Axis Bank Credit Card Charges: Axis Bank will begin implementing several kinds of adjustments to its credit card fees from December 20, 2024. These adjustments, which include updated interest rates, new transaction fees, and a new redemption cost, have started to be notified to customers.
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The use of EDGE Rewards or Miles will now incur a redemption fee from Axis Bank. Consumers who redeem cash will be charged Rs 99 (plus 18% GST), while those who transfer points to mileage programs will be charged Rs 199 (plus 18% GST).
This fee applies to THESE credit cards:
- Axis Bank Atlas Credit Card
- Samsung Axis Bank Infinite Credit Card
- Samsung Axis Bank Credit Card
- Axis Bank Magnus Credit Card (including Burgundy variant)
- Axis Bank Reserve Credit Card
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Notably, this move will not impact Citi-protege cards like Axis Bank Olympus and Horizon.
Before December 20, 2024, customers can transfer or redeem points to avoid these penalties.
Changes In Other Fees
Axis Bank has revised several other fees:
Interest Rate: The monthly interest rate will rise to 3.75 percent.
Payment charges: Auto debit reversals and check returns will incur an additional 2 percent cost, with a minimum of Rs 500 and no upper limit. Cash payments at branches incur a Rs 175 fee.
Missed payments will result in an extra Rs 100 fee if the Minimum Amount Due (MAD) is not paid for two consecutive cycles. This cost will apply until the MAD has been cleared.
The dynamic currency conversion (DCC) markup has been revised to 1.5 per cent.
Rent Transactions: A 1 percent fee will now apply, with no maximum fee amount.
