This bank is going to make several changes in credit card charges from next month. The bank is introducing redemption charges for using EDGE rewards or miles and these charges will be applicable on select cards.
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 notifications of these updates from December 20, 2024. These include new redemption fees, revised interest rates and additional transaction charges.
Redemption fee for EDGE rewards and miles
Axis Bank is introducing redemption fees 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 will be applicable on select credit cards
- 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
- On the other hand, these changes will not affect Citi-Protege cards like Axis Bank Olympus and Horizon.
- There will be changes in other major charges
Axis Bank has revised several other fees-
Interest Rate
The monthly interest rate will increase to 3.75 percent.
Payment Charges
Auto debit reversal and check return will attract a fee of 2 percent of the payment amount, the minimum limit of which will be Rs 500 and no upper limit will be fixed. 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. at two scheduled times, an additional fee of Rs 100 will be charged and this fee will remain applicable until the due amount is paid.
Dynamic Currency Conversion (DCC) Markup
DCC has been revised to 1.5 percent.
Rent Transactions
Now a 1% fee will be charged for paying rent from the account. There will be no limit on the fee amount.
Education payment through third-party app
A 1% fee will be charged for paying education fees through a third-party app (such as Paytm, Cred, Google Pay, etc.). However, payments made directly to educational institutions will be exempted.
Spending Limits And Transaction Fees
Now a 1% fee will be charged on wallet load of more than Rs 10,000.
1% fee will also be charged on fuel expenses of more than Rs 50,000, utility of more than Rs 25,000 and gaming transactions of more than Rs 10,000 in a statement cycle. These changes will apply to both Axis Bank and Citi-migrated credit cards.