 "Rewards, lounge access downgrades: All changes to Axis Bank credit cards")
Axis Bank implemented significant changes across several of its popular credit cards on April 20, according to a notification issued by the private lender. These changes will affect lounge access, rewards programmes, and additional services for various card tiers. Here's what you need to know to stay updated:
Changes include:
Spend-linked domestic lounge access
New exclusions added to the rewards programme
Removal of concierge and meet and greet services
Lowered base rate on entry-level cards
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Spend-linked domestic lounge access
Previously, you might have enjoyed complimentary lounge access simply as a cardholder benefit. Now, to continue enjoying this privilege, you will need to have spent at least Rs 50,000 in the previous quarter. According to a notification by Axis Bank, this will be applicable to Axis Bank Privilege Credit Card. The new rules will be applicable from May 1, 2024.
In case of a newly issued card, the minimum spend criteria is waived for the month of card issuance as well as for the following three calendar months.
For example, if card issuance date is March 20, 2024, you will be able to access lounge for the period March to June 30, 2024, without any minimum spends. But if you want to avail lounge access after this period (in this case July 2024), then you will be able to do so only by spending Rs 50,000 from April 1 to June 30, 2024 (preceding three calendar months).
Revised rewards programme
The bank has redefined what counts towards earning rewards points.
— Purchases on jewellery and insurance will no longer earn you EDGE REWARD Points.
— All existing Miles transfer partners will be divided in two groups (Group A & Group B). For redemption through Miles Transfer Programme, the customer will be able to transfer maximum of 100,000 EDGE REWARD points cumulatively to Group A partners and maximum of 400,000 EDGE REWARD points cumulatively to Group B partners in a calendar year.
— For the current calendar year, this capping will be applicable from April 20 to December 31, 2024. From next calendar year onwards, capping will be applicable from January 1, 2025 to December 31, 2025.
Removal of concierge and meet and greet services
Notably, services such as concierge and meet-and-greet have been discontinued for Privilege credit card holders. This change is part of an effort to streamline the offerings across various credit cards, possibly to reduce complexities and costs associated with these services, according to Paisa Bazaar.
Privilege credit card features that will be discontinued are:
— 24*7 complimentary concierge service will be discontinued
— Multi-brand vouchers at double redemption value on achieving milestone spends of every Rs 2.5 lakh will be discontinued
Adjustments to partners and cashback
For those holding premium or travel-oriented cards, while the list of airline and hotel partners remains extensive, there have been adjustments in how redemption is capped, which may affect how you benefit from brand loyalty.
For cardholders of the Axis Ace and Flipkart Axis Card, there's a downward revision in the cashback rates. Axis Ace now offers 1.5% cashback, down from 2%, although it still provides a 5% unlimited cashback on Google Pay transactions. The Flipkart Axis Card will now provide 1% cashback, reduced from 1.5%.
How will these changes impact credit cardholders?
According to Paisa Bazaar, "While Flipkart Axis Bank Credit Card remains a good option for Flipkart loyalists, the reduced base rate of 1% would affect the savings of those who sought decent cashback across other online and offline spends as well.
Moreover, where previously users could avail lounge access without any minimum spend, now they will need to spend Rs 50,000 in a quarter to avail complimentary domestic lounge access. People who do not put frequent spends on their credit cards might lose the complimentary lounge access".