 "Interest rates to fees: Axis Bank credit card rule changes start Friday")
Axis Bank recently announced revisions in terms and conditions for its credit cards. The updates from Friday include changes to finance/interest charges, NACH payment failure fees, cash payment fees, late payment charges, reward redemption fees, and fees for online skill-based gaming, among others.
Increase in interest charges
The finance/interest charges on credit cards will be revised to an interest rate of 3.75 per cent per month, up from the current rate of 3.6 per cent. It will apply to all Axis Bank retail credit cards, except for the cards listed below, which will continue to have the same finance/interest charge structure.
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Burgundy Private Credit Card
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Legacy Secured Credit Cards
Olympus Credit Card
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Privilege Easy Credit Card
Reserve Credit Card
Increase in fee for payment failure
The 2 per cent fee for Standing Instruction (SI), NACH payment failure, auto debit reversal, or cheque return remains unchanged. However, the minimum fee will increase from Rs 450 to Rs 500. A cap of Rs 1,500 will be eliminated.
This update will apply to all Axis Bank retail credit cards, excluding the Burgundy Private Credit Card, Olympus Credit Card, and Primus Credit Card.
Fees for cash payment hiked
Starting Friday, Axis Bank will introduce a fee of Rs 175 for cash payments made at their branches to settle credit card bills. This is an increase from the current fee of Rs 100. Please note, you can pay up to a maximum of Rs 50,000 in cash per day.
The cash payment fee will be applicable to all Axis Bank credit cards, with the exception of the Burgundy Private Credit Card, Primus Credit Card, and Insta Easy Credit Card.
Late payment charges
The existing Late payment charges structure will remain in effect. A penalty of Rs 100 will be imposed if the Minimum Amount Due (MAD) is not paid by the Payment Due Date (PDD) for two consecutive billing cycles. This charge will appear on the statement for the third billing cycle in which the payment has been missed and will continue to be applied in each subsequent billing period until the MAD is paid. This change will apply to all Axis Bank retail credit cards, excluding the Burgundy Private Credit Card, Olympus Credit Card, and Primus Credit Card.
Dynamic currency conversion (DCC) markup fee
Dynamic currency conversion markup fee will be revised to 1.5 per cent from the existing rate of 1 per cent. This change will be applicable on all Axis Bank retail credit cards, except the ones included in the table below:
Burgundy Private Credit Card
Olympus Credit Card
Primus Credit Card
Fuel transactions
1 per cent fee will be levied on cumulative fuel transactions of Rs 50,000 or more in a single statement period. This change will be effective 20th Dec 2024. This change will be applicable on all Axis Bank retail credit cards.
Education transactions
A 1 per cent fee will be applied to education payments made through third-party apps or websites. Please note that third-party apps/websites may charge additional fees, which are beyond the control of Axis Bank.
Charge on online skill-based gaming
Axis Bank will impose a 1 per cent fee on transactions of Rs 10,000 or more made on online skill-based gaming platforms during a statement period. This new policy applies to all Axis Bank retail credit cards.
Reward redemption fee
A reward redemption fee of Rs 99 will be charged for each redemption transaction of EDGE REWARD points or EDGE Miles through the EDGE portal. Additionally, a fee of Rs 199 will apply for each conversion or transfer of EDGE REWARD points or EDGE Miles to other partner loyalty programs. This update will take effect from 20th December 2024. Note, this change will apply to all Axis Bank retail credit cards, with the exception of the Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card, Rewards Credit Card, Cashback Credit Card, Ikea Family Credit Card by Axis Bank, Horizon Credit Card, and Indianoil Axis Bank Premium Credit Card.