Axis Bank credit card rules change from December 20. From finance charges to cash payment fees, check revised rates

Axis Bank has rolled out several changes in its credit card rules, starting December 20, 2024. The changes are related to finance charges, cash payment fees, currency conversion markup, lounge access and others.

Here, we list out the key changes the private lender is rolling out for its credit card users.

Key changes to take effect tomorrow 

1. Finance or interest charges applicable to your credit card will be levied at a revised interest rate of 3.75 per cent per month, from the current rate of 3.6 per cent. The change will be applicable to all Axis Bank retail credit cards, except 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 Cards, h) Olympus Credit Card, i) Primus Credit Card Privilege Easy Credit Card and j) Reserve Credit Card.

Notably, if the bounce of a cheque has occurred prior to December 20, 2024, then the old charges will be applicable. If the bounce or dishonour has occurred on or post December 20, 2024, then the new charges will be applicable

Fee for cash payment

The fee for cash payment at branches will be raised from ₹100 to ₹175 with effect from December 20, 2024. This change will not apply to Burgundy Private Credit Card, Primus Credit Card, or Insta Easy Credit Card.

Late payment charges

The current late payment charges (LPC) structure will continue to apply. An additional charge of ₹100 will be applicable if the Minimum Amount Due (MAD) is not paid by the Payment Due Date (PDD) for two consecutive billing periods.

This change will not be applicable to Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card

Standing Instructions

Standing Instruction (SI), NACH payment failure, auto debit reversal, or cheque return fee of 2 per cent of the payment amount will continue to be applicable.

The minimum fee charged will be raised to ₹500 from the current ₹450. The capping of the maximum fee of ₹1,500 will be removed. These changes, which will take effect on December 20, 2024, will not be applicable 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 per cent from the current 1 per cent.

If you avail a revolving credit facility and hence choose to pay an amount less than the total amount due reflected in the monthly billing statement, revised finance charges of 3.75 per cent (per month) will be applicable, with effect from December 20, 2024. This change will not be applicable to Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.

Reward redemption

A reward redemption fee of ₹99 will be levied for each redemption transaction of EDGE REWARD points or EDGE Miles on the EDGE portal.

A reward redemption fee of ₹199 will be levied for each instance of conversion/transfer of EDGE REWARD points or EDGE Miles to other partner loyalty programmes.

Lounge access

International lounges abroad and in India continue to be accessible through Priority Pass membership cards. 

However, domestic lounges mentioned at the link: https://www.axisbank.com/docs/default-source/defaultdocument-library/list-of-domestic-lounges.pdf will not be accessible through Priority Pass membership card.

This change will be applicable 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

Rent surcharge

A 1 per cent rent surcharge will continue to be charged by the bank on all rent transactions. The maximum fee capping of ₹1,500 per transaction will be discontinued.

Wallet load transactions

A 1 per cent fee will be levied on cumulative wallet load transactions of ₹10,000 or more in a single statement period.

Fuel transactions

A 1 per cent fee will be levied on cumulative fuel transactions of ₹50,000 or more in a single statement period.

Education transactions

A 1 per cent fee will be applicable to education payments done through third-party apps/websites.

Utility transactions

A 1 per cent fee will be applicable to cumulative spends of ₹25,000 or more made towards utility payments within a statement period.

Online skill-based gaming

A 1 per cent fee will be applicable to cumulative spends of ₹10,000 or more on online skill-based gaming platforms in a statement period.