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Axis Bank devalues five credit cards
July 13, 2023
Axis Bank has ‘devalued’ five of its credit cards, which will now offer reduced benefits. As of now, there is no official word from Axis Bank on devaluation of its Magnus credit card something which has been widely speculated upon on social media platforms lately.
The past week, speculation had been rife that Axis Bank is going to devalue reduce or withdraw various benefits from it’s a very popular Magnus credit card. While it’s still unclear whether the bank has devalued the Magnus credit card, it has meanwhile, devalued five other credit cards Axis Bank Privilege, Axis Bank Reserve, Axis Bank Select, Axis Bank Flipkart, Axis Bank My Zone credit cards. The devaluation comes into effect from August 12-14.
This information is based on Axis Bank’s revised credit card terms and conditions for these credit cards as available on its website. In fact, according to one credit card enthusiast, Axis Bank Flipkart credit card holders have already received an email about this from the bank.
Here are some of the key changes that the bank has introduced for these five credit cards.
In a major change, the bank is discontinuing the earlier annual benefit of 3,000 EDGE reward points (name for Axis Bank’s reward points) which accrued on achieving a spending milestone of ₹2.5 lakh in the previous anniversary year. The rest of the conditions remain the same.
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