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Axis Insta Easy Credit Card

Product Details
Credit Card Name : 

Axis Insta Easy Credit Card

Bank Name :

Axis Bank

Type :

Rewards Credit Card

Interest Rate : 

2.50% per month (APR) of 30%.

Eligibility :

The applicant must be above 18 years of age.
The applicant must have a fixed deposit account with Axis Bank with a minimum deposit of Rs. 20,000 and a maximum deposit of Rs. 25 Lakhs.

Axis Insta Easy Credit Card
Pros
  • Guaranteed approval: Since it's backed by an FD, getting approved is almost certain, even for individuals with limited credit history.

  • No annual fee: This card has no annual fee, making it a potentially cost-effective option for basic use.

  • Flexible credit limit: You can get a credit limit of up to 80% of the principal amount of your FD, providing some spending power.

  • Welcome Benefits: 10,000 EDGE reward points on the first transaction, equivalent to ₹100 worth of rewards or vouchers.

  • Cash withdrawal facility: Access up to 100% of your credit limit as cash, though with applicable cash advance charges.

  • Domestic Spends: Earn 6 reward points for every Rs. 200 spent on domestic transactions.

  • International Spends: Earn 12 reward points for every Rs. 200 spent on international transactions.

  • Bonus Points: Get 100 bonus points on your first online transaction with the card.

Cons
  • Low rewards: The reward program offers only 6 points per Rs. 200 spent, translating to a meagre redemption value compared to other cards.

  • Fixed deposit requirement: You need to hold an FD with Axis Bank to be eligible, potentially limiting your flexibility with funds.

  • Foreign exchange markup: Transactions in foreign currency incur a 3.5% + service tax markup, making it expensive for international use.

  • Limited benefits: Compared to other credit cards, the Insta Easy offers fewer benefits like dining discounts, travel privileges, or airport lounge access.

  • High cash advance charges: Cash withdrawals attract a 2.5% charge (domestic) or 3% (international) on top of applicable interest, making it a costly option.

  • Potential credit score impact: Overspending and not properly managing the card could negatively impact your credit score.

Pros & Cons
Welcome Benefits

10,000 EDGE reward points on the first transaction, equivalent to ₹100 worth of rewards or vouchers.

Rewards System
  • Domestic Spends: Earn 6 reward points for every Rs. 200 spent on domestic transactions.

  • International Spends: Earn 12 reward points for every Rs. 200 spent on international transactions.

  • Bonus Points: Get 100 bonus points on your first online transaction with the card.

  • 1 reward point can range from Rs. 0.25 to Rs. 0.50

  • Effective Cashback Rate: 0.75% to 1.5% (Domestic Transactions)

  • Effective Cashback Rate: 1.5% to 3% (International Transactions) 

International Forex Markup

Up To: 3.50%

Welcome Benefits and Reward System
Special Features

Approval is linked to your existing FD with Axis Bank and doesn't rely on your credit score.

Eligibility Criteria

The applicant must be above 18 years of age.
The applicant must have a fixed deposit account with Axis Bank with a minimum deposit of Rs. 20,000 and a maximum deposit of Rs. 25 Lakhs.

Benefits
  • Guaranteed Issuance: Similar to the BOB Assure, this card guarantees approval against a Fixed Deposit (FD) held with Axis Bank. No income proof needed, making it accessible to individuals with limited credit history.

  • The card also provides a flexible credit limit. 

  • Free Movie Tickets: Receive complimentary movie tickets with specific annual spends (check bank website for details).

  • Up to 4 Add-on Cards: Get additional cards for family members at no extra cost.

Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
  1. Eligibility: At least 18 years old with a valid PAN card.

  2. Documents Required:Photo ID proof (Aadhaar card, driving license, etc.)
    Address proof (utility bill, rental agreement, etc.)
    Fixed Deposit details with Axis Bank

  3. Application Methods:Online: Visit the Axis Bank website and fill out the application form.
    Offline: Visit your nearest Axis Bank branch and submit the required documents.

Account Opening and Procedure
Axis Insta Credit Card

The Axis Insta Easy Credit Card shines for building credit and offering flexibility, especially with its high cash withdrawal limit. However, the interest rate and cash withdrawal charges are significant considerations. Frequent spenders, especially travelers, might benefit more from cards with higher rewards and wider network acceptance.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

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Fees & Charges
  • Joining Fees: INR 3000

  • Finance Charges: 3.6% per month (52.86% p.a.) on purchases and cash advances.

  • Late Payment Charges: Up to Rs. 1,200 based on outstanding amount:Nil for amount less than Rs. 300.
    Rs. 100 for Rs. 301 to Rs. 500.
    Gradual increase up to Rs. 1,200 for amounts exceeding Rs. 50,000.

  • Cash Withdrawal Charges: 2.5% (minimum Rs. 500) of the amount withdrawn.

  • Overlimit Penalty: 2.5% of over the limit amount (minimum Rs. 500).

  • Cash Payment Fee: Rs. 100 for converting outstanding dues to cash.

  • Foreign Currency Transaction Fee: 3.50% of the transaction value.

Fuel Surcharge

1% fuel surcharge waiver on fuel transactions in India.

Billing Cycle

30 Days

Fees & Charges
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