Top News

Bank Credit Card Rules to Change from December 20, 2024: Here's What You Need to Know
Indiaemploymentnews | November 26, 2024 4:39 PM CST


Axis Bank is introducing changes to its credit card policies starting December 20, 2024, affecting reward redemption and other transactions. Customers have been informed about these updates, which include new charges, modified interest rates, and revised fees for various services.

Key Changes in Rewards Redemption:

  • EDGE Rewards or Miles Redemption:

    • A fee of ₹99 plus 18% GST will be charged for redeeming EDGE Rewards or Miles Cash.
    • Transferring reward points to a mileage program will incur ₹199 plus 18% GST.

  • Applicable Cards:

    • These charges apply to select cards, including:
      • Samsung Axis Bank Infinite Credit Card
      • Axis Bank Reserve Credit Card
      • Axis Bank Magnus Credit Card
      • Axis Bank Atlas Credit Card
      • Samsung Axis Bank Credit Card
    • Cards exempt from these charges include Axis Bank Olympus and Horizon credit cards.
    • How to Avoid the Charges:

    Customers can redeem or transfer all accumulated reward points before December 20, 2024, to avoid the additional fees.

    Other Changes Effective December 20, 2024:

  • Revised Monthly Interest Rate:

    • Monthly interest rates will be reduced to 3.75%.

  • Fees for Check Return and Auto Debit Reversal:

    • A fee of 2% of the payment amount or ₹500 (whichever is lower) will apply.
    • Cash payments will incur a fee of ₹175.

  • Rental Transactions:

    • A 1% charge will be applied to rent payments made using credit cards.

  • Educational Payments:

    • Payments via third-party apps will attract a 1% charge.
    • Payments made directly to educational institutions will not incur any fees.

  • Additional Charges for Wallet, Utility, and Gaming Transactions:

    • A 1% charge will apply to:
      • Wallet loads exceeding ₹10,000.
      • Utility bill payments exceeding ₹25,000.
      • Gaming transactions exceeding ₹10,000.
    • Customer Advisory:

    Axis Bank customers should carefully review these changes and consider redeeming their rewards or adjusting their transaction habits to minimize additional fees. For further details or assistance, customers can contact Axis Bank customer service.

    READ NEXT
    Cancel OK