Axis Bank has finally published a devaluation notice on its official website. They have devalued almost all of their credit cards. Let's check the changes that will take place from August 12, 2023.
Axis Reserve:
The spends threshold for the annual fee waiver will exclude transactions done at government institutions and utilities.
Spends done at government institutions and utilities will not be eligible for EDGE Rewards.
Official document link: https://www.axisbank.com/docs/defau...-reserve-credit-card-terms-and-conditions.pdf
Axis Magnus:
Awaiting official confirmation from bank.
Official document link:
Axis Select:
The minimum cart value to avail of the Swiggy discount has been changed from INR 400 to INR 500 per order.
Earn 20 EDGE Reward Points for every INR 200 spent on retail shopping merchants, up to cumulative transactions of INR 20,000 per month.
Earn 10 EDGE Reward Points per INR 200 spent on cumulative transactions above INR 20,000 per month on retail shopping merchants.
Official document link: https://www.axisbank.com/docs/defau...k-select-credit-card-terms-and-conditions.pdf
Axis Privilege:
The annual benefit of 3,000 EDGE Reward Points will be discontinued upon achieving the spend-based milestone of INR 2,50,000 in the previous anniversary year.
Official document link: https://www.axisbank.com/docs/defau...rivilege-credit-card-terms-and-conditions.pdf
Axis Flipkart:
Spends towards flight and hotel payments on Flipkart, as well as spends on Myntra, shall be eligible for 1.5% unlimited cashback.
Payments made towards government services, fuel spends, purchase of gift cards on Flipkart and Myntra, EMI transactions, purchases converted to EMI post-facto, wallet loading transactions, cash advances, rental payments, purchase of jewelry, insurance services, utilities, educational services, payment of outstanding balances, payment of card fees, and other card charges will not be eligible for cashback.
The annual fee charged on the card will be waived for annual spends greater than INR 3,50,000. Please note that rent transactions and wallet load transactions will not be eligible for spends and will not be counted towards availing the annual fee waiver.
Official document link: https://www.axisbank.com/docs/defau...flipkart-credit-card-terms-and-conditions.pdf
Axis Myzone:
The minimum cart value to avail of the Swiggy discount has been changed from INR 200 to INR 500 per order.
Official document link: https://www.axisbank.com/docs/defau...k-myzone-credit-card-terms-and-conditions.pdf
For Axis HNI Cards:
You can now transfer EDGE Reward points to domestic and international partners across airlines and hotels with the revised transfer ratio of 5:1 (5 EDGE Reward Points = 1 Partner Point/Mile).
However, for Accor, the transfer ratio will be 10:1 for Reserve (10 EDGE Reward Points = 1 Partner Point/Mile).
For all Axis Cards:
The total number of EDGE Reward Points that can be converted to Partner Points in a calendar year is capped at 500,000 EDGE Reward Points per customer ID.
Update: (13th July, 2023)
According to an official statement from Axis Bank, as reported by Moneycontrol, only the Axis Flipkart credit card has been devalued. Additionally, Axis Bank has removed all devaluation notification PDF copies.
Axis Reserve:
The spends threshold for the annual fee waiver will exclude transactions done at government institutions and utilities.
Spends done at government institutions and utilities will not be eligible for EDGE Rewards.
Official document link: https://www.axisbank.com/docs/defau...-reserve-credit-card-terms-and-conditions.pdf
Axis Magnus:
Awaiting official confirmation from bank.
Official document link:
Axis Select:
The minimum cart value to avail of the Swiggy discount has been changed from INR 400 to INR 500 per order.
Earn 20 EDGE Reward Points for every INR 200 spent on retail shopping merchants, up to cumulative transactions of INR 20,000 per month.
Earn 10 EDGE Reward Points per INR 200 spent on cumulative transactions above INR 20,000 per month on retail shopping merchants.
Official document link: https://www.axisbank.com/docs/defau...k-select-credit-card-terms-and-conditions.pdf
Axis Privilege:
The annual benefit of 3,000 EDGE Reward Points will be discontinued upon achieving the spend-based milestone of INR 2,50,000 in the previous anniversary year.
Official document link: https://www.axisbank.com/docs/defau...rivilege-credit-card-terms-and-conditions.pdf
Axis Flipkart:
Spends towards flight and hotel payments on Flipkart, as well as spends on Myntra, shall be eligible for 1.5% unlimited cashback.
Payments made towards government services, fuel spends, purchase of gift cards on Flipkart and Myntra, EMI transactions, purchases converted to EMI post-facto, wallet loading transactions, cash advances, rental payments, purchase of jewelry, insurance services, utilities, educational services, payment of outstanding balances, payment of card fees, and other card charges will not be eligible for cashback.
The annual fee charged on the card will be waived for annual spends greater than INR 3,50,000. Please note that rent transactions and wallet load transactions will not be eligible for spends and will not be counted towards availing the annual fee waiver.
Official document link: https://www.axisbank.com/docs/defau...flipkart-credit-card-terms-and-conditions.pdf
Axis Myzone:
The minimum cart value to avail of the Swiggy discount has been changed from INR 200 to INR 500 per order.
Official document link: https://www.axisbank.com/docs/defau...k-myzone-credit-card-terms-and-conditions.pdf
For Axis HNI Cards:
You can now transfer EDGE Reward points to domestic and international partners across airlines and hotels with the revised transfer ratio of 5:1 (5 EDGE Reward Points = 1 Partner Point/Mile).
However, for Accor, the transfer ratio will be 10:1 for Reserve (10 EDGE Reward Points = 1 Partner Point/Mile).
For all Axis Cards:
The total number of EDGE Reward Points that can be converted to Partner Points in a calendar year is capped at 500,000 EDGE Reward Points per customer ID.
Update: (13th July, 2023)
According to an official statement from Axis Bank, as reported by Moneycontrol, only the Axis Flipkart credit card has been devalued. Additionally, Axis Bank has removed all devaluation notification PDF copies.
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