Most individuals in India who use credit card use it for the rewards which are associated with credit card spends. Keeping this in mind Axis Bank had launched Axis Bank Rewards Credit Card.
In this review we will examine the features, fees, eligibility criteria, and overall value of the Axis Bank Rewards Credit Card. By the end, you will have the information needed to decide if this card is right for you.
Introduction to Axis Bank Rewards Credit Card
Axis Bank, a prominent private sector bank in India, offers the Rewards Credit Card to individuals who want to maximize rewards on daily spending. This card attracts various users by providing a points-based rewards system suitable for casual shoppers and avid spenders.
Benefits of Axis Bank Rewards Credit Card
1. Reward Points Scheme
Users get 2 Edge reward points on spend of INR 125. Value of 1 reward point = 0.20. General cashback rate = 0.32%.
Users get 20 reward points on spending INR 125 on apparel and departmental stores. Apparel and departmental stores cashback rate: 3.2% (subject to a cap of 1008 points per month).
2. Welcome Benefits
Users get 5,000 reward points on net spends of INR 1,000 or more.
3. Milestone Benefits
Users get 1,000 reward points on spending INR 30,000 every month.
4. Food Discount
Cardholders get Get 30% off on swiggy twice a month, max discount is capped at INR 150 on each order.
5. Dining Discount
Users get up to 15% off at partner restaurants per month under Dining Delight program.
Cons of Axis Bank Rewards Credit Card
No free movie tickets.
Low cashback rate.
Eligibility Criteria for Axis Bank Rewards Credit Card
It is vital for potential applicants to be aware of the eligibility criteria when considering the Axis Bank Rewards Credit Card.
Age Requirement
Applicants must be between 18 and 70 years old.
Income Requirements
Axis Bank website does not specify the minimum income requirement.
Required Documentation
Applicants must submit various documents, including:
Proof of Identity: Such as an Aadhar card, PAN card, or passport.
Proof of Address: Including utility bills or rental agreements.
Proof of Income: Such as salary slips, bank statements, or tax returns.
Fees and Charges Associated with Axis Bank Rewards Credit Card
Before applying, potential users should know the fees and charges associated with the Axis Bank Rewards Credit Card.
Joining fee: INR 1,000
Annual fee - INR 1,000 from second year onwards.
Late payment fee: charged depending on the customer’s Total amount due; ranges from Rs. 0 - 1200.
Interest Rate: 3.6% per month (52.86% per annum).
Cash Withdrawal Fee: 2.5% of the amount taken out as cash
Reward Point Redemption Fee: INR 100
Forex Markup: 3.5%
Fuel Surchage: 1%, however, it is waived for transactions between Rs.400 to Rs.4000 (Capped at INR 400 per month).
Final Thoughts
The Axis Bank Rewards Credit Card is a decent credit card for first time credit card users. Youngsters may find its benefits appealing. However, individuals with higher income may not be attracted towards its features, especially because it has a extremely low general cashback rate.
Potential applicants should weigh their spending habits and financial situations before applying. By understanding the pros and cons of the Axis Bank Rewards Credit Card, individuals can evaluate whether it aligns with their financial goals and lifestyle.
You can read a more detailed review of the credit card and our rating of the card here.
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