Devaluation Axis ACE devaluation - 1.18% charges on utility spends above 25k/month

[DeadFella]

Axis ACE latest round of devaluation is very brutal. Just 25k capping for utility payment. Hiked all type of charges and rate of interest. Seems like this one will be last devaluation of Axis ACE. There can't be anything worse than this. 😟😭

 

[Jhon Anand]

So 🪓bank issued paid cards with promise of giving unlimited 5% cashbak on Gpay, then they capped 500 CB and then further imposed 1.18% on utility and many other catagories. this is called unfair trade practice. if they changes card benifits in short notice then they should also refund annual/joining fees. RBI is sleeping .

That's true. I remember technofino also created one thread where he planned to appeal to RBI that bank reverse the annual fee if they change the terms midterm and terms should only be changed at card renewal. (I think he created after yes Bank devaluation)

I really like this proposal but sadly I don't think this will get implemented 😔

 

[Rishabh]

Overall I will say it's good devaluation to prevent misuse of the card benefits & restrict commercial usage.
For folks having big houses and big family having higher electricity bills & multiple gas cylinders, they still have option to try getting another ACE card issued within family for another family member to divide the bills across multiple cards.

People have got habitual of benefitting a lot from their cards which always increase cost for the banks with increase in misuse. I feel 25k monthly utility limit is still quite good enough to cover almost 80% of households who care for 5% benefit, ultra-rich anyhow not gonna bother about discounts & getting this card 🙂

 

[HumorSimpson]

The most utility based card is capped and devalued massively. The Axis 🪓 way, but nothing can be permanent.

@HumorSimpson Your GIF.