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Axis ACE Card devalued

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Just got this notification.

Customers will earn a maximum cashback of ₹ 500 on transactions made on 5% and 4%
cashback eligible transactions combined, and unlimited cashback on 2% cashback eligible transactions for bonafide personal use.


Attaching the PDF.
 

Attachments

Dear All,
W.e.f. 15th June, 2023, all the purchases (minus returns and refunds) made by you using the card will be eligible for rewards as provided below:
Spends on​
Reward​
Max cashback​
Bill payments (electricity, Cashback water, gas, LPG, and broadband), DTH and mobile recharges through Google Pay​
5% Cashback​
Rs. 500 (on transactions made on these categories combined included Swiggy,Zomato and ola cashback)​
Swiggy, Zomato and Ola​
4% Cashback​
Other merchants*​
2% Cashback​
Unlimited​

Now we you can earn only 500rs per month thorugh gpay, swiggy,zomato and ola .
*Cashback shall not be eligible on fuel spends, EMI transactions, purchases converted to EMI post facto, wallet loading transactions, cash advances, rental payment, purchase of gold/jewellery items, insurance premium payments, educational services, payment of outstanding balances, payment of card fees and other card charges.
For example,
If the customer spends Rs. 35,000 in a billing cycle with the following break up of spends –
Recharge & Utility Bill payment through Google Pay: Rs. 5,000
Swiggy, Zomato & Ola: Rs. 10,000
Other spends on eligible cashback categories: Rs. 20,000 Out of these “Other spends”, Rs. 10,000 was an EMI purchase.
Thus, the total spends eligible for cashback would only be
Rs. 5,000 + Rs. 10,000 + Rs. 20,000 - Rs. 10,000 (EMI transaction) = Rs. 25,000
The cashback for the billing cycle in example would be calculated as follows:
5% of Rs. 5,000 = Rs. 250
4% of Rs. 10,000 = Rs. 400
2% of Rs. 10,000 = Rs. 200
Since the combined cashback earned on 5% and 4% cashback eligible transactions is capped at Rs. 500, the cashback credited for these categories will be Rs. 500 and not Rs. 650
Thus, the total cashback for the example would be Rs. 500+200 = Rs. 700
We shall not send an SMS of cashback earned after every transaction. Instead, we shall send an SMS every month which has the total amount of cashback earned in that statement period. This cashback is credited against the outstanding of your next monthly statement.
 
Hi,
I've received an SMS from AXISMR saying that terms related to cashback on Axis ACE will be revised w.e.f 15th June 2023 . Max cashback amount for 5% and 4% reward capped to Rs 500. Did anyone else got this SMS or its just for me ?
 
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