Introduction to Axis Bank Insta Easy Credit Card
The Axis Bank Insta Easy Credit Card is a unique offering tailored for individuals who prefer a credit card with minimal eligibility requirements and a straightforward application process. Unlike many credit cards that require extensive income documentation and credit history, the Insta Easy Credit Card is secured against a fixed deposit with Axis Bank, making it accessible to a broader range of customers, including those new to credit. This card offers a combination of flexibility and security, with benefits like a flexible credit limit, a straightforward rewards program, and no annual fees. It is an excellent option for those looking to build or rebuild their credit score while enjoying the conveniences of a credit card.
Joining Benefits of Axis Bank Insta Easy Credit Card
Easy Approval:
Instant approval with minimal documentation, as the card is issued against a fixed deposit.
No Income Proof Required:
No income proof is required since the card is secured against your fixed deposit with Axis Bank.
High Credit Limit:
Credit limit of up to 80% of your fixed deposit amount, with a minimum FD of โน20,000.
Reward Points:
Earn 6 EDGE reward points for every โน200 spent on the card.
Fuel Surcharge Waiver:
1% waiver on fuel surcharge at all petrol pumps across India.
Annual Fee Waiver:
No annual fee for the first year. Subsequent annual fee waived on spending โน25,000 in a year.
Interest-Free Period:
Up to 50 days of interest-free credit on purchases.
Cash Withdrawal Facility:
Withdraw cash up to 100% of your credit limit from ATMs.
Flexible Payment Options:
Option to convert large purchases into EMIs.
Security Features:
EMV chip-enabled card for enhanced security against counterfeiting and skimming.
Axis Bank Insta Easy Credit Card Features
The Axis Bank Insta Easy Credit Card comes with a host of features and benefits designed to provide value and convenience to its users:
- Flexible Credit Limit: The credit limit on this card is directly linked to the fixed deposit amount held with Axis Bank, allowing cardholders to enjoy a credit limit of up to 80% of their fixed deposit's principal value. This makes it an ideal choice for those who need flexibility in managing their finances.
- Guaranteed Approval: The card offers guaranteed approval as it is secured against a fixed deposit. This feature makes it particularly appealing to individuals with limited or no credit history.
- Interest-Free Credit Period: Cardholders can enjoy up to 50 days of interest-free credit on purchases, provided the outstanding balance is paid in full by the due date.
- Cash Withdrawal Facility: Users can withdraw cash up to 100% of their credit limit, providing them with immediate access to funds when needed.
- Add-On Cards: The Insta Easy Credit Card allows for up to four add-on cards, enabling family members to enjoy the benefits of the primary card.
- Fuel Surcharge Waiver: A 1% fuel surcharge is waived on transactions between โน400 and โน4,000, making this card cost-effective for frequent commuters.
- Dining Discounts: Under the 'Dining Delights' program, cardholders can avail of a minimum 15% discount at partner restaurants, enhancing their dining experiences.
- Global Emergency Assistance: Cardholders have access to Visa's Global Card Assistance Services, which include emergency card replacement and cash advances worldwide.
- EMI Conversion: Purchases above โน2,500 can be converted into EMIs with attractive interest rates, offering greater flexibility in managing large expenses.
Pricing and Plans: Axis Bank Insta Easy Credit Card
The Axis Bank Insta Easy Credit Card offers a cost-effective and straightforward pricing structure, making it accessible and affordable for a wide range of users. Here's a breakdown of the key pricing components associated with this card:
- Joining Fee: The card has no standard joining fee, making it an attractive option for those looking to obtain a credit card without an upfront cost.
- Annual Fee: There is no standard annual fee associated with the Axis Bank Insta Easy Credit Card, which adds to its appeal for users seeking a card with minimal recurring costs.
- Interest Rate: The card carries a high annual interest rate of 49.36% on outstanding balances. This rate is significant and highlights the importance of timely payments to avoid high interest charges.
- Add-On Card Fee: Cardholders can obtain up to four add-on cards without any additional joining fees, making it cost-effective to extend the benefits of the primary card to family members.
