Introduction
The Axis ACE Credit Card is designed with a focus on maximizing cashback across a wide array of spending categories, making it an attractive option for consumers who prefer cash rewards over points or miles. Launched by Axis Bank, one of India's leading financial institutions, this card caters to individuals looking to optimize their everyday spending with substantial returns in the form of cashback. From utility bill payments to dining, and even regular grocery shopping, the ACE Credit Card ensures that every transaction rewards you. Moreover, recent updates to the card's terms and conditions suggest a commitment to keeping the offerings relevant and competitive. This review will explore the various facets of the Axis ACE Credit Card to help potential users determine if it is the right choice for their wallet.
Joining Benefits of Axis ACE Credit Card
- Welcome Benefit:
- Amazon e-voucher worth โน500 on completing the first transaction within 30 days.
- Cashback on Bill Payments:
- 5% cashback on bill payments and mobile recharges made through Google Pay.
- Cashback on Dining and Online Food Orders:
- 4% cashback on Swiggy, Zomato, and other online food delivery services.
- Cashback on Other Spends:
- 2% cashback on all other transactions.
- Fuel Surcharge Waiver:
- 1% waiver on fuel transactions.
- Annual Fee Waiver:
- Annual fee waived on spending โน2 lakh in a year.
- Dining Discounts:
- Up to 20% off at partner restaurants through Axis Bank's Dining Delights program.
- Interest-Free Period:
- Up to 50 days of interest-free credit.
Card Features and Benefits
The Axis ACE Credit Card comes packed with a variety of features aimed at enhancing the cardholder's spending experience while maximizing returns on everyday transactions. Hereโs a breakdown of its key benefits:
- Cashback on Every Spend:
- 5% cashback on bill payments (including electricity, internet, and gas) as well as DTH and mobile recharges when using Google Pay.
- 4% cashback on food delivery and ride-sharing services, specifically with Swiggy, Zomato, and Ola, aligning well with frequent users of these platforms.
- A standard 1.5% cashback on all other spends, which ensures that every purchase made with the card earns some form of reward, making it highly beneficial for regular use.
- Complimentary Lounge Access:
- Cardholders enjoy four complimentary lounge visits per year at select domestic airports, a feature that enhances travel experiences, providing a touch of luxury and comfort during trips.
- Fuel Surcharge Waiver:
- A 1% waiver on fuel surcharges across all fuel stations in India for transactions between Rs. 400 and Rs. 4000, with a maximum benefit of up to Rs. 500 per statement cycle. This feature is particularly valuable for regular commuters, helping to cut down on the cost of fuel.
- Dining Delights:
- Up to 15% off at over 4,000 partner restaurants across India. This perk can lead to significant savings for those who dine out frequently and prefer to explore different cuisines.
- No Cashback Earned on Fuel Transactions:
- It's important to note that cashback does not apply to fuel transactions, although the surcharge waiver still applies. This distinction is crucial for users calculating potential rewards from their spending.
Fees and Charges
Understanding the fee structure of a credit card is crucial to assess its value effectively. The Axis ACE Credit Card has several fees and charges that potential cardholders should consider:
- Annual Fee:
- A nominal fee of Rs. 499 is charged from the second year onwards. However, this fee is waived for annual spends greater than Rs. 2,00,000. This waiver policy incentivizes higher spending but remains affordable even for those who may not meet the waiver criteria.
- Finance Charges:
- The card carries a finance charge of 3.6% per month (equivalent to 52.86% per annum) on retail purchases and cash, which is on the higher side. Prospective users should aim to pay their balances in full each month to avoid these high interest charges.
- Cash Withdrawal Fee:
- For cash withdrawals, there is a charge of 2.5% of the cash amount (minimum Rs. 500). This fee structure is standard across many credit cards and emphasizes the card's design for purchases rather than cash advances.
- Foreign Currency Transaction Fee:
- Transactions in foreign currencies are subject to a 3.5% transaction fee, typical for many credit cards in India. This fee is important for those who travel abroad or make online purchases from international websites.
- Other Charges:
- Late payment fees vary depending on the total payment due, ranging from Rs. 500 to Rs. 1200.
- Over limit penalty is charged at 2.5% of the over limit amount (minimum Rs.500).
