It’s time for some significant Axis Ace credit card devaluation. Just when you thought the recent SBI Cashback Credit Card devaluation would be the worst devaluation of any cashback card ever, Axis says, “Hold my Ace.”
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Axis Ace credit card was a favourite among the masses for its excellent cashback benefits, including unlimited 5% cashback on recharges and bill payments via Google Pay (GPay), unlimited 4% cashback on spends at preferred merchants (Swiggy, Zomato, and Ola), and unlimited 2% cashback on all other online and offline spends. Read on to find out more about this major Axis Ace credit card devaluation.
Axis Ace Credit Card Devaluation: What’s Changing?
Here’s what is being changed (or devalued) on the Axis Ace credit card, with effect from 15th June 2023:
1. No more unlimited cashback on recharges and bill payments on Google Pay
Previously, Axis Bank offered Ace Credit Card holders unlimited 5% cashback on recharges and bill payments made with the card on Google Pay. This included mobile recharges, DTH recharges, and utility bill payments like electricity, water, LPG, etc.). This meant that Ace card holders could earn 5% cashback on all such transactions without any upper limits. For future reference, let’s call this 5% GPay cashback category ‘Slab 1’.
Now, Axis Bank has withdrawn this benefit, and Ace Credit Card holders can no longer earn unlimited 5% cashback on recharges and bill payments made through Google Pay. Instead, the maximum cashback one can get will be ₹500 per billing cycle, meaning the maximum amount of transaction eligible for the 5% cashback would be ₹10,000. After the ₹10,000 mark, Slab 1 would have no cashback.
Simply put, you would only get ₹500 cashback even if you make ₹25,000 Slab 1 spends. Now, the benefit stands as:
Slab 1: 5% cashback up to ₹500 per billing cycle on transactions done on Google Pay
But wait, if you use the Ace card on preferred merchants (Swiggy, Zomato, and Ola) as well, it gets even worse.
2. No more unlimited cashback on spends at preferred merchants
Transacting with Ace card on preferred merchants, such as Swiggy, Zomato, and Ola, gave card holders 4% cashback without any upper limit. Let’s call this preferred merchants cashback category ‘Slab 2’.
Now, Axis Bank has withdrawn this benefit too. Like Slab 1, the maximum cashback you can get will also be limited to ₹500 per billing cycle (meaning the maximum eligible spends in Slab 2 for 4% cashback would be ₹12,500). After the ₹12,500 mark, Slab 2 also would give no cashback.
Slab 2: 4% cashback up to ₹500 per billing cycle on transactions done on preferred merchants
That isn’t all. The worst part is:
3. Combined upper cashback limit of ₹500 per cycle for Google Pay & preferred merchant transactions
Yes, this is for real. The upper cashback capping of ₹500 per billing cycle applies to Slab 1 and Slab 2 combined spends. The ₹500 upper limit is not separate for both the above Slabs. Now that’s like putting some salt and pepper on fresh wounds.
Make what you will of this, but if you ask us, this is Axis’s way of saying, “We’re taking away the primary benefits of the card, xoxo.”
Other than both these slabs, however, the benefit of the final category – online and offline spends other than Slab 1 and Slab 2 – remains unchanged. For now, Axis Ace credit card will continue to offer holders 2% unlimited cashback on all other online and offline spends.
You can check Axis Ace credit card benefits and apply for it here:
Do you hold Axis Ace? Or were you planning to get your hands on one? In the comments, let us know what you feel about this Axis Ace credit card devaluation.