- Cash Withdrawal Fees: A fee of 2.5% of the transaction amount (with a minimum charge of โน250) is applicable for cash withdrawals. This allows cardholders to access cash when necessary, but at a relatively modest cost.
- Card Replacement Fee: Axis Bank has waived the card replacement fee, offering peace of mind to users in case of card loss or damage.
- Cash Payment Fee: A nominal fee of โน100 is charged for cash payments made towards the card balance. Users are encouraged to utilize other payment methods to avoid this fee.
- Late Payment Fee: The card features a tiered late payment fee structure:
- No fee if the total payment due is up to โน100.
- โน100 for payments due between โน101 and โน300.
- โน300 for payments due between โน301 and โน1,000.
- โน500 for payments due between โน1,001 and โน5,000.
- โน600 for payments due between โน5,001 and โน20,000.
- โน700 for payments due above โน20,001.
- Over Limit Penalty: A fee of 3% of the over-limit amount (with a minimum charge of โน500) applies if the cardholder exceeds their credit limit.
- Fuel Surcharge: A 1% surcharge is applicable on fuel transactions, but this amount is refunded for transactions between โน400 and โน4,000, effectively reducing the cost of fuel purchases.
- Foreign Currency Transaction Fee: A fee of 3.50% of the transaction value is charged for foreign currency transactions, which is fairly standard for credit cards in India.
- Other Charges:
- Cheque Return Fee: โน300 is charged for cheque returns or dishonours.
- Charge-Slip Retrieval Fee: This fee is waived, providing convenience to cardholders needing to retrieve transaction records.
- Hotlisting Charges: There are no charges for hotlisting (blocking) the card in case of loss or theft.
- Balance Enquiry Charges: These charges are waived, making it easy and cost-free to check account balances.
Rewards Program: Axis Bank Insta Easy Credit Card
The Axis Bank Insta Easy Credit Card features the eDGE Loyalty Rewards program, which allows cardholders to earn points on their spending, both domestically and internationally. This program is designed to reward users for everyday transactions, making it a valuable feature for those who frequently use their credit card. Hereโs a detailed overview of the rewards program:
- Earning Reward Points:
- Domestic Spending: Cardholders earn 6 eDGE Loyalty Reward points for every โน200 spent on domestic transactions. This rate applies to all categories of domestic spending, making it straightforward for users to accumulate points.
- International Spending: For international transactions, the rewards rate doubles, with 12 eDGE Loyalty Reward points earned for every โน200 spent. This makes the card particularly attractive for those who travel abroad frequently or make purchases in foreign currencies.
- First Online Transaction: As an added incentive, cardholders earn 100 reward points when they complete their first online transaction using the Axis Bank Insta Easy Credit Card.
- Redeeming Reward Points:
- Cardholders can redeem their accumulated reward points through the Axis Bank eDGE Rewards portal, which offers a catalogue of over 500 rewards. These rewards span various categories, including merchandise, vouchers, and travel options, allowing users to choose rewards that best suit their preferences.
- Redemption can be easily done via Axis Bank's net banking portal, mobile app, or directly through the eDGE Rewards website. The process is straightforward, allowing cardholders to select rewards, add them to their basket, and confirm the redemption with just a few clicks.
- Categories of Rewards:
- The eDGE Rewards program offers a wide range of redemption options, including electronics, fashion accessories, travel vouchers, dining experiences, and more. This variety ensures that cardholders can find rewards that align with their lifestyle and interests.
- Special Promotions and Offers:
- From time to time, Axis Bank may offer special promotions where cardholders can earn additional reward points or benefit from enhanced redemption rates. Staying informed about these offers can maximize the value derived from the rewards program.
