Axis Bank has announced significant updates to its credit cards, effective 20th December. These changes mainly focus on interest rates, fees, and charges of popular Axis Credit Cards such as Axis Magnus, Axis Atlas, Axis Ace, Flipkart Axis, Airtel Axis, and Axis Rewards. Below is a detailed overview of these changes:
Video: Quick View of Axis Bank Credit Card Changes
Revisions in Axis Bank Credit Cards Fees and Charges
Some of the common changes applicable to all the credit cards are as follows:
Finance Charges:
- For Axis Atlas, Flipkart Axis, Airtel Axis, Axis Rewards, and Axis Ace credit cards, the finance charges will increase from 3.6% per month to 3.75% per month
Cash Payment Fee:
- Cash payments made via Axis Bank branches will now attract a fee of Rs. 175, up from the existing fee of Rs. 100
Dynamic Currency Conversion (DCC) Fee:
- The markup fee for DCC transactions will increase from 1% to 1.5%
Late Payment Charges:
- While existing late payment charges remain unchanged, an additional fee of Rs. 100 will be charged per cycle if the Minimum Amount Due (MAD) is not cleared for two consecutive billing cycles
Cheque Return or Auto Debit Reversal Fee:
- For Axis Ace, Axis Atlas, and Axis Rewards cards, this fee will now be 2% of the amount or a minimum of Rs. 500, with no maximum capping
- For Airtel Axis, Axis Magnus, and Flipkart Axis cards, the fee will increase from Rs. 450 to Rs. 500, and the maximum capping of Rs. 1,500 will be removed
Reward Redemption Fee:
Axis Magnus & Axis Atlas credit cardholders will have to pay a reward redemption fee of up to Rs. 199 as per the below details:
- Reward redemption fee of Rs. 99 will be levied for redeeming EDGE Reward Points or EDGE Miles through the Axis EDGE portal
- Reward redemption fee of Rs. 199 will be levied for converting EDGE Reward Points or Miles into loyalty partner program miles
Note: The list of domestic lounges accessible through Priority Pass Membership for Axis Magnus cardholders will be updated.
Transaction Fee Imposed on Below Categories
Education Payments via Third-Party Apps:
- 1% transaction fee will apply when payments are made through third-party apps. However, payments made directly through institutional websites or POS machines will not attract this fee.
Rent Payments:
- 1% transaction fee will be charged on rent payments. Additionally, the maximum fee capping of Rs. 1,500 per transaction will be removed.
Other Categories:
- 1% transaction fee will be applied to the following categories when cumulative monthly spends exceed the below thresholds:
- Wallet Loads: Rs. 10,000
- Fuel: Rs. 50,000
- Utilities: Rs. 25,000
- Online Skill-based Gaming Platforms: Rs. 10,000
Revisions in Axis Bank Credit Cards Features & Benefits
Cardholders can earn 25% cashback on Airtel Mobile, Broadband, WiFi, and DTH bill payments via the Airtel Thanks App. However, no cashback will be offered on payments for hardware costs, installation charges, advance recharges, or inactive connections.
In addition to the existing list of exclusions, cardholders will no longer earn cashback on government transactions. However, this change does not apply to Flipkart Axis Bank Super Elite Credit Card.
How will these changes impact Axis Credit Cardholders?
Axis Bank’s recent updates to its credit cards bring a mix of changes in interest rates and fees & charges. While these updates may not severely affect the savings potential, cardholders might need to adjust their spending patterns to avoid additional charges and maximize their benefits.
To manage these changes, cardholders can:
- Pay dues on time to avoid higher finance charges and late payment penalties
- Limit branch visits for cash payments and opt for online payments
- Plan international transactions carefully to minimize the Dynamic Currency Conversion fee
- Keep track of category-specific thresholds to avoid additional transaction fee
- Redeem rewards strategically to offset the redemption fee
While these changes may add new costs, Axis credit cards offer decent benefits across rewards, cashback, travel, and other categories. By staying informed and spending smartly, cardholders can continue to make the most of their Axis credit cards while minimizing the financial impact of these updates.
Note: These updates cover only a few popular Axis credit cards. Some other Axis credit cards might also have these or additional changes, keep visiting this page for the latest news and updates.
