Introduction
The Axis Bank Privilege Credit Card is designed for individuals who seek a balance between luxurious benefits and practical rewards. It caters to frequent travelers, dining enthusiasts, and those who prefer a comprehensive rewards program. With features like complimentary airport lounge access, dining discounts, fuel surcharge waivers, and a robust rewards program, this card positions itself as a versatile option for both domestic and international use. Additionally, it offers significant protection benefits and a straightforward fee structure, making it an attractive choice for a wide range of users.
Joining Benefits of Axis Bank Privilege Credit Card
- Welcome Bonus: 12,500 EDGE reward points on spending โน30,000 within the first 90 days.
- Travel Vouchers: Complimentary Yatra travel voucher worth โน5,000 on card activation.
- Reward Points: 10x reward points on international spends, and 2x reward points on domestic spends.
- Milestone Benefits: Additional 3,000 EDGE reward points on reaching annual spend milestones.
- Dining Discounts: Up to 20% off at partner restaurants.
- Airport Lounge Access: Complimentary access to select domestic airport lounges.
- Fuel Surcharge Waiver: 1% waiver on fuel transactions.
- Annual Fee Waiver: Annual fee waived on spending โน2.5 lakhs in a year.
- Comprehensive Insurance: Personal air accident cover and purchase protection.
Key Aspects
Additional Perks and Benefits
The Axis Bank Privilege Credit Card offers several additional perks and benefits that enhance its value proposition and provide cardholders with a sense of security and convenience.
Purchase Protection and Credit Shield
- Purchase Protection Plan: Cardholders are covered with a purchase protection plan up to โน1 lakh, safeguarding against damage or theft of purchased items within a specified period.
- Credit Shield: In the event of unforeseen circumstances, cardholders receive a credit shield cover of โน1 lakh, offering financial security.
Travel Insurance
- Loss of Travel Documents: Cardholders are covered up to USD 300 for the loss of travel documents, ensuring assistance and reimbursement for obtaining replacements.
- Delay of Check-In Baggage: Coverage up to USD 300 is provided for delays in receiving checked-in baggage, helping manage unexpected inconveniences during travel.
- Loss of Check-In Baggage: Cardholders are insured up to USD 500 for the loss of checked-in baggage, providing financial support for replacing essential items.
Activation Benefit
- Welcome Rewards: New cardholders receive 12,500 EDGE REWARD points (equivalent to โน2,500 in vouchers) upon payment of the joining fee and completion of the first transaction within 30 days of card issuance. This provides an immediate benefit and enhances the initial experience with the card.
- Eligibility: The activation benefit is not available for free cards, first-year free cards, and priority segment customers, ensuring it is targeted towards regular cardholders.
Other Notable Benefits
- Fee Waivers: The card offers waivers on certain fees, such as those for mobile alerts, card replacement, and duplicate statements, adding to the card's overall value.
- Dynamic Currency Conversion Markup Fee: A 1% fee plus taxes is applied on international transactions performed in Indian currency, with an exception for the Burgundy Private Credit Card.
Fees and Charges
The Axis Bank Privilege Credit Card comes with a range of fees and charges that cardholders should be aware of to manage their finances effectively. Below is a detailed breakdown of the applicable fees and charges:
Standard Fees
- Joining Fee: โน1500 (waived for Priority Customers)
- Annual Fee (from 2nd year onwards): โน1500
- Add-on Card Joining Fee: Nil
- Add-on Card Annual Fee: Nil
Finance Charges
- Retail Purchases and Cash Advances: 3.6% per month (52.86% per annum)
- Cash Withdrawal Fees: 2.5% of the cash amount (minimum โน500)
Penalties and Other Charges
- Overdue Penalty or Late Payment Fee:
- Nil if the total payment due is less than โน500
- โน500 if the total payment due is between โน501 and โน5000
- โน750 if the total payment due is between โน5001 and โน10,000
- โน1200 if the total payment due is greater than โน10,000
- Over Limit Penalty: 2.5% of the overlimit amount (minimum โน500)
Transaction Fees
- Fuel Transaction Surcharge: 1% of the transaction amount (refunded for fuel transactions between โน400 and โน4000)
- Foreign Currency Transaction Fee: 3.50% of the transaction value
- Rent Surcharge Fee: 1% of the rental transaction amount (capped at โน1500 per transaction, effective from 05-03-2023)
Dynamic Currency Conversion Markup Fee
- DCC Markup Fee: 1% plus taxes on international transactions performed in Indian currency at international locations or with merchants registered in a foreign nation (effective from 05-03-2023)
- Note: DCC markup fee is not applicable to the Burgundy Private Credit Card.
