Axis Bank’s credit card rules will change from December 20. From finance charges to cash payment charges, check out the revised rates

Axis Bank has introduced several changes to its credit card rules from December 20, 2024. The changes affect financing fees, cash fees, currency conversion fees, lounge access and others.

Here we provide an overview of the most important changes the private lender is making for its credit card users.

Major changes coming into effect tomorrow

1. Finance or interest charges applicable to your credit card will be charged at a revised interest rate of 3.75 percent per month, up from the current rate of 3.6 percent. The change applies to all Axis Bank retail credit cards, except the following cards:

a) Burgundy Private 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) Legacy Secured Credit Cards, h) Olympus credit card, i) Primus Credit Card Privilege Easy credit card and j) Reserve credit card.

In particular, if a check bounce occurred before December 20, 2024, the old fees will apply. If the breach or disgrace occurred on or after December 20, 2024, the new charges will apply

Reimbursement for cash payment

The rate for cash payment at branches will be increased ₹100 to ₹175 with effect from December 20, 2024. This change does not apply to the Burgundy Private Credit Card, Primus Credit Card or Insta Easy Credit Card.

Late payment fees

The current arrears structure (LPC) continues to apply. An additional charge of ₹100 applies if the Minimum Amount Due (MAD) is not paid before the Payment Due Date (PDD) for two consecutive billing periods.

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

Standing instructions

Standing Instruction (SI), NACH payment errors, direct debit or check return fees of 2 percent of the payment amount will still apply.

The minimum rate charged will increase to ₹500 from the current one ₹450. The capping of the maximum fee of ₹1,500 will be removed. These changes, which will come into effect on December 20, 2024, do not apply to the Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.

Currency conversion

The dynamic currency conversion markup fee will be revised from the current 1 percent to 1.5 percent.

If you are taking advantage of a revolving credit facility and therefore choose to pay an amount less than the total amount due as shown in the monthly billing statement, a revised finance charge of 3.75 percent will apply from December 20, 2024 ( per month) applies. This change does not apply to the Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.

Reward salvation

A reward allowance of ₹You will be charged $99 for each EDGE REWARD points or EDGE Miles redemption transaction on the EDGE portal.

A reward allowance of ₹You will be charged $199 for each conversion/transfer of EDGE REWARD points or EDGE Miles to other partner loyalty programs.

Access to lounges

International lounges abroad and in India will continue to be accessible via Priority Pass membership cards.

Domestic lounges listed on the link: https://www.axisbank.com/docs/default-source/defaultdocument-library/list-of-domestic-lounges.pdf is not accessible via a Priority Pass membership card.

This change applies 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 allowance

The bank will continue to charge a rental surcharge of 1 percent on all rental transactions. The maximum rate ceiling of ₹1,500 per transaction will be discontinued.

Wallet loading transactions

A 1 percent fee will be charged on cumulative wallet loading transactions of ₹10,000 or more in one statement period.

Fuel transactions

A 1 percent fee will be levied on cumulative fuel transactions of ₹50,000 or more in one statement period.

Educational transactions

A 1 percent fee will apply on education payments made through third party apps/websites.

Utility transactions

There is a 1 percent surcharge for cumulative expenses ₹25,000 or more paid for utilities within a statement period.

Online skill-based gaming

There is a 1 percent surcharge for cumulative expenses ₹10,000 or more online skill-based gaming platforms in a lookback period.