Axis Bank Insta Easy Credit Card Overview
| ๏ปฟFeature | Details |
|---|---|
| Type of Card | Secured Credit Card (backed by FD) |
| Annual Fee | โน 0 |
| Joining Fee | โน 0 |
| Reward Rate | 6 points per โน200 spent (Domestic) |
| 12 points per โน200 spent (International) | |
| Renewal Fee | โน 0 |
User Experience
The Axis Bank Insta Easy Credit Card is designed to provide a seamless and user-friendly experience, especially for those who may be new to credit cards or prefer a straightforward approach to managing their finances. Here's an overview of the user experience with this card:
- Application Process:
- The application process for the Axis Bank Insta Easy Credit Card is simple and convenient, primarily because it is secured against a fixed deposit with Axis Bank. Since the card does not require extensive income documentation or a high credit score, the approval process is generally quick and hassle-free. Applicants who already have a fixed deposit with the bank can easily apply and get approved with minimal paperwork, as the bank uses existing KYC information to process the application.
- Card Management:
- Net Banking and Mobile App: Axis Bank offers robust online banking and mobile app services that allow cardholders to manage their credit card account efficiently. Through these platforms, users can view their account summary, check their available credit limit, track transactions, redeem reward points, and make payments.
- Alerts and Notifications: The bank provides real-time alerts and notifications for transactions, payment due dates, and offers, helping users stay on top of their card activity. These alerts are typically free of charge, adding to the convenience.
- Customer Support: Axis Bank offers multiple channels for customer support, including phone, email, and branch services. The customer service is generally responsive, providing assistance with issues such as card blocking, disputes, and general inquiries.
- Spending Flexibility:
- Flexible Credit Limit: The card's credit limit is directly tied to the cardholder's fixed deposit, which provides a flexible spending limit that can be adjusted according to the amount deposited. This feature allows users to control their credit exposure and ensures that they are not overextended.
- Cash Withdrawal: The ability to withdraw up to 100% of the credit limit in cash offers a high degree of flexibility in managing cash flow, especially in emergencies. However, this should be used judiciously due to the associated fees.
- Security Features:
- EMV Chip Protection: The card is equipped with EMV chip technology, providing enhanced security for in-person transactions by reducing the risk of fraud.
- Global Card Assistance Services: Cardholders can access Visaโs Global Card Assistance Services, which offer emergency card replacement and cash advances in case of loss or theft, adding an extra layer of security while traveling.
- Hotlisting and Card Blocking: In the event of card loss or suspected fraud, users can easily hotlist (block) their card through the bankโs customer service or online platform without incurring any charges.
- Overall Satisfaction:
- Users of the Axis Bank Insta Easy Credit Card generally report a high level of satisfaction due to its ease of use, flexible credit limit, and lack of complex fees. The card's rewards program and additional perks such as dining discounts and fuel surcharge waivers also contribute positively to the overall user experience.
Axis Bank Insta Easy Credit Card of Benefits
The Axis Bank Insta Easy Credit Card offers a range of additional perks and benefits that enhance its overall value proposition, making it an attractive option for cardholders seeking more than just basic credit card features. Below is an overview of these extra benefits:
- Dining Delights Program:
- Cardholders can enjoy a minimum 15% discount at partner restaurants across India through Axis Bankโs Dining Delights program. This benefit is ideal for those who dine out frequently and can significantly reduce the cost of meals. The list of participating restaurants can be found on the Axis Bank website, allowing users to plan their dining experiences accordingly.
- Fuel Surcharge Waiver:
- A 1% fuel surcharge is waived on fuel transactions between โน400 and โน4,000. This waiver effectively reduces the cost of fuel, making it a valuable perk for those who drive regularly. The surcharge amount is credited back to the cardholderโs account, providing direct savings.
- Global Emergency Assistance:
- Through Visaโs Global Card Assistance Services, cardholders can access emergency services worldwide, including card replacement and emergency cash advances. This service is particularly beneficial for international travelers who may need urgent assistance while abroad.
- Conversion to EMIs:
- Purchases of โน2,500 or more can be converted into Equated Monthly Installments (EMIs) at competitive interest rates. This feature provides cardholders with the flexibility to manage large expenses over time, making it easier to handle big-ticket purchases without straining their finances.
