Axis Bank Credit Card Changes From December 20, 2024: Reward Points, Lounge Access Rules Tweaked

Axis Bank has announced important updates to the terms and conditions of its credit cards, set to take effect from December 20, 2024. These changes, which apply to various retail credit card categories, address areas such as interest rates, payment-related charges, and reward point redemption fees. While most Axis Bank credit cards will be impacted, some premium cards will remain unaffected by certain changes.

Higher interest rates

Starting December 20, Axis Bank will increase the monthly finance charges from 3.60% to 3.75%. This hike will apply to most retail credit cards, with some exceptions including premium offerings such as the Burgundy Private and Magnus Credit Cards, which will continue with the existing interest structure.

Changes in payment and transaction fees

Axis Bank has revised the fees associated with several payment-related issues. The fee for failed NACH payments and auto-debit reversals will stay at 2%, but the minimum charge will rise from Rs. 450 to Rs. 500, with the previous cap of Rs 1,500 being removed. Cash payment fees at bank branches will also increase, now standing at Rs 175, up from Rs. 100.

Reward redemption fees

The bank has introduced a new fee for redeeming EDGE REWARD points or EDGE Miles. A Rs 199 fee will be levied for transferring points to partner loyalty programs, and Rs. 99 will be charged for each redemption transaction through the EDGE portal. These fees will apply to most Axis Bank retail cards, excluding certain premium options.

Impact on airport lounge access

As part of the revised policy, some Axis Bank credit cardholders will lose access to certain domestic airport lounges. The Priority Pass membership associated with specific cards such as the Magnus and Reserve Credit Cards will no longer grant lounge access at all locations.

Fuel and utility transaction fees

Axis Bank will impose a 1% fee on fuel transactions above Rs. 50,000 within a billing cycle, and a similar fee will apply for utility payments over Rs. 25,000. These adjustments are being implemented to manage large-volume transactions more effectively.

Additional charges on online skill-based gaming and education payments

A 1% fee will be charged for online skill-based gaming expenses exceeding Rs 10,000 in a statement period. Additionally, a 1% charge will apply to education-related transactions made through third-party platforms, with the possibility of extra charges from these third-party providers.