All the card issuers in India keep launching offers on payment of rent through credit cards. But now the offers have dried up and banks are reducing the benefits available on rent payments. Recently Axis Bank has also revised its EDGE REWARDS on the payment of rent through your Axis Bank Credit Card. Earlier this year, IDFC First Bank and RBL Bank had made changes in this regard. Keep reading the article to know more about the changes that have been made with Axis Bank EDGE REWARDS:
Axis Bank Credit Card
Axis Bank has made some changes related to EDGE REWARDS that will be effective from 10th May, 2022. The details of the revision are as under:
- The EDGE REWARDS for all the rental transactions that will be done after 10th May, 2022 through Axis Bank Credit Cards will accrue on a maximum transaction of Rs. 50,000.
- For Axis Bank Reserve Credit Card and Axis Bank Burgundy Private Credit Card and the EDGE REWARDS will accrue on transactions amounting to a maximum of Rs. 1,00,000.
It is worth noticing that besides the cards on which we earn Edge points, the limit is also applicable on the newly launched Atlas Credit Card on which we earn Edge Miles. You can go through the complete details here.
Axis Bank has already withdrawn cashback on paying rent through Flipkart Axis Credit Card and Axis Bank ACE Credit Card. We used to earn a cashback of 1.5% and 2% respectively on these cards on all retail spends which included rent payments as well. But effective from 15th March, 2022, you will not be entitled to any cashback benefit on rent payments from these cards.
The other banks which have made changes in this regard are IDFC First Bank, RBL Bank and IndusInd Bank. Following is the detail of the changes that these banks have made in respect to the rent payments through their credit cards.
IDFC First Bank
The points earned while making rental payments from IDFC First Bank Credit Card have been reduced to 3x from 10x. Also, the rent payments will not be included in the monthly threshold of Rs. 20,000 while calculating total monthly spends for generating 10x Rewards.
Effective from – 17th April 2022
Now you can make only one rent payment in a month amounting to Rs. 5,000 or more. Also, you can utilize only 50% of your total credit limit towards rent payments.
Effective From – 8th February 2022
IndusInd Bank has also reduced the rate at which the reward points could be earned while making rental payments. It has been reduced to 0.70 Rewards Points for every Rs. 100 spent for making payment towards rent.
Effective From – 20th January, 2022
In recent times, some credit card users have been misusing the Rent payment offer and rotating money within their accounts and earning reward points. To prevent this, various banks are now limiting the rent amount which we can pay via credit cards. Infact the 50,000 limit set on almost all the cards by Axis Bank on many cards is quite generous and probably 99% people paying rent via credit card would be covered in this.