- Add-On Cards:
- The card allows for up to four add-on cards for family members, extending the benefits of the primary card to others at no additional joining fee. This feature is useful for families who want to share a credit line and rewards program.
- Shopping Offers:
- The Axis Bank Insta Easy Credit Card provides a variety of shopping offers with popular online platforms such as Amazon, Flipkart, Snapdeal, and others. These offers include instant discounts, cashback options, and EMI payment plans, making it advantageous for online shoppers. Specific deals include:
- 5% instant discount on Amazon.in purchases.
- 10% cashback on Apple products.
- 20% flat discount on Firstcry.
- 15% monthly discount on Rentomojo subscriptions.
- The Axis Bank Insta Easy Credit Card provides a variety of shopping offers with popular online platforms such as Amazon, Flipkart, Snapdeal, and others. These offers include instant discounts, cashback options, and EMI payment plans, making it advantageous for online shoppers. Specific deals include:
- Travel and Hotel Offers:
- Cardholders can enjoy discounts and cashback offers on travel bookings made through platforms like MakeMyTrip, Ixigo, and Yatra. Benefits include:
- 25% instant discount on EMI transactions with MakeMyTrip.
- Up to โน600 savings on domestic flight bookings through Ixigo.
- 25% discount on hotel bookings with FabHotels.
- Various EMI options and discounts on holiday packages with Thomas Cook and Goibibo.
- Cardholders can enjoy discounts and cashback offers on travel bookings made through platforms like MakeMyTrip, Ixigo, and Yatra. Benefits include:
- Exclusive Online Shopping Discounts:
- The card offers exclusive discounts on platforms such as Zomato, Swiggy, bigbasket, and PharmEasy, providing savings on food deliveries, groceries, and pharmaceuticals. For example:
- 20% off on your first Zomato order.
- โน100 discount on Swiggy orders over โน400.
- 25% off on the first order on PharmEasy.
- The card offers exclusive discounts on platforms such as Zomato, Swiggy, bigbasket, and PharmEasy, providing savings on food deliveries, groceries, and pharmaceuticals. For example:
Eligibility Criteria of Axis Bank Insta Easy Credit Card
The Axis Bank Insta Easy Credit Card is designed to be accessible to a broad range of applicants, particularly those who may not meet the stringent income or credit score requirements of traditional credit cards. The key eligibility criteria for this card are as follows:
- Fixed Deposit Requirement:
- The primary requirement for eligibility is that the applicant must have a fixed deposit (FD) account with Axis Bank. The credit card is secured against this fixed deposit, making it a safer option for both the bank and the cardholder.
- The fixed deposit amount must be a minimum of โน20,000 and can go up to a maximum of โน25 lakh. The credit limit on the card will be up to 80% of the principal amount of the fixed deposit.
- Age Criteria:
- The applicant must be at least 18 years old to apply for the Axis Bank Insta Easy Credit Card. There is no specified maximum age limit, but the applicant should be within the bankโs acceptable age range for holding a fixed deposit and a credit card.
- KYC Requirements:
- Axis Bank uses the existing KYC (Know Your Customer) information associated with the fixed deposit account to process the credit card application. This means that additional documentation such as income proof, address proof, or identity proof is typically not required, streamlining the application process.
- Exclusions:
- Certain types of fixed deposits are not eligible for securing this credit card. These include:
- Tax Saver FDs.
- Auto-sweep FDs (Flexi-Deposit).
- Fixed deposits held in the name of a trust, company, society, or HUF (Hindu Undivided Family).
- The fixed deposit must be held by an individual, and joint FDs may require specific conditions to be met if they are to be used for this purpose.
- Certain types of fixed deposits are not eligible for securing this credit card. These include:
- No Minimum Income Requirement:
- One of the key advantages of the Axis Bank Insta Easy Credit Card is that there is no minimum income requirement, making it accessible to a wider audience, including students, retirees, and individuals with irregular income sources.
