Over the past few years, one of the banes of credit card issuers has been harvesting the signup rewards that the banks offer. One affected party has been Axis Bank Credit Cards, which have been the talk of the town ever since Magnus hit the headlines. However, now they are working to solve this issue.

Axis Bank introduces “once-per-lifetime” rewards language.

Over the past week, Axis Bank has introduced the “once-per-lifetime” language on the Axis Bank Atlas Credit Card webpage. It reads,

A cardholder is entitled to avail the welcome benefit for Axis Bank Credit Card only once. In case of card cancellation and subsequent re-opening of the same card variant, the welcome benefit will not be applicable.

Here is the screenshot of the current Axis Bank Atlas Credit Card micropage, which you can read towards the bottom of the page.

I used the Internet Wayback Archive, and this language has been added within the past month because, as of November 30, 2024, there was no such announcement on the website. However, the language is already in the Most Important Terms and Conditions governing Axis Bank Credit Cards.

Axis Bank has several credit cards with very lucrative welcome benefits, which has prodded folks to misuse the benefits over time. In industry parlance, this is referred to as card churning. As Axis Bank goes about organising its Credit Card business and cutting the leaking buckets out, the bank might have made this move. I don’t know if this is a significant change that the bank had to put out a one-month notification around, but the wheels have been put in motion around tightening the grant of rewards to customers.

This is not a new trend. American Express in the US was one of the prominent card issuers that introduced the ” once-in-a-lifetime ” covenant in the latter part of the last decade.

Bottomline

Axis Bank Credit Cards are fine-tuning their terms and conditions to ensure that they only grant welcome benefits on various credit cards once in a lifetime. This provision is already live in their MITC, which should help control the churning of their credit card products over time.

What do you think about the move from Axis Bank Credit Cards to offering only welcome benefits once in a lifetime per credit card variant?

(HT to X/@VGDKTK)

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