	5,00,000	1,00,000	4,00,000
Privilege	5,00,000	1,00,000	4,00,000
Rewards	5,00,000	1,00,000	4,00,000
All Other	5,00,000	1,00,000	4,00,000

Here is a categorized list of Axis Bank’s airline and hotel loyalty partners.

Group A	Group B
Accor Hotels (Accor Live Limitless)	Air France-KLM (Flying Blue)
Air Canada (Aeroplan)	Air India (Flying Returns)
Ethiopian Airlines	Air Asia
Etihad (Etihad Guest)	ITC
Japan Airlines (JAL Mileage Bank)	IHG® Hotels & Resorts (IHG One Rewards)
Marriott International ( Marriott Bonvoy)	Qantas Airways (Qantas Frequent Flyer)
Qatar Airways	SpiceJet
Singapore Airlines (Krisflyer)	Vistara (TATA SIA Airlines Ltd)
Turkish Airlines
Thai Airways (Royal Orchid Plus)
United Airlines (MileagePlus)
Wyndham Hotels(Wyndham Rewards)

Check the complete details here.

What Does This Devaluation Mean to Axis Bank Credit Card Holders?

Well, it all certainly depends upon which Axis Bank Credit Card you are holding and which feature you are most affected by. For example, people who have the Airtel Axis Bank Credit Card have been affected by the reduction in cashback amount by ₹100 for a month. This would add up to a loss of benefits equivalent to ₹1,200 in a year. Someone who has the luxurious Magnus would be disappointed by the removal of Buy One Get One on movie tickets.

This move by Axis Bank has been swift and shocking for credit card enthusiasts and the community as a whole. Share your views and opinions in the comments below.