Axis Bank, a prominent financial institution, has recently announced a reduction in benefits and facilities on five of its credit cards, including the popular co-branded cards with Flipkart.
This move, termed as a “devaluation,” has sparked discussions among customers and social media platforms.
While Axis Bank has yet to release an official statement regarding the devaluation of its Magnus Credit Card, modifications to other cards will be effective from August 12 to August 14.
Axis Bank Privilege Credit Card – Changes in Benefits
The Axis Bank Privilege Credit Card will undergo significant alterations in its benefits. One notable change is the discontinuation of the annual benefit of 3000 EDGE Reward Points, earned on purchases exceeding Rs. 2.5 lakhs in the previous anniversary year.
Moreover, the conversion of reward points into partner points (hotels/airlines) will become less attractive, with a new maximum limit of 5 lakh EDGE Reward Points per customer ID per calendar year. These changes will be effective from August 13.
Axis Bank Reserve Credit Card – Modifications in Annual Fee Calculation
Effective from August 13, transactions made with government institutions and utilities, such as electricity and water bills, will no longer be considered in the calculation of the annual spending limit for the Axis Bank Reserve Credit Card.
Additionally, EDGE Reward Points will not be earned on such transactions.
Axis Bank Flipkart Credit Card – Revised Cashback and Annual Fee Waiver
Starting from August 12, the Axis Bank Flipkart Credit Card will undergo adjustments. The 5% cashback on flights, hotel payments, and Myntra spends will be reduced to 1.5% unlimited cashback.
Cashback will no longer be available for payments made towards government services, fuel expenses, gift card purchases on Flipkart and Myntra, EMI transactions, wallet loading, purchases converted into EMIs, utility bill payments, educational services, and rental payments.
Additionally, the bank will waive the annual fee of Rs 500 for spends of Rs 3.5 lakh and above on this card, compared to the current limit of Rs 2 lakh.
Axis Bank Select Credit Card – Caps on Reward Points and Swiggy Discount Changes
Effective from August 13, the Axis Bank Select Credit Card will introduce caps on Accelerated EDGE Reward Points earned through retail shopping spends.
The reward points will be limited to 20 EDGE Reward Points for every Rs. 200 on total retail purchases up to Rs. 20,000 per month, and 10 EDGE Reward Points per Rs. 200 on retail purchases above Rs. 20,000.
Additionally, the miles transfer program will undergo a change, allowing only 5 lakh EDGE Reward Points per customer ID to be converted into Partner Points in a calendar year.
The Swiggy discount will now require a minimum cart value of Rs 500 per order, compared to the previous Rs 400 limit.
This discount is applicable twice a month, offering users a Rs 200 discount on the Swiggy app and website for food delivery.
My Zone Credit Card – Minimum Cart Value Increase for Swiggy Discount
Axis Bank has raised the minimum cart value for availing the Swiggy discount on the My Zone Credit Card from Rs 200 to Rs 500 per order.
However, there are no changes to the transfer ratio of this credit card. The modifications will be effective from August 14.
Despite these benefit reductions, customers now face the decision of whether to continue using Axis Bank credit cards or explore alternatives offered by other banks.
