After December 20, 2024, if Axis Bank customers redeem EDGE Rewards or Miles Cash, then they will have to pay an additional Rs 99 along with 18 per cent GST.
Credit card rules: Axis Bank is changing the rules for its credit card customers from 20 December 2024. In this, new charges are going to be levied on the customers using credit cards, redemption fees for using EDGE Rewards or Miles. The bank had already informed the customers about this.
How much extra charge will have to be paid
After 20 December 2024, if Axis Bank customers redeem EDGE Rewards or Miles Cash, then they will have to pay an additional Rs 99 along with 18 per cent GST. Similarly, if customers want to transfer the points received through credit card to the mileage program, then they will have to pay Rs 199 along with 18 per cent GST charge.
These new charges will not be applicable on all Axis Bank cards. Rather, only selected card holders will have to pay additional charges. New charges will not be applicable on cards like Axis Bank Olympus and Horizon.
Know on which credit cards new charges will be applicable –
· Samsung Axis Bank Infinite Credit Card,
· Axis Bank Reserve Credit Card,
· Axis Bank Magnus Credit Card,
· Axis Bank Atlas Credit Card,
· Samsung Axis Bank Credit Card.
What is the option
If customers using the above mentioned Axis Bank credit cards use or transfer all the points received on their cards before 20 December 2024, then the customers will not be affected by these changes.
These changes have also been made –
· Monthly interest rates have been reduced to 3.75 percent.
· Two percent or Rs 500, whichever is less, will be charged on payments made on check return and auto debit reversal. Apart from this, Rs 175 will have to be paid in case of cash payment.
· One percent charge will have to be paid in rent transactions.
· If customers make education related payments through any third-party apps, then they will have to pay a charge of one percent on it. On the other hand, if customers pay directly to educational institutions, then they will not have to pay this charge.
1% charge will be levied for wallet load exceeding Rs 10,000, utility bill exceeding Rs 25,000 and gaming transaction exceeding Rs 10,000.
