Axis Bank has now announced several changes to the fees that are charged on its credit cards. These changes will be effective from December 20, 2024.
Customers have also received notifications about these updates, which include a new redemption fee, revised interest rates, and transaction charges.
Read on to find out all the details about Axis Bank’s new updates and changes!
Axis Bank Introduces New Changes To Credit Card Fees
As per the latest reports have confirmed, for EDGE Rewards and Miles, Axis Bank has implemented a redemption fee of ₹99 (plus 18% GST) for cash redemptions and ₹199 (plus 18% GST) for point transfers to mileage programs.
Several Axis Bank credit cards are subject to this fee, including:
- 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
This change to the redemption fee does not apply to Citi-protege cards, such as the Axis Bank Olympus and Horizon.
Monthly Interest Rate At Axis Bank Adjusted
The monthly interest rate at Axis Bank has been adjusted and will now be 3.75%.
There are now payment fees, which include:
- There is a 2% fee on the payment amount for auto debit reversals and check returns, with a minimum of ₹500 and no upper limit.
- Branches will charge ₹175 for cash payments.
If the Minimum Amount Due (MAD) is not paid for two consecutive cycles, there will be an additional ₹100 fee for missed payments, which will continue until it is paid.
Additionally, a 1.5% increase has been made to the Dynamic Currency Conversion (DCC) markup.
Also, a 1% fee will now be applied to rent transactions; the fee amount is unlimited.
While payments made directly to educational institutions are exempt, payments made through third-party apps will incur a 1% fee.
