Do you use an Axis Bank Credit Card? Many charges are going to increase, a new fee will also be charged.

If you also use Axis Bank Credit Card, then there is important news for you. Axis Bank has planned to implement some new charges from 20 December 2024. These include redemption fees for the first time on the use of EDGE Rewards and Miles. The bank has already given notification regarding this and informed all the users about it.

Under this new charge, whenever you do cash redemption of your EDGE Rewards or Miles, you will have to pay Rs 99 and 18 percent GST. On the other hand, if you transfer these points to a mileage program, then you will have to pay Rs 199 and 18 percent GST on it.

Charges will be applicable on these credit cards

The new charge being introduced by Axis Bank will be applicable on select credit cards only. These include Axis Bank Atlas Credit Card, Samsung Axis Bank Infinite Credit Card, Samsung Axis Bank Credit Card, Axis Bank Magnus Credit Card (including Burgundy variant) and Axis Bank Reserve Credit Card.

Some more changes will happen from December 20

The interest rate will be revised as 3.75% per month.

The auto debit reversal or check return fee will be 2% of the payment amount, with a minimum charge of Rs 500 and no maximum limit on the fee.

The fee for cash payment at branches will be revised as Rs 175.

The current late payment fee structure will remain applicable. If the 'Minimum Amount Due (MAD)' is not paid for two consecutive cycles, an additional fee of Rs 100 will be charged and will continue to be applicable till the MAD is paid.

The Dynamic Currency Conversion (DCC) markup will be revised to 1.5%.

Rent transactions will attract a 1% transaction fee, and the Rs 1500 limit will be removed.

A 1% transaction fee will be applicable on educational payments made through third-party apps. However, payments and transactions made through educational institution websites or their POS machines will not be charged.

A 1% transaction fee will be applicable on cumulative spends of over Rs 10,000 on wallet loads, over Rs 50,000 on fuel, over Rs 25,000 on utilities, and over Rs 10,000 on online skill-based gaming platforms during a statement period.