Introduction to Axis Bank CASHBACK Credit Card
The transition from the Citi Cash Back Credit Card to the Axis Bank CASHBACK Credit Card marks a significant change for existing Citi cardholders, as Axis Bank has taken over Citibank's retail banking operations in India. This transition is part of a broader restructuring in the Indian banking sector and reflects the growing consolidation among financial institutions.
For Citi Cash Back Credit Card holders, this shift means adapting to a new banking experience under Axis Bank while retaining many of the benefits they previously enjoyed. Axis Bank has assured customers that the transition will be seamless, with minimal disruption to their credit card usage. The move promises to offer enhanced features and an updated cashback structure, aimed at providing greater value to customers in the long run.
Joining Benefits of Citi Cash Back Credit Card
Welcome Benefit:
No specific welcome bonus, but offers straightforward cashback on everyday spends.
Cashback on Utility Bill Payments:
5% cashback on utility bill payments made through Citi BillPay.
Cashback on Movie Tickets:
5% cashback on movie ticket purchases.
Cashback on Telephone Bill Payments:
5% cashback on telephone bill payments.
Cashback on All Other Spends:
0.5% cashback on all other purchases.
Automatic Cashback Redemption:
Cashback is automatically credited to your statement once it reaches โน500, making it hassle-free.
Fuel Surcharge Waiver:
1% waiver on fuel surcharge at all petrol pumps across India, for transactions between โน400 and โน4,000.
Annual Fee Waiver:
No annual fee waiver, but the cashback benefits can effectively offset the fee for active users.
Interest-Free Period:
Up to 50 days of interest-free credit on purchases.
Security Features:
EMV chip-enabled card for enhanced security against fraud.
Citi Cash Back Credit Card to the Axis Bank CASHBACK Credit Card Transition Process
Axis Bank has taken considerable steps to ensure that the transition from the Citi Cash Back Credit Card to the Axis Bank CASHBACK Credit Card is smooth and hassle-free. The process is designed to maintain continuity in card usage while integrating customers' data into Axis Bankโs systems.
Key aspects of the transition include:
- Data Migration and Account Continuity: All customer data, including transaction history, outstanding dues, and ongoing EMIs, are being securely transferred to Axis Bank's systems. This ensures that customers will not lose any of their transaction records or benefits during the transition.
- Card Details and Security: Importantly, customers' card numbers, CVV codes, and transaction limits will remain unchanged. This means that existing standing instructions and saved cards on merchant websites will continue to function without any need for reconfiguration.
- Unredeemed Cashback: Any unredeemed cashback from the Citi Cash Back Credit Card will be credited to the new Axis Bank CASHBACK Credit Card account within two statement cycles after the migration. This ensures that customers do not lose out on any rewards they have accumulated.
- Fees and Billing Cycle: The annual fees and statement dates will remain the same, providing further consistency for customers. This approach minimizes the need for customers to adjust their financial planning due to the transition.
- Combined Credit Limit: After migration, cardholders will benefit from a combined credit limit across all their Citi-branded and Axis Bank Credit Cards, offering greater flexibility in managing their finances.
Pricing and Plans of Axis Bank CASHBACK Credit Card
The Axis Bank CASHBACK Credit Card offers a structured and competitive pricing plan that is designed to maximize the value customers receive from their everyday spending. Below is a detailed breakdown of the key financial aspects of the card:
Annual Fees
- Annual Fee: The Axis Bank CASHBACK Credit Card maintains the same annual fee as the Citi Cash Back Credit Card, ensuring continuity for existing cardholders. The fee is typically waived for the first year as part of promotional offers, with subsequent yearsโ fees dependent on the customerโs spending habits.
Cashback Structure
The Axis Bank CASHBACK Credit Card provides a tiered cashback structure, rewarding customers based on their monthly online spending:
- 2% Cashback: Earned on online spends up to โน5,000 per month.
- 5% Cashback: Earned on online spends between โน5,001 and โน40,000 per month.
