Big news for credit card users - new rules from December 20.
Credit Card: If you have a credit card, there is important news for you as this bank is going to change its rules from December 20.
Axis Bank is going to implement many new charges for its credit card users
from December 20, 2024.
For the first time, redemption fees have been included on the use of EDGE Rewards and Miles. The bank has already informed the users about this through notification.
New charge on EDGE Rewards and Miles If you redeem your EDGE Rewards or Miles for cash, you will have to pay Rs 99 (plus 18% GST). At the same time, if you want to transfer these points to any mileage program, then a charge of Rs 199 (18% GST extra) will be charged for it.
This charge will be applicable on select credit cards of Axis Bank:
- Axis Bank Atlas Credit Card
- Samsung Axis Bank Infinite Credit Card
- Samsung Axis Bank Credit Card
- Axis Bank Magnus Credit Card(including Burgundy variant)
- Axis Bank Reserve Credit Card
However, Citi-protege cards like Axis Bank Olympus and Horizon will not be affected by these changes. If you want to avoid these new charges, redeem or transfer your points before December 20, 2024.
Changes in interest rates and other charges Interest Rate – Monthly interest rate has been increased to 3.75%. Payment Charges - 2% of the payment amount will be charged on auto debit reversal and check return, with a minimum charge of Rs 500 and no maximum limit. There will be a charge of Rs 175 for cash payment in the branch.
Penalty for non-payment - An additional charge of ₹100 will be applied if the minimum due amount (MAD) is not paid for two consecutive months. This will continue until the MAD is cleared.
Dynamic Currency Conversion (DCC) markup - This has been revised to 1.5%.
Rent Transactions - A 1% charge will now be applied on rent transactions, with no upper limit.
Education Payments - A 1% charge will be applied on education payments made through third-party apps, but payments made directly to educational institutions will be exempt from this charge.
Spending limits and transaction fees 1% charge will be levied on loading wallet more than Rs 10,000. 1% charge will also be applicable on fuel expenditure of more than Rs 50,000, utility bills of more than Rs 25,000 and gaming transactions of more than Rs 10,000 in the statement cycle.
If you are a credit card user of Axis Bank, keep these changes in mind and take decisions as per your need.
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