Axis Bank, India’s third-largest private sector bank, is making updates to its credit card charges, which will come into effect on December 20, 2024.
Customers have been informed about these upcoming changes, which include new fees, revised interest rates, and additional transaction charges.
New Redemption Fees for EDGE Rewards and Mileage Programs
Axis Bank is introducing redemption fees for its EDGE Rewards and mileage programs. The new charges are:
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. These fees 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 (including Burgundy variant)
5) Axis Bank Reserve Credit Card
However, Citi-Protege cards like the Axis Bank Olympus and Horizon will not be affected by these changes.
Other Key Changes to Charges
Interest Rates: The monthly interest rate will increase 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 charge of ₹500.
2) Cash payments at branches will attract a fee of ₹175.
Penalty for Missed Payments: If the Minimum Amount Due (MAD) is not paid for two consecutive billing cycles, a penalty of ₹100 will be charged until the payment is made.
Dynamic Currency Conversion (DCC) Markup: The DCC markup fee will increase to 1.5%.
Transaction Fees for Specific Payments
Rent Payments: A 1% fee will apply, with no upper limit.
Education Fee Payments: A 1% fee will apply when using third-party apps like Paytm, Cred, or Google Pay. Direct payments to institutions will remain fee-free.
Other Transaction Fees
1) Wallet loads above ₹10,000: 1% fee.
2) Fuel expenses above ₹50,000, utility payments above ₹25,000, and gaming transactions above ₹10,000 will incur a 1% fee per statement cycle.
