Axis Bank Credit Card Rule Changes Effective December 20, 2024

Axis Bank has revamped its credit card policies with key changes to fees, finance charges, and benefits starting December 20, 2024. Here’s everything you need to know to stay informed about axis bank credit card changes.

Axis Bank has announced several changes to its credit card policies, including updates to finance charges, fees, lounge access, and other services.

Axis Bank updates credit card rules from December 20, 2024, including changes to fees, finance charges, rewards, and lounge access. Stay informed and manage your card wisely.

1. Revised Finance Charges

Interest rate on retail credit cards will increase to 3.75% per month (from 3.6%).
Exempted cards: Burgundy Private, Magnus Burgundy, Flipkart Secured, Magnus, IOCL Easy, MyZone Easy, Legacy Secured, Olympus, Primus, and Reserve Credit Cards.
For bounced cheques:
- Charges before December 20, 2024, remain unchanged.
- New rates apply for cheques bounced on or after this date.

2. Cash Payment Fee

Increased from ₹100 to ₹175

at branches.
Exempted cards: Burgundy Private, Primus, and Insta Easy Credit Cards.

3. Late Payment Charges

Current structure remains, but an additional ₹100 fee applies if the Minimum Amount Due (MAD) is unpaid for two consecutive billing periods.
Exempted cards: Burgundy Private, Olympus, and Primus Credit Cards.

4. Standing Instruction and Payment Failure Fees

Charges for Standing Instruction (SI), NACH payment failure, or cheque return remain at 2% of the payment amount.
Minimum fee increased to ₹500 (from ₹450), and the maximum fee cap of ₹1,500 is removed.
Exempted cards: Burgundy Private, Olympus, and Primus Credit Cards.

5. Currency Conversion Markup

Increased from 1% to 1.5% for dynamic currency conversion.

6. Reward Redemption Fees

₹99 fee for each redemption of EDGE REWARD points or EDGE Miles on the EDGE portal.
₹199 fee for transferring/converting points to partner loyalty programs.

7. Lounge Access Updates

International lounges accessible via Priority Pass membership continue.
Domestic lounges (listed on Axis Bank’s website) are no longer accessible via Priority Pass for select cards, including Magnus Burgundy, Reserve, and Samsung Infinite Credit Cards.

8. Rent Surcharge

A 1% surcharge continues for rent payments.
The ₹1,500 cap per transaction is removed.

9. Wallet Load Transactions

1% fee applies to cumulative wallet loads of ₹10,000 or more in a single statement period.

10. Other Transaction Fees

Fuel Transactions: 1% fee for cumulative spends of ₹50,000 or more in a statement period.
Education Payments: 1% fee for payments via third-party apps/websites.
Utility Payments: 1% fee for cumulative spends of ₹25,000 or more within a statement period.
Online Skill-Based Gaming: 1% fee for cumulative spends of ₹10,000 or more in a statement period.

Stay ahead by understanding Axis Bank’s new credit card rules. These changes impact fees, benefits, and charges—ensure you manage your card effectively to avoid surprises.

Disclaimer: The information provided in this article is for general informational purposes only. It is not intended as financial or legal advice. Please consult your financial advisor before making any decisions.

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Axis Bank Credit Card Rule Changes Effective December 20, 2024