Here are the details regarding Axis Bank’s credit card rules that have changed from December 20.
1. Finance/Interest Charges
Finance/interest charges applicable on your credit card will be charged at a revised interest rate of 3.75% per month from the current rate of 3.6% per month. This change will be effective from 20 December 2024. This change will be applicable to all Axis Bank retail credit cards, except the cards mentioned below, for which there will be no change in the existing finance/interest charge structure.
Burgundy Private Credit Card, Magnus Burgundy Credit Card, Flipkart Secured Credit Card, Magnus Credit Card, IOCLE Easy Credit Card, MyZone Easy Credit Card, Legacy Secured Credit Cards, Olympus Credit Card, Primus Credit Card Privilege, Credit Card , EAS.
2. Failure of Standing Instruction (SI) or failure to pay NACH, Auto Debit Reversal, Check Return/Dishonour Fees
A standing instruction (SI), NACH payment failure, auto debit reversal, or check return fee of 2% of the payment amount will continue to apply. The minimum fee charged will be revised to Rs. 500 450 from existing Rs.Capping maximum fee of Rs. 1,500 will be removed. This change will be effective from December 20, 2024.
This change will be applicable to all Axis Bank retail credit cards, except Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card.
3. Fees for cash payments
Cash payment fee at branches will be changed from Rs.100 to Rs.175. This change will be effective from December 20, 2024. And will be applicable on all Axis Bank retail credit cards except Burgundy Private Credit Card, Primus Credit Card, InstaEasy Credit. Card
4. Late Payment Charges (LPC)
The existing LPC structure will continue to apply. An additional charge of Rs.100 will be applicable if the Minimum Amount Due (MAD) is not paid by the Payment Due Date (PDD) for two consecutive billing periods. This charge will appear on the statement generated for the third billing period in which this payment is not made and will continue to apply for each billing period until the MAD for that billing period is paid. This change will be effective from December 20, 2024. And 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 Fees
The dynamic currency conversion markup fee will be reduced to 1.5% from the current rate of 1%. This change will be effective from December 20, 2024. Note – This change will be applicable to all Axis Bank retail credit cards, except Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card.
6. Reward Redemption Fees
Prize Redemption Fee Rs. 99 will be charged for each redemption transaction of EDGE REWARD points or EDGE Miles on the EDGE portal. Prize Redemption Fee Rs. 199 EDGE REWARD Points or EDGE Miles will be charged for each instance of conversion/transfer to other partner loyalty programs. This change will be effective from December 20, 2024. Note – This change will be applicable to 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. Credit Card by Axis Bank, Horizon Credit Card, Indianoil Axis Bank Premium.
7. Priority Pass
International lounges abroad and in India are accessible through your Preferred Pass membership card. Domestic lounges listed here https://www.axisbank.com/docs/default-source/defaultdocument-library/list-of-domestic-lounges.pdf will not be accessible through your Preferred Pass membership card. This change will be effective from December 20, 2024. Accessible through your Axis Bank credit card. This change will only apply to Axis Bank’s 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% rental surcharge will continue to be levied by the bank on all rental transactions. A maximum fee capping of Rs 1,500 per transaction will be capped. This change will be effective from December 20, 2024. Please note that if the transaction is being done through a third party app, separate charges may be applied by the third party app, which is not controlled by Axis Bank. This change will be applicable to all Axis Bank retail credit cards, except Olympus Credit Card, Primus Credit Card.
9. Wallet Load Transactions
1% fee will be charged on total wallet load transactions of Rs. 10,000 or more in a statement period. This change will be effective from December 20, 2024. Please note that separate charges may be levied by the entity with which the customer holds the digital wallet. This change will be applicable to all Axis Bank retail credit cards.
10. Fuel Transactions
A 1% fee will be levied on gross fuel transactions of Rs. 50,000 or more in a statement period. This change will be effective from December 20, 2024. This change will be applicable to all Axis Bank retail credit cards.
11. Academic Transactions
1% fee will be applicable on education payments through third party apps/websites. This change will be effective from December 20, 2024. Please note that if the payment is being made through a third party app/website, separate charges may be applied by the third party app/website, which is not under the control of Access Bank. . This change will be applicable to all Axis Bank retail credit cards.
12. Utility Transactions
1% fee will be applicable on aggregate expenditure of Rs. 25,000 or more for utility payments within the statement period. This change will be effective from December 20, 2024. Note – This change will be applicable to all Axis Bank retail credit cards.
13. Online skill-based gaming
A 1% fee will be applicable on aggregate spend of Rs 10,000 or more on online skill-based gaming platforms during the statement period. This change will be effective from December 20, 2024. This change will be applicable to all Axis Bank retail credit cards.