- 7% Cashback: Earned on online spends exceeding โน40,001 per month.
- Maximum Cashback: Customers can earn up to โน4,000 in cashback per statement month, making it one of the more generous cashback programs in the market for high spenders.
Other Cashback Benefits
- Unlimited Cashback on Offline and Travel Spends: Cardholders enjoy 0.75% cashback on all offline purchases and travel expenses, with no upper limit on the amount of cashback that can be earned.
- Utility Bill Cashback: The card offers 0.5% cashback on utility bill payments, capped at โน100 per month. This feature adds extra value for those who use their credit card to pay for recurring bills.
Interest Rates
- Interest Rate on Outstanding Balances: The Axis Bank CASHBACK Credit Card typically carries an interest rate of around 3.5% per month (42% per annum) on unpaid balances. This rate is consistent with industry standards but can vary based on the customerโs credit profile and payment history.
- Cash Advance Fee: For cash withdrawals, a fee of 2.5% of the transaction amount or a minimum of โน500 is charged. Interest on cash advances accrues immediately at the standard rate.
Late Payment Fees
- Late Payment Charges: These are tiered based on the outstanding balance:
- โน0 to โน300: No charge.
- โน301 to โน1,000: โน100.
- โน1,001 to โน5,000: โน500.
- โน5,001 to โน20,000: โน750.
- Above โน20,000: โน1000.
Card Features and Benefits of Axis Bank CASHBACK Credit Card
The Axis Bank CASHBACK Credit Card is designed to offer a variety of rewards and features that cater to different spending habits, particularly for those who engage in frequent online shopping. Below is a comprehensive overview of the key features and benefits:
Cashback Rewards
- Tiered Cashback on Online Spending:
- 2% Cashback: For online spends up to โน5,000 per month.
- 5% Cashback: For online spends between โน5,001 and โน40,000 per month.
- 7% Cashback: For online spends exceeding โน40,001 per month.
- Maximum Cashback: Customers can earn up to โน4,000 in cashback per month, making it an attractive option for high-volume online shoppers.
- Unlimited Cashback on Offline and Travel Spends:
- The card offers 0.75% cashback on all offline purchases and travel expenses, with no cap on the total amount that can be earned. This is particularly beneficial for cardholders who spend regularly on travel and in-store purchases.
-
Cashback on Utility Payments:
- The card provides 0.5% cashback on utility bill payments, capped at โน100 per month. This adds value for those who use their credit card to manage household expenses.
Dining and Lifestyle Benefits
- Dining Delights:
- The Axis Bank CASHBACK Credit Card offers exclusive dining discounts and deals through partnerships like EazyDiner. Cardholders can enjoy significant savings when dining out at partner restaurants across India.
- Lifestyle Privileges:
- Axis Bank provides various lifestyle benefits, including access to special offers and discounts on travel, shopping, and entertainment. These privileges enhance the overall value of the card and cater to a broad range of lifestyle needs.
Convenience Features
- Auto-credit of Cashback:
- One of the card's standout features is the automatic credit of cashback earned during the current billing cycle to the next billing cycle. This ensures that cardholders receive their rewards promptly and without the need for manual redemption.
- Contactless Payments:
- The Axis Bank CASHBACK Credit Card is equipped with contactless payment technology, allowing for quick and secure transactions at compatible terminals. This feature adds convenience for everyday purchases.
- EMI Conversion:
- The card offers the ability to convert large purchases into easy EMIs (Equated Monthly Installments) at competitive interest rates. This is useful for managing significant expenses over time without straining finances.
- Global Acceptance:
- As a Visa or Mastercard, the Axis Bank CASHBACK Credit Card is accepted worldwide, making it a reliable companion for both domestic and international travel.
