In what has become an annual ritual for the Monsoon season, Axis Bank is rolling out a fresh set of changes across its suite of credit cards, affecting both how rewards are earned and how fees are generated on the cards. These changes are part of a broader shift in how Axis Bank is fine-tuning its credit card portfolio, aiming to maintain the long-term viability of its portfolio and, in some cases, keep costs under control via breakage.
Let’s take a deep dive into the key changes — some of which take effect from August 28, 2026, while others will go live later in the year.
General Changes to Gift Cards being removed from points earning
A T&C added to all Credit Cards as of August 28, 2026 is
Gift card purchases will continue to be excluded from the rewards category and will not earn rewards. However, instead of being classified under the “Wallet” spend category, they will now be reclassified under a separate spend category titled “Gift card”. Additionally, please note that no rewards shall be earned on spends made on Bridge Fees, Road Fees & Tolls.
This just means what it means: Gift Cards bought from all sorts of sources will be classified separately and not earn points. The following cards got the language. Not an exhaustive list.
- Axis Bank Olympus Credit Card
In the case of some cards, it also says,
“and will not earn rewards or contribute towards spend-based fee waiver calculations.”
This clause appears in the case of cards where a fee waiver happens on the basis of spends during a membership year. The following cards get this second language. This is not an exhaustive list.
- Axis Bank Select Credit Card
- Samsung Axis Bank Infinite Credit Card
Dynamic Currency Conversion Fee upped
Dynamic Currency Conversion (DCC) is a service at international card terminals and ATMs that lets you pay in your home currency instead of the local foreign currency. In all the cases I’ve seen so far, it is a worse conversion rate for the cardmember. Anyhow, banks figured they could skim some money on top as well, so Axis Bank instituted a DCC fee. Now, this fee is being raised, and many cards that did not have this fee will get it as of August 28, 2026.
- Dynamic Currency Conversion markup will be revised to 1.8%.
- Olympus
- Dynamic Currency Conversion markup will be revised from 1.5% to 3.5%
- Myzone
- Select
- Neo
- Privilege
- All other cards
- Dynamic Currency Conversion markup will be revised from 1.5% to 2%
- Magnus for Burgundy
- Magnus
Priority Pass won’t be useful for domestic lounge access effective August 28, 2026
Axis Bank provides a Priority Pass to many cardmembers based on the card features. The new word out is that the Priority Pass use for Domestic Lounge Trips in India will be discontinued as of August 28, 2026. Here is how it reads,
We would like to remind you of the airport lounge access benefits applicable to your credit card and share a few important guidelines to keep in mind while accessing these services.
o To access eligible international airport lounges, please present your Priority Pass along with your boarding pass at the lounge reception for authentication.
o Effective 28-08-2026, the Priority Pass card will not be valid for accessing domestic airport lounges in India.
o To access eligible domestic airport lounges in India, please present only your XXXX Credit Card along with your boarding pass at the lounge reception for authentication. To view the list of eligible domestic airport lounges in India, click here.
Please note: Eligible airport lounges at Indian international terminals after immigration are considered international lounges and can be accessed using your
Priority Pass.
This one clearly comes from the place of cost-cutting. Priority Pass-payable lounge access costs more than one running through the MC/Visa network or direct negotiations with the access provider, so the Bank is discouraging it.
Movie BOGO Offer subject to Minimum Spending Effective November 2026
A move that was started recently, Movie Buy One Get One offers for BookMyShow / District will now need a minimum of INR 25,000 spend over a rolling 3 month period to qualify. Here is how the text reads:
To be eligible for the “Buy one get one” free BookMyShow or District offer, you need to spend INR 25,000 in the previous 3 months.
- In the case of a newly issued card, the minimum spends criteria is waived for the month of card issuance as well as the following 3 calendar months
- An upgrade from one card variant to another will not be considered as a new card issuance. However, issuance of an additional card alongside an existing card relationship will be treated as a new card issuance. All spends considered at account level.
- Customers can view their eligible spends through billed transactions available on Net Banking and Mobile Banking. Only transactions settled during the preceding 3 calendar months will be considered for eligibility. Please note that the settlement date may differ from the transaction date, and transaction settlement may take up to 5 working days. Payments towards interest, fees, charges, reversals, refunds, and other bank-related dues shall not qualify as eligible spends.
- Upon meeting the applicable spend requirement, customers will become eligible for the complimentary Movie Offer benefits available on their Credit Card.
The number of complimentary tickets/discounts and applicable benefit limits shall be governed by the specific Card variant and its prevailing terms and conditions.
This change is applicable on NEO, ACE, MYZONE, SELECT and other credit cards.
Renewals of perks only happen when you ask
A new clause rolled out for select credit cards says,
Complimentary memberships linked to your credit card will be renewed only with your explicit consent. Renewal details, including consent options, will be shared closer to the renewal date.
This includes Priority Pass for the following cards:
- Select Credit Card
- Axis Bank Samsung Infinite Credit Card
- Miles & More World Axis Bank Credit Card
- Miles & More World Select Axis Bank Credit Card
- Magnus Credit Card
- Magnus for Burgundy Credit Card
- Burgundy Private – The One Card
- Reserve Credit Card
- Olympus Credit Card
This also includes hotel/dining memberships
This one clearly comes from the place of cost-cutting via breakage. Many people might forget to say ok to that innocuous email, which will mean that Axis Bank won’t have to pay up for the issuance of a new Priority Pass or one of these membership packs. There are also changes to minimum late fees, and I’m sure I’ve missed some other small ones.
Here are the T&C for all the cards I could find:
Premium Cards:
- Primus: https://campaign.axis.bank.in/generic/terms-and-conditions-primus.pdf
- Burgundy Private Onecard: campaign.axis.bank.in/generic/terms-
- Olympus: https://campaign.axis.bank.in/generic/terms-and-conditions-olympus.pdf
- Magnus Burgundy: campaign.axis.bank.in/generic/terms-
- Magnus: campaign.axis.bank.in/generic/terms-
- Reserve: campaign.axis.bank.in/generic/terms-
Mid and Entry Cards:
- Neo: https://campaign.axis.bank.in/generic/terms-and-conditions-neo.pdf
- MyZone: https://campaign.axis.bank.in/generic/terms-and-conditions-myzone.pdf
- Privilege: https://campaign.axis.bank.in/generic/terms-and-conditions-privilege.pdf
- Select: campaign.axis.bank.in/generic/terms-
- Generic Update that applies to all other cards including Atlas, Horizon: campaign.axis.bank.in/generic/terms-
Bottomline
Axis Bank’s new slate of updates to its credit card portfolio reflects a maturing rewards environment. The revised benefit structures, while slightly more guarded, aim to retain high-value propositions for genuine users while cracking down on those who previously gamed the system, such as buy humongous number of gift cards to reach the AEP qualification via their Magnus/ Burgundy Cards and then sell them off.
And then there is someone’s mind working overtime to cut costs on perks without reducing them, so breakage is being introduced in the mix.
What do you make of the changes to the Axis Bank Credit Cards coming up?
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