The Axis Reserve card is one of the most popular cards of Axis Bank. Because such opportunities and facilities are not seen in other credit cards.
This card will be particularly useful for those who like to spend more, but keep in mind that its joining fee is somewhat higher, along with the renewal fee.
Let’s go through all the details about the Axis Reserve credit card one by one.
Joining fees and Annual Fees
The Axis Bank Reserve Credit Card has a combined joining and annual fee of Rs. 50,000.
This means you pay this fee once a year to keep the card active. If you spend Rs. 35 lakhs or more in a year, the fee is waived for the following year
Axis Bank Reserve Credit Card Interest Rates
The interest rate on the Axis Bank Reserve Credit Card is a bit complex and depends on the type of transaction:
Finance charges on cash advances and retail purchases: 2.95% per month (41.75% per annum) [based on information found online].
There’s an important distinction here.
To avoid these charges, you need to pay your credit card bill in full by the due date each month. If you carry a balance, you’ll be charged interest on that balance
Eligibility criteria for Axis Bank Reserve Credit Card
- High income level
- Strong credit history and high credit score
- Existing relationship with Axis Bank
- Meeting minimum age requirement
- Indian residency status
- Employment or stable income source
- Consideration of repayment capacity and financial stability.
Welcome Offer/Sign-Up Bonus of Axis Bank Reserve Credit Card
The Axis Bank Reserve Credit Card offers a welcome bonus of 50,000 reward points upon card activation and renewal* (*certain conditions apply). Here’s a breakdown:
- Points awarded: 50,000 Edge Reward Points
- Frequency: Once on card activation and renewal (each year)
Features and Benefits Axis Bank Reserve Credit Card
The Axis Bank Reserve Credit Card is a premium card packed with features and benefits that cater to affluent travelers and those who enjoy a luxurious lifestyle.
Rewards:
- Welcome Bonus: Earn 50,000 Edge Reward points upon card activation and renewal (subject to conditions).
- Reward Rate: Earn 15 Edge Reward points for every Rs. 200 spent on domestic transactions and 30 Edge Reward points for every Rs. 200 spent internationally.
Travel:
- Airport Lounges: Enjoy unlimited complimentary access to international and domestic airport lounges through Priority Pass membership. You also get 12 free visits per year for accompanying guests.
- Airport Transfers: Get up to 4 complimentary chauffeured airport transfers (pick-up and drop-off) every year.
- Hotel Memberships: Complimentary memberships with ITC Culinaire, Club Marriott Asia Pacific, and Accor Plus, offering exclusive benefits at partnered hotels.
Lifestyle:
- Concierge Services: Access a 24/7 concierge service to assist with various tasks like travel bookings, restaurant reservations, and more.
- Entertainment: Get complimentary BookMyShow offers including “Buy 1 Get 1” deals on movie and non-movie tickets (capped at a certain number per year).
- Golf: Enjoy 50 complimentary golf rounds at some of India’s premier courses every year.
- Dining: Up to 20% discount on dining bills at select restaurants and exclusive offers through EazyDiner Prime membership.
Other Benefits:
- Reduced Fees: Waived annual fee if you spend Rs. 35 lakhs or more in a year. Reduced foreign transaction markup fee and other benefits.
- Insurance Coverage: Enjoy comprehensive insurance benefits like purchase protection and travel insurance.
Hidden Fees and Charges of Axis Bank Reserve Credit Card
The Axis Bank Reserve Credit Card, while offering many benefits, does have some hidden fees and charges to watch out for:
Late Payment Fee: This applies if your payment isn’t received by the due date. The fee varies depending on the outstanding amount, ranging from Rs. 500 to Rs. 1200.
Extended Credit Charges: This is a hefty interest rate of 2.5% per month (34.49% per annum) on any outstanding balance after the due date. It’s crucial to pay your bill in full each month to avoid these high charges.
Cash Advance Fee: There’s typically a fee for withdrawing cash using your credit card, though the exact amount might not be explicitly advertised.
Foreign Transaction Markup Fee: There’s a 1% markup fee (plus taxes) applied to all international transactions done in Indian currency. This is on top of any potential currency conversion charges.
Rent Payment Fee: While the card offers fuel surcharge waivers, there’s a 1% fee (capped at Rs. 1500 per transaction) for rent payments via credit card.
Is this credit card worth it?
Joining fee of 50 thousand is never considered low for a fridge.
Therefore, this card is not for everyone. Those who like to support a bit of luxury life, this card is especially useful for them. Because comparing the fantastic discounts available here, others are worthless.
You can get this card for overall expenses. If you travel internationally or domestically more often, then using this card will get you fantastic discounts, as we mentioned above.
And this card of Axis Bank is the most popular because its benefits are unparalleled. Please do let us know in the comment box below how you see this card and what you think about it.
