Flipkart Axis Bank Credit Card replace: Key adjustments it’s essential to know earlier than June 20 | Mint

The Flipkart Axis Bank Credit Card is likely one of the hottest bank cards within the cashback class. Some different bank cards on this class embody the Cashback SBI Card, Amazon Pay ICICI Bank Credit Card, HSBC Live+ Credit Card, Swiggy HDFC Bank Credit Card, and so on. The USP of those playing cards is that they’re easy to grasp. They give a sure proportion of the transaction worth as cashback. Axis Bank has introduced adjustments to the Flipkart Axis Bank Credit Card. The adjustments are efficient from twentieth June. What are these adjustments, and the way will they have an effect on the cardholders? Let us perceive.

Changes to Flipkart Axis Bank Credit Card

Axis Bank has introduced the next adjustments to the Flipkart Axis Bank Credit Card.

1. Increase in cashback on Myntra

Let us first begin with the excellent news. Earlier, the Flipkart Axis Bank Credit Card gave 1% cashback on Myntra. From twentieth June, the cashback charge will enhance from 1% to 7.5%. So, Myntra customers will rejoice as they are going to earn a further 6.5% cashback than earlier than.

The most cashback that may be earned on Myntra purchases is capped at Rs. 4,000 per assertion quarter. The assertion quarter is outlined primarily based in your assertion date. For instance, if the cardholder’s assertion date is the fifteenth of each month, the assertion quarters will probably be as follows:

1. First quarter: sixteenth March to fifteenth June
2. Second quarter: sixteenth June to fifteenth September
3. Third quarter: sixteenth September to fifteenth December
4. Fourth quarter: sixteenth December to fifteenth March
5. Capping on cashback on Flipkart and Cleartrip

The cardholder will proceed to earn 5% cashback on Flipkart and Cleartrip. Earlier, there was no capping on the cashback quantity. However, from twentieth June, there will probably be a cap on the cashback quantity. The cardholder can earn a most cashback of Rs. 4,000 in a press release quarter. There is a separate restrict of Rs. 4,000 cashback per assertion quarter on Flipkart and Cleartrip.

The under instance by Axis Bank clarifies how the cashback capping works on a press release quarter foundation.

The cashback will probably be credited to the cardholder’s bank card account. The cashback earned in a press release month will probably be credited inside 3 days previous to the following assertion era date. For instance, allow us to assume the cardholder’s assertion date is twentieth May. The cashback earned for transactions made between twenty first April to twentieth May will probably be credited on seventeenth June.

Discontinuation of complimentary airport lounge entry

The complimentary home airport lounge access profit will probably be discontinued from twentieth June. Earlier, the Flipkart Axis Bank Credit Card allowed 4 complimentary home airport lounge entry in a calendar 12 months. The complimentary home airport lounge entry was a giant profit with an entry-level bank card just like the Flipkart Axis Bank Credit Card, though it was primarily based on spend standards.

Now that the complimentary home airport lounge entry has been discontinued, many Flipkart Axis Bank credit score cardholders will probably be disenchanted.

Changes to the spend exclusion method for cashback

Earlier, the classes excluded from incomes reward factors or cashback had been recognized utilizing the assigned 4-digit Merchant Category Code (MCC). Axis Bank has now simplified this course of. The excluded transactions will now be recognized primarily based on the spend class as a substitute of the sooner MCC code.

Transactions within the following classes are excluded from incomes cashback:

1. Utility and telecom
2. Education
3. Rent
4. Wallet loading
5. Government companies
6. Insurance
7. Gold and jewelry
8. Fuel
9. Financial establishments
10. Cash advances, and
11. Repayments

The Rs. 500 annual charges on the Flipkart Axis Bank Credit Card are waived on spending Rs. 3,50,000 or extra in a 12 months. Spends in the direction of rental transactions and pockets loading is not going to be counted in the direction of spend-based annual payment waiver.

Summary of adjustments

Here is a fast abstract of adjustments occurring on the Flipkart Axis Bank Credit Card from twentieth June:

1. Cashback charge on Myntra will increase from 1% to 7.5% with capping of Rs. 4,000 per assertion quarter.
2. Cashback on Flipkart and Cleartrip will probably be capped at Rs. 4,000 per assertion quarter for every service provider.
3. The 4 complimentary home airport lounge entry will probably be discontinued
4. Excluded transactions will probably be recognized primarily based on the spend class as a substitute of the MCC code

Features and advantages

The Flipkart Axis Bank Credit Card gives the next options and advantages:

1. A welcome advantage of Rs. 600
2. 5% cashback on Flipkart and Cleartrip, topic to a separate capping of Rs. 4,000 per assertion quarter for every service provider.
3. 4% cashback on most popular retailers, which embody PVR, Cult.match, Swiggy, and Uber
4. 1% cashback on different eligible classes
5. 1% gas surcharge waiver on transactions between Rs. 400 and Rs. 4,000. The most waiver is Rs. 400 per assertion cycle
6. Dining Delights: 15% low cost as much as Rs. 500 at 10,000+ associate eating places throughout India with EazyDiner

Fees

The joining fee is Rs. 500 + Taxes (welcome advantages of Rs. 600). The annual payment is Rs. 500 + Taxes. It is waived on annual spends of Rs. 3,50,000 (hire and pockets loading transactions are usually not counted).

Should you proceed holding the cardboard after the adjustments?

The enhance within the Myntra cashback charge from 1% to 7.5% is a welcome transfer. For Flipkart and Cleartrip, the 5% cashback will include a separate capping of Rs. 4,000 per assertion quarter for every service provider. So, in case your quarterly spends on Flipkart are greater than Rs. 80,000, the cashback capping will impression you. The identical applies to Cleartrip. If your quarterly spends on each these retailers are under Rs. 80,000, then you needn’t fear. The discontinuation of the complimentary home airport lounge entry is a dampener.

Overall, the Flipkart Axis Bank Credit Card continues to be bank card offered your quarterly spends on Flipkart and Cleartrip are lower than Rs. 80,000. So, you might proceed holding the cardboard and luxuriate in its advantages even submit the twentieth June adjustments.

Gopal Gidwani is a contract private finance content material author with 15+ years of expertise. He may be reached at LinkedIn.