Devaluation Axis ACE Credit Card Huge Devaluation Alert

[TechnoFino]

Hello everyone,
Huge devaluation news coming from Axis Bank regarding their ACE credit card.
According to the new terms and conditions:
Effective from June 15
1. Bill payments (electricity, Cashback water,
gas, LPG, and broadband), DTH and mobile
recharges through Google Pay and get
5% Cashback & Swiggy, Zomato and Ola 4% Cashback

Maximum Rs. 500 (on transactions made on
these above mentioned categories combined)

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 –
1. Recharge & Utility Bill payment through Google Pay: Rs. 5,000
2. Swiggy, Zomato & Ola: Rs. 10,000
3. 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:
1. 5% of Rs. 5,000 = Rs. 250
2. 4% of Rs. 10,000 = Rs. 400
3. 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.

It's a huge devaluation! But the good thing is axis bank still continues 2% cashback on other spends.

 

[MinatoFlash]

I guess its still good for offline transactions with 2% flat and unlimited CB.

 

[drakesri]

I was thinking to get this card after several notification from Gpay. Now i wont

 

[Jit]

Just when you thought SBI Cashback Card devaluation would be the worst devaluation of any cashback card ever...

 

[Shrinit Padwal]

Axis Bank revised it's Ace card Cashback Limits.

Until 15th June use it to the max

 

[Kuldeep khola]

Hello everyone,
Huge devaluation news coming from Axis Bank regarding their ACE credit card.
According to the new terms and conditions:
Effective from June 15
1. Bill payments (electricity, Cashback water,
gas, LPG, and broadband), DTH and mobile
recharges through Google Pay and get
5% Cashback & Swiggy, Zomato and Ola 4% Cashback

Maximum Rs. 500 (on transactions made on
these above mentioned categories combined)

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 –
1. Recharge & Utility Bill payment through Google Pay: Rs. 5,000
2. Swiggy, Zomato & Ola: Rs. 10,000
3. 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:
1. 5% of Rs. 5,000 = Rs. 250
2. 4% of Rs. 10,000 = Rs. 400
3. 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.

It's a huge devaluation! But the good thing is axis bank still continues 2% cashback on other spends.

Drastically devaluation of Ace credit card
500 Max

 

[coolanshu1000]

I was thinking to get this card after several notification from Gpay. Now i wont

If you have good offline usage then this card is still worthy.

 

[Rahul92]

Using ACE for 2.5 yrs , now it's time to close it. Using Neu infinity / millennia/ apay for bill payment anyways

 

[BestBanker]

Just the beginning ..

 

[R!ppEr]

this is what happens when people abuse the system

 

[Shrinit Padwal]

If you have good offline usage then this card is still worthy.

Wo bhi devaluation hoga till 2024 - in Axis I trust

 

[WhoU]

Just the beginning ..

Are you trying to imply Magnus is coming soon?

 

[Rohith_Kumar_Sp]

With this card the max you can do bills is 10k per month and 1.2L per year. You need to spend a lot of offline for 2L annual fee waiver. What's the point of getting cards if they are gonna devalue them as they will.

 

[Chaitanya-a]

Still a good card for retail users. ₹10k spends per month on bill is ideal for individual user.

Capping is better than actual devaluation.
Also 2% Cashback per month (without any cap) on offline spends is higher than any other card in the market.

 

[akshayhs]

I think they finally decided to restrict cashback to single household bill payments only.

For those people not having other cards for Swiggy and Zomato, it's a drawback now.

I just calculated my spends on this card and looks like it hardly affects someone like me who only pays my own bills and doesn't use it for anything else.

 

[WandereR]

I guess its still good for offline transactions with 2% flat and unlimited CB.

That 2% is the only thing which could be a reason. But since this isn't offered LTF, it would take 30K ofline spend to recover 499+gst. This is a major devaluation.

 

[bvc19296]

Survival of banks with these kind of perks/reward on credit cards are not viable. All axis cards and other banks will be devalued further more.

 

[bvc19296]

this is what happens when people abuse the system

True. we explore ways to abuse the system.

 

[coolanshu1000]

Wo bhi devaluation hoga till 2024 - in Axis I trust

Make hay while the sun shines..

 

[ADITYA1904]

With this card the max you can do bills is 10k per month and 1.2L per year. You need to spend a lot of offline for 2L annual fee waiver. What's the point of getting cards if they are gonna devalue them as they will.

Right, first they marketed card like everything is unlimited and then devaluation just like yes first exclusive