Major Devaluation for Axis Credit Cards

 

Axis Bank credit card devaluation that took place in April 2024. Here are the details for each of the affected credit cards:

  1. Axis Magnus:

    • Previously, Axis Magnus underwent a devaluation in September 2023.
    • The revised terms and conditions, effective from 20th April 2024, have further impacted the card’s premium status.
    • Reward earning and redemption rates remain unchanged.
    • However, Axis Bank has categorized their Miles Transfer Partners into Group A and Group B:
      • Group A includes partners like Etihad, Marriott, Accor Hotels, etc.
      • Group B includes partners like Air India, Vistara, SpiceJet, Air Asia, ITC Hotels, etc.
    • Cardholders can transfer a maximum of:
      • 1 lakh EDGE Reward Points under Group A.
      • 4 lakh EDGE Reward Points under Group B.
    • Features like 24/7 concierge service and complimentary airport meet and greet have been discontinued.
    • Buy One Get One movie ticket benefit has also been removed.
    • Complimentary guest visits under domestic and international lounge access have been reduced from 8 visits to 4 visits per year.
    • Fuel, jewelry, and insurance spends no longer earn EDGE Reward Points or count toward annual fee waiver.
    • Spend-linked domestic lounge access requires reaching a spending threshold of Rs. 50,000 in the previous quarter.

  2. Axis Atlas:

    • Effective from 20th April 2024, the card has a cap of 5 EDGE Miles/INR 100 spent on Travel EDGE, airlines, and hotel merchants, up to INR 2 Lakh per calendar month

  3. Axis ACE Credit Card:

    • Cashback rate reduced from 2% to 1.5% for all transactions except those made on GPay, Preferred Merchants, and cashback-excluded categories.
    • Cashback is not applicable on utility spends done on platforms other than GPay

  4. Flipkart Axis Card Credit :

    • We used to receive 1.5% cashback on all transactions except those made on Flipkart and preferred merchants. Now, the cashback rate on other merchants and categories has been reduced to 1%

  5. Axis Indian Oil Credit Card :

    • The welcome benefit of up to Rs. 250 cashback has been revised to 1250 EDGE REWARD Points (worth up to Rs. 250) on the first fuel transaction within 30 days of card issuance.
    • The range of transactions that qualify for a 4% value back on Indian Oil fuel spends has been updated. It has been revised to Rs. 400 – Rs. 4000 instead of the previous range of Rs. 100 – Rs. 5000. Furthermore, the maximum EDGE REWARD Points that can be earned on fuel spends in a card statement month is limited to 1000.
    • The criteria for a spend-based annual fee waiver have been revised from eligible spending of Rs. 50,000 to Rs. 3,50,000 for a card anniversary year. Spending on rent, wallet loading, insurance, EMI, cash withdrawals, and reversals will not be considered.

  6. Axis Airtel Credit Card :

    • The maximum cashback for Airtel Mobile, Broadband, Wi-Fi, and DTH payments via Airtel Thanks App has been reduced from ₹300 to ₹250 per billing cycle
    • The maximum cashback on utility bill payments, such as gas, electricity, etc., through the Airtel Thanks App has been reduced from ₹300 to ₹250 per statement cycle.
    • No cash back on utility spends except on transactions done via the Airtel Thanks App.
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Summary: Axis Bank’s credit card devaluation impacted lounge access, rewards programs, and various features across their popular credit cards. Cardholders should review the revised terms and conditions to understand how these changes affect their card benefits.