Axis Bank credit card rules will change from December 20th.

Axis Bank has made several changes to its credit card rules as of December 20, 2024.

Here, we list the key changes private lenders are rolling out for their credit card users.

Important changes will take effect tomorrow

1. The finance or interest charges applicable to your credit card will adjust from the current interest rate of 3.6% to 3.75% per month. This change will apply to all Axis Bank retail credit cards, except for the following cards:

a) Burgundy Personal Credit Card, b) Magnus Burgundy Credit Card, c) Flipkart Secured Credit Card, d) Magnus Credit Card, e) IOCL Easy Credit Card, f) MyZone Easy Credit Card, g) Traditional Secured Credit Card, h) Olympus Credit Card, i) Primus Credit Card, Primus Easy Credit Card and j) Reserve Credit Card.

It’s worth noting that if the check bounce occurs before December 20, 2024, the old fees will apply. If the return or chargeback occurs on or after December 20, 2024, new fees will apply

Cash payment fees

Branch cash payment handling fee increases $100 to $175 Effective from December 20, 2024.

Late payment fees

The current Late Payment Charge (LPC) structure will continue to apply. additional charge $100 applies if the Minimum Amount Due (MAD) is not paid by the Payment Due Date (PDD) of two consecutive billing cycles.

This change does not apply to Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card

standing instructions

A check return fee of 2% of the payment amount will continue to apply for Standing Instructions (SI), NACH payment failures, automatic debit reversals, or payment amounts.

The minimum fee will be increased to $500 from now on $450. Maximum fee limit $1,500 will be removed. These changes will take effect on December 20, 2024 and do not apply to Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.

currency conversion

The dynamic currency conversion markup fee will be adjusted from the current 1% to 1.5%.

If you draw on a revolving line of credit and therefore elect to pay less than the total amount due reflected in your monthly bill, a revised 3.75% (monthly) finance charge will apply, effective December 20, 2024. Not applicable to Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.

Reward Redemption

The reward redemption fee is $Each EDGE REWARD Points or EDGE Miles redemption transaction made on the EDGE Portal is subject to a $99 fee.

The reward redemption fee is $A USD 199 fee applies each time EDGE REWARD points or EDGE miles are converted/transferred to another partner loyalty program.

Use the lounge

International lounges abroad and in India are still available through the Priority Pass membership card.

However, the domestic lounges mentioned in the link: https://www.axisbank.com/docs/default-source/defaultdocument-library/list-of-domestic-lounges.pdf Unable to access via Priority Pass membership card.

This change will apply to the following credit cards: Magnus Burgundy Credit Card Reserve Credit Card, Magnus Credit Card Samsung Infinite Credit Card, Miles and More World Credit Card Select Credit Card, Miles and More World Select Credit Card and Signature Credit Card

rent surcharge

The bank will continue to charge a 1% rent surcharge on all rental transactions. The maximum charge limit is $1,500 per transaction will be stopped.

Wallet loading transaction

Cumulative wallet load transactions will be charged a 1% fee $10,000 or more in a single reporting period.

fuel trading

1% fee on cumulative fuel transaction volume $50,000 or more in a single reporting period.

education deals

Education fees paid through third-party apps/websites will be charged a 1% fee.

utility deals

Accumulated spend will be subject to a 1% fee $Pay $25,000 or more in utility expenses during the statement period.

Skill-based online gaming

Accumulated spend will be subject to a 1% fee $10,000 or more on the online skill-based gaming platform during a reporting period.