Pros and Cons of Axis Bank Insta Easy Credit Card
The Axis Bank Insta Easy Credit Card offers a mix of advantages and potential drawbacks that prospective cardholders should consider before applying. Below is a balanced assessment of the pros and cons of this credit card:
Pros:
- Guaranteed Approval:
- The card offers guaranteed approval as it is secured against a fixed deposit with Axis Bank, making it accessible to those with limited or no credit history.
- No Annual Fees:
- There are no standard joining or annual fees, making this card a cost-effective option for users who want to avoid recurring charges.
- Flexible Credit Limit:
- The credit limit is linked to the fixed deposit, allowing cardholders to access up to 80% of their FD amount. This provides flexibility and control over the credit limit based on the deposit size.
- Simple Rewards Program:
- The eDGE Loyalty Rewards program offers straightforward point accumulation on both domestic and international spending, with a range of redemption options available.
- Dining and Fuel Benefits:
- Cardholders can enjoy a 15% discount at partner restaurants and a 1% fuel surcharge waiver on transactions between โน400 and โน4,000, enhancing the card's value for everyday expenses.
- No Minimum Income Requirement:
- The absence of a minimum income requirement makes this card accessible to a wider audience, including students and retirees.
- Add-On Card Flexibility:
- Up to four add-on cards can be issued without additional fees, allowing family members to benefit from the cardโs features.
- Security Features:
- The card comes with EMV chip protection and access to Visaโs Global Card Assistance Services, offering enhanced security for both domestic and international use.
- Convenient Application Process:
- The application process is streamlined, utilizing existing KYC information from the fixed deposit, which simplifies the paperwork and approval process.
Cons:
- High Interest Rate:
- The card carries a high interest rate of 49.36% per annum on outstanding balances, which can quickly add up if the cardholder does not pay off the full balance each month.
- Limited Eligibility Based on FD:
- Eligibility is restricted to individuals with a fixed deposit at Axis Bank. Those without a fixed deposit, or with deposits below โน20,000, are not eligible for this card.
- Foreign Currency Transaction Fee:
- A 3.50% fee is charged on foreign currency transactions, which can add to the cost of international purchases or travel.
- Limited Reward Rate on Domestic Spending:
- The rewards rate of 6 points per โน200 spent on domestic transactions is relatively modest, especially when compared to other rewards cards that offer higher earning rates.
- High Penalties for Over-Limit and Late Payments:
- The card imposes significant fees for exceeding the credit limit and for late payments, which could be costly for users who are not careful with their spending or payment schedules.
- Dependence on Fixed Deposit:
- The credit limit is tied to the fixed deposit amount, which may limit the cardโs usefulness if the fixed deposit is small.
- Limited Use of Fixed Deposit Types:
- Certain fixed deposits, such as Tax Saver FDs and Auto-sweep FDs, are not eligible for securing this card, which may limit its availability to some users.
Comparative Analysis: Axis Bank Insta Easy Credit Card
| ๏ปฟFeature/Bank | Axis Bank Insta Easy Credit Card | SBI Advantage Plus Card | ICICI Bank Coral Secured Credit Card | HDFC Bank MoneyBack Secured Credit Card |
|---|---|---|---|---|
| Secured Against | Fixed Deposit (FD) | Fixed Deposit (FD) | Fixed Deposit (FD) | Fixed Deposit (FD) |
| Minimum FD Requirement | โน 20,000 | โน 25,000 | โน 10,000 | โน 10,000 |
| Credit Limit | Up to 80% of FD amount | Up to 85% of FD amount | Up to 85% of FD amount | Up to 90% of FD amount |
| Joining Fee | Nil | Nil | Nil | Nil |
| Annual Fee | Nil | Nil | โน 500 | โน 500 |
| Interest Rate | 49.36% p.a. | 34.49% p.a. | 41.75% p.a. | 42% p.a. |
| Reward Points (Domestic Spend) | 6 points/โน200 spent | 1 point/โน100 spent | 2 points/โน100 spent | 2 points/โน150 spent |
