Heads Up, Axis Bank Cardholders! Big Changes Coming to Debit & Credit Cards on May 1st, 2024

Holders of Axis Bank debit and credit cards, fasten your seatbelts! Significant changes are taking effect from April20 – May 1st, 2024, impacting how you use your cards, earn rewards, and access airport lounges. Here’s a detailed breakdown of what you need to know

Axis Bank

It’s true that in the past, credit card companies offered a wider range of complimentary perks, like free airport lounge access and generous rewards programs. These benefits served as a way to attract new customers and encourage card usage. However, the credit card landscape is evolving.

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Changes for Debit Cards

**The Information is in the context of the Axis Prestige credit card , Dates can vary,check your card’s email for correct dates.

  • Farewell to Free Lounges (Unless You Spend Big): Many of you have enjoyed complimentary airport lounge access with your Axis Bank debit card. However, from May 1st onwards, this perk becomes conditional. You’ll need to demonstrate a minimum spending of Rs. 5,000 on your card in the preceding 3 months to qualify for free lounge visits. New cards get a 4-month grace period, so you have some time to ramp up your spending habits.
  • International Transactions Get a Fee: Planning a trip abroad or shopping online from international merchants? Be prepared for a new 1% markup fee (plus taxes) on all international transactions made in Indian Rupees (INR) with your debit card. This applies whether you’re using your card overseas or for purchases with foreign-registered merchants in India.
  • Rent and Utility Payments Miss Out on Rewards: If you’ve been racking up EDGE reward points by paying rent and utility bills with your debit card, this strategy is no longer as rewarding. Effective May 1st, these transactions will no longer earn you any EDGE points. Any points you’ve already earned in these categories before the cut-off date will remain safe, however.
  • New Monthly Reward Cap: There’s a new limit to the number of EDGE reward points you can accumulate each month with your Axis Bank debit card. The maximum you can earn is now capped at 1200 points.

Source: Click Here

Changes for Credit Cards (Implemented March 5th, 2024):

  • Lounge Access Gets Conditional (Similar to Debit Cards): Free domestic airport lounge access, previously a staple benefit for many Axis Bank credit cards, is no longer guaranteed. Similar to the debit card changes, you’ll need to maintain a minimum spending threshold of Rs. 50,000 in the past 3 months to enjoy complimentary lounge visits.
  • Rent & Wallet Transactions Excluded from Reward Milestones: If you were strategically using rent and mobile wallet transactions to meet your reward milestones and unlock benefits like points or cashback, you’ll need to adjust your approach. Spending in these categories will no longer contribute towards achieving your reward goals.
  • New Fees for Rent & International Transactions: Like debit cards, credit cardholders will now face a 1% fee (capped at Rs. 1500) for rent payments made with their cards. Additionally, the 1% markup fee (plus taxes) applies to all international transactions made in INR.

Changes On Axis Flipkart Credit Card

Axis Bank

Effective 20th April 2024, unlimited cashback on all eligible spends other than transactions on Flipkart or preferred partners will be revised from 1.5% to 1%.

Effective 1st May 2024, access to domestic airport lounges will be based on a minimum eligible spend of Rs. 50,000 in the previous 3 calendar months. In the case of a newly issued card, the minimum spend criteria is waived for the month of card issuance as well as for the following 3 calendar months. For more details

The spend-based criteria is waived for Burgundy Private Credit Card, RESERVE Credit Card, and
ATLAS Credit Card*

Source: Click Here

What You Can Do to Prepare:

  • Review Your Spending Habits: Take a close look at your typical spending patterns. If you frequently pay rent or utility bills with your card and value the rewards program, consider switching to alternative payment methods for these categories, such as direct bank transfers or net banking.
  • Plan for International Transactions: Factor in the new fees when budgeting for overseas purchases or online transactions with international merchants. Explore travel cards that may offer more competitive foreign exchange rates and potentially avoid the markup fee.

By understanding these upcoming changes, you can be proactive and make informed decisions about your spending habits. This will ensure you continue to maximize the benefits offered by your Axis Bank cards

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Sonu Gupta Is Founder of Bigtricks .in, Part-Time Blogger. He Likes Blogging and Coding. His Life is - Eat -- Code -- Sleep -- Repeat
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