Offer Fulfilled! Axis Replacement for Citi Cashback Card

[Riya]

Axis has announced Axis Cashback Card to replace Citi Cashback Card

 

[drsel]

If anyone has December 2024 devaluation pdf for this card, please share?

The December 2024 devaluation of Axis credit cards primarily involves increased fees and changes to reward redemption, effective from December 20, 2024. Here are the key changes based on official Axis Bank documents and financial news sources:

1. Reward Redemption Fee
A new fee of ₹99 (plus 18% GST, totaling ₹117) per transaction is now charged for redeeming cashback or EDGE Rewards via the Axis EDGE portal.

For transferring points to airline/hotel partners, the fee is ₹199 (plus 18% GST, totaling ₹235) per transaction.

2. Increased Interest Rate
The monthly finance/interest charge increases from 3.6% to 3.75% per month (annualized to 55.55%).

3. Other Key Fee Changes
Cash payments at Axis Bank branches now incur a ₹175 fee (up from ₹100).

Late payment charges have been revised, with an additional ₹100 fee if the minimum amount due is not cleared for two consecutive cycles.

Dynamic Currency Conversion (DCC) markup fee increases from 1% to 1.5% (plus taxes).

New transaction fees: 1% on cumulative fuel spends above ₹50,000, utility bill payments above ₹25,000, skill-based gaming spends above ₹10,000, and education payments through third-party apps/websites.

4. Priority Pass and Lounge Access
Some domestic lounge services are no longer accessible with Priority Pass on certain Axis cards, but this does not directly affect the Cashback Card.

Official Documentation
You can find the official PDF outlining these changes on the Axis Bank website under the "Credit Card FAQs" and "Most Important Terms and Conditions" sections.

Summary Table of Major Devaluation Points:
ChangeNew Policy (from Dec 20, 2024)
Cashback/EDGE Redemption Fee₹99 + 18% GST per transaction
Miles Transfer Fee₹199 + 18% GST per transaction
Interest Rate 3.75% per month
Cash Payment at Branch ₹175 per transaction
DCC Markup Fee1.5% + taxes
Late Payment (2 cycles)Additional ₹100

Conclusion:
The December 2024 devaluation means higher costs for redeeming rewards and using certain services on the Axis Cashback Card. The most significant impact for cardholders is the introduction of a redemption fee, which reduces the net value of cashback and rewards. For full details, refer to the official Ax
is Bank PDF documents on their website.