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Axis Ace Devalued to Rs.500 cashback per month w.e.f June 15th 2023

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All the purchases (minus returns and refunds) made by you using the Card will be eligible for rewards as provided below: Spends on Reward Max cashback Bill payments (electricity, Cashback water, gas, LPG, and broadband), DTH and mobile recharges through Google Pay, Swiggy, Zomato and Ola : 500 capped Cashback

Other merchants : 2% Cashback Unlimited

The following MCCs have been excluded from cashback eligibility (fuel, wallet load transactions, payment of property management fees, rental commissions, rental payments, watch, clock, jewelry, and silverware stores related payments, insurance premium/ insurance related payments or any such payments made through following MCCs): 6012, 6051, 5541, 5983, 5542, 6011, 6540, 5944, 6300 and 6513. W.e.f 15th June, 2023, MCCs 6381, 5960, 6012, 6051, 8299, 8211, 8241, 8244, and 8249 will also be excluded from cashback eligibility.

Effective from 15 June 2023
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We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
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Deal Cadet Deal Cadet
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Axis De value. Max Cap of Cashback per month of 500rs on bill payments from 15th June  Screenshot20230505100835SamsungNotes
Deal Cadet Deal Cadet
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Revision of ACE Credit Card Terms and Conditions With effect from 15th June, 2023, following revisions will be applicable on your ACE Credit Card: 1. All the purchases (minus returns and refunds) made by you using the Card will be eligible for rewards as provided below: Spends on Reward Max cashback Bill payments (electricity, Cashback water, gas, LPG, and broadband), DTH and mobile recharges through Google Pay 5% Cashback Rs. 500 (on transactions made on these categories combined) Swiggy, Zomato and Ola 4% Cashback Other merchants* 2% Cashback Unlimited *Cashback shall not be eligible on fuel spends, EMI transactions, purchases converted to EMI post facto, wallet loading transactions, cash advances, rental payment, purchase of gold/jewellery items, insurance premium payments, educational services, payment of outstanding balances, payment of card fees and other card charges. For example, If the customer spends Rs. 35,000 in a billing cycle with the following break up of spends –  Recharge & Utility Bill payment through Google Pay: Rs. 5,000  Swiggy, Zomato & Ola: Rs. 10,000  Other spends on eligible cashback categories: Rs. 20,000 Out of these “Other spends”, Rs. 10,000 was an EMI purchase. Thus, the total spends eligible for cashback would only be Rs. 5,000 + Rs. 10,000 + Rs. 20,000 - Rs. 10,000 (EMI transaction) = Rs. 25,000 The cashback for the billing cycle in example would be calculated as follows:  5% of Rs. 5,000 = Rs. 250  4% of Rs. 10,000 = Rs. 400  2% of Rs. 10,000 = Rs. 200 Since the combined cashback earned on 5% and 4% cashback eligible transactions is capped at Rs.500, the cashback credited for these categories will be Rs. 500 and not Rs.650 Thus, the total cashback for the example would be Rs. 500+200 = Rs. 700 2. Education service payments will not be eligible for cashback. 3. Cashback earned in a statement cycle is credited against the outstanding of the next monthly statement. An SMS will be sent every month which has the total amount of cashback earned in that statement. SMS of cashback earned won’t be sent after every transaction.
Deal Cadet Deal Cadet
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5% and 4% Cashback is capped at 500 pm
2% Unlimited
RIP Axis Ace 🥺

*Cashback shall not be eligible on fuel spends, EMI transactions, purchases converted to EMI post facto, wallet loading transactions, cash advances, rental payment, purchase of gold/jewellery items, insurance premium payments, educational services, payment of outstanding balances, payment of card fees and other card charges. 

Screenshot20230505100531 
Helpful Helpful
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On gpay where u would get 5% and on swiggy zomato ola where u would get 4% combined max cashback per month 500 instead of unlimited.

All other catagoty gets 2% unlimitedScreenshot2023-05-05-10-05-41-720com.google.android.apps.docs 
Deal Subedar Deal Subedar
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As of June 15th 2023, Axis ace is capping cashback from utilities to maximum ₹500 per month from unlimited cashback.


2. Education payments have 0 cashback

3. No sms for each transaction regarding cashback details.


4. Fuel, wallet load transactions, payment of property management fees, rental commissions, rental payments, watch, clock, jewelry, and silverware stores related payments, insurance premium/ insurance are also excluded.


Screenshot2023-05-05-10-06-35-66f541918c7893c52dbd1ee5d319333948

Helpful Helpful
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There goes a great card. Rs.500 Max is a body blow.

At least it'll stem the daily DD posts related to whether someone's spotted the elusive invite in their GPay accounts (Just a joke, hope everyone who wants it gets it).

Post Emperor Post Emperor
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Axis Ace finally Devalued to Rs.500 cashback per month w.e.f June 15th 2023

Max combined cashback of Rs.500 for 5% and 4% category.
2% cashback is unlimited
No cashback for education payments
All are ready to switch to Apay ICICI for max cashback 0f 2% in utility bills. Screenshot2023-05-05-10-10-32-83e2d5b3f32b79de1d45acd1fad96fbb0fAlways i used to take cashback of Rs.1000 to Rs.2000 per month.
Another big devaluation
Deal Cadet Deal Cadet
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if we pay electricity bill through service provider website will we get 2% unlimited
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Deal Subedar Deal Subedar
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Yes. Maybe Impact due to latest negative quarterly results from axis??

Helpful Helpful
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That quarterly impact was for citi aquisition only

Talk-Of-The-Town Talk-Of-The-Town
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With effect from 15th June, 2023, following revisions will be applicable on your ACE Credit Card:

1. All the purchases (minus returns and refunds) made by you using the Card will be eligible for rewards as provided below:

image


*Cashback shall not be eligible on fuel spends, EMI transactions, purchases converted to EMI post facto, wallet loading transactions, cash advances, rental payment, purchase of gold/jewellery items, insurance premium payments, educational services, payment of outstanding balances, payment of card fees and other card charges.

