Axis Bank has announced several updates to its credit card terms and conditions. Here’s a breakdown of the key changes, effective December 20, 2024:
1. Finance/Interest Charges Increased
- New Rate: 3.75% per month (previously 3.60% per month).
- Exceptions: No changes for the following cards:
2. NACH Payment Failure & Auto-Debit Reversal Charges
- New Minimum Fee: ₹500 (up from ₹450).
- Cap Removed: Previously capped at ₹1,500.
- Exceptions: Burgundy Private, Olympus, and Primus Credit Cards.
3. Fee for Cash Payments at Bank Branches
- New Fee: ₹175 (up from ₹100).
- Exceptions: Burgundy Private, Primus, and Insta Easy Credit Cards.
4. Late Payment Charges
- Late payment for two consecutive billing periods will incur an additional fee of ₹100.
- Outstanding TAD Fee Structure:
- ₹0–₹500: Nil
- ₹501–₹5,000: ₹500
- ₹5,001–₹10,000: ₹750
- Above ₹10,000: ₹1,200.
5. Reward Redemption Fee
- EDGE Rewards/EDGE Miles Transfer to Partners: ₹199 per transaction.
- Redemption via EDGE Portal: ₹99 per transaction.
6. Priority Pass Restrictions
- Some domestic lounge services will no longer be accessible with Priority Pass.
- Cards Affected:
- Magnus Credit Card
- Samsung Infinite Credit Card
- Select Credit Card, among others.
7. New Transaction Fees
- Fuel Transactions: 1% fee on cumulative fuel spends of ₹50,000 or more per statement period.
- Utility Transactions: 1% fee on cumulative utility bill payments of ₹25,000 or more per statement period.
- Online Skill-Based Gaming: 1% fee on gaming spends of ₹10,000 or more in a statement period.
- Education Transactions: 1% fee on payments through third-party apps/websites.
Important Notes:
- These changes are applicable across most Axis Bank retail credit cards unless specified otherwise.
- Check Axis Bank’s official website for complete details on exclusions and specifics.