If you use a Flipkart Axis Bank credit card, you are in for some bad news. Starting from August 12, 2023 the private sector bank has reduced select cashback and reward points on Flipkart Axis Bank credit cards.
Here is all you need to know about the changes on the Flipkart Axis Bank credit card.
Cashback on Myntra and flight and hotel payments on Flipkart
From August 12, 2023, you will be eligible for a cashback of 1.5 per cent for spending towards flight and hotel payments on Flipkart, as per the Axis Bank website. Earlier, you used to get a cashback of 5 per cent on spending on Flipkart and Flipkart entities. Cashback on purchases on Myntra has also been reduced to 1.5 per cent from 5 per cent.
No cash back on payments made toward government services
You will not receive any cashback for making payments towards government services with Merchant Category Code (MCC) 9399, the bank said. Further, you will not be eligible for cashback on fuel spends, purchase of gift cards on Flipkart and Myntra, EMI transactions, purchases converted to EMI post-facto, wallet loading transactions, cash advances, rental payments, purchase of jewelry, insurance services, utilities, educational services, payment of outstanding balances, payment of card fees, and other card charges.
The following MCCs have been excluded from cashback eligibility: Utilities MCC-4814,4816,4899,4900, 5541; fuel-5542,5983, Mutual Fund-6011; Jewellery, watch, clock, and silverware stores: 5944; Insurance MCC-6300, 6381,5960,6012,6051,6012; Rent MCC-6513, Wallet MCC-6540; Educational services MCC–8299,8211,8241,8244,8249; Government services-9399.
Do note that the transactions for each category are identified through Merchant Category Codes* (MCC), defined by the Network, for example, Visa, MasterCard, and RuPay.
Minimum spend for annual fee waiver increased
The private bank has also updated the conditions for the annual fee waiver. If you can spend more than Rs 3.5 lakh in a year, the bank will waive the annual fee for that year. Earlier, the limit to waive the annual fee of the Flipkart Axis Bank credit card was set at Rs 2 lakh. The amount spend on rent (MCC 6513) and wallet load (MCC 6540) will not be eligible to be counted in availing annual fee waiver, the bank said. There is no change in this rule.
There are reports that the private sector bank had also reduced cashback and rewards for other credit cards such as Axis Bank Reserve, Axis Bank SELECT, Axis Bank Privilege, and Axis Bank My Zone card. Several took to Twitter to discuss how Axis Bank devalued its credit cards and relevant notification links were shared.
However an Axis Bank spokesperson told ET Wealth Online via email, “As of date, Axis Bank has made changes to the product features of only the Flipkart Axis Bank credit card with effect from August 12 2023.”
Source By: economictimes