Service Fees
- Fee for Cash Payment: โน100
- Card Replacement Fee: Nil
- Duplicate Statement Fee: Waived
- Charge Slip Retrieval Fee or Copy Request Fee: Waived
- Outstation Cheque Fee: Waived
- Cheque Return or Dishonor Fee / Auto-Debit Reversal Fee: 2% of the payment amount (minimum โน450, maximum โน1503)
- Surcharge on Purchase or Cancellation of Railway Tickets: As prescribed by IRCTC/Indian Railways
Other Fees
- Mobile Alerts for Transactions: Waived
- Hotlisting Charges: Waived
- Balance Enquiry Charges: Waived
- Reward Redemption Fee: Yes (specific amount not mentioned)
Taxes
- GST: Applicable on all fees, interest, and other charges as notified by the Government of India, subject to change as per relevant regulations.
Pros and Cons
Here is a detailed list of the pros and cons of the Axis Bank Privilege Credit Card to help you make an informed decision.
Pros
- Affordable Fees: The joining and annual fees are moderate at โน1500, and the fees are waived for Priority Customers.
- Generous Welcome Offer: New cardholders receive 12,500 EDGE REWARD points (worth โน2500) upon payment of the joining fee and completing the first transaction within 30 days.
- Airport Lounge Access: Provides two complimentary domestic airport lounge accesses per calendar quarter, enhancing travel comfort for frequent flyers.
- Dining Discounts: Offers up to โน800 off via the EazyDiner partnership, making dining out more affordable.
- Fuel Surcharge Waiver: Cardholders get a 1% fuel surcharge refund on transactions between โน400 and โน4000, with a maximum benefit of โน400 per statement cycle.
- Robust Rewards Program: Earns 10 EDGE REWARD points for every โน200 spent, with a wide range of redemption options available through the Axis EDGE REWARDS Catalogue.
- Purchase Protection: Provides up to โน1 lakh in purchase protection, covering damage or theft of purchased items within a specified period.
- Credit Shield: Offers a credit shield cover of โน1 lakh in case of unforeseen circumstances, providing financial security.
- Travel Insurance: Includes coverage for loss of travel documents, baggage delay, and loss of checked-in baggage, enhancing travel security.
- Fee Waivers for Certain Services: Waives fees for services like mobile alerts, card replacement, and duplicate statements, reducing additional costs for cardholders.
Cons
- Spending Requirement for Lounge Access: The requirement of spending โน50,000 in the previous three months to qualify for lounge access may be a hurdle for some cardholders.
- High Finance Charges: The finance charges at 3.6% per month (52.86% per annum) are relatively high, which can lead to significant costs for those carrying a balance.
- Foreign Currency Markup Fee: The 3.5% foreign currency transaction fee is higher than some competitor cards, making it less attractive for international usage.
- Limited Reward Eligibility: Certain transactions, such as those for insurance, rent, fuel, educational services, utilities, and government payments, do not earn EDGE REWARD points.
- Conditional Welcome Benefits: The welcome benefit is not available for free cards, first-year free cards, and priority segment customers, limiting its availability.
