Axis Bank, the country’s third-largest private sector bank, will implement changes to its credit card charges starting December 20, 2024.
Customers have been notified about these updates, which include new redemption fees, revised interest rates, and additional transaction charges.
New Redemption Fees for EDGE Rewards and Miles
Axis Bank is introducing redemption fees for its EDGE Rewards and mileage programs:
Cash redemption: ₹99 + 18% GST
Points transfer to mileage programs: ₹199 + 18% GST
Customers can avoid these fees by redeeming or transferring points before December 20, 2024.
This fee will apply to select credit cards, including:
1) Axis Bank Atlas Credit Card
2) Samsung Axis Bank Infinite Credit Card
3) Samsung Axis Bank Credit Card
4) Axis Bank Magnus Credit Card (includes Burgundy variant)
5) Axis Bank Reserve Credit Card
However, Citi-Protege cards like Axis Bank Olympus and Horizon will not be affected by these changes.
Key Changes to Other Charges
Interest Rates
The monthly interest rate will rise to 3.75%.
Payment-Related Charges
1) Auto debit reversals and cheque returns will incur a fee of 2% of the payment amount, with a minimum of ₹500 and no upper limit.
2) Cash payments at branches will attract a fee of ₹175.
Penalty for Missed Payments
If the Minimum Amount Due (MAD) is unpaid for two consecutive billing cycles, a penalty of ₹100 will be charged until the due amount is cleared.
Dynamic Currency Conversion (DCC) Markup
The DCC markup fee will increase to 1.5%.
Rent and Education Transactions
Rent payments: A 1% fee will be charged with no cap on the fee amount.
Education fee payments: A 1% fee will apply when using third-party apps (e.g., Paytm, Cred, Google Pay), but direct payments to institutions will remain fee-free.
Spending Limits and Transaction Fees
Wallet loads exceeding ₹10,000: 1% fee.
Fuel expenses above ₹50,000, utility payments above ₹25,000, and gaming transactions above ₹10,000: 1% fee per statement cycle.
These changes will apply to both Axis Bank and Citi-migrated credit cards.
