Axis Bank ACE Credit Card Vs. Myntra Kotak Credit Card: In the realm of credit cards, where everyday expenses can yield substantial returns, choosing the right card becomes pivotal. The Axis Bank ACE Credit Card and Myntra Kotak Credit Card stand out as attractive options for individuals seeking diverse benefits. Let’s delve into the intricacies of these beginner cards to understand their features and advantages.
Axis Bank ACE Credit Card: Unveiling Financial Rewards
Features and Benefits
Rewards Program
- 5% cashback on utility bill payments via GPay.
- 4% cashback on Zomato, Swiggy, and Ola.
- 2% cashback on all other types of spending.
Travel Benefits
- 4 complimentary domestic airport lounge accesses annually.
- 4% accelerated cashback on Ola rides.
Dining Benefits
- 20% discount on dining bills across 4000+ restaurants with the Dining Delights program.
- 4% accelerated cashback on Swiggy and Zomato.
Spend Based Waiver
- Joining fee waiver upon spending more than Rs. 10,000 within the initial 45 days.
- Renewal fee waiver from the second year upon spending more than Rs. 2 Lakhs in the preceding year.
Fuel
- 1% fuel surcharge waiver at all fuel stations across the country (maximum waiver of Rs. 500 per month).
Fees and Charges
- Joining Fee – Rs. 499 + Taxes.
- Interest Rates – 3.6% per month or 52.86% annually.
- Foreign Currency Markup – 3.5% of the transacted amount.
- Cash Advance Fee – 2.5% of the withdrawn amount or Rs. 500, whichever is less.
The Axis Bank ACE Credit Card emerges as an enticing shopping companion with an array of cashback options and substantial benefits across various categories.
Myntra Kotak Credit Card: Tailored for Fashion Enthusiasts
Features and Benefits
Welcome Benefits
- A voucher from Myntra worth Rs. 500.
Rewards Program
- 5% instant discount on all spending on the Myntra website or app (max capped at Rs. 750 per order).
- Unlimited cashback of 1.25% on all other spends made with online and offline merchants.
Dining and Movie Benefits
- 5% cashback on all spends with Swiggy, Swiggy Instamart, Cleartrip, Urban Company, and PVR (max capped at Rs. 1,000 per month).
Memberships
- Complimentary membership to Myntra’s Insider Program.
Travel Benefits
- 1 complimentary domestic lounge access per quarter.
Milestone Benefits
- 2 complimentary PVR movie tickets worth Rs. 250 each upon spending Rs. 50,000 in a calendar quarter.
Spend Based Waiver
- Annual fee waiver upon spending Rs. 2 Lakhs or more in a year.
Fuel
- 1% fuel surcharge waiver (max capped at Rs. 3,500 a year).
Fees and Charges
- Joining Fee – Rs. 500 + Taxes.
- Interest Rate – 3.7% per month and 44.4% per annum.
- Foreign Currency Markup – 3.5% of the transacted amount.
- Cash Advance Fee – 2% or Rs. 500 on every Rs. 10,000 withdrawn.
- Add on Card Fee – Rs. 299.
- Card Replacement – Rs. 200.
The Myntra Kotak Credit Card caters specifically to fashion enthusiasts, providing instant discounts and cashback options for both online and offline spending.
