Axis Bank has given a big shock to its credit card holders. This bank, which provides the best option for transferring reward points to various airline and hotel loyalty programs, will charge a redemption fee of Rs 199 from its credit card holders for transferring credit card reward points to any transfer partner from December 20. Apart from this, Axis Bank has announced many changes related to credit cards, which will come into effect from December 20.
Increase in interest charges
From December 20, the finance or interest charge on Axis Bank credit cards will increase from the current 3.60% per month to 3.75% per month. The annual interest charge will increase from the current 43.20% to 45.00%. This increase in interest rate will be applicable on all credit cards, except for some specified cards where there will be no change in the existing interest rate. It is always advisable to pay the entire outstanding bill amount every month either before the due date or by the due date. This will help you avoid high interest charges.
Increase in charges for payment failure
Axis Bank charges a fee on SI, NACH payment failure, auto debit reversal or cheque return. This fee is 2% of the payment amount or a minimum amount of Rs 450, with a maximum limit of Rs 1,500. From December 20, the minimum amount will be revised to Rs 500. Also, the maximum limit of Rs 1,500 will be removed. This change will apply to all Axis Bank credit cards except Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.
Increase in cash payment charges in branch
Apart from using online payment mode to pay credit card dues, you also have the option of paying at the branch. From December 20, Axis Bank will charge Rs 175 for cash payments at branches. Currently, this fee is Rs 100. You can make a maximum cash payment of Rs 50,000 in a day.
Cash payment charges will be applicable on all Axis Bank credit cards except Burgundy Private Credit Card, Primus Credit Card and Insta Easy Credit Card.
An additional charge of Rs 100 will be levied for late payment
If the customer does not make the payment or the payment made is less than the Minimum Amount Due (MAD) by the payment due date, the bank levies a Late Payment Charge (LPC). The current LPC structure is as follows.
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