Axis Bank Revises Credit Card Charges: What You Need to Know

Private lender Axis Bank has implemented several updates to its credit card terms and conditions, effective from Friday.

These changes include revised charges, fees, and conditions for various transactions. Here’s a breakdown of the major updates:

1. Interest Rates Adjusted

The interest rate for most Axis Bank retail credit cards has been revised to 3.75 per cent per month, up from the previous 3.6 per cent. Exceptions include cards such as Burgundy Private Credit Card, Magnus Burgundy Credit Card, and others, which retain their current rates.

2. Changes in Standing Instruction and NACH Failures

For failed Standing Instructions (SI), NACH payments, auto-debit reversals, or dishonored cheques, a minimum fee of Rs 500 will now apply, replacing the previous minimum of Rs 450. The Rs 1,500 maximum cap has been removed. These adjustments exclude certain cards, such as Burgundy Private and Olympus Credit Cards.

3. Revised Cash Payment Fee

Paying credit card bills in cash at Axis Bank branches will now incur a fee of Rs 175, increased from Rs 100. This change does not apply to cards like Burgundy Private Credit Card and Primus Credit Card.

4. Late Payment Charges (LPC)

If the Minimum Amount Due (MAD) remains unpaid for two consecutive billing cycles, an additional Rs 100 fee will be added from the third cycle onward. This charge continues for subsequent cycles until the MAD is cleared. Certain premium cards, including Burgundy Private Credit Card, are excluded.

5. Dynamic Currency Conversion Fee (DCC)

The DCC markup fee for transactions made in foreign currencies has increased to 1.5 per cent from 1 per cent. This adjustment does not impact select premium cards like Burgundy Private and Olympus Credit Cards.

6. Reward Redemption Fee Introduced

Redeeming EDGE REWARD points or EDGE Miles now incurs a Rs 99 fee per transaction on the EDGE portal. Transfers to partner loyalty programs will be charged Rs 199. These changes exclude select cards, including the Rewards Credit Card and Cashback Credit Card.

7. Priority Pass Program Update

International and domestic lounge access policies under the Priority Pass membership have been revised. Domestic lounges listed on Axis Bank’s lounge access program remain accessible via the Axis Bank credit card, but not through the Priority Pass card.

8. Rent Surcharge Adjustments

The 1 per cent surcharge on rent transactions remains unchanged, but the Rs 1,500 cap per transaction has been removed. Additional fees may apply when using third-party apps for rent payments.

9. Wallet Load Transactions Fee

A 1 per cent fee will apply to wallet loads exceeding Rs 10,000 within a single billing period. Additional charges by wallet providers may also apply.

10. Fuel Transaction Charges

A 1 per cent fee will be imposed on cumulative fuel purchases exceeding Rs 50,000 in a billing period.

11. Education Payment Fee

Education-related payments through third-party apps or websites will attract a 1 per cent fee. External charges may also be imposed by the service providers.

12. Utility Bill Payment Charges

Cumulative utility payments over Rs 25,000 in a billing cycle will incur a 1 per cent fee.

13. Online Gaming Platform Fee

Spending over Rs 10,000 on online skill-based gaming platforms in a single statement period will attract a 1 per cent fee.

These updates apply to most Axis Bank credit cards, excluding premium variants like Burgundy Private and Olympus Credit Cards.