Axis Bank credit card benefits are changing—Here's what to know
What's the story
Axis Bank has announced a slew of changes to the terms and conditions of its REWARDS Credit Card. The changes will be made in phases, beginning June 20, 2025.
The changes cover how reward points are calculated, changes in merchant categorization, new offers, and updated rules on the validity of unredeemed reward points.
Changes
New spend categorization approach from June 20
Starting June 20, Axis Bank will simplify its way of identifying transactions that don't earn rewards or qualify for fee waivers.
The bank will be grouping these transactions into broader spending categories like utilities, telecom, rent, and wallet top-ups.
This new method replaces the previous dependence on the detailed 4-digit Merchant Category Code (MCC).
Exclusions
Impact of revised spend categorization
With the new categorization method, some transactions won't add to the spending needed for annual fee waivers.
Rent, wallet top-ups, etc., won't count toward this requirement.
Notably, you won't even get reward points for spending in categories like fuel, utilities, insurance, rent, wallet top-ups, government and educational institutions, and transportation/toll payments.
Offer
Updated Swiggy offer from July 1
From July 1, Axis REWARDS Credit Card holders will get a flat ₹150 discount on Swiggy orders worth at least ₹500.
The offer can be availed twice every calendar month per card by applying the promo code "AXISREWARDS" at checkout.
Unused benefits won't roll over to the next month, and canceled orders (after successful payment) will still be counted toward the monthly limit.
Point forfeiture
New rules for unredeemed reward points from October 1
From October 1, Axis Bank will also introduce new rules on EDGE REWARD Points and EDGE Miles.
Customers will get up to 30 days to redeem leftover reward points if a credit card is closed. After this, the bank reserves the right to forfeit any unredeemed points.
Also, if a card account has a minimum due pending for over 90 days, Axis may forfeit unredeemed rewards, even if the card hasn't been officially closed.