New Delhi: Private sector lender Axis Bank has announced a host of changes in the terms and conditions of its credit cards that will kick in from 20 December 2024.
Here are the details regarding Axis Bank Credit Card Rules Changing From 20 December
1. Finance/Interest charges
Finance/Interest charges applicable on your credit card will be levied at a revised interest rate of 3.75% per month, from the current rate of 3.6% per month. This change will be effective 20th Dec 2024. This change will be applicable on all Axis Bank retail credit cards, except the cards mentioned below, for whom there will be no change to the existing finance/interest charge structure.
Burgundy Private Credit Card, Magnus Burgundy Credit Card, Flipkart Secured Credit Card, Magnus Credit Card, IOCL Easy Credit Card, MyZone Easy Credit Card, Legacy Secured Credit Cards, Olympus Credit Card, Primus Credit Card Privilege, Easy Credit Card, Reserve Credit Card.
2. Standing Instruction (SI) failure or NACH payment failure, auto debit reversal, cheque return/dishonour fee
Standing Instruction (SI), NACH payment failure, auto debit reversal, or cheque return fee of 2% of the payment amount will continue to be applicable. Minimum fee charged will be revised to Rs. 500 from the current Rs. 450. Capping of the maximum fee of Rs. 1,500 will be removed. This change will be effective 20th Dec 2024.
This change will be applicable on all Axis Bank retail credit cards, except Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card.
3. Fee for cash payment
Fee for cash payment at branches will be revised to Rs 175 from Rs 100. This change will be effective 20th Dec 2024. and will be applicable on all Axis Bank retail credit cards, except Burgundy Private Credit Card, Primus Credit Card, Insta Easy Credit Card .
4. Late Payment Charges (LPC)
The current LPC structure will continue to be applicable. An additional charge of Rs.100 will be applicable if the payment of Minimum Amount Due (MAD) is not made by the Payment Due Date (PDD) for two consecutive billing periods. This charge will reflect in the statement generated for the third billing period in which this payment has not been made and will continue to be levied for every billing period until the MADfor that billing period has been paid. This change will be effective 20th Dec 2024. and will be applicable on all Axis Bank retail credit cards, except Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card.
5. Dynamic Currency Conversion (DCC) markup fee
Dynamic Currency Conversion markup fee will be revised to 1.5% from the existing rate of 1%. This change will be effective 20th Dec 2024. Note – This change will be applicable on all Axis Bank retail credit cards, except Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card.
6. Reward redemption fee
A reward redemption fee of Rs. 99 will be levied for each redemption transaction of EDGE REWARD points or EDGE Miles on the EDGE portal. A reward redemption fee of Rs. 199 will be levied for each instance of conversion/transfer of EDGE REWARD points or EDGE Miles to other partner loyalty programs. This change will be effective 20th Dec 2024. Note – This change will be applicable on all Axis Bank retail credit cards, except Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card, Rewards Credit Card, Cashback Credit Card, Ikea Family Credit Card by Axis Bank, Horizon Credit Card, Indianoil Axis Bank Premium Credit Card.
7. Priority Pass
International lounges abroad and in India continue to be accessible through your Priority Pass membership card. The domestic lounges mentioned here https://www.axisbank.com/docs/default-source/defaultdocument-library/list-of-domestic-lounges.pdf will not be accessible through your Priority Pass membership card. This change will be effective 20th Dec 2024. The domestic lounges mentioned here https://www.axisbank.com/docs/default-source/defaultdocument-library/axis-bank-airport-lounge-access-program.pdf> will be accessible through your Axis Bank credit card. This change will only be applicable on the Axis Bank retail credit cards: Magnus Burgundy Credit Card, Reserve Credit Card, Magnus Credit Card, Samsung Infinite Credit Card, Miles and More World Credit Card Select Credit Card Miles and More World Select Credit Card Signature Credit Card.
8. Rent surcharge
1% rent surcharge will continue to be charged by the Bank on all rent transactions. Maximum fee capping of Rs. 1,500 per transaction will be discontinued. This change will be effective 20th Dec 2024. Please note, that if the transaction is being made via a third-party app, there may be charges applied separately by the third-party app, which is not controlled by Axis Bank. This change will be applicable on all Axis Bank retail credit cards, except Olympus Credit Card, Primus Credit Card.
9. Wallet load transactions
1% fee will be levied on cumulative wallet load transactions of Rs. 10,000 or more in a single statement period. This change will be effective 20th Dec 2024. Please note, that there may be charges applied separately by the entity with whom the digital wallet is held by the customer. This change will be applicable on all Axis Bank retail credit cards.
10. Fuel transactions
1% fee will be levied on cumulative fuel transactions of Rs. 50,000 or more in a single statement period. This change will be effective 20th Dec 2024. This change will be applicable on all Axis Bank retail credit cards.
11. Education transactions
1% fee will be applicable on education payments done through third party apps/websites. This change will be effective 20th Dec 2024. Please note, that if the payment is being made via a third-party app/website, there may be charges applied separately by the third-party app/website, which is not controlled by Axis Bank. This change will be applicable on all Axis Bank retail credit cards.
12. Utility transactions
1% fee will be applicable on cumulative spends of Rs. 25,000 or more made towards utility payments within a statement period. This change will be effective 20th Dec 2024. Note – This change will be applicable on all Axis Bank retail credit cards.
13. Online skill-based gaming
1% fee will be applicable for cumulative spends of Rs 10,000 or more on online skill-based gaming platforms in a statement period. This change will be effective 20th Dec 2024. This change will be applicable on all Axis Bank retail credit cards.
