SUMMARY
Axis Bank is introducing changes to its credit card fees, effective December 20, 2024. Customers have started receiving notifications regarding these updates, which include a new redemption fee, revised interest rates, and additional transaction charges. These changes will impact both Axis Bank and Citi-migrated credit cards.
1 / 5One of the key changes is the introduction of a redemption fee for EDGE Rewards and Miles. Customers will now face a ₹99 fee (plus 18% GST) for cash redemptions and ₹199 (plus 18% GST) for transferring points to mileage programs.
2 / 5This fee will apply to several Axis Bank credit cards, including the Axis Bank Atlas Credit Card, Samsung Axis Bank Infinite Credit Card, Samsung Axis Bank Credit Card, Axis Bank Magnus Credit Card (including the Burgundy variant), and Axis Bank Reserve Credit Card. However, Citi-protege cards like the Axis Bank Olympus and Horizon will not be affected by this change.
3 / 5In addition to the redemption fee, Axis Bank has also revised its interest rates. The monthly interest rate will increase to 3.75%. Customers will now incur payment charges, with auto debit reversals and cheque returns attracting a fee of 2% of the payment amount, with a minimum of ₹500 and no upper limit. Cash payments made at branches will incur a charge of ₹175.
4 / 5For missed payments, an additional ₹100 fee will be applied if the Minimum Amount Due (MAD) is unpaid for two consecutive cycles, continuing until the MAD is cleared. The Dynamic Currency Conversion (DCC) markup will also increase to 1.5%. Rent transactions will now carry a 1% fee, with no cap on the fee amount. Education payments made through third-party apps will also be subject to a 1% fee, although payments made directly to educational institutions will remain exempt.
5 / 5Axis Bank has also introduced new fees on certain spending limits. Wallet loads exceeding ₹10,000 will incur a 1% fee. Additionally, fuel transactions over ₹50,000, utility payments above ₹25,000, and gaming transactions exceeding ₹10,000 in a statement cycle will also attract a 1% fee.
