Credit Card Rule Change: Axis Bank reduces benefits on Axis Magnus, Axis Reserve credit card; check new rules

economictimes.indiatimes.com:

Axis Bank has recently introduced some major changes for its credit card customers. This move will impact customers of the Axis Bank Magnus and Axis Bank Reserve credit cards. You must be aware of the changes if you use any of them.

Read on.Axis Bank Magnus credit card rule changes Select terms and conditions of the Axis Magnus credit card will change from September 1, 2023.Axis Bank Magnus credit card: EDGE rewards and milestone benefits revised Starting from September 1, 2023, select transactions will not be considered for EDGE rewards or annual fee waivers, according to the Axis Bank website. These transactions will include spending on utilities with Merchant Category Codes (MCC) 4814, 4816, 4899, and 4900, and government institutions with Merchant Category Codes 9222, 9311, 9399, and 9402, the bank said. Monthly milestone benefits of 25,000 EDGE Reward Points on monthly spends of Rs 1,00,000 will be discontinued from September 1, 2023, the bank said.

Spends done in August 2023 will be eligible for monthly milestones and 25,000 EDGE Reward Points for eligible customers will be posted within 90 days as per normal time frame, the bank added. From September 1, 2023, Axis Bank Magnus credit card customers can earn 12 EDGE reward points for every Rs 200 on cumulative monthly spending up to Rs 1,50,000. Further, they can earn 35 EDGE reward points for every Rs 200 on cumulative monthly spending above Rs 1,50,000.

Axis Bank Magnus credit card customers earn 60 EDGE reward points for every Rs 200 spent on the Travel Edge portal, up to cumulative transactions of Rs 2,00,000 per month. They can earn 35 EDGE reward points per Rs 200 spent above cumulative transactions of Rs 2,00,000 per month. Besides, the transfer ratio for