Axis Bank Privilege Credit Card
The Axis Bank Privilege Credit Card offers several benefits for spending on dining, fuel, and shopping. Cardholders get two free airport lounge visits each year, making travel more comfortable. It’s designed to provide savings and rewards for people who love shopping and traveling.
The card comes with a ₹1,500 joining fee, but it’s free for Priority Banking customers. The annual fee is ₹1,500, but if you spend more than ₹4 lakh in a year, the fee is waived. Priority customers never have to pay any fees. Upon joining, you receive 12,500 EDGE Reward Points that can be redeemed for shopping or travel vouchers worth ₹2,500. You also earn 10 reward points for every ₹200 you spend.
Additional benefits include savings on fuel charges, dining discounts, and lounge access. If you spend ₹5 lakh in a year, the renewal fee is waived for the next year. With its range of features, the card stands out as a competitor to the HDFC Regalia Gold Credit Card but with lower fees and equally rewarding perks.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
What benefits can I get by spending Rs. 2.5 lakhs with the Axis Bank Privilege Credit Card?
You’ll earn 10,000 EDGE Reward Points, which are worth Rs. 2,000.
What is the minimum income required to apply for this card?
You need a net annual income of Rs. 6 lakhs or more.
Is free airport lounge access included with this card?
Yes, you can access domestic lounges twice per quarter (up to 8 times a year). To qualify, you must spend Rs. 50,000 in the preceding three months.
How much is one EDGE Reward Point worth?
1 point equals Rs. 0.20, so 5 points equal Re. 1.
Are there charges for mobile alerts or hot-listing the card?
No, these services are free.
Is the fuel surcharge service tax refundable when using this card?
No, the service tax on the fuel surcharge cannot be refunded.
What kind of rewards does this card offer?
It’s ideal for shopping enthusiasts, offering rewards, cashback, and other benefits.
Do I need to be an Axis Bank customer to apply?
No, anyone can apply regardless of their current relationship with the bank.
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