Credit Card Charge: Axis Bank, the third largest private sector bank offering finance services for personal and corporate banking in the country, is going to make several changes in its credit card charges from next month. Customers have started receiving information about these updates of the bank from December 20, 2024. These include new redemption charges, revised interest rates and additional transaction charges.
Redemption Fees for EDGE Rewards and Miles
Axis Bank is introducing redemption charges for using EDGE Rewards or Miles. Customers will be charged Rs 99 (plus 18 per cent GST) for cash redemption and Rs 199 (plus 18 per cent GST) for transferring points to the mileage program. Customers who want to avoid these charges can redeem or transfer points before December 20, 2024.
This fee applies to select credit cards
- Axis Bank Atlas Credit Card
- Samsung Axis Bank Infinite Credit Card
- Samsung Axis Bank Credit Card
- Axis Bank Magnus Credit Card (Includes Burgundy Variant)
- Axis Bank Reserve Credit Card
- However, these changes will not have any impact on Citi-Protégé cards like Axis Bank Olympus and Horizon.
- There will be changes in other main charges
Axis Bank has revised many other fees-
Interest Rate
Monthly interest rate will increase to 3.75 percent.
Payment Charges
Auto debit reversal and check return will be charged at 2% of the payment amount, with a minimum limit of Rs 500 and no upper limit. Apart from this, a fee of Rs 175 will also be charged on cash payment in branches.
Penalty for missed payment
If the Minimum Amount Due (MAD) is not paid for two consecutive cycles i.e. on two scheduled dates, an additional fee of Rs 100 will be charged and this fee will remain in force until the due amount is paid.
Dynamic Currency Conversion (DCC) Markup
DCC has been revised to 1.5 percent.
Rent Transactions
Now 1 percent fee will be charged on account payment for fare. There will be no limit on the fee amount in this.
Education payment through third-party app
1 percent fee will be charged for paying education fees through any third-party app (like Paytm, Cred, Google Pay, etc.). However, there will be exemption in payments made directly to educational institutions.
Spending Limits And Transaction Fees
Now there will be a charge of 1 percent on wallet load more than Rs 10,000.
Fuel expenditure above Rs 50,000, utility expenditure above Rs 25,000 and gaming transactions above Rs 10,000 in a statement cycle will also attract 1 per cent charge. These changes will be applicable to both Axis Bank and Citi-migrated credit cards.
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