Axis Bank has been on a roll with respect to modifying product features on their credit cards. After granting a roughly 40-day notice for the changes to the Axis Bank Magnus Credit Card and the Reserve Credit Card, today, updates have been made to four more credit cards. These will go live on September 1, 2023.

Axis Bank MyZone Credit Card Changes effective September 1, 2023

With effect from September 1, 2023, the following changes will apply to Axis Bank My Zone Credit Card:

• Change in the minimum cart value to avail of Swiggy discounts: After the launch of the Swiggy co-brand credit card, Axis Bank has to change the product features for the Swiggy discounts.
  • The minimum cart value to avail Swiggy discount has been changed from INR 200 to INR 500 per order.
  • Flat INR 120 discount at Swiggy app/website on food delivery orders above INR 500
  • Offer will be applicable twice a month per user ID on Swiggy.
  • To avail of the discount, use code “AXIS120” at the time of checkout
• Revision in the calculation of milestone benefits for paid cards:
  • Spends done on rent transactions (MCC 6513) and wallet load transactions (MCC 6540) will not be considered part of annual spending for the renewal of SonyLiv Premium membership for paid cards.

Axis Bank ACE Credit Card Changes effective September 1, 2023

With effect from September 1, 2023, the following changes will be applicable to Axis Bank My Zone Credit Card:

• Payments made towards government services (MCCs – 9399) will not be eligible for cashback.
• Cashback shall not be eligible on fuel spends, EMI transactions, purchases converted to EMI post facto, wallet loading transactions, cash advances, rental payments, purchase of gold/jewellery items, insurance premium payments, payment of outstanding balances, payment of card fees and other card charges.
• The following MCCs have been excluded from cashback eligibility: 5541, 5542, 5944, 5983, 6011, 6012, 6051, 6300, 6381, 5960, 6513, 6540, 8299, 8211, 8241, 8244, 8249.

Axis Bank Privilege Credit Card Changes effective September 1, 2023

With effect from September 1, 2023, the following change will be applicable to the Axis Bank Privilege Credit Card:

• Changes in Annual Benefit: 3,000 EDGE Reward Points as an annual benefit to be discontinued on achieving the spend-based milestone of INR 2,50,000 in the previous anniversary year. This is over and above the following changes, which were already executed:
  • Annual fee waiver of INR 1,500 on spends of INR 2,50,000 in the previous anniversary year
  • Spends threshold for 3,000 EDGE Reward Points and annual fee reversal will exclude rent (6513) and wallet (6540) transactions. This revision is effective March 5, 2023.
  • Spends done on insurance, rent, wallet load, fuel, educational services, utilities, and Government MCC (merchant category codes) will not be eligible for any EDGE Reward Points.

Axis Bank Select Credit Card Changes effective September 1, 2023

• Change in the minimum cart value to avail of Swiggy discounts: After the Swiggy co-brand credit card launch, Axis Bank has to change the product features for the Swiggy discounts.
  • The minimum cart value to avail Swiggy discount has been changed from INR 400 to INR 500 per order.
  • Flat INR 200 discount at Swiggy app/website on food delivery orders above INR 500
  • Offer will be applicable twice a month per user ID on Swiggy.
  • To avail of the discount, use code “AXIS200” at the time of checkout

• Capping on Accelerated EDGE Reward Points earned on retail shopping spends:
  • 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. Retail shopping merchants will include the following MCCs:
    • 5311- department stores
    • 5411- grocery stores
    • 5611- clothing & accessory stores
    • 5621- women’s wear stores
    • 5641- children’s wear stores
    • 5691- family clothing stores
    • 5699- miscellaneous apparel & accessory stores
  • Spends done on insurance, rent, wallet load, fuel, educational services, utilities, and Government MCC (merchant category codes) will not be eligible for any EDGE Reward Points.

Besides this, Select, Privilege and My Zone credit card holders have been advised that their credit card’ EDGE Rewards will be subject to the 500,000 transfer limit in a membership year.

Bottomline

Axis Bank has made significant changes to its mid-tier cards after changing its top-tier cards a few weeks ago. The changes include those to the food-delivery discounts and removal of some annual benefits, apart from the capping on transfer to mileage programmes. All changes go live on September 1, 2023.

What do you make of the changes to Axis Bank Credit Cards in the second round?

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