Starting December 20, 2024, Axis Bank will implement several changes across its credit card portfolio. Here’s what you need to know:
New Miles Conversion Fees
Axis Bank is introducing a redemption fee for EDGE Rewards/EDGE Miles transfers:
- ₹99: Redeeming as cash.
- ₹199: Transferring to a mileage program.
Both fees are exclusive of 18% GST.
Affected Cards:
- Axis Bank Atlas Credit Card
- Axis Bank Magnus (including Burgundy Variant)
- Axis Bank Reserve
- Samsung Axis Infinite & Samsung Axis Credit Cards
Cards like Axis Olympus and Horizon are currently exempt.
Additional Fee Updates
Axis Bank is revising several fees across its portfolio, including Citi-migrated cards:
Spending & Payment Fees
- Rent payments: 1% transaction fee (no ₹1,500 cap anymore).
- Education payments via third-party apps: 1% fee. (Direct payments to institutions remain exempt.)
- Wallet loads, fuel spends, utilities, and gaming: 1% fee applies if cumulative spends exceed specific limits:
- Wallet: ₹10,000
- Fuel: ₹50,000
- Utilities: ₹25,000
- Gaming: ₹10,000
Other Fee Revisions
- Interest rate: Revised to 3.75% per month.
- Auto debit reversal/cheque return fee: 2% of the payment amount (minimum ₹500, no max cap).
- Cash payments at branches: ₹175.
- Missed MAD payments: Additional ₹100 fee if the Minimum Amount Due (MAD) isn’t paid for 2 consecutive cycles (applies until MAD is cleared).
- Dynamic Currency Conversion (DCC) markup: Revised to 1.5%.
Key Takeaways
- Act Now: If you plan to redeem or transfer EDGE Miles/Rewards, do it before December 20, 2024, to avoid the new fees.
- Be Mindful: These changes reflect Axis Bank’s efforts to align with market norms and discourage misuse of personal cards for professional expenses.