Eligibility Criteria of Axis Bank CASHBACK Credit Card
To apply for the Axis Bank CASHBACK Credit Card, applicants must meet certain eligibility requirements that ensure they have the financial capacity to manage the credit extended by the bank. Below are the key criteria:
Income Requirements
- Salaried Individuals:
- Applicants should have a stable monthly income. Typically, a minimum monthly income of โน25,000 is required, though this can vary depending on the applicantโs location and the bankโs discretion.
- Self-Employed Individuals:
- Self-employed applicants should have a steady annual income, usually with a minimum of โน5 lakh per annum. Proof of income may include the latest Income Tax Return (ITR) along with supporting documents like bank statements.
Age Criteria
- Primary Cardholder:
- The minimum age for the primary cardholder is 18 years, and the maximum age is typically capped at 70 years. This ensures that the cardholder is legally able to enter into a credit agreement and has the financial maturity to manage a credit card account.
- Add-on Cardholders:
- Add-on or supplementary cardholders must be at least 18 years old. These cards are usually offered to immediate family members of the primary cardholder.
Credit Score
- A good credit score is essential for approval. Typically, a credit score of 700 or above is preferred, indicating that the applicant has a history of responsible credit management. Applicants with lower scores may still be considered, but they might face stricter scrutiny or lower credit limits.
Residency Status
- Indian Residents:
- The Axis Bank CASHBACK Credit Card is available to Indian residents who can provide proof of address, such as a passport, Aadhar card, or utility bills.
- Non-Resident Indians (NRIs):
- NRIs can apply for this card, but they may be required to meet additional criteria, including higher income thresholds and providing overseas and Indian contact details.
Documentation
To process the application, the following documents are typically required:
- Proof of Identity: PAN card, Aadhaar card, passport, or voter ID card.
- Proof of Address: Utility bills, rental agreement, Aadhaar card, or passport.
- Proof of Income: Salary slips for salaried individuals, or Income Tax Returns (ITR) and bank statements for self-employed individuals.
- Photograph: A recent passport-sized photograph may also be required.
User Experience
The user experience during the transition from the Citi Cash Back Credit Card to the Axis Bank CASHBACK Credit Card has been a key focus for Axis Bank, with efforts made to ensure that cardholders encounter minimal disruption. Here's an overview of the user experience throughout this process and ongoing card usage:
Transition Process Experience
- Seamless Migration: Many cardholders have reported a smooth transition process, with their account details, outstanding balances, and unredeemed cashback seamlessly transferred to their new Axis Bank CASHBACK Credit Card. The continuity of services, such as maintaining the same card number and CVV, has been particularly appreciated, as it avoids the hassle of updating saved card information on various platforms.
- Communication and Support: Axis Bank has proactively communicated with customers through emails, SMS, and direct mail, keeping them informed about the transition timeline, changes to their account, and the new benefits available to them. The bankโs efforts to provide detailed instructions and answers to frequently asked questions have helped alleviate concerns during the transition.
- Data Security: A critical aspect of the transition was the secure transfer of customer data from Citibank to Axis Bank. Users have expressed confidence in the process, thanks to Axis Bank's emphasis on maintaining data privacy and security throughout the migration.
Day-to-Day Card Usage
- Ease of Use: Post-transition, customers have found the Axis Bank CASHBACK Credit Card to be user-friendly, with straightforward cashback accrual and redemption. The automatic crediting of cashback to the account in the next billing cycle simplifies the rewards process, eliminating the need for manual redemption.
- Online and Mobile Banking: Axis Bank's online and mobile banking platforms are well-regarded for their intuitive interfaces, allowing cardholders to easily manage their accounts, track spending, and monitor cashback earnings. The integration of the card into Axis Bankโs existing digital ecosystem has been smooth, providing users with access to a wide range of banking services.
- Customer Service: Feedback on Axis Bankโs customer service has been generally positive, with many users noting the bankโs responsiveness and helpfulness in addressing queries related to the transition and ongoing card usage. The availability of customer support through multiple channels, including phone, email, and chat, has enhanced the overall user experience.