- Miscellaneous fees such as card replacement, duplicate statement fees, and charge slip retrieval are generally waived, adding to the user-friendly approach of the card.
- Dynamic Currency Conversion Markup:
- Newly introduced, a 1% markup is applied on international transactions performed in Indian currency, a relatively lower rate than many competitors which could benefit frequent international travelers or online shoppers.
User Experience
The user experience with the Axis ACE Credit Card is a significant aspect that influences overall satisfaction and usability. Hereโs an overview based on various elements of the cardholder's interaction:
- Application Process:
- Applying for the Axis ACE Credit Card is straightforward. Potential applicants can check their eligibility online and proceed with an application through Axis Bankโs website or directly at a branch. The documentation required is standard (PAN card, income proof, and identity and residence verification documents), making the process quick and accessible for most Indian residents.
- Customer Service:
- Axis Bank provides multiple channels for customer support, including a dedicated customer service hotline, email support, and in-branch assistance. Feedback from users indicates that while the bank generally offers competent service, experiences can vary. Some users report prompt and helpful interactions, while others have faced delays or less satisfactory resolutions to their issues.
- Online Banking and Mobile App:
- The Axis Mobile app and internet banking portal are critical for managing the ACE Credit Card effectively. Features such as real-time transaction alerts, blocking or unblocking the card, and viewing detailed statements enhance user convenience. The app is generally well-reviewed for its user-friendly interface and reliability.
- Security Features:
- Axis Bank prioritizes security with the ACE Credit Card, offering features like instant transaction alerts, 2-factor authentication for online transactions, and the ability to temporarily lock the card via the mobile app. These features provide peace of mind and help in managing the card securely.
- Acceptance and Accessibility:
- The card, being part of the Visa network, enjoys widespread acceptance both domestically and internationally. This makes it a practical choice for travelers and those who shop online frequently.
Additional Perks and Benefits
The Axis ACE Credit Card provides several additional perks and benefits that enhance its value proposition beyond the basic features. These perks are designed to cater to various lifestyle needs and preferences, making the card more appealing to a broad spectrum of users.
- Dining Delights Program:
- Cardholders can enjoy up to 15% off at over 4,000 partner restaurants across India through the Dining Delights program. This benefit is ideal for food enthusiasts who love exploring new dining experiences while saving money.
- Fuel Surcharge Waiver:
- The card offers a 1% fuel surcharge waiver across all fuel stations in India for transactions between Rs. 400 and Rs. 4000, capped at Rs. 500 per statement cycle. This perk is especially beneficial for regular commuters, helping to reduce the cost of fuel purchases over time.
- Complimentary Lounge Access:
- With four complimentary domestic airport lounge visits per year, cardholders can enjoy a more relaxed and comfortable travel experience. These lounge accesses provide a quiet space to relax, access to food and beverages, and Wi-Fi, adding a touch of luxury to travel days.
- No Cost EMI Offers:
- The card frequently features no-cost EMI offers on various products and services, allowing cardholders to manage larger expenses more comfortably without incurring additional interest costs.
- Exclusive Offers on Entertainment:
- Axis ACE cardholders often receive exclusive offers and discounts on movie tickets, events, and other entertainment options. These offers are updated regularly, providing opportunities for savings and special experiences throughout the year.
- Insurance Benefits:
- The card includes certain insurance benefits such as air accident coverage and purchase protection, which add an extra layer of security for cardholders.
Comparative Analysis
The Axis ACE Credit Card competes in a crowded marketplace of cashback cards in India. Here, we compare it with two other popular cashback credit cards: the HDFC MoneyBack+ Credit Card and the Citi Cash Back Credit Card, to understand how it stands out or falls short in specific aspects.
Axis ACE Credit Card vs. HDFC MoneyBack+ Credit Card
- Cashback:
- Axis ACE: Offers 5% cashback on bill payments and mobile recharges, 4% on Swiggy, Zomato, and Ola, and 1.5% on all other spends.
- HDFC MoneyBack+: HDFC money back credit card Provides up to 2% cashback on all online spends and 1% on offline spends, with higher cashback on select categories each month.
- Advantage: Axis ACE, for its higher and more straightforward cashback rates across common spending categories.
