Axis Bank Credit Card Rules Change: Effective Dec 20, 2024

Introduction

Axis Bank on Friday 20 December 2024 changed its rules and revised charges for almost all existing credit cards rolling out new terms and conditions. Axis Bank credit cards will now be a little heavier on users' pockets.

Let's check out key changes in Axis credit cards after Axis Bank credit card rules change.

Credit Card Fees and Interest 

• Interest and credit card fees will be subject to the increased monthly interest rate of 3.75% instead of 3.6%. 

• This will come into effect on 20 December 2024. This change will be applicable to all Axis Bank retail credit cards except as mentioned below, and therefore the same structure of existing finance/interest charges will apply.
  
  Legacy Secured Credit Cards, Burgundy Private Credit Card, Flipkart Secured Credit Card, Magnus Credit Card, IOCL Easy Credit Card, Olympus Credit Card, Magnus Burgundy Credit Card, Primus Credit Card Privilege, Easy Credit Card, MyZone Easy Credit Card, and Reserve Credit Card.

SI Failure, Payment Failure via NACH, Cheque Return / Dishonor Fee, Auto Debit Reversal

• Standing instruction (SI) failure or NACH payment failure, auto debit reversal, cheque return, and dishonor fee currently remain applicable at 2% of the payment amount. However, the minimum fee will be now revised to Rs.500 from the current Rs.450 while removing the upper limit of maximum fees, which was capped at Rs.1,500. Change the effective date to 20 December 2024.

• This will be effective on all Axis Bank retail credit cards, except Burgundy Private Credit Card, Primus Credit Card, and Olympus Credit Card.

Reward Redemption Fee

• A reward redemption fee of Rs.99 will apply for every redemption transaction of the EDGE REWARD points or EDGE Miles on the EDGE portal. A reward redemption fee of Rs.199 will apply for the conversion/transfer of the EDGE REWARD points or EDGE Miles to other partner loyalty programs.

• From 20 December 2024, this change will take place and will be applicable on all Axis Bank retail credit cards, except  Burgundy Private Credit Card, Cashback Credit Card, Primus Credit Card, Olympus Credit Card, Rewards Credit Card, Horizon Credit Card, Ikea Family Credit Card by Axis Bank, Indian oil Axis Bank Premium Credit Card.

Fee For Cash Payment

• Cash payment fees in branches will now be charged at Rs.175. Earlier it was Rs.100.

• From December 20, 2024, this change will be applicable and apply to all Axis Bank retail credit cards, except for Burgundy Private Credit Card, Primus Credit Card, and Insta Easy Credit Card.

Dynamic Currency Conversion (DCC) markup fee

• Dynamic Currency Conversion markup fee will be revised from the existing rate of 1% to 1.5%.

• This change will be applicable on all Axis Bank retail credit cards, except Burgundy Private Credit Card, Primus Credit Card, and Olympus Credit Card 

Late Payment Charges (LPC)

• The LPC structure will continue to apply as it exists today. If, for two consecutive billing months, the minimum amount owed is not paid by the Payment Due Date, an additional charge of Rs.100 will be introduced. This charge will be mentioned in the statement generated for the third billing period in which this payment has not been made.

• This charge will continue to be levied for any billing period until the MAD (otherwise applicable) for that billing period is paid off. It will be applicable on all Axis Bank retail credit cards, except the Olympus Credit Card, Burgundy Private Credit Card, and Primus Credit Card.

Rent Surcharge

• The Bank will slap a 1% rent surcharge on all rent Transactions. A maximum cap of Rs.1,500 per transaction will be withdrawn. Please note, that if the transaction is done through a third-party app, then there may be separate changed amounts applied by that third-party app, which is nondisposable and controlled by Axis Bank.

• This is going to be applicable on all Axis Bank retail credit cards excluding Olympus Credit Card, and Primus Credit Card.

 

Education Transactions

• A 1% fee is applicable to education payments done with third-party apps/websites. Please note, that if the payment is being made through a third-party app/website, there may be additional charges applied separately by the third-party app/website, which isn't controlled by Axis Bank.

• This change will be applicable to all Axis Bank credit cards.
  
  

Fuel Transactions

• A 1% charge would apply for the total value of cumulative petrol purchases amounting to Rs.50,000 or more in a single statement period.

• All credit cards issued by Axis Bank will be affected by this modification.

Wallet Load Transactions

• A 1% levy on charges against total wallet load Transactions aggregating to Rs.10,000 or more will be applicable in a single statement period.

• Please note that there may be charges applied separately by the entity with which the customer holds the digital wallet. This change will apply to all Axis Bank retail credit cards.

Skill-based Online Gaming

• Spending Rs.10,000 or more over the course of a statement period on online skill-based gaming sites will result in a 1% fee.

• All retail credit cards issued by Axis Bank will be affected by this change.
  
  

Transactions Involving Utilities

• A 1% fee will be applicable to all utility payments made during a statement period making a sum of a minimum of Rs.25,000.

• Charges are applicable on all Axis Bank credit cards.

Conclusion

Axis Bank credit card rules change are in effect from 20th December 2024, for all types of transactions. This would bring a lot of charges. Such as increases in, penalties on delayed payments, interest rates, and implementation of new educational fees, fuel payments, charges on rental, wallet reloads, and utility payments are the major changes made to the credit card rules in India. 

With these changes, reward redemption fee changes and the charges applicable for doing cash payments through branches will also be there. This hence makes it vital for the customers to spend under proper consideration of the new fee structures to avoid increased costs. While some premium credit cards like Burgundy Private and Primus are exempt from many of these changes, a large number of retail cards will be affected in various ways. The customer must go through the updated terms and conditions, which will help plan usage better and minimize the financial impact.Disclaimer: No buy or sell recommendation given. No investment advice given. Information is taken from various internet websites and valid at the time of writing this content only (as of 21 December 2024) and might get changed in the future without any prior update. Discuss your eligible financial advisor or concerned credit card company or banks for details before buying. The author or the company (Finowings) shall not be responsible for any loss.