Axis Bank’s credit card terms and conditions will change from December 20th. Check the revised rates from financing fees to cash payment fees

Axis Bank has implemented several changes in its credit card rules from December 20, 2024. Changes relate to finance charges, cash payment charges, currency conversion mark-ups, lounge access, etc.

Here we list the main changes that private lenders are rolling out for credit card users.

Major changes will take effect tomorrow

1. Finance charges or interest applicable to credit cards will be charged at a revised rate of 3.75 percent, down from the current rate of 3.6 percent. This change applies to all Axis Bank retail credit cards except for 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 Card, h) Olympus Credit Card, i) Primus Credit Card Privilege Easy Credit Card, and j) Reserve Credit Card.

Specifically, if the check bounce occurred before December 20, 2024, the old rates will apply. If a bounce or dishonor occurs after December 20, 2024, new rates will apply.

Fees for cash payments

Cash payment fees at stores will increase from the following prices. INR100～ INRThis change does not apply to Burgundy Private Credit Card, Primus Credit Card, or Insta Easy Credit Card.

Delay damage fee

The current late payment charge (LPC) structure will continue to apply. additional charges INR100 applies if the minimum payment amount (MAD) is not paid by the payment due date (PDD) for two consecutive billing periods.

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

Explanation of how to stand

Standing Instructions (SI), NACH Failed Payments, Direct Debit Reversals, or Returned Check fees of 2% of the payment amount still apply.

Minimum fees will be increased INR500 from now INR450. Restrictions on upper limit of fees. INR1,500 will be removed. These changes, effective December 20, 2024, do not apply to Burgundy Private Credit Card, Olympus Credit Card, and Primus Credit Card.

currency conversion

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

If you take advantage of the revolving credit feature and choose to pay less than the total amount due as reflected on your monthly billing statement, starting December 20, 2024, you will be subject to a revised finance charge of 3.75 percent (per month). Applies. This change does not apply to Burgundy Private Credit Card, Olympus Credit Card, and Primus Credit Card.

Redeem your benefits

The award redemption fee is INR99 will be collected for each redemption transaction for EDGE REWARD Points or EDGE Miles on the EDGE Portal.

The award redemption fee is INR199 each time you convert/transfer EDGE REWARD points or EDGE miles to other partner loyalty programs.

Lounge access

International lounges overseas and in India will continue to be accessible through your Priority Pass membership card.

However, the domestic lounges listed in the link https://www.axisbank.com/docs/default-source/defaultdocument-library/list-of-domestic-lounges.pdf are not accessible with 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.

extra rent

An additional 1 percent rent will still be charged by the bank on all rental transactions. The upper limit of the fee is INRThe 1,500 yen per transaction will be abolished.

Wallet load transaction

Cumulative wallet load transactions are subject to a 1% fee. INR10,000 or more in one statement period.

fuel trading

Cumulative fuel transactions are subject to a 1% fee. INR50,000 or more in one statement period.

education trading

A 1% fee applies to education payments made through third-party apps/websites.

public works transactions

A 1% fee will be applied to your cumulative spend. INRMore than 25,000 yen was paid for utilities within the statement period.

skill-based online games

A 1% fee will be applied to your cumulative spend. INR10,000+ on online skill-based gaming platforms during the statement period.