Axis Bank Introduces Fee Changes for Credit Cardholders – Full Details on New Charges
Axis Bank Introduces Fee Changes for Credit Cardholders – Full Details on New Charges
Axis Bank is the third-largest private sector bank in India, offering financial services for both personal and corporate banking. Starting next month, the bank will implement several changes to its credit card fees. From December 20, 2024, customers will receive notifications regarding these updates, which will include new redemption fees, adjusted interest rates, and additional transaction charges.
The bank is introducing a redemption fee for EDGE Rewards and Miles. Customers will incur a charge of ₹99 (plus 18% GST) for cash redemptions and ₹199 (plus 18% GST) for point transfers in the mileage program. To avoid this fee, customers can redeem or transfer their points before December 20, 2024.
This fee will apply to specific credit cards, including:
- – Axis Bank Atlas Credit Card
- – Samsung Axis Bank Infinite Credit Card
- – Samsung Axis Bank Credit Card
- – Axis Bank Magnus Credit Card (including Burgundy type)
- – Axis Bank Reserve Credit Card
- – However, these changes will not affect Citi-Protégé cards such as Axis Bank Olympus and Horizon.
Other important fees will also change as Axis Bank has made updates to several additional charges.
Interest Rate
The monthly interest rate will rise by 3.75 percent.
Payment Charge
There will be a charge of 2% of the payment amount for auto debit reversals and check returns, with a minimum charge of 500 rupees and no maximum limit. Furthermore, cash payments made at the branch will incur a fee of 175 rupees.
Penalty for Default
If the minimum due amount (MAD) is not paid for two consecutive billing cycles, an extra charge of 100 rupees will be applied, and this charge will continue to accrue until the due amount is settled.
Dynamic Currency Conversion (DCC) Markup
The DCC markup has been established at 1.5 percent.
Rental Transactions
A fee of 1 percent will now be charged for rental transactions, with no limit on the fee amount.
Axis Bank has also introduced changes to fees related to educational payments and other transaction limits.
Educational Fees through Third-Party Apps
A fee of 1 percent will be applied when paying educational fees through third-party apps like Paytm, Cred, Google Pay, etc. However, payments made directly to educational institutions will not incur this fee.
Expense Limit and Transaction Fee
There will now be a fee of 1 percent on wallet loads that exceed 10,000 rupees.
Additionally, fuel expenses exceeding 50,000 rupees, utility expenses over 25,000 rupees, and gaming transactions above 10,000 rupees during the statement cycle will also be subject to a 1 percent fee. These updates will apply to credit cards that have migrated from Axis Bank and Citibank.