Post-Transition Experience
- Combined Credit Limits: One of the standout features of the transition has been the combined credit limit across all Citi-branded and Axis Bank Credit Cards held by the user. This feature has been particularly beneficial for customers who manage multiple cards, offering greater flexibility in managing their overall credit usage.
- Promotional Offers and Discounts: Axis Bank has introduced various promotional offers and discounts, particularly in the lifestyle and dining categories, to enhance the value proposition of the new CASHBACK Credit Card. Users have appreciated these added perks, which go beyond the basic cashback rewards.
Comparative Analysis: Axis Bank CASHBACK Credit Card
| ๏ปฟFeature/Bank | Axis Bank CASHBACK Credit Card | HDFC Millennia Credit Card | SBI SimplyCLICK Credit Card | ICICI Amazon Pay Credit Card | Standard Chartered DigiSmart Credit Card |
|---|---|---|---|---|---|
| Annual Fee | โน500 (Waived on spending โน2 Lakhs annually) | โน1,000 (Waived on spending โน1 Lakh annually) | โน499 (Waived on spending โน1 Lakh annually) | No annual fee | โน49 monthly (waived on spending โน5,000 monthly) |
| Cashback on Online Spending | 2%-7% based on monthly spend (Max โน4,000/month) | 5% on Amazon, Flipkart, and other select sites (up to โน1,000/month) | 10x Reward Points on partner websites (value ~2.5% on online spends) | 5% on Amazon (Max โน1,000/month) | 20% on Zomato, 10% on other categories (Cap: โน1,000/month) |
| Cashback on Offline Spending | 0.75% unlimited | 1% on all spends | 1 Reward Point per โน100 spent | 1% on all offline spending | 5% on Ola, Grofers, etc. |
| Utility Bill Payments | 0.5% (Max โน100/month) | No specific cashback | 5x Reward Points (value ~1.25%) | No specific cashback | 5% on selected utility payments |
| Dining Benefits | Dining discounts via EazyDiner | 2x Reward Points on dining spends | 10x Reward Points on online food orders | 15% off on partner restaurants | 20% off on Zomato |
| Additional Benefits | Combined credit limit across all Axis/Citi cards | Complimentary Lounge Access (8/year) | 1% fuel surcharge waiver | Amazon Prime membership offer | Complimentary Lounge Access (1/month) |
| Interest Rate | 3.5% per month (42% annually) | 3.6% per month (43.2% annually) | 3.5% per month (42% annually) | 3.5% per month (42% annually) | 3.49% per month (41.88% annually) |
| Pros | High cashback on online spends, seamless transition for Citi users | Good for online shopping, airport lounge access | Attractive rewards on online spends, low annual fee | No annual fee, high cashback on Amazon | High cashback on food and lifestyle categories, low monthly fee |
| Cons | Capped cashback limit, lower offline rewards | High annual fee if spend requirement isnโt met | Limited high-value cashback opportunities | Cashback limited to Amazon | Monthly fee if minimum spend isnโt met, limited to specific categories |
Summary of Comparison
- Axis Bank CASHBACK Credit Card offers a high cashback rate for online spending but has a capped maximum cashback. Itโs particularly beneficial for former Citi cardholders due to the seamless transition and combined credit limits. However, its offline rewards are limited compared to other cards.
- HDFC Millennia Credit Card is ideal for those who frequently shop on major e-commerce platforms like Amazon and Flipkart. The card also offers complimentary lounge access, making it a good option for frequent travelers. However, the high annual fee can be a drawback if the spend requirement is not met.
- SBI SimplyCLICK Credit Card is geared towards online shoppers, with its 10x reward points on select partner websites. It also has a relatively low annual fee, but the rewards may not be as high-value in non-partner categories.
- ICICI Amazon Pay Credit Card stands out for Amazon shoppers, offering a straightforward and uncapped 5% cashback on Amazon purchases. Itโs also the only card in this comparison with no annual fee, making it a cost-effective choice.