- Annual Fee:
- Axis ACE: Rs. 499, waived off on spending over Rs. 2,00,000 annually.
- HDFC MoneyBack+: Rs. 500, which can also be waived based on annual spends.
- Advantage: Both cards are similar, but Axis ACE could be slightly better with its lower waiver threshold.
- Additional Benefits:
- Axis ACE: Complimentary lounge access, dining discounts, and fuel surcharge waiver.
- HDFC MoneyBack+: Offers fuel surcharge waiver, and smart EMI options.
- Advantage: Axis ACE, for its comprehensive suite of benefits including lounge access which is not offered by HDFC MoneyBack+.
Axis ACE Credit Card vs. Citi Cash Back Credit Card
- Cashback:
- Axis ACE: Consistent higher-rate cashback across many categories.
- Citi Cash Back: 5% cashback on movie tickets, telephone bills, and utility payments; 0.5% on all other spends.
- Advantage: Axis ACE, for its broader and more generous cashback offerings.
- Fees:
- Axis ACE: Rs. 499 annual fee, waivable.
- Citi Cash Back: Rs. 500 annual fee, which is higher and harder to waive.
- Advantage: Axis ACE, for its more achievable annual fee waiver.
- User Experience:
- Axis ACE: Robust mobile app and online management tools.
- Citi Cash Back: Known for excellent customer service and online management.
- Advantage: Citi Cash Back, possibly better for those who value customer service highly.
Pros and Cons
When considering a new credit card, it's essential to weigh its advantages and disadvantages to determine if it aligns well with your financial habits and goals. Below, you'll find a detailed list of pros and cons for the Axis ACE Credit Card, designed to provide a balanced view to help you make an informed decision.
Pros:
- Generous Cashback Offers: With 5% cashback on bill payments and mobile recharges, 4% on food delivery and ride-sharing, and 1.5% on all other spends, the card offers one of the most competitive cashback rates in the market.
- Complimentary Lounge Access: Cardholders enjoy four complimentary visits to airport lounges in India each year, which can significantly enhance the travel experience.
- Fuel Surcharge Waiver: A 1% waiver on fuel surcharges across all fuel stations in India helps reduce the cost of fuel purchases.
- Dining Discounts: Up to 15% off at over 4,000 partner restaurants across India, benefiting those who frequently dine out.
- Annual Fee Waiver: The Rs. 499 annual fee is waived off for annual spends over Rs. 2,00,000, making it affordable for regular users.
Cons:
- High Finance Charges: The card carries a high-interest rate of 3.6% per month (equivalent to 52.86% annually) on carried balances, which can be costly for those who don't pay off their balance each month.
- Cashback Exclusions: No cashback is earned on fuel transactions, which might be a downside for those looking to maximize returns on every purchase.
- Limited High Cashback Categories: While the card offers high cashback rates in specific categories, everyday purchases outside of these categories earn a lower rate of 1.5%.
- Foreign Transaction Fee: A 3.5% foreign transaction fee applies, which might be costly for frequent international travelers or those who make many foreign online purchases.
- Customer Service Variability: As with many large institutions, customer service experiences can vary, which could be a drawback for those who prioritize consistently excellent support.
Conclusion and Overall Rating
The Axis ACE Credit Card is a well-rounded financial product that caters efficiently to those looking for cashback rewards across a variety of spending categories. It stands out primarily for its generous cashback rates, especially on bill payments, dining, and travel-related expenses. The inclusion of additional benefits such as dining discounts, fuel surcharge waivers, and complimentary airport lounge access further enhance its appeal, making it a competitive option in the cashback credit card market.
For those who manage to spend above the annual threshold, the waiver of the yearly fee adds an extra layer of value, ensuring that the benefits easily outweigh the costs associated with the card. The Axis ACE Credit Card is thus an excellent choice for regular spenders who can take full advantage of its cashback offerings and are likely to benefit from its array of perks.
The Axis ACE Credit Card earns an impressive 4.5 out of 5 stars, reflecting its strong performance across essential aspects such as rewards, cost-effectiveness, and added benefits. It is a highly recommended option for anyone looking to maximize returns on their day-to-day expenditure without compromising on the quality of benefits received.
