As part of Axis Bank's acquisition of Citibankโs retail business in India, the much-anticipated migration of Citi-branded credit cards to Axis Bank is underway. This strategic move, initiated in 2022, has kept many cardholders wondering about the future of their benefits and credit limits. With the migration scheduled to complete for a select group by June 2024, hereโs what you need to know about the transition, specifically for Citi PremierMiles credit cardholders.
Key Changes in Credit Card Migration
1. Migration Timeline
The first phase of Citi credit card migration to Axis Bank is set to be completed by June 9, 2024. This initial phase targets Axis Bank employees who are also Citi cardholders. The broader customer base will follow in subsequent phases later in the year.
2. Impact on Citi Credit Cards
- Citi Rewards Credit Card will transition to Axis Bank Rewards Credit Card.
- IndianOil Citi Credit Card will become IndianOil Axis Bank Premium Credit Card.
- Citi PremierMiles Credit Card will convert to Axis Bank Horizon Credit Card.
3. Credit Limits
Post-migration, Axis Bank will consolidate credit limits across all Citi-branded and Axis Bank credit cards held by a customer. This aggregated limit will reflect the sum of individual card limits, ensuring that no cards are closed during the transition.
Features of the New Axis Bank Credit Cards
Axis Bank Rewards Credit Card
- Reward Points: Earn 2 EDGE REWARD Points on every INR 125 spent.
- Accelerated Rewards: 20 EDGE REWARD Points for every INR 125 spent on apparel and departmental stores.
- Monthly Bonus: 1,500 EDGE REWARD Points on net spends of INR 30,000 per statement cycle.
- Lounge Access: Complimentary access twice per quarter at select domestic airports.
- Swiggy Discount: 30% off twice a month.
- Point Conversion: Existing points will transfer at 1 Reward Point = 1.75 EDGE REWARDS.
IndianOil Axis Bank Premium Credit Card
- Fuel Rewards: 6 EDGE Miles on every INR 150 spent at IndianOil outlets.
- Fuel Surcharge Waiver: 1% on all fuel spends at IndianOil outlets.
- Grocery Rewards: 2 EDGE Miles for every INR 150 spent.
- Lounge Access: Complimentary access twice per quarter at select domestic airports.
- Point Conversion: Existing points will transfer at 1 Turbo Point = 1 EDGE Mile.
Citi PremierMiles to Axis Bank Horizon Credit Card
The Citi PremierMiles Credit Card will transform into the Axis Bank Horizon Credit Card, maintaining its core features while integrating into Axis Bankโs rewards system. Here are the notable features:
- Travel and Airline Rewards: Earn 5 EDGE Miles on every INR 100 spent on Axis Bankโs Travel EDGE website and airline transactions.
- General Spending Rewards: Earn 2 EDGE Miles on every INR 100 spent on other categories.
- Annual Bonus: 1,500 EDGE Miles on the card anniversary.
- Lounge Access: Up to 8 complimentary domestic lounge visits per quarter and 8 international lounge visits per year.
- Dining Discounts: 25% off up to INR 800 at over 4,000 restaurants across India.
- Welcome and Renewal Bonuses: 5,000 EDGE Miles as a welcome gift and 1,500 EDGE Miles upon renewal.
Important Considerations for Cardholders
Points Conversion
- Citi PremierMiles were previously redeemable at 0.45 INR per mile, with a conversion rate of 2 PremierMiles to 1 mile transferred.
- Post-migration, 1 EDGE Mile will equal 1 INR in statement credit and 1 mile, maintaining value through Axis Bankโs rewards system.
- The conversion will see 1 PremierMile equate to 0.45 EDGE Miles.
Changes in Earn Rates
- Airline spend earn rate changes from 10 PremierMiles/INR 100 to 5 EDGE Miles/INR 100.
- General spend earn rate changes from 4 PremierMiles/INR 100 to 2 EDGE Miles/INR 100.
- Points earned post-migration will have a three-year expiration, while existing points will never expire.
Conclusion
The migration of Citi PremierMiles to Axis Bank Horizon Credit Card aims to streamline and enhance cardholder benefits without significant feature loss. Axis Bankโs comprehensive rewards system promises sustained value for existing Citi cardholders while introducing them to new perks and opportunities.