Quick Comparison
| Basics | Axis Bank ACE Credit Card | Myntra Kotak Credit Card |
|---|---|---|
| Joining Fee | Rs. 499 + Taxes | Rs. 500 + Taxes |
| Welcome | N/A | A voucher from Myntra worth Rs. 500 |
| Interest Rate | 3.6% per month or 52.86% annually | 3.7% per month and 44.4% per annum |
| Rewards | 5% cashback on utility bill payments via GPay.<br> 4% cashback on Zomato, Swiggy, and Ola.<br> 2% cashback on all other types of spends | 7.5% instant discount on all spending on the Myntra website or app.<br> Unlimited cashback of 1.25% on all other spending both online and offline |
| Dining and Movie | 20% discount on dining bills with the Dining Delights program.<br> 4% accelerated cashback on Swiggy and Zomato | 5% cashback on all spends with Swiggy, Swiggy Instamart, Cleartrip, Urban Company, and PVR |
| Foreign Currency Markup | 3.5% of the transacted amount | 3.5% of the transacted amount |
| Travel | 4 complimentary domestic airport lounge access every year.<br> 4% accelerated cashback on Ola rides | 1 complimentary domestic lounge access per quarter |
| Memberships | N/A | Complimentary membership to Myntra’s Insider Program |
| Milestone | N/A | 2 complimentary PVR movie tickets worth Rs. 250 each upon spending Rs. 50,000 in a calendar quarter |
| Spend Based Waiver | Joining fee waiver upon spending more than Rs. 10,000 within the initial 45 days.<br> Renewal fee waiver upon spending more than Rs. 2 Lakhs in the preceding year | Annual fee waiver upon spending Rs. 2 Lakhs or more in a year |
| Fuel | 1% fuel surcharge waiver at all fuel stations across the country (maximum waiver of Rs. 500 per month) | 1% fuel surcharge waiver (max capped at Rs. 3,500 a year) |
| Cash Advance Fee | 2.5% of the withdrawn amount or Rs. 500, whichever is less | 2% or Rs. 500 on every Rs. 10,000 withdrawn |
Conclusion
In conclusion, both the Axis Bank ACE Credit Card and Myntra Kotak Credit Card present compelling options, each tailored to different preferences. While the Axis Bank ACE Credit Card excels in providing diverse cashback opportunities, especially with utility bill payments, the Myntra Kotak Credit Card stands out for fashion enthusiasts, offering instant discounts and exclusive benefits with Myntra. Ultimately, the choice between the two depends on individual spending patterns and priorities.
FAQs – Axis Bank ACE Credit Card and Myntra Kotak Credit Card
1. What distinguishes the Axis Bank ACE Credit Card from other credit cards?
- The Axis Bank ACE Credit Card stands out with its robust cashback rewards, particularly in utility bill payments, Zomato, Swiggy, and Ola transactions. Additionally, it offers travel and dining benefits, making it a versatile choice for cardholders.
2. Can you elaborate on the dining benefits of the Axis Bank ACE Credit Card?
- Certainly! Cardholders enjoy a 20% discount on dining bills at over 4000 restaurants through the Dining Delights program. There’s also a 4% accelerated cashback on Swiggy and Zomato, enhancing the overall dining experience.
3. What are the advantages of the Myntra Kotak Credit Card for fashion enthusiasts?
- The Myntra Kotak Credit Card caters specifically to fashion enthusiasts with a welcome voucher from Myntra worth Rs. 500. Cardholders also benefit from a 5% instant discount on Myntra purchases, unlimited cashback on other spends, and exclusive perks with partner merchants.
4. How does the Myntra Kotak Credit Card reward its users for spending on dining and movies?
- Users enjoy a 5% cashback on all spends with Swiggy, Swiggy Instamart, Cleartrip, Urban Company, and PVR, capped at Rs. 1,000 per month. This feature enhances the card’s appeal for those who frequently dine out or enjoy entertainment activities.
5. Are there any annual fee waivers for these credit cards?
- Yes, both cards offer annual fee waivers based on spending. The Axis Bank ACE Credit Card provides a renewal fee waiver from the second year upon spending more than Rs. 2 Lakhs in the preceding year. The Myntra Kotak Credit Card offers an annual fee waiver upon spending Rs. 2 Lakhs or more in a year.
6. What travel benefits are associated with the Axis Bank ACE Credit Card?
- The Axis Bank ACE Credit Card provides cardholders with 4 complimentary domestic airport lounge accesses every year at selected airports. Additionally, there’s a 4% accelerated cashback on Ola rides, enhancing the travel experience for users.
7. Can you highlight the milestone benefits of the Myntra Kotak Credit Card?
- Certainly! Upon spending Rs. 50,000 in a calendar quarter, Myntra Kotak Credit Card users receive 2 complimentary PVR movie tickets worth Rs. 250 each. This milestone benefit adds extra value for those who enjoy movies.
8. What is the foreign currency markup for both credit cards?
- Both the Axis Bank ACE Credit Card and Myntra Kotak Credit Card have a foreign currency markup of 3.5% of the transacted amount, applicable for international transactions.
9. How do these credit cards address fuel-related expenses?
- Both cards offer a 1% fuel surcharge waiver. For the Axis Bank ACE Credit Card, the maximum waiver is Rs. 500 per month, while the Myntra Kotak Credit Card has a max cap of Rs. 3,500 a year.
10. Is there an add-on card fee associated with the Myntra Kotak Credit Card?
- Yes, the Myntra Kotak Credit Card has an add-on card fee of Rs. 299, allowing cardholders to extend the benefits to additional family members.