look news india
Credit Card Fees: Axis Bank, the third largest private sector bank providing financial services for personal and corporate banking in the country, is going to make several changes in its credit card charges from next month. Customers will start getting information about these bank updates from December 20, 2024. These include new redemption charges, revised interest rates and additional transaction charges.
Redemption Fees for EDGE Rewards and Miles
Axis Bank is introducing a redemption fee for redeeming EDGE rewards or miles. Customers will be charged Rs 99 (plus 18 per cent GST) for cash redemption and Rs 199 (plus 18 per cent GST) for transferring points to the mileage programme. Customers who want to avoid these charges can redeem or transfer points before December 20, 2024.
This fee applies to select credit cards.
Axis Bank Atlas Credit Card
Samsung Axis Bank Infinite Credit Card
Applicable on Samsung Axis Bank Credit Card
Axis Bank Magnus Credit Card (Burgundy variant included)
Axis Bank Reserve Credit Card
However, these changes will not affect Axis Bank Citi-Protect cards like Olympus and Horizon.
There will be changes in other major charges also
Axis Bank has revised several other charges –
interest rate
The monthly interest rate will increase to 3.75 percent.
Payment Fees for Auto Debit Reversal and Check Returns
2% of the payment amount will be charged, with a minimum limit of Rs 500 and no upper limit. Apart from this, a fee of Rs 175 will also be charged on cash payment in branches.
Penalty for missed payment
If Minimum Due Amount (MAD) is not paid on two consecutive cycles i.e. two due dates, an additional fee of Rs 100 will be charged and this fee will remain applicable till the due amount is paid.
Dynamic Currency Conversion (DCC) Markup
DCC has been revised to 1.5 percent.
rental transaction
Now 1 percent fee will be charged on payments from the rental account. There will be no limit on the fee amount.
Education payment through third-party apps
1 percent fee will be charged on payment of education fee through any third-party app (like Paytm, Cred, Google Pay etc.). However, payments made directly to educational institutions will be exempted.
Spending limits and transaction fees
Now 1 percent charge will be levied on wallet load more than Rs 10,000.
There will also be a 1 per cent charge on fuel expenditure above Rs 50,000, utility expenditure above Rs 25,000 and gaming transactions above Rs 10,000 in the statement cycle. These changes will be applicable to both Axis Bank and Citi-migrated credit cards.
