Axis Bank has changed its credit card charges. These changes will come into effect from 20 December 2024. These changes include redemption charges, revised interest rates and extra transaction charges. These changes will apply to cardholders migrated from Axis Bank and Citi
Axis Bank has changed its credit card charges. These changes will come into effect from 20 December 2024. These changes include redemption charges, revised interest rates and extra transaction charges. These changes will apply to cardholders migrated from Axis Bank and Citi.
Redemption Charges
Charges will now be levied on redemption of EDGE Rewards and Miles.
A charge of ₹99 (18% GST extra) will be applicable for cash redemption and ₹199 (18% GST extra) for points transfer to the mileage program.
This charge will be applicable on Axis Bank Atlas, Samsung Infinite, Samsung Axis Bank, Magnus (including Burgundy variant), and Reserve credit cards.
Citi-Protege cards such as Axis Bank Olympus and Horizon will not be affected by this new rule.
Revision in interest rates
The monthly interest rate has increased to 3.75%.
Under payment charges, auto-debit reversal and cheque returns will be charged at 2% (minimum ₹500), with no upper limit.
Cash payments at the branch will attract a charge of ₹175.
Other charges
Non-payment of minimum amount due (MAD) for two consecutive cycles will attract an additional charge of ₹100 until the MAD is paid.
The markup charge on Dynamic Currency Conversion (DCC) has increased to 1.5%.
Rent transactions will now attract a 1% charge, with no limit.
Education payments made through third-party apps will attract a 1% charge, but payments made directly to educational institutions will be exempt from this.
Charges on spending limit
1% charge will be applicable on wallet load above ₹10,000.
Fuel transactions above ₹50,000, utility payments above ₹25,000 and gaming transactions above ₹10,000 will be charged 1%. Customers are advised to be aware of these changes and plan their credit card usage accordingly.
