Axis Bank announces Changes to Credit Card (Terms and Conditions)

If you use an Axis Bank credit card, this news is crucial for you. Effective from today, December 20, 2024, Axis Bank has introduced significant changes to its credit card terms and conditions.

These updates affect various services, including finance charges, cash payment fees, currency conversion markup, fuel and utility transactions, and more.

Here’s what you need to know to plan your credit card usage effectively.

Key Changes in Fees and Charges

Cash Payment Charges Revised

1) From December 20, 2024, paying your credit card bill in cash at Axis Bank branches will now incur a fee of ₹175 (previously ₹100).

Maximum daily cash payment limit: ₹50,000.

Exemption: No cash payment fee for Burgundy Private, Primus, and Insta Easy Credit Cards.

Rewards Redemption Fees

1) Redeeming reward points or miles through the EDGE portal will now cost ₹99.

2) Transferring reward points to partner loyalty programs will incur a ₹199 fee.

Exemptions: Select cards like Burgundy Private, Olympus, and Primus will not be charged these fees.

Late Payment Penalty

1) A penalty of ₹100 will apply if the Minimum Amount Due (MAD) is not paid for two consecutive billing cycles.

2) This penalty will begin from the third billing cycle and continue until the MAD is paid.

Updates on Interest Rates, Conversion, and Transaction Fees

Finance Charges Increase

1) Finance charges on credit cards have risen from 3.6% to 3.75% per month.

Exemptions: Premium cards such as Burgundy Private, Magnus, and Flipkart Secured are not affected.

Payment Failure Fee

1) The minimum fee for NACH, cheque return, and other payment failures has increased from ₹450 to ₹500.

20 The maximum fee limit of ₹1,500 has been removed.

Dynamic Currency Conversion (DCC) Fees

1) Charges for foreign exchange transactions have increased from 1% to 1.5%.

Exemptions: Burgundy Private, Primus, and fuel transactions are excluded from this change.

Fuel Transaction Fees

1) A 1% fee will apply to total fuel transactions exceeding ₹50,000 in a single statement period.

Education Transaction Fees

1) A 1% fee will be charged for education payments made via third-party apps or websites.

2) Additional charges may apply if imposed by third-party platforms.

Online Skill-Based Gaming Fees

1) A 1% fee will be levied on gaming transactions of ₹10,000 or more in a single statement period.

What Cardholders Should Keep in Mind

These changes apply to all Axis Bank retail credit card holders. Customers are advised to review their card usage and adjust accordingly to avoid unnecessary fees.

For more details, visit the official Axis Bank website or contact your nearest branch.

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