Axis Bank Privilege Credit Card Review

Anish TadimarriCredit CardLeave a Comment

Axis Privilege Credit Card Review

The Axis Bank Privilege Credit Card is one of the best travel credit cards in the market with a very reasonable annual fee of INR 1500. The annual fee is heartily compensated with an INR 5000 voucher from Yatra. Additionally, one can earn 10 rewards points for every INR. 200 spent along with a milestone voucher of INR 5000 from Yatra. All of this together makes the Axis Privilege Credit Card an excellent package for those who are looking to get an entry-level travel rewards credit card.

FinTown Rating:  3/ 5

Rating by Category:

Annual Fee                                              3.5
Rewards Rate 2
Annual Bonus 3
APR 3
  • The annual fee for this credit card is INR 1,500. Nevertheless, there is no joining fee for Priority Customers.
  • The rewards rate for this credit card is only 1%. Therefore, a less than average rating is justified.
  • You get Yatra  voucher worth INR 5,000, which gets doubled on achieving milestone spend of INR 2,50,000
  • The Annual Percentage Rate or annualized interest rate is rather on the higher side at 41.75%.

Pros and Cons:

Reasons to Choose Reasons to Avoid
Activation benefit and  Milestone benefit High Annual Percentage Rate
Airport Lounge Access High interest rate
Low Annual Fee No golf lessons/green fee waivers

Rewards/Benefits – Axis Bank Privilege Credit Card

  • Activation Benefit: Yatra vouchers worth INR  5000 on swiping the Privilege Card thrice within 60 days of card issue
  • Reward Points: Earn 10 points on every INR 200 spent on the credit card; 10 reward points will give INR 2 in cash vouchers in multiple e-commerce portals like Amazon and Flipkart
  • Milestone Benefit: Yatra Vouchers worth INR 5,000 on the Axis Bank Edge website on minimum annual spends of INR 2.5 lakhs
  • Annual Benefits: Earn 3000 eDGE Reward Points on renewal of your Axis Bank Privilege Credit Card
  • Access numerous airport lounges: 2 Complimentary visits per calendar quarter
  • Fuel surcharge: Fuel surcharge refund on spends at all fuel stations across India which is Valid on transactions between INR 400 and INR 4,000
  • Insurance Coverage: Air Accident Cover upto INR 2,50,00,000; Purchase Protection upto INR  1,00,000 and Lost Card Liability upto INR 3,00,000

Is the Rewards Rate good?

For every INR 200 spent, you would receive INR 2 in rewards i.e. you get 10 reward points. In other words, you earn INR 1 or 1 reward point on spending every INR 100. Therefore, the rewards rate is 1%.

How to Redeem Rewards – Axis Bank Privilege Credit Card?

You can redeem your rewards from the Rewards Store, Recharges & Bookings section & even at a Partner Brand’s outlets. To redeem your points, you need a minimum of 300 points. However, if the price of an item you want to purchasee is higher than the points that you have earned, you can use ‘Points plus Pay’ option to buy anything of your choice.

You can redeem your points at Axis Bank Internet Banking by logging in to your eDGE rewards, Axis eDGE rewards website, Axis mobile app or by calling Customer Care.

Is this Card for you?

This card is for you if:

  • You don’t want to pay a lot towards annual fee
  • A high interest does not bother you
  • You want an airline agnostic travel card
  • You are looking for complimentary airport lounge visits

Axis BankPrivilege Credit Card – Payments & Charges:

Annual Fee INR 1,500 when annual spends on the card is less than INR 30,000
Foreign Transaction Markup Fee  3.5%
Cash Withdrawal Fee  3% of the withdrawn amount at ATMs in India
Late Payments Fee INR 300 to INR 600
Overlimit Penalty
3% of the amount (excluding fees, charges and taxes)
over the credit limit, subject to a minimum of INR 500
Credit Card Replacement Fee  Nil

How to get the most out of your card?

With the Axis BankPrivilege Credit Card, a card holder who spends INR 2.5 Lakhs on his/her card will be eligible for INR 10,000 in vouchers.

Terms & Conditions Explained:

  • Non – Payment of Minimum Amount Due (MAD): Total Amount Due (TAD) or MAD should be paid on or before the payment due date

Application Requirements/Eligibility Criteria:

  • Primary cardholder between the age of 18 – 70 years
  • Add-on cardholder should be over 18 years
  • Net Annual Income of at least INR 6,00,000
  • Resident of India

Other cards with similar/better features:

American Express Platinum Travel Credit Card

If you are interested in the Axis Bank Privilege Credit Card,a good  alternative with excellent travel rewards rate is the American Express Platinum Travel Credit Card. The AmEx Platinum Travel Card has a hefty annual fee of INR 5000 but it offers a rewards rate of 8.375% for those who spend more than INR 4 Lakhs on the card. This card provides an Intro bonus worth INR 4000, INR 19500 worth Indigo travel vouchers, and Taj Hotels voucher worth INR 10000 on INR 4 lakhs spend.

Citi PremierMiles Credit Card

Citibank PremierMiles Credit Card is perfect for you if you are a frequent traveller and you are very particular about your comfort while travelling. This card  also offers 6-8 complimentary access to airport lounges, which you can make use of while travelling. Additionally, you can make use of your miles to earn airline tickets. You would also enjoy up to 15% discounts on dining bills. For this credit card, you can get up to a rewards rate of 3%. This reward rate is for airline spends. Furthermore, you can earn rewards rate of up to 4.5% on redeeming your points against travel partners of Citibank.

Bottom Line

Axis Bank launched this card to target the non-premium travel card segment. With its airline and spend agnostic benefits program, it is one of the few travel rewards cards that gives great value across all spend. Moreover, it has excellent benefits for airport lounges, fuel surcharge, and air insurance.

The Axis Privilege Credit Card might be one of the best value credit cards in its annual fee range. Except for the high APR interest rate, there is no real weakness to this card. If you want travel benefits with no restrictions on airline, this is one of the best credit cards out there. Go for it!

FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial well-being and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

 

Leave a Reply

Your email address will not be published.