Axis Bank Privilege is an exceptional credit card that stands out with its diverse rewards and benefits. In this review, we’ll explore the features of the Axis Bank Privilege credit card, covering its rewards program, fees, and other advantages that make it a worthy addition to your wallet.
Fees and Charges
The Axis Bank Privilege credit card has a joining fee of Rs 1500+GST, but for a limited time, this fee is waived, making it an attractive option for new users. Additionally, members can enjoy a welcome gift of 12500 EDGE Reward Points (valued at approximately Rs 5000) if the joining fee is paid, or 6250 EDGE Reward Points (valued at around Rs 2500) if the joining fee is waived. The annual fee for the card stands at Rs 1500+GST, and upon spending Rs 2.5 Lakhs in a membership year, cardholders are eligible for an annual fee waiver. Moreover, renewing the card also comes with a benefit of 3000 EDGE Reward Points (approximately Rs 1200 value) if the fee is charged.
Axis Bank Privilege Credit Card Rewards
The credit card offers a standard reward rate of 10 EDGE Reward Points for every Rs 200 spent, translating to a return of approximately 1% to 2%. While this base rate may seem modest, the Axis Bank Grab Deals feature allows users to boost their rewards significantly. Some of the exciting ways to earn higher returns include:
- 2X Rewards on Amazon/Flipkart vouchers on GIFT EDGE, giving a return of around 2% to 4%.
- 2X Rewards on Croma, TataCLiQ, providing a return of approximately 2% to 4%.
- 3X on Myntra purchases, resulting in a return of about 3% to 6%.
It’s worth noting that certain transactions, such as insurance, fuel, rent, utilities, educational services, and government payments, are excluded from earning rewards on the Axis Bank Privilege credit card.
Rewards Redemption
Redeeming rewards is made convenient through the Axis Bank EDGE Rewards Portal, with each EDGE Reward Point being worth Rs 20 paise for various redemption options. Cardholders have the option to redeem their rewards for Amazon and Flipkart gift vouchers as well.
The USP: Multi-Brand Voucher
One of the standout features of the Axis Bank Privilege credit card is the “multi-brand voucher.” Normally, an EDGE Reward point is worth 20 paise when redeemed for rewards like an Amazon gift voucher. However, with the Privilege card, cardholders have the option to exchange 12500 EDGE Reward Points for a multi-brand voucher worth Rs 5000, effectively increasing the value of 1 EDGE Reward point to 40 paise.
The multi-brand voucher can be utilized at a range of popular brands, including Shoppers Stop, Myntra, Prestige/BB Star (online), Zee 5, Sony LIV (OTT), Pizza Hut, Costa Coffee (Dining), Louis Philippe, Vero Moda, The Raymond Shop, W for Woman, United Colors of Benetton, Levi’s, Woodland, Puma, Lifestyle, Bata, Hidesign, Hush Puppies, Aldo (Fashion), and The Body Shop, Kama Ayurveda, Apollo Pharmacy (Beauty & Healthcare).
Maximizing Rewards with Privilege
Holding the Axis Bank Privilege credit card proves advantageous not only for the rewards it offers but also for other EDGE Rewards credit cards. Axis Bank maintains a single EDGE Rewards account for all eligible credit cards, and having the Privilege card doubles the reward rate for other EDGE Rewards cards like Magnus. By earning EDGE Rewards through Magnus and redeeming them for the multi-brand voucher while holding the Privilege card, cardholders can make the most of their rewards.
Complimentary Airport Lounge Access
The Axis Bank Privilege credit card provides cardholders with two complimentary domestic airport lounge visits per quarter. The list of eligible lounges is in this list. However, please note that there is no complimentary international airport lounge access available with this card.
Other Benefits and Charges
In addition to the rewards and lounge access, the Axis Bank Privilege credit card offers a fuel surcharge waiver of 1% on transactions ranging from Rs 400 to Rs 4000, with a maximum waiver of Rs 400 per statement cycle. For foreign currency transactions, a charge of 3.5%+GST applies, and the finance charges are set at 3.6% per month or 52.86% annually.
The Bottom Line
With its reasonable annual fee, attractive reward rates, and the highly valuable multi-brand voucher, the Axis Bank Privilege credit card emerges as an excellent choice for savvy users. It is especially beneficial for those who plan to redeem rewards through the multi-brand voucher, as it offers higher returns. Additionally, users can leverage the Grab Deals feature to earn accelerated rewards, making it a well-rounded credit card option.
Frequently Asked Questions
- Are all spends included for milestone benefit?
- No, rent and wallet spends are not eligible for calculating milestone spends.
- Are all spends included for annual fee waiver calculation?
- Yes, all spends contribute towards calculating the annual fee waiver.
- Can we redeem accumulated EDGE Rewards from other cards for a multi-brand voucher with Privilege?
- Yes, you can redeem EDGE Reward Points from other eligible cards for the multi-brand voucher while holding the Privilege card. This allows you to maximize your rewards effectively.