Axis Bank Revises Charges on Credit Cards w.e.f 20th December 2024

Axis Bank has once again made headlines with a series of revisions to its credit cards. Effective from 20th December 2024, various changes will be implemented across many of its popular credit cards. This latest move follows a trend seen not just with Axis Bank but across the banking industry, where banks like HDFC, IDFC, and ICICI have been gradually reducing the benefits associated with their credit cards.

With this December devaluation, cardholders can expect changes that may include fees for reward points redemption, changes in cashback percentages, and stricter eligibility criteria for benefits such as lounge access. These changes will help the bank’s credit offerings match current market conditions.

Starting 20th December 2024, important changes will affect some popular Axis Credit Cards in India. If you have one or plan to apply for an Axis Credit Card, be aware of these new terms.

General Revisions Made to Each Card

• The markup fee for Dynamic Currency Conversion will be adjusted from the current rate of 1% to a new rate of 1.5%.
• The fee for making cash payments at branch locations will be increased from the current rate of ₹100 to a new rate of ₹175.
• The bank will continue to charge a 1% surcharge on all rent transactions, but the maximum fee limit of ₹1,500 per transaction will no longer apply.
• The interest rate will be updated to 3.75% per month.
• For auto debit reversals or cheque returns, the fee will be 2% of the payment amount, with a minimum fee of ₹500 and no upper limit on the cost.
• Cardholders will be charged a redemption fee of ₹99 for each transaction on the EDGE REWARDS platform.
• Cardholders will be charged a fee of ₹199 every time they convert or transfer their EDGE REWARD points or EDGE Miles to other loyalty programs.
• If you load more than ₹10,000 into your wallet, spend over ₹50,000 on fuel, go beyond ₹25,000 on utility bills, or use more than ₹10,000 for online skill-based gaming during a billing period, you will have to pay a 1% transaction fee.
• There is a 1% fee if you pay for education using third-party apps. But, if you pay directly through the school’s website or payment machines, you won’t have to pay this fee.
• If you don’t pay the Minimum Amount Due (MAD) by the due date for two months in a row, you’ll be charged an extra ₹100 each month until you pay the MAD. This extra charge will show up in your statement starting from the third month of missed payments. Late payment charges remain the same based on the total amount due.
• Users can access airport lounges in India and around the world with their Priority Pass membership.

SAMSUNG Axis Bank INFINITE Credit Card

• The Bank has changed its cashback offer, now providing 10% cashback on Samsung products purchased through Amazon instead of Flipkart.
• To get 10% cashback on Samsung purchases, shop through these ways: Samsung eStore, Samsung Shop App, physical stores using ‘Brand EMI’ (like Pinelabs and Benow POS), Amazon, and Samsung service centers (PayU POS).

Flipkart Axis Bank Credit Card

The government services associated with MCCs 9222, 9311, and 9402 will be categorized under “no cashback.”

Airtel Axis Bank Credit Card

Get 25% cashback on recharges with an active Airtel connection via Airtel Thanks. There is no cashback for new or inactive connections or fees.

Bottom Line

The devaluation of Axis Bank credit cards effective December 20, 2024, brings several changes that cardholders should be aware of. Users may find their benefits impacted by increased fees, reduced Reward Points, and modified cashback offers. It’s important for current and prospective cardholders to understand these adjustments and how they may affect everyday usage. Staying informed about these changes will help you make better decisions regarding your credit card options and ultimately manage your finances more effectively in the evolving banking landscape.