Axis Bank devalues 5 credits cards

Axis devalued five other credit cards – Axis Bank Privilege, Axis Bank Reserve, Axis Bank Select, Axis Bank Flipkart, Axis Bank My Zone credit cards. The devaluation comes into effect from August 12-14.While Devaluation of Axis Magnus is still not clear

Privilege credit card

In a major change, the bank is discontinuing the earlier annual benefit of 3,000 EDGE reward points (name for Axis Bank’s reward points) which accrued on achieving a spending milestone of Rs 2.5 lakh in the previous anniversary year. The rest of the conditions remain the same.

The conversion of reward points to partner points (hotels / airlines) too has been made less attractive. Only a maximum of 5 lakh EDGE reward points can be converted to partner points in a calendar year per customer ID. Currently, there is no such upper limit. For the year 2023, a customer can convert 5 lakh EDGE reward points from 13 August to 31 December.

Furthermore, for each airline/hotel transfer partner, a customer can only link one partner program loyalty ID for each partner at a given point of time. If a customer wants to link another ID, the existing linked ID will get delinked by default.

The changes take effect from August 13.

Reserve credit card

Most banks waive the annual fee for their credit cards if the card holder’s spends in the previous year exceed a certain threshold. From August 13, transactions done on government institutions and utilities (for example, on electricity and water utility bills etc.) will not be taken into account for meeting the annual spend threshold for the bank’s Reserve credit card. Also, such spends will not earn EDGE reward points.

The transfer ratio – for transferring EDGE reward points to domestic and international hotel and airline partners has been revised to 5:1 (5 EDGE reward points = 1 partner point/mile). Currently, the ratio is far more favourable at 5:4. Also, only a maximum of 5 lakh reward points can be converted to partner points / air miles in a year per customer ID. Also, for each airline/hotel transfer partner, a customer can only link one partner program loyalty ID for each partner at a given point of time.

The changes take effect from August 13.

Axis Bank Flipkart Credit Card

Effective from August 12, the unlimited cashback while spending on flights and hotels on Flipkart and Myntra is reduced to 1.5 percent from 5 percent. Payments made towards government services, fuel spends, purchase of gift cards on Flipkart and Myntra, EMI transactions, wallet loading, purchases converted to EMI, utility bill payments, educational services, rental payments, etc. will not be eligible for cashback.

The bank will waive off the annual fee on the card of Rs 500 on spending Rs 3.5 lakh and above, at present, the annual fees are waived off on spending Rs 2 lakh and above.

Axis Bank Select Credit Card

Effective from August 13, the bank has introduced capping on accelerated EDGE reward points earned on retail shopping spends. For instance, you will earn 20 EDGE reward points for every Rs 200 spent on retail shopping merchants up to cumulative transactions of Rs 20,000 per month, then above Rs 20,000 you will earn 10 EDGE reward points per Rs 200 spent on retail shopping.

The bank has also announced changes to the miles transfer program. Total EDGE reward points that can be converted to partner points in a calendar year is capped to 5 lakh EDGE reward points per customer ID. For the year 2023, customer can convert 5 lakh EDGE reward points from 13th August 2023 – 31st December 2023. For each of the airline/hotel transfer partners, customers can only link one partner program loyalty ID for each partner at a given point of time. There is no change in the miles transfer ratio.

The bank has changed the minimum cart value to avail Swiggy discount from Rs 400 to Rs 500 per order. The offer will be applicable twice in a month. The user will get a discount of Rs 200 at Swiggy app and website on food delivery.

My Zone credit card

Among the changes introduced, the bank has raised the minimum card value to avail Swiggy discount from Rs 200 to Rs 500 per order.

As with the changes introduced for other cards, the bank has capped the maximum number of EDGE reward points for conversion to partner points to 5 lakh per calendar year per customer ID. For each of the airline/hotel transfer partners, a customer can only link one partner program loyalty ID for each partner at a given point of time. Also, for each airline/hotel transfer partner, a customer can only link one partner program loyalty ID for each partner at a given point of time.

However, there is no change in the transfer ratio for My Zone Credit Card. The changes take effect from August 14.