Revised terms and conditions for Spend based milestones

[AsB]

Devaluation alert
Affected cards- all axis bank credit cards
Effective from date- 5/03/2023
1% surcharge for rent payment upto Rs. 1500 per transaction.
No Reward points for Insurance premium payment.
Rent, Wallet transactions will not be counted towards monthly milestone benefit & annual fees reversal.



Full details here - http://Axbk.in/UNlPi9NbP1k

 

[Harry1]

AU doesn’t give rp on insurance/rent/wallet right?

It depends on card. Au zenith gives on everything.

In fact they are running some offer currently for nps and insurance payments.

I think the new cards like lit and Xcite have some limitations.

 

[rayhan12]

It depends on card. Au zenith gives on everything.

In fact they are running some offer currently for nps and insurance payments.

I think the new cards like lit and Xcite have some limitations.

What about AU Vetta ?

 

[Harry1]

What about AU Vetta ?

I don't have it. You can try and check. Or check card terms. Ideally all traditional cards should be fine.

 

[Vickymaster1010]

1 lkh 25k reward points still there right ??

 

[Vickymaster1010]

No devaluation on reward points transfer crct ?

 

[AsB]

Why wallets excluded from Annual spend threshold?

I mean this is not free, right? we have to pay some fee to these apps to load and now they stopped completely.

If they exclude from milestone benefits ok but completely from credit card purchases is not a good sign. It really helpful to me when I purchase vegetables, grocery from nearby market using scan and pay which makes me to use credit cards more than UPI. Now, not only have to look for alternatives but if I used these cards have to maintain separate excel sheet to calculate annual spends 🙆‍♂️

And if more banks follow same rule, its very hard to figure out which spends went to annual fee threshold and which are excluded. Have to check with customer support every month which MCC this transaction got? Insurance or Wallet or Online purchase like that.

Credit cards are getting more and more messed up. Limiting the reward point was one thing. But, I hate it, when they excluded it from Annual Fee reversal as well.

Truth be told, I was already fearful of this decision after recent devaluations by different banks. I was also expecting the worst of all banks - Axis to start this.
Now, I think several other banks will do this.

I still say that rather than removing it completely, only 1 out of multiple rent payments may be counted towards milestones and spend based waivers.

 

[anirban.choudhuryanirban.choudhury is verified member.]

I won’t actually call it a devaluation , they have made no changes to reward rates, rent payments were removed from milestone but will earn RP, insurance is there on milestone but no RP.

Also rent payments will incur 1.5% charge
Nothing is mentioned on Tution/school fees

 

[AsB]

I won’t actually call it a devaluation , they have made no changes to reward rates, rent payments were removed from milestone but will earn RP, insurance is there on milestone but no RP.

Also rent payments will incur 1.5% charge
Nothing is mentioned on Tution/school fees

If you are losing some kind of money from your pocket (annual charges, reward points- as they have monetary values in terms of direct cash or vouchers, etc. ) , even when banks are earning theirs, then that is a simple devaluation.

 

[004archit]

I got this link on sms from axis

But in this no ER on insurance payments is not written

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/revision-of-axis-bank-credit-card-terms-and-conditions-for-affluent.pdf

 

[004archit]

For which card, maybe already excluded in previous "adjustments (or devaluation)". Even you can't rely your pdf document. If they didn't credit ER, your pdf not useful when compared to customer support pdf.

For Magnus, receive this msg after making rent payment

 

[Copycat]

I'm beginning to think Insurance will continue to earn RP in Magnus. Hope that is the case

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/revision-of-axis-bank-credit-card-terms-and-conditions-for-affluent.pdf

I got this link too via SMS. I have 2 Axis cards: Magnus & Flipkart and quite clearly this isn't for the Flipkart one. Happy days may be here again 🙂
Writing to premium.experience@axisbank.com now to ask about Insurance payments in Magnus. Will post their reply

EDIT: Got this for my Magnus card. @004archit pointed out that the number was in the SMS

Hi,

I have an Axis Magnus card XXXX
I just wanted to confirm that the following will hold true after 5th March 2023 for my Magnus card

a) That Insurance payments will continue to earn ER points at the rate of 12 points per Rs 200, upto a maximum limit of 6000 ER
b) That Insurance payments will be included in the monthly spend milestone calculation.
c) That Insurance payments will be included in the annual spend milestone calculation.

For your reference, I've attached the link that I received:
https://www.axisbank.com/docs/defau...it-card-terms-and-conditions-for-affluent.pdf

Thank you.

 

[jack333]

Hdfc DCB on payzapp redgiraffe counts as insurance and gives 3.33% points.

Bob eterna gives 3.75% on payzapp wallet load, which can be used on redgiraffe, magicbricks or nobroker.

AU cards have no exception so far as well.

I thought bob eterna was devaluated. Is it still giving 3.75%?

 

[anirban.choudhuryanirban.choudhury is verified member.]

What if "they exlude all categories from earning RP but providing only milestone benefits" and will incure 1.5% charge on every excluded transaction. No changes to reward rates.

Will it be called devaluation then, or any other term for this?

Well I think major devaluation would be if they removed the monthly milestones or simply change the conversion rate from 5:4 to 5:1 , that would have been a deal breaker , as long as grab deals and gyftr are there we can pretty easily make around 15 to 20k RP which is still a very good deal when converted to airmiles

 

[Harry1]

I thought bob eterna was devaluated. Is it still giving 3.75%?

Yes, wallet wasn't excluded.

 

[Deleted member 5552]

Not applicable for Ace card. This card can be used for wallet loading and easily reach 2L to waive off annual fee.

* Flat 2% cashback on wallet load transactions on Paytm 😍

 

[WhoU]

Yes, do update us here. So far saw two pdfs with below names:

- revision-of-axis-bank-credit-card-terms-and-conditions.pdf # here it mentioned Insurance excluded. MyZone, Neo, IndianOil
- revision-of-axis-bank-credit-card-terms-and-conditions-for-affluent.pdf # nothing about insurance spends. Other cards

Based on this https://www.axisbank.com/docs/default-source/default-document-library/sosc-credit-cards.pdf

Affluent cards means - Privilege, Select, Magnus, Reserve, Vistara (surprisingly not under partnership cards but in affluent list)

Those who had Privilege or Select - do check your messages and let us know whether Insurance point added in pdf or not.

Yeah even I hold FK and Magnus. I got for affluent link message and it doesn’t mention insurance excluded. Great to hear that.

 

[Harry1]

Not applicable for Ace card. This card can be used for wallet loading and easily reach 2L to waive off annual fee.

* Flat 2% cashback on wallet load transactions on Paytm 😍

Wallet loading is excluded. Paytm often give utility mcc, which works out. But if it comes as wallet, no points.

 

[Deleted member 5552]

Wallet loading is excluded. Paytm often give utility mcc, which works out. But if it comes as wallet, no points.

Wallet loading is excluded. Paytm often give utility mcc, which works out. But if it comes as wallet, no points.

How many times you got merchant name as Paytm wallet while loading using Ace card??

I always get cashback

 

[Deleted member 5552]

Axis Flipkart card gives 1.5% cashback on Bajaj wallet load 😍

 

[jack333]

On what other things its still giving 3.75%?