Axis Bank has given a big shock to its credit card users. The bank has increased many charges. These rules on Axis Bank credit cards have come into effect from December 20.
If you are also a user of Axis Bank Credit Card, then there is an important news for you. Actually, Axis Bank has given a big shock to its credit card users. Some changes have been made in the rules of credit card by Axis Bank. These changes are related to finance charge, cash payment fee, currency conversion markup, fuel transaction, utility transaction etc. The new rules have come into effect from today i.e. 20 December 2024.
Finance or Interest Charge
The interest charge of finance applicable on credit card will now be levied at 3.75 per cent per month, which was earlier 3.6 per cent. This change will be applicable on all Axis Bank retail credit cards except Burgundy Private Credit Card, Magnus Burgundy Credit Card, Flipkart Secured Credit Card, Magnus Credit Card, IOCL Easy Credit Card, Myzone Easy Credit Card, Legacy Secured Credit Card, Olympus Credit Card, Primus Credit Card Privilege Easy Credit Card and Reserve Credit Card.
Charges on cash payments
The charges on cash payments have been increased. The charge for cash payments at bank branches will be increased from Rs 100 to Rs 175. This change will apply to all Axis Bank retail credit cards except Burgundy Private Credit Card, Primus Credit Card and Insta Easy Credit Card.
Reward redemption
If you redeem your EDGE Rewards Points or EDGE Miles on the EDGE portal, you will have to pay a fee of Rs 99. If you transfer DGE Rewards Points or EDGE Miles to a partner loyalty program, you will have to pay a reward redemption fee of Rs 199.
Late Payment Charge (LPC)
The existing Late Payment Charge (LPC) structure will continue. If the Minimum Amount Due (MAD) is not paid by the payment due date (PDD) for two consecutive billing periods, an additional charge of Rs 100 will be applicable. This change will be applicable on all Axis Bank retail credit cards except Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.
Rent Surcharge
The bank will continue to levy a rent surcharge of 1 per cent on all rent transactions. The maximum fee capping of Rs 1,500 per transaction has been abolished.
Wallet Load Transactions
A 1 per cent charge will be levied on total wallet load transactions of Rs 10,000 or more in a statement period.
Fuel Transactions
A 1 per cent charge will be levied on total fuel transactions of Rs 50,000 or more in a statement period.
Education transactions
Education payments made through third party apps/websites will be charged 1%.
Utility transactions
A 1 per cent charge will be levied on total utility payments of Rs 25,000 or more in a statement period.
Currency conversion
The dynamic currency conversion charge has been increased from 1 per cent to 1.5 per cent.
