Axis Bank has brought in some changes to the terms of its co-branded credit card- Flipkart Axis Bank Credit Card. Under the new conditions, which came into effect on August 12, transactions at e-commerce brand Myntra will now be eligible for 1.5 per cent cashback. Earlier, the transactions were eligible for 5 per cent cashback. This means customers will have to spend more to redeem the same benefits. Flight and hotel bookings done on Flipkart will also be subject to 1.5 per cent cashback. Other than this, all purchases, on the e-commerce giant, will earn 5 per cent cashback. The loss of some lucrative features of the credit card was announced in July.
Axis Bank introduced some changes in its annual fee waiver as well. As per a statement by the bank, the annual fee charged on its co-branded credit card will be exempt on annual spends of over Rs 3.5 lakh. Rent and wallet load transactions will not be eligible for a waiver under this criteria.
Here are some other changes that have been introduced in the Flipkart Axis Bank Credit Card
Payments made for government services will not be eligible for cashback. Fuel spends, EMI transactions, purchase of gift cards on Flipkart and Myntra, purchases converted to EMI post-facto, cash advances, wallet loading transactions, utilities, educational services, insurance services, rental payments, purchase of jewellery, payment of outstanding balances, payment of card fees and other card charges are also not eligible for cashback.
Axis Bank revises changes on other credit cards:
Axis Bank has discontinued the Tata CLiQ voucher for new members and modified the conditions for its popular Magnus credit cards. The new rules will be valid from September 1.
Eligibility for Flipkart Axis Bank Credit Card
To be considered for the plan, an individual must be an Indian citizen between the ages of 18 and 70. Non-Resident Indians can also apply for the scheme. The lender reserves the right to ultimately deny any application. Individuals need residence proof, identity proof, PAN card or Form 60, a colour photograph and proof of income to apply for the co-branded credit card.
Co-branded credit cards like those offered by Axis Bank provide a number of cashback options and reward points to customers. They can be tailored to suit an individual’s lifestyle and expense demands. These cards are valid at several outlets