| Reward Points (International Spend) | 12 points/โน200 spent | 1 point/โน100 spent | 2 points/โน100 spent | 2 points/โน150 spent |
| Fuel Surcharge Waiver | 1% (โน400 - โน4,000) | 1% (โน500 - โน3,000) | 1% (โน400 - โน4,000) | 1% (โน400 - โน5,000) |
| Dining Discounts | 15% discount at partner restaurants | Up to 15% discount at partner restaurants | No specific dining offers | No specific dining offers |
| Cash Withdrawal Fees | 2.5% (Min โน250) | 2.5% (Min โน300) | 2.5% (Min โน300) | 2.5% (Min โน300) |
| Over-Limit Fee | 3% of over-limit amount (Min โน500) | 2.5% of over-limit amount (Min โน500) | 2.5% of over-limit amount (Min โน500) | 2.5% of over-limit amount (Min โน500) |
| Foreign Currency Transaction Fee | 3.50% | 3.50% | 3.50% | 3.50% |
| Add-On Cards | Up to 4 (No fee) | Up to 2 (No fee) | Up to 2 (No fee) | Up to 3 (No fee) |
| EMI Conversion | Available (Min โน2,500) | Available | Available | Available |
| Eligibility | FD with Axis Bank | FD with SBI | FD with ICICI Bank | FD with HDFC Bank |
| KYC Documentation | Existing KYC with Axis Bank | Existing KYC with SBI | Existing KYC with ICICI Bank | Existing KYC with HDFC Bank |
Summary of Compared Credit Cards
- Axis Bank Insta Easy Credit Card:
- Strengths: No annual fee, competitive rewards on both domestic and international spends, and a guaranteed approval process.
- Weaknesses: High interest rate compared to other cards, and the minimum fixed deposit requirement is slightly higher than some competitors.
- SBI Advantage Plus Card:
- Strengths: Lower interest rate and slightly higher credit limit (up to 85% of FD) compared to Axis Bank. It also provides a standard rewards program and fuel surcharge waiver.
- Weaknesses: Rewards rate is lower, especially for international spends, and the minimum FD requirement is higher than some competitors.
- ICICI Bank Coral Secured Credit Card:
- Strengths: Offers a good rewards program with 2 points for every โน100 spent and a low minimum FD requirement. It also provides a higher credit limit (up to 85% of FD).
- Weaknesses: Has an annual fee of โน500, which is a disadvantage compared to no-fee cards, and the interest rate is moderately high.
- HDFC Bank MoneyBack Secured Credit Card:
- Strengths: Offers the highest credit limit (up to 90% of FD) among the compared cards and decent rewards on both domestic and international spending.
- Weaknesses: Has an annual fee and a high interest rate, similar to ICICI Bank Coral, which could be a deterrent for cost-sensitive users.
Conclusion and Overall Rating
The Axis Bank Insta Easy Credit Card is a well-rounded, secured credit card that caters to a wide audience, particularly those who may not qualify for unsecured cards due to limited or no credit history. By securing the card against a fixed deposit, Axis Bank offers guaranteed approval, making it an accessible option for individuals looking to build or rebuild their credit profile.
The card's lack of joining and annual fees, coupled with a straightforward rewards program, adds to its appeal. It offers significant value through its dining discounts, fuel surcharge waiver, and various shopping and travel offers. The flexibility of the credit limit, which is tied to the fixed deposit amount, allows users to control their credit exposure based on their financial capacity.
However, the card does come with a relatively high interest rate, which necessitates disciplined financial management to avoid costly interest charges. The high foreign currency transaction fee also makes it less ideal for frequent international travelers unless the rewards earned on international spending can offset this cost.
The Axis Bank Insta Easy Credit Card earns a strong rating due to its accessibility, cost-effectiveness, and user-friendly features. It is especially suited for those who want a secured credit card with no annual fees and straightforward benefits. However, the high interest rate and specific eligibility requirements tied to a fixed deposit slightly reduce its overall appeal. This card is best suited for individuals who can manage their payments responsibly and want to enjoy the benefits of a credit card without the hassle of extensive eligibility criteria.
