Axis Bank is introducing notable changes to its credit card fees and charges, effective December 20, 2024. These revisions, aimed at certain categories of transactions and services, could impact cardholders significantly. Here’s a detailed overview of the updates:

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1. Miles Conversion Fee

Starting December, cardholders who transfer EDGE Reward Points to travel loyalty programs such as KrisFlyer, United MileagePlus, or Club Vistara will incur a ₹199 fee per redemption transaction. This is a major change for frequent travelers who previously enjoyed free point conversions.

Pro Tip: Accumulate enough points before initiating a transfer to maximize value for the fee charged.

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2. Rent Payment Charges

Axis Bank will implement a 1% transaction fee on rent payments made via credit cards. Additionally, the previous cap of ₹1,500 on this fee will be removed. This change makes rent payments using credit cards more expensive, especially for high-value transactions.

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3. Dynamic Currency Conversion (DCC) Fee

For international transactions processed via Dynamic Currency Conversion, the markup will now be 1.5%, a slight increase from earlier rates. Travelers should consider paying in the local currency when abroad to avoid this markup.

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4. Minimum Amount Due (MAD) Fees

If the Minimum Amount Due (MAD) is not cleared for two consecutive billing cycles, an additional charge of ₹100 per cycle will be imposed. This penalty will continue until dues are cleared.

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5. General Fee Updates

Other significant updates include:

• Cash Payment Fee: In-branch cash payments will now cost ₹175 per transaction, up from ₹150.
• Reward Redemption Fees: Redemptions will incur a flat ₹99 fee per transaction, impacting those who frequently redeem for vouchers or gifts.

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Following cards appear to be impacted by these changes:

• Axis Bank Atlas Credit Card
• Axis Bank Select Credit Card
• Axis Bank Reserve Credit Card
• Samsung Axis Bank Credit Card
• Samsung Axis Bank Infinite Credit Card
• Axis Bank Magnus Credit Card (including Burgundy Variant)

What Cardholders Should Do

1. Plan Ahead: To minimize the impact of these changes, cardholders should carefully review their spending patterns and limit rent or cash transactions where possible.
2. Explore Alternatives: Look for other payment options for rent and utility bills to avoid transaction fees.
3. Maximize Rewards: Accumulate EDGE points for fewer redemption transactions, ensuring you get maximum value despite the fees.
4. Stay Informed: Regularly check communication from Axis Bank for further changes or updates to terms and conditions.

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Axis Bank’s updates reflect an industry trend of increased fees across various services. While these changes may feel restrictive, understanding and adapting your usage habits can help mitigate their impact.

To read more about these changes, visit the Axis bank credit cards page