- Standard Chartered DigiSmart Credit Card is focused on food and lifestyle categories, offering high cashback rates on specific merchants like Zomato and Grofers. The low monthly fee can be waived with minimal spending, but its benefits are restricted to select categories.
Pros and Cons of Axis Bank CASHBACK Credit Card
In this section, we will summarize the advantages and disadvantages of the Axis Bank CASHBACK Credit Card, considering its features, benefits, and how it compares to other cards in the market.
Pros
- High Cashback on Online Spending:
- The tiered cashback structure offers up to 7% cashback on online purchases, which is highly competitive, especially for those who frequently shop online.
- Seamless Transition for Citi Cardholders:
- Former Citi Cash Back Credit Card users benefit from a seamless transition with no changes to card numbers, CVV, or transaction limits, ensuring continuity and convenience.
- Combined Credit Limit:
- The card offers a combined credit limit across all Axis Bank and former Citi-branded credit cards, providing greater flexibility in managing credit across multiple cards.
- Auto-credit of Cashback:
- The automatic crediting of cashback in the next billing cycle simplifies the rewards process, allowing users to enjoy their rewards without any extra effort.
- Dining and Lifestyle Offers:
- The card provides attractive dining discounts through partnerships like EazyDiner and various lifestyle benefits, enhancing its appeal to users who enjoy dining out and other lifestyle activities.
- No Change in Annual Fees and Terms:
- For transitioning Citi cardholders, there are no changes to annual fees, billing cycles, or other key terms, providing consistency and peace of mind.
Cons
- Capped Cashback on Online Spending:
- While the cashback rates are high, the maximum monthly cashback cap of โน4,000 may limit the benefits for very high spenders who could otherwise earn more with uncapped cards.
- Lower Offline Cashback:
- The card offers only 0.75% cashback on offline and travel spending, which is lower compared to some other cashback cards that provide higher rewards for in-store purchases.
- Limited Utility Bill Cashback:
- The 0.5% cashback on utility bill payments is capped at โน100 per month, which might not be substantial for users who pay significant amounts towards utilities.
- No Premium Travel Benefits:
- Unlike some competitors, the card does not offer complimentary airport lounge access or significant travel-related perks, which might be a drawback for frequent travelers.
- Monthly Spend Thresholds for Maximum Cashback:
- The tiered cashback structure requires substantial monthly online spending to reach the higher cashback rates, which may not be suitable for all users.
Axis Bank CASHBACK Credit Card Overview
| ๏ปฟFeature | Details |
|---|---|
| Type of Card | Cashback Credit Card |
| Annual Fee | โน500 + GST |
| Joining Fee | โน500 + GST |
| Reward Rate | 5% cashback on movie tickets and utility bill payments (capped at โน100 per month each), 0.5% cashback on all other spends |
| Renewal Rate | โน500 + GST (waived on spending โน30,000 in the previous year) |
Conclusion and Overall Rating
The Axis Bank CASHBACK Credit Card emerges as a solid option for individuals who prioritize online spending and are looking for a straightforward cashback rewards program. Its tiered cashback structure, offering up to 7% cashback on online purchases, positions it as one of the more rewarding cards for frequent online shoppers. The card also ensures continuity and ease of use for former Citi Cash Back Credit Card holders through a seamless transition process, maintaining key features such as card numbers, credit limits, and the auto-crediting of cashback.
While the card excels in online spending rewards, it offers modest benefits for offline purchases and limited perks for utility bill payments. For those who spend significantly in these areas or seek premium travel benefits, other cards in the market might offer more comprehensive rewards. However, the Axis Bank CASHBACK Credit Cardโs simplicity, combined credit limits, and added dining and lifestyle benefits make it an appealing choice for many users, especially those who value ease of use and consistent cashback earnings.
This rating reflects the card's strengths in online spending rewards and the smooth transition for former Citi cardholders, while acknowledging its limitations in offline cashback and premium benefits. It is a highly recommended option for those who fit its target profile, particularly heavy online shoppers and those looking for a hassle-free rewards program.
