Here is a summary of the Axis Bank credit card rule changes:
Axis Bank has made changes to its credit card terms and conditions, effective from December 20, 2024. The changes include:
* Increase in finance/interest charges from 3.60% to 3.75% per month on all retail credit cards, except for specific card types (Burgundy, Magnus, Flipkart, etc.)
* NACH payment failure, auto debit reversal, and cheque return fees increased from Rs. 450 to Rs. 500, with a maximum cap of Rs. 1,500 removed
* Cash payment fees increased to Rs. 175 from Rs. 100 for most credit cards, except for certain card types (Burgundy, Primus, Insta)
* Late payment charges remain the same, with a Rs. 100 extra charge for two consecutive late payments
* Reward redemption fees introduced for converting or transferring loyalty points, ranging from Rs. 99 to Rs. 199
* Priority pass services at domestic airports changed for certain card types
* Fees introduced for fuel transactions (1% on Rs. 50,000 or more), utility transactions (1% on Rs. 25,000 or more), online skill-based gaming (1% on Rs. 10,000 or more), and education transactions (1% on payments through third-party apps).
* Other changes include fees for online skill-based gaming and education transactions.
These changes will be applicable to most Axis Bank retail credit cards, with some exceptions. Cardholders are advised to check their applicable fees and terms.