After removing the Reserve credit card devaluation PDF copy from the official website on 12th June 2023, Axis Bank has finally published the official devaluation notification for the Axis Bank Reserve credit card today. The changes will take effect from 1st September 2023.
Let's take a look at the changes:
1. Spends threshold for annual fee waiver will exclude transactions done on Government institutions and utilities
2. Spends done on Government institutions and utilities will not be eligible for EDGE Rewards.
Miles Transfer Program:
You can transfer EDGE Reward Points to any partners across airlines and hotels as per the revised transfer ratio of 5:2 (5 EDGE Reward Points = 2 Partner Point/Mile).
That means, 1 EDGE Point = 0.4 Miles
Total EDGE Reward Points that can be converted to Partner Points in a calendar year is capped to 5,00,000 EDGE Reward Points per customer ID.
For each of the airline/hotel transfer partners, customers can only link 1 partner program loyalty ID for each partner at a given point of time. If a customer wishes to link another ID, the primary/existing linked ID will then get delinked by default. For every individual partner program, the customer needs to wait for a period of 60 days after updating partner loyalty ID with Axis Bank Travel EDGE in order to update secondary/new partner loyalty ID.
Reward Rate Of Axis Reserve Will Be:
Normal Spends:
Gift Voucher: 1.5%
Miles: 3%
Forex Spends:
Gift Voucher: 3%
Miles: 6%
Annual Fees Reversal Criteria:
Benefits:
Airport Lounge Access:
PriorityPass membership will be available to primary card holder only with unlimited lounge access worldwide. Few lounges in india you can not use prioritypass, for those you have to use reserve credit card.
The Axis Reserve credit card still looks good in terms of rewards, but the criteria for annual fee reversal is quite high for this credit card. Additionally, Axis has removed the Priority Pass membership for add-on cardholders. Considering the annual fees and recent changes, there are many other competitive products available in the market, such as HDFC Infinia.
Overall, the Axis Reserve credit card may not seem as lucrative as it was before. However, it still offers decent benefits if we consider its annual perks. To remain competitive, Axis Bank should consider lowering the annual fees or adding more perks to attract customers and retain its appeal in the market.
Official PDF Link - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/rstc.pdf
Let's take a look at the changes:
1. Spends threshold for annual fee waiver will exclude transactions done on Government institutions and utilities
2. Spends done on Government institutions and utilities will not be eligible for EDGE Rewards.
Miles Transfer Program:
You can transfer EDGE Reward Points to any partners across airlines and hotels as per the revised transfer ratio of 5:2 (5 EDGE Reward Points = 2 Partner Point/Mile).
That means, 1 EDGE Point = 0.4 Miles
Total EDGE Reward Points that can be converted to Partner Points in a calendar year is capped to 5,00,000 EDGE Reward Points per customer ID.
For each of the airline/hotel transfer partners, customers can only link 1 partner program loyalty ID for each partner at a given point of time. If a customer wishes to link another ID, the primary/existing linked ID will then get delinked by default. For every individual partner program, the customer needs to wait for a period of 60 days after updating partner loyalty ID with Axis Bank Travel EDGE in order to update secondary/new partner loyalty ID.
Reward Rate Of Axis Reserve Will Be:
Normal Spends:
Gift Voucher: 1.5%
Miles: 3%
Forex Spends:
Gift Voucher: 3%
Miles: 6%
Annual Fees Reversal Criteria:
- Customers on-boarded from 1st September 2023, will receive fee waiver of INR 50,000 on spends of INR 35,00,000 in the preceding card anniversary year.
- For customers onboarded before 1st September 2023, annual fee waiver will be applicable on cumulative spends of INR 25,00,000 in preceding card anniversary year. However, for such customers, on card anniversary dates after 1st September 2024, fee waiver will be applicable on cumulative spends of INR 35,00,000 in preceding card anniversary year.
Benefits:
Airport Lounge Access:
PriorityPass membership will be available to primary card holder only with unlimited lounge access worldwide. Few lounges in india you can not use prioritypass, for those you have to use reserve credit card.
The Axis Reserve credit card still looks good in terms of rewards, but the criteria for annual fee reversal is quite high for this credit card. Additionally, Axis has removed the Priority Pass membership for add-on cardholders. Considering the annual fees and recent changes, there are many other competitive products available in the market, such as HDFC Infinia.
Overall, the Axis Reserve credit card may not seem as lucrative as it was before. However, it still offers decent benefits if we consider its annual perks. To remain competitive, Axis Bank should consider lowering the annual fees or adding more perks to attract customers and retain its appeal in the market.
Official PDF Link - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/rstc.pdf
