Axis Bank has updated the terms and conditions for its credit cards, effective from Friday (December 20). The changes include adjustments to finance charges, NACH payment failure fees, cash payment fees, late payment charges, reward redemption fees, and fees for online skill-based gaming, among others.
Fees for Cash Payments: Effective Friday, Axis Bank will implement a fee of Rs 175 for cash payments made at their branches to settle credit card bills, up from the current fee of Rs 100. Please be aware that there is a maximum cash payment limit of Rs 50,000 per day.
The cash payment fee will be applied to all Axis Bank credit cards, except for the Burgundy Private Credit Card, Primus Credit Card, and Insta Easy Credit Card.
Fee for Reward Redemption: A reward redemption fee of Rs 99 will be charged for each redemption transaction of EDGE REWARD points or EDGE Miles through the EDGE portal. Additionally, a fee of Rs 199 will apply for each conversion or transfer of EDGE REWARD points or EDGE Miles to other partner loyalty programs. This fee adjustment will be effective from 20th December 2024.
This change will be applicable to all Axis Bank retail credit cards, except for the following: Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card, Rewards Credit Card, Cashback Credit Card, Ikea Family Credit Card by Axis Bank, Horizon Credit Card, and Indianoil Axis Bank Premium Credit Card.
Late Payment Charges: The current structure for late payment charges will remain unchanged. A penalty of Rs 100 will be levied if the Minimum Amount Due (MAD) is not settled by the Payment Due Date (PDD) for two consecutive billing cycles. This penalty will be reflected in the statement for the third billing cycle in which the payment is missed and will be enforced in each subsequent billing period until the MAD is cleared. This adjustment will be enforced on all Axis Bank retail credit cards, with the exception of the Burgundy Private Credit Card, Olympus Credit Card, and Primus Credit Card.
Interest charges: The finance charges on credit cards will now be set at an interest rate of 3.75% per month, compared to the previous rate of 3.6%. This rate will be applicable to all Axis Bank retail credit cards, except for specific cards that will maintain their current finance charge structure.
It will be valid on these cards: Burgundy Private Credit Card, Magnus Burgundy Credit Card, Flipkart Secured Credit Card, Magnus Credit Card IOCL Easy, Credit Card MyZone Easy Credit Card, Legacy Secured Credit Cards, Olympus Credit Card, Primus Credit Card, Privilege Easy Credit Card, Reserve Credit Card.
Payment Failure: The fee for payment failure, including Standing Instruction (SI), NACH payment failure, auto debit reversal, or cheque return, will remain at 2 per cent. However, the minimum fee will be raised from Rs 450 to Rs 500. The previous cap of Rs 1,500 will no longer apply.
This fee adjustment will be applicable to all Axis Bank retail credit cards, except for the Burgundy Private Credit Card, Olympus Credit Card, and Primus Credit Card.
Currency conversion: The Dynamic Currency Conversion (DCC) markup fee will be adjusted to 1.5% from the current rate of 1%. Please note that this revision will apply to all Axis Bank retail credit cards, excluding the following: Burgundy Private Credit Card, Olympus Credit Card, Primus Credit Card, and fuel transactions.
Fuel transaction: Furthermore, a 1% fee will be imposed on cumulative fuel transactions exceeding Rs 50,000 within a single statement period. This modification will come into effect on December 20th, 2024, affecting all Axis Bank retail credit cards. Thank you for your attention to these changes.
Education Transactions: A 1% fee will be levied on education payments processed through third-party apps or websites. Kindly be aware that additional fees may be charged by these third-party apps/websites, and Axis Bank does not have control over these charges.
Online Skill-Based Gaming: Axis Bank will impose a 1% fee on transactions of Rs 10,000 or more conducted on online skill-based gaming platforms within a statement period. This new policy is applicable to all Axis Bank retail credit cards.