Axis Bank revises credit card fees: Check new charges
What's the story
Axis Bank is all set to introduce revised credit card fees from today.
The bank has already started informing its customers about the changes, which include a new redemption fee for EDGE Rewards and Miles, revised interest rates, and additional transaction charges.
The changes will be applicable for both Axis Bank's own credit cards and those migrated from Citi.
Fee introduction
New redemption fee for EDGE Rewards and Miles
Among the biggest changes is the introduction of a redemption fee for EDGE Rewards and Miles.
Customers will now be charged ₹99 (plus 18% GST) for cash redemptions, and ₹199 (plus 18% GST) when transferring points to mileage programs.
The new fee will be applicable on several Axis Bank credit cards including Axis Bank Atlas Credit Card, Samsung Axis Bank Credit Card, Axis Bank Magnus Credit Card (including the Burgundy variant), and Axis Bank Reserve Credit Card.
Rate revision
Interest rates and payment charges revised
Apart from the redemption fee, Axis Bank has also revised its interest rates. The monthly interest rate will now be 3.75%.
Customers will also face payment charges, with auto debit reversals and cheque returns attracting a fee of 2% of the payment amount (minimum ₹500).
Cash payments made at branches will now carry a charge of ₹175.
Extra charges
Additional charges for missed payments and transactions
For missed payments, an additional charge of ₹100 will be levied if the Minimum Amount Due (MAD) goes unpaid for two consecutive cycles. This will continue until the MAD is paid off.
The Dynamic Currency Conversion (DCC) markup will also be increased to 1.5%.
Rent transactions will now attract a 1% fee with no cap on the fee amount, while education payments via third-party apps will also attract a 1% fee.
Spending limit
New fees on certain spending limits introduced
Axis Bank has also introduced new fees on select spending limits.
Wallet loads above ₹10,000 will now incur a 1% fee. Further, fuel transactions above ₹50,000, utility payments over ₹25,000 and gaming transactions above ₹10,000 in a statement cycle will also incur a 1% fee.