Finance
Credit Card
1
There goes a great card. Rs.500 Max is a body blow.
At least it'll stem the daily DD posts related to whether someone's spotted the elusive invite in their GPay accounts (Just a joke, hope everyone who wants it gets it).
Always i used to take cashback of Rs.1000 to Rs.2000 per month.
That quarterly impact was for citi aquisition only
With effect from 15th June, 2023, following revisions will be applicable on your ACE Credit Card:
1. All the purchases (minus returns and refunds) made by you using the Card will be eligible for rewards as provided below:
*Cashback shall not be eligible on fuel spends, EMI transactions, purchases converted to EMI post facto, wallet loading transactions, cash advances, rental payment, purchase of gold/jewellery items, insurance premium payments, educational services, payment of outstanding balances, payment of card fees and other card charges.
For example,
If the customer spends Rs. 35,000 in a billing cycle with the following break up of spends –
Recharge & Utility Bill payment through Google Pay: Rs. 5,000
Swiggy, Zomato & Ola: Rs. 10,000
Other spends on eligible cashback categories: Rs. 20,000
Out of these “Other spends”, Rs. 10,000 was an EMI purchase.
Thus, the total spends eligible for cashback would only be
Rs. 5,000 + Rs. 10,000 + Rs. 20,000 - Rs. 10,000 (EMI transaction) = Rs. 25,000
The cashback for the billing cycle in example would be calculated as follows:
5% of Rs. 5,000 = Rs. 250
4% of Rs. 10,000 = Rs. 400
2% of Rs. 10,000 = Rs. 200
Since the combined cashback earned on 5% and 4% cashback eligible transactions is capped at Rs.500, the cashback credited for these categories will be Rs. 500 and not Rs.650
Thus, the total cashback for the example would be Rs. 500+200 = Rs. 700
2. Education service payments will not be eligible for cashback.
3. Cashback earned in a statement cycle is credited against the outstanding of the next monthly statement. An SMS will be sent every month which has the total amount of cashback earned in that statement. SMS of cashback earned won’t be sent after every transaction.
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Frequently Asked Questions
1. From which date the changes are applicable?
The changes are applicable from 15th June, 2023.
2. What is cashback?
Cashback refers to money awarded in the customer’s Credit Card account under the cashback
scheme. Customers can enjoy up to 5% cashback on spends made using their ACE credit card.
3. How much cashback will I earn on the transactions made using my ACE Credit Card?
Customers will earn a maximum cashback of Rs. 500 on transactions made on 5% and 4%
cashback eligible transactions combined, and unlimited cashback on 2% cashback eligible
transactions for bonafide personal use, using their ACE credit card and enjoy up to 50 days
of interest free credit period.
For example,
If the customer spends Rs. 35,000 in a billing cycle with the following break up of spends –
Recharge & Utility Bill payment through Google Pay: Rs. 5,000
Swiggy, Zomato & Ola: Rs. 10,000
Other spends on eligible cashback categories: Rs. 20,000
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Out of these “Other spends”, Rs. 10,000 was an EMI purchase.
Thus, the total spends eligible for cashback would only be
Rs. 11,000 + Rs. 15,000 + Rs. 20,000 - Rs. 10,000 (EMI transaction) = Rs. 25,000
The cashback for the billing cycle in example would be calculated as follows:
5% of Rs. 11,000 = Rs. 550
4% of Rs. 15,000 = Rs. 600
2% of Rs. 10,000 = Rs. 200
Since the combined cashback earned on 5% and 4% cashback eligible transactions is capped at
Rs.500, the cashback credited for these categories will be Rs. 500 and not Rs.1150
Thus, the total cashback for the example would be Rs. 500+200 = Rs. 700
6. Will I continue earning unlimited cashback on other spends?
For transactions eligible for 2% cashback, customers will continue to earn unlimited cashback for
bonafide personal use. For cashback-eligible spends category terms & conditions, please visit the
below mentioned link.
https://www.axisbank.com/docs/default-source/de...
card-tncs.pdf
7. Will I be able to make gold/jewelry purchases and insurance premium payments using ACE
Credit Card?
Customers will continue to be able to make paymentstowards educational services using
their ACE credit card and enjoy up to 50 days of interest free credit period.
8. What is MCC & for which MCCs will cashback be discontinued?
A Merchant Category Code (MCC) is a four digit number assigned to a merchant/business by the
merchant’s acquiring bank. These are allotted by Visa or MasterCard.
The following MCCs have been excluded from cashback eligibility (fuel, wallet load transactions,
payment of property management fees, rental commissions, rental payments, watch, clock,
jewelry, and silverware stores related payments, insurance premium/ insurance related
payments or any such payments made through following MCCs): 6012, 6051, 5541, 5983, 5542,
6011, 6540, 5944, 630
I will say still a great card. 2% unlimited is still there. They have still not excluded utility category here (utility mcc outside Google pay) like they have done on most low end cards..
And 500 capping means 10k spends on utility and food. That's good enough for any normal person.
official link?
Nice move by Axis bank. VU 👍🏼
Next target Axis Magnus, Vistara and Axis Reserve Credit Card.
Axis ACE accelerated reward category of 5% and 4% are capped to Rs 500 per month..😞
I think many people were misusing this card for utilities bill payment and axis already has airtel credit card for utilities.
So they are making people to choose Airtel Axis card. It's totally a business move.
😳
