Axis Bank to Revise Credit Card Fees from December 20, 2024

Starting December 20, 2024, Axis Bank will implement changes to its credit card fees, including new redemption charges, updated interest rates, and additional transaction fees. Here’s a breakdown of the key updates:

Redemption Fees

Axis Bank is introducing charges for redeeming EDGE Rewards and Miles:

• ₹99 + 18% GST for cash redemptions.
• ₹199 + 18% GST for point transfers in mileage programs.

To avoid these charges, customers can redeem or transfer points before December 20, 2024.

Applicable Cards:

• Axis Bank Atlas Credit Card
• Samsung Axis Bank Infinite Credit Card
• Samsung Axis Bank Credit Card
• Axis Bank Magnus Credit Card (including Burgundy variant)
• Axis Bank Reserve Credit Card

Exemptions:
These changes do not apply to Citi-Protégé cards like Axis Bank Olympus and Horizon.

Other Fee Changes

1. Interest Rate

• Monthly interest rates will increase by 3.75%.

2. Payment Charges

• Auto Debit Reversals & Check Returns: 2% of the payment amount (minimum ₹500, no maximum limit).
• Cash Payments at Branches: ₹175 per payment.

3. Penalty for Default

• If the minimum amount due (MAD) isn’t paid for two consecutive billing cycles, a ₹100 penalty will be added until the amount is cleared.

4. Dynamic Currency Conversion (DCC) Markup

• A 1.5% fee will be applied on transactions made in foreign currencies through DCC.

5. Rental Transactions

• A 1% fee will be charged on rental transactions, with no limit on the fee amount.

Additional Fees

1. Educational Payments via Third-Party Apps

• A 1% fee will apply for payments made through apps like Paytm, Cred, and Google Pay. Payments made directly to educational institutions will not incur this fee.

2. Transaction Limits and Charges

• Wallet Loads: A 1% fee on amounts exceeding ₹10,000.
• Fuel Expenses: A 1% fee on amounts over ₹50,000 during a billing cycle.
• Utility Bills: A 1% fee on expenses above ₹25,000 per cycle.
• Gaming Transactions: A 1% fee on amounts over ₹10,000 per cycle.

These fees will also apply to credit cards migrated from Citibank to Axis Bank.

Axis Bank advises customers to review these changes and manage their transactions accordingly.