If you use an Axis Bank credit card, be aware that significant changes to the terms and conditions have been introduced, starting from December 20, 2024.
These updates affect various fees and charges, including finance charges, cash payment fees, and more. It’s essential to understand these changes to manage your credit card usage better.
Key Changes in Fees and Charges
Cash Payment Charges
New Fee for Cash Payments: From December 20, 2024, if you pay your credit card bill in cash at an Axis Bank branch, you will now face a fee of ₹175 (previously ₹100).
Daily Limit: The maximum amount you can pay in cash daily is ₹50,000.
Exemption: No fee for Burgundy Private, Primus, and Insta Easy Credit Cards.
Rewards Redemption Fees
Redeeming Rewards: There will be a ₹99 fee for redeeming rewards through the EDGE portal.
Point Transfers: If you transfer your reward points to partner loyalty programs, you will be charged ₹199.
Exemption: Burgundy Private, Olympus, and Primus cards are not subject to these fees.
Late Payment Penalty
Penalty for Late Payment: If the Minimum Amount Due (MAD) is not paid for two consecutive billing cycles, a penalty of ₹100 will be applied from the third cycle until the MAD is paid.
Updates on Interest Rates and Transaction Fees
Finance Charges
Increase in Finance Charges: The finance charges on credit cards have been increased from 3.6% to 3.75% per month.
Exemption: Premium cards like Burgundy Private, Magnus, and Flipkart Secured are not affected.
Payment Failure Fees
Increased Payment Failure Fee: The fee for NACH, cheque return, and other payment failures has risen from ₹450 to ₹500. Additionally, the maximum fee limit of ₹1,500 has been removed.
Foreign Exchange and Transaction Fees
DCC Fees: The fee for foreign exchange transactions has increased from 1% to 1.5%.
Fuel Transaction Fees: A 1% fee will apply to total fuel transactions exceeding ₹50,000 in a single statement period.
Education Payments: A 1% fee will be charged for education payments made through third-party apps or websites, with possible additional charges from these platforms.
Online Skill-Based Gaming Fees: A 1% fee will be applied to gaming transactions of ₹10,000 or more in a single statement period.
What Cardholders Should Keep in Mind
These changes affect all Axis Bank retail credit card holders. Customers should review their card usage and adjust accordingly to avoid paying unnecessary fees.
For more details, visit the official Axis Bank website or contact your nearest branch.
