Axis Bank Credit Rules: If you use Axis Bank credit card then this news is important for you. Axis Bank has made major changes in its credit card terms and conditions which have become effective from today 20 December 2024.
These changes will affect services like finance charges, cash payment fees, currency conversion markup, fuel and utility transactions. Let us know what impact these amendments can have on your credit card usage and what things you should keep in mind.
Revision of cash payment charges
From Friday, December 20, 2024 , a fee of Rs 175 will be applicable for paying credit card bills in cash at Axis Bank branches . This fee was earlier Rs 100.
- Maximum cash payment limit: Rs 50,000 per day.
- Exception: This charge will not be applicable on Burgundy Private, Primus, and Insta Easy Credit Cards.
Rewards redemption fee
- There will be a fee of Rs 99 for redeeming reward points or miles through the EDGE portal.
- A fee of Rs 199 will be applicable on transfer of reward points to partner loyalty program.
- This rule will not apply to select cards like Burgundy Private, Olympus, Primus, and some other cards.
Late Payment Fees
- A penalty of Rs 100 will be levied for non-payment of Minimum Amount Due (MAD) for two consecutive billing cycles.
- This penalty will be applicable from the third billing cycle onwards and every cycle thereafter until MAD is paid.
Interest rate hike
- Finance charges on credit cards have now increased from 3.6% to 3.75% per month.
- Exception: This increase will not be applicable on premium cards like Burgundy Private, Magnus, Flipkart Secured etc.
Payment Failure Fee
- The minimum charge on NACH, cheque return, and other payment failure has been increased from Rs 450 to Rs 500.
- The maximum fee limit of Rs 1,500 has been abolished.
Dynamic Currency Conversion (DCC) Fees
- DCC charges on foreign exchange transactions have increased from 1% to 1.5%.
- This change will not apply to select cards (such as Burgundy Private, Primus, and fuel transactions).
Fuel Transaction Fees
- A 1% charge will be levied on total fuel transactions exceeding Rs 50,000 in a statement period.
Fees on education transactions
- A 1% fee will be applicable on education payments made through third-party apps or websites.
- Additional fees may also be charged by third-party platforms that Axis Bank does not control.
Online Skill-Based Gaming Fees
- A 1% fee will be levied on transactions of Rs 10,000 or more in a statement period on online gaming platforms.
- Burgundy Private Credit Card
- Olympus Credit Card
- Primus Credit Card
- IndianOil Axis Bank Premium Card
- Horizon and other special cards
Important information for cardholders
These changes will affect all Axis Bank retail credit card holders. Customers are advised to plan their card usage keeping these new rules in mind.
For more details on charges and terms and conditions, visit the official website of Axis Bank or contact your nearest branch.