Comparative Analysis
The following table provides a comparative analysis of the Axis Bank Privilege Credit Card, Diners Club Privilege Credit Card, and ICICI Privilege Credit Card, highlighting their key features, benefits, and fees:
| Feature/Benefit | Feature/Benefit | Axis Bank Privilege Credit Card | Diners Club Privilege Credit Card | ICICI Privilege Credit Card |
|---|---|---|---|---|
| Joining Fee | Joining Fee | Rs. 1500 (Nil for Priority Customers) | Rs. 3000 | Rs. 1500 (waived for select customers) |
| Annual Fee | Annual Fee (2nd Year Onwards) | Rs. 1500 | Rs. 3000 | Rs. 1500 (waived on annual spends of Rs. 2 lakhs) |
| Airport Lounge Access | Add-on Card Fee (Joining/Annual) | Nil | Nil | Nil |
| Dining Benefits | Finance Charges (Retail/Cash) | 3.6% per month (52.86% per annum) | 3.33% per month (40% per annum) | 3.5% per month (42% per annum) |
| Fuel Surcharge Waiver | Cash Withdrawal Fees | 2.5% (Min. Rs. 500) | 2.5% (Min. Rs. 500) | 2.5% (Min. Rs. 300) |
| Rewards Program | Overdue Penalty/Late Payment Fee | Rs. 500 to Rs. 1200 based on due amount | Rs. 700 | Rs. 100 to Rs. 1200 based on due amount |
| Reward Redemption | Over Limit Penalty | 2.5% of the overlimit amount (Min. Rs. 500) | 2.5% of the overlimit amount (Min. Rs. 500) | 2.5% of the overlimit amount (Min. Rs. 500) |
| Interest Rate | Fuel Surcharge Waiver | 1% (Transactions between Rs. 400 and Rs. 4000) | 1% (Transactions between Rs. 400 and Rs. 5000) | 1% (Transactions between Rs. 400 and Rs. 4000) |
| Cash Withdrawal Fee | Foreign Currency Transaction Fee | 3.50% | 3.50% | 3.50% |
| Foreign Currency Transaction Fee | Reward Points | 10 points per Rs. 200 spent | 3 points per Rs. 150 spent | 2 points per Rs. 100 spent |
| Purchase Protection | Airport Lounge Access | 2 complimentary domestic lounge accesses/quarter | Unlimited domestic and international lounge access | 2 complimentary domestic lounge accesses/quarter |
| Travel Insurance | Dining Discounts | Up to Rs. 800 via Axis Bank Dining Delights Program | Up to 20% off at partner restaurants | Up to 15% off at partner restaurants |
| Activation Benefit | Travel Insurance | Yes (various covers including lost baggage/documents) | Yes (comprehensive travel insurance) | Yes (limited to lost card liability) |
| Overdue Penalty | Purchase Protection | Up to Rs. 1 lakh | Up to Rs. 1 lakh | Not specified |
| Over Limit Penalty | Activation Benefit | 12,500 EDGE REWARD Points (worth Rs. 2500) | Welcome bonus points (varies) | Welcome bonus points (varies) |
| Dynamic Currency Conversion Fee | Eligibility for Rewards | Excludes spends on insurance, rent, fuel, etc. | Includes all spends | Excludes spends on fuel, utilities, etc. |
| Mobile Alerts for Transactions | Dynamic Currency Conversion Markup Fee | 1% plus taxes | 1.5% plus taxes | 1% plus taxes |
| Hotlisting Charges | Waived | Waived | Waived | |
| Balance Enquiry Charges | Waived | Waived | Waived | |
| Reward Redemption Fee | Applicable (amount not specified) | Applicable (amount not specified) | Applicable (amount not specified) | |
| Feature | Details |
|---|---|
| Type of Card | Credit Card |
| Annual Fee | Rs. 1500 (waived for Priority Customers) |
| Joining Fee | Rs. 1500 (waived for Priority Customers) |
| Reward Rate | 10 EDGE REWARD points per Rs.200 spent |
| Renewal Rate | Rs. 1500 (from 2nd year onwards) |
Conclusion and Overall Rating
The Axis Bank Privilege Credit Card is a well-rounded product offering a range of benefits suitable for frequent travelers, dining enthusiasts, and those looking for a robust rewards program. With features like complimentary airport lounge access, substantial dining discounts, fuel surcharge waivers, and a comprehensive rewards program, it caters to various lifestyle needs. The card also provides significant additional perks, including purchase protection and travel insurance, enhancing its value proposition. While the fees and charges are competitive, the overall user experience is further enriched by Axis Bank's customer support and digital services.
The Axis Bank Privilege Credit Card is a strong contender in the Indian credit card market, offering a balanced mix of rewards, benefits, and protections at a reasonable cost. It is particularly well-suited for users who travel frequently, dine out often, and prefer a card that offers robust security features. However, the high finance charges and conditions for lounge access are factors that potential cardholders should consider based on their individual spending patterns and needs.