For example,

If the customer spends Rs. 35,000 in a billing cycle with the following break up of spends –

 Recharge & Utility Bill payment through Google Pay: Rs. 5,000

 Swiggy, Zomato & Ola: Rs. 10,000

 Other spends on eligible cashback categories: Rs. 20,000

Out of these “Other spends”, Rs. 10,000 was an EMI purchase.

Thus, the total spends eligible for cashback would only be

Rs. 5,000 + Rs. 10,000 + Rs. 20,000 - Rs. 10,000 (EMI transaction) = Rs. 25,000

The cashback for the billing cycle in example would be calculated as follows:

 5% of Rs. 5,000 = Rs. 250

 4% of Rs. 10,000 = Rs. 400

 2% of Rs. 10,000 = Rs. 200

Since the combined cashback earned on 5% and 4% cashback eligible transactions is capped at Rs.500, the cashback credited for these categories will be Rs. 500 and not Rs.650

Thus, the total cashback for the example would be Rs. 500+200 = Rs. 700

2. Education service payments will not be eligible for cashback.

3. Cashback earned in a statement cycle is credited against the outstanding of the next monthly statement. An SMS will be sent every month which has the total amount of cashback earned in that statement. SMS of cashback earned won’t be sent after every transaction.

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Post Emperor Post Emperor
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I posted 3 minutes before

Post Emperor Post Emperor
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Frequently Asked Questions

1. From which date the changes are applicable?

The changes are applicable from 15th June, 2023.

2. What is cashback?

Cashback refers to money awarded in the customer’s Credit Card account under the cashback

scheme. Customers can enjoy up to 5% cashback on spends made using their ACE credit card.

3. How much cashback will I earn on the transactions made using my ACE Credit Card?

Customers will earn a maximum cashback of Rs. 500 on transactions made on 5% and 4%

cashback eligible transactions combined, and unlimited cashback on 2% cashback eligible

transactions for bonafide personal use, using their ACE credit card and enjoy up to 50 days

of interest free credit period.

For example,

If the customer spends Rs. 35,000 in a billing cycle with the following break up of spends –

 Recharge & Utility Bill payment through Google Pay: Rs. 5,000

 Swiggy, Zomato & Ola: Rs. 10,000

 Other spends on eligible cashback categories: Rs. 20,000

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Post Emperor Post Emperor
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Out of these “Other spends”, Rs. 10,000 was an EMI purchase.

Thus, the total spends eligible for cashback would only be

Rs. 11,000 + Rs. 15,000 + Rs. 20,000 - Rs. 10,000 (EMI transaction) = Rs. 25,000

The cashback for the billing cycle in example would be calculated as follows:

 5% of Rs. 11,000 = Rs. 550

 4% of Rs. 15,000 = Rs. 600

 2% of Rs. 10,000 = Rs. 200

Since the combined cashback earned on 5% and 4% cashback eligible transactions is capped at

Rs.500, the cashback credited for these categories will be Rs. 500 and not Rs.1150

Thus, the total cashback for the example would be Rs. 500+200 = Rs. 700

6. Will I continue earning unlimited cashback on other spends?

For transactions eligible for 2% cashback, customers will continue to earn unlimited cashback for

bonafide personal use. For cashback-eligible spends category terms & conditions, please visit the

below mentioned link.

Post Emperor Post Emperor
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https://www.axisbank.com/docs/default-source/de...

card-tncs.pdf

7. Will I be able to make gold/jewelry purchases and insurance premium payments using ACE

Credit Card?

Customers will continue to be able to make paymentstowards educational services using

their ACE credit card and enjoy up to 50 days of interest free credit period.

8. What is MCC & for which MCCs will cashback be discontinued?

A Merchant Category Code (MCC) is a four digit number assigned to a merchant/business by the

merchant’s acquiring bank. These are allotted by Visa or MasterCard.

The following MCCs have been excluded from cashback eligibility (fuel, wallet load transactions,

payment of property management fees, rental commissions, rental payments, watch, clock,

jewelry, and silverware stores related payments, insurance premium/ insurance related

payments or any such payments made through following MCCs): 6012, 6051, 5541, 5983, 5542,

6011, 6540, 5944, 630

Benevolent Benevolent
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I will say still a great card. 2% unlimited is still there. They have still not excluded utility category here (utility mcc outside Google pay) like they have done on most low end cards..

And 500 capping means 10k spends on utility and food. That's good enough for any normal person.

Deal Cadet Deal Cadet
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True.. it doesn't affect me much.. Many people were doing business with the card..
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The PostMighty The PostMighty
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official link?

Deal Newbie Deal Newbie
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Someone who is paying bills more than 10k, this is a big devaluation!!
If anyone knows better way to pay 40k electricity bill per month, please post

Deal Cadet Deal Cadet
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Tag me if you find an alternative way
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Wingman Wingman
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scream cry minus1
Finance Ninja Finance Ninja
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Nice move by Axis bank. VU 👍🏼

Next target Axis Magnus, Vistara and Axis Reserve Credit Card.

Benevolent Benevolent
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Tumko gali khaney ka bada shok hey 

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Deal Cadet Deal Cadet
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Axis ACE accelerated reward category of 5% and 4% are capped to Rs 500 per month..😞

IMG20230505102020


Deal Subedar Deal Subedar
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I think many people were misusing this card for utilities bill payment and axis already has airtel credit card for utilities.

So they are making people to choose Airtel Axis card. It's totally a business move.

Benevolent Benevolent
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😳

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