Axis Bank Credit Card Charges: Axis Bank will introduce changes to its credit card fees starting December 20, 2024. These updates include a new redemption fee: ₹99 (plus 18% GST) for cash redemptions and ₹199 (plus 18% GST) for transferring points to mileage programs through EDGE Rewards or Miles.
Additionally, the bank will revise interest rates and introduce extra transaction charges. Customers have started receiving notifications about these changes.
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This fee applies to select credit 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)
Notably, Citi-protege cards like Axis Bank Olympus and Horizon will not be affected by these changes.
Customers who wish to avoid the new redemption fees can redeem or transfer their points before December 20, 2024.
Axis Bank Credit Card Charges: Other key fee changes
According to CNBCTV18, Starting December 20, 2024, Axis Bank will introduce several changes to its credit card fees. The monthly interest rate will increase to 3.75%, and new charges will be implemented across various transactions.
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For auto debit reversals and cheque returns, a 2% fee of the payment amount will apply, with a minimum charge of ₹500. Cash payments made at branches will incur a ₹175 fee, and if the Minimum Amount Due (MAD) remains unpaid for two consecutive cycles, a ₹100 penalty will be added. The Dynamic Currency Conversion (DCC) markup will rise to 1.5%.
- Additional fees will be introduced for certain transactions, including a 1% fee on rent transactions, wallet loads above ₹10,000, and education payments made via third-party apps.
- Similarly, fuel purchases exceeding ₹50,000, utilities over ₹25,000, and gaming transactions above ₹10,000 in a statement cycle will also be subject to a 1% fee.
These changes will affect both Axis Bank and Citi-migrated credit cards.
