Axis Bank devalues select credit cards, introduces new reward exclusions, lounge access rules from today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Axis Bank has announced overhaul across several of its popular credit cards, starting Saturday (April 20). These changes encompass alterations to lounge access, rewards programs, and associated services.

The impacted cards are Axis Magnus, Axis Atlas, IndianOil Axis, Axis Ace, Flipkart Axis Card, Axis Vistara Infinite, and Axis Privilege, according to Paisabazaar.

Common changes across cards

Among the notable revisions, Axis Bank has introduced spend-linked domestic lounge access across various tiers of its credit cards.

This program requires cardholders to meet a minimum spending threshold of ₹50,000 in the previous quarter to avail complimentary lounge access.

Additionally, the bank has added new exclusions to its rewards programs, with jewellery and insurance spends now falling outside the scope of earning rewards points across most cards.

Furthermore, concierge and meet and greet services have been removed, Paisabazaar said.

Changes to airline and hotel partnerships

Axis Bank has also revised its extensive list of airline and hotel partners, a key selling point for premium and travel-centric cards.

While the number of partners remains largely unchanged, they have been grouped with varied redemption capping, impacting users with specific brand loyalties.

This categorisation spans from premium cards like Magnus and Vistara Infinite to mid-range options like Axis Atlas.

Base cashback rates adjusted

Axis Bank has reduced the base cashback rate.

Axis Ace will now offer 1.5% cashback, down from 2%, while the Flipkart Axis Card’s cashback rate has been adjusted from 1.5% to 1%.

However, Axis Ace will continue to provide 5% unlimited cashback for transactions made through Google Pay.

Notably, utility bill payments via other platforms will no longer earn cashback.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow