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Devaluation does Axis IOCL and previlgae make sense ? NO IT DOESN'T MAKE SENSE

Vasuki

TF Pioneer
Contributor
RML Group
VIP Lounge
This card is a absolute garbage now
250 points only for non fuel transction in a month


It was good days when iocl was giving
4% on fuel (100-5000 ) without surcharge when used via upi
ANd reversal was 50k only
Considering we could use those points to redeem Multi brand voucher for 2*
effective it was 8%
Now ,
Iocl - 4% (400-4000) with surcharge on both upi & card

& Multi brand voucher is getting discontinued.

with 3.5 lakh r reversal on iocl .

it has been given cynide for quick death.


now only option to keep iocl would be
IF u have it LTF
And u have car ..


#Update
 
Last edited:
Solution
READ THE update :- below ( updated post )


It was good days when iocl was giving
4% on fuel (100-5000 ) without surcharge when used via upi
ANd reversal was 50k only
Considering we could use those points to redeem Multi brand voucher for 2*
effective it was 8%
Now ,
Iocl - 4% (400-4000) with surcharge on both upi & card

& Multi brand voucher is getting discontinued.

with 3.5 lakh r reversal on iocl .

it has been given cynide for quick death.


now only option to keep iocl would be
IF u have it LTF
And u have car ..


#Update
If you have previlgae or iocl cc

Call customer care and Directly press for Card closurer -
Here the deal
If you have previlgae ( no matter 1 day old or 11 month ) u did...
I'm chosen one. On FK Axis also they didn't extend any retention benefit or LTF or Fee waiver offer.

Only thing that is stopping me in closing FK Axis is that FK regularly provides best price on flagship mobile phones and with 5% unlimited cashback it becomes even sweeter. Like Presently iPhone 15 is listed @66k on FK and one can get Rs. 3300 Discount on FK Axis card.

Yes, SBI cashback is the solution but My Wife's SBI Cashback has low limit.
Take another sbi card & balance transfer.
Don't close Flipkart if you shop
 
Fee waiver criteria for all axis bank cards works like this..

• Customers on-boarded from 20th April 2024, will receive fee waiver of Rs. xxx on the spends of Rs. <new waiver amount> in the preceding card anniversary year.
• For customers on-boarded before 20th April 2024, annual fee waiver will be applicable on cumulative spends of Rs. <old waiver amount> in preceding card anniversary year. However, for such customers, on card anniversary dates after 20th April 2025, fee waiver will be applicable on cumulative spends of <new waiver amount> in the preceding card anniversary year.

--------

In short,

If you apply and got approved, IOCL card before 20th April 2024, then your fee waiver for next year is 50k only. Then further renewals need 3.5L spends.

But,

If you apply and got approved, IOCL card after 20th April 2024, then your fee waiver for next year is 3.5L.

--------

So, those already have paid IOCL/Previlige card don't have to worry about extra spend criteria until your renewal + 11 more months.

Ex: Applied IOCL card on 1 Jan 2024, then fee waiver for 1 Jan 2025 is only 50k. So, have to spend 50k from 01-01-24 to 31-12-24. Further renewal means 1 Jan 2026 need 3.5L spends between 01-01-25 to 31-12-25. So, effectively these people will have 2 years to decide if 50k spent.
 
Had privilege FYF and IOCL RuPay LTF. Redeemed all points for Myntra voucher before devaluation. Closed privilege because the retention offer was just setting off the annual fee.

Btw, which is the best rewarding RuPay CC within Axis pack?

I believe neo, myzone, iocl and Kwik cards are only in rupay. Sourcing of Kwik is stopped, confirmed by axis chat agent.
 
Had privilege FYF and IOCL RuPay LTF. Redeemed all points for Myntra voucher before devaluation. Closed privilege because the retention offer was just setting off the annual fee.

Btw, which is the best rewarding RuPay CC within Axis pack?

I believe neo, myzone, iocl and Kwik cards are only in rupay. Sourcing of Kwik is stopped, confirmed by axis chat agent.
Iocl still best rewarding .
But my point yet not come for any transaction post 21 March ..I m waiting 🙂
 
READ THE BEST ANSWER:-
It was good days when iocl was giving
4% on fuel (100-5000 ) without surcharge when used via upi
ANd reversal was 50k only
Considering we could use those points to redeem Multi brand voucher for 2*
effective it was 8%
Now ,
Iocl - 4% (400-4000) with surcharge on both upi & card

& Multi brand voucher is getting discontinued.

with 3.5 lakh r reversal on iocl .

it has been given cynide for quick death.


now only option to keep iocl would be
IF u have it LTF
And u have car ..


#Update
I think for privileage Card on card renewal we will receive 10000 edge points.

Get 10,000 EDGE REWARD Points on achieving spends of Rs. 2.5 lakhs in a card anniversary year. Even with current 1/5 ratio value it is worth 2k. So it makes sense to keep privileage card
 
I think for privileage Card on card renewal we will receive 10000 edge points.

Get 10,000 EDGE REWARD Points on achieving spends of Rs. 2.5 lakhs in a card anniversary year. Even with current 1/5 ratio value it is worth 2k. So it makes sense to keep privileage card
12.5 k was 5k bro
10k.would be 2k ..

How's this even comparable


Previilage card isn't for spending 2.5 lakh unless for 10% discount
 
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