The document outlines revisions to Flipkart Axis Bank credit card terms and conditions effective March 5th, 2023, including:
1) A 1% transaction fee (plus GST) on rental, property management and similar payments made through MCC 6513, capped at Rs. 1500 per transaction.
2) A 1% DCC markup fee (plus GST) on overseas transactions made in Indian currency.
3) Utility bill, insurance, and education payments will no longer qualify for cashback.
It also describes changes to interest calculation methodology effective April 1st, 2023, including charging interest on interest, fees, and GST amounts until full payment.
The document outlines revisions to Flipkart Axis Bank credit card terms and conditions effective March 5th, 2023, including:
1) A 1% transaction fee (plus GST) on rental, property management and similar payments made through MCC 6513, capped at Rs. 1500 per transaction.
2) A 1% DCC markup fee (plus GST) on overseas transactions made in Indian currency.
3) Utility bill, insurance, and education payments will no longer qualify for cashback.
It also describes changes to interest calculation methodology effective April 1st, 2023, including charging interest on interest, fees, and GST amounts until full payment.
The document outlines revisions to Flipkart Axis Bank credit card terms and conditions effective March 5th, 2023, including:
1) A 1% transaction fee (plus GST) on rental, property management and similar payments made through MCC 6513, capped at Rs. 1500 per transaction.
2) A 1% DCC markup fee (plus GST) on overseas transactions made in Indian currency.
3) Utility bill, insurance, and education payments will no longer qualify for cashback.
It also describes changes to interest calculation methodology effective April 1st, 2023, including charging interest on interest, fees, and GST amounts until full payment.
The document outlines revisions to Flipkart Axis Bank credit card terms and conditions effective March 5th, 2023, including:
1) A 1% transaction fee (plus GST) on rental, property management and similar payments made through MCC 6513, capped at Rs. 1500 per transaction.
2) A 1% DCC markup fee (plus GST) on overseas transactions made in Indian currency.
3) Utility bill, insurance, and education payments will no longer qualify for cashback.
It also describes changes to interest calculation methodology effective April 1st, 2023, including charging interest on interest, fees, and GST amounts until full payment.
Revision of FLIPKART AXIS BANK Credit Card Terms and Conditions
1. With effect from 5th March, 2023, following revisions will be applicable on your Flipkart Axis Bank Credit Card: 1% transaction fee (plus 18% GST on transaction fee), capped at Rs.1500 per transaction, will be applicable on all transactions made towards payment of property management fees, rental commissions, rental payments or any such payments made through MCC 6513. A Dynamic Currency Conversion (DCC) markup fee of 1% (plus 18% GST on markup fee) will be applicable on each overseas transaction performed through Indian currency. Utility bill payments, insurance premium payments, education payments will not be eligible for cashback. 2. Any cashback already earned on above stated categories before 5th March, 2023, will remain unaffected. 3. This cashback is credited against the outstanding of the next monthly statement. An SMS will be sent every month which has the total amount of cashback earned in that statement. SMS of cashback earned won’t be sent after every transaction. Frequently Asked Questions- Set A
1. What are Merchant Category Codes (MCC) and for which MCCs will cashback be discontinued? The transactions for each category are identified through Merchant Category Codes (MCC), defined by the Network, e.g. Visa, MasterCard and RuPay. Axis Bank does not define the merchant category. Category-wise MCC codes which will not be eligible for cashback are given below:
For each rent payment identified through MCC 6513, a 1% rent surcharge fee (plus 18% GST on transaction fee), capped at Rs.1500 per transaction, will be levied on transaction amount. For example - If you pay Rs. 20000 on a third-party rent payment solutions using your Flipkart Axis Bank Credit Card, Rs. 200 + Rs. 36 = Rs. 236 i.e. 1% of transaction amount (plus 18% GST on transaction fee) will be charged as surcharge fee.
3. What is Dynamic Currency Conversion (DCC)?
DCC is the currency conversion service on real time basis. With DCC, a customer can make an overseas transaction using Indian currency. However, while making payment to an overseas merchant, 1% DCC markup fee is levied on the transaction amount. DCC is applicable on transactions made through POS or online either at International location or with a merchant located in Indian but registered overseas. Example- If you have made a purchase at a store in an International Country and payment is made using your Flipkart Axis Bank credit card in INR on POS machine, 1% DCC Markup fee + GST will be levied on the transaction amount. Similarly, if you made a purchase in India from a merchant registered overseas and payment is made using your Flipkart Axis Bank credit card in INR, 1% DCC Markup fee will be levied on the transaction amount.
Change in Interest Calculation Methodology – Set B
With effect from 1St April 2023, there will be a change in the way the Interest Amount is calculated. Interest will continue be levied on all transactions and charges that were carried out during the time the customer is a revolver (has revolving credit and has paid less than Total Amount Due in one of the previous months) An Illustration for the same is provided below. Statement Cycle – 16th to 15th of every month Statement Generation Date – 15th of every month Payment Due Date – 4th of every month Interest Rate – 3.6% per month
Cycle 1 : 16th May to 15th June
Purchase made on 20th May: Rs 10,000 No other purchase in the statement cycle Statement for Rs 10,000 generated on 15th June with payment due date of 4th July Cycle 2: 16th June to 15th July Payment of Minimum Amount Due made on 20th June: Rs 500
On 5th July, Interest Charged consisting of following components:
1. Interest on Rs 10,000 balance from 20th May to 20th June : Rs 10,000*30 days*3.6%*12/365 = Rs 355.07 2. Interest on Rs 9,500 balance from 20th June to 4th July : Rs 9,500*14 days*3.6%*12/365 = Rs 157.41 3. GST of 18% on Total Interest : 18% *(355.07+157.41) = Rs 92.24 Total Charges: Rs 604.72 Balance as on 5th July: 9500 + 604.72 = Rs 10104.72. If no other purchases are made Statement Generated at the end of Cycle 2 for Rs 10104.72 Minimum Amount Due at Interest Charges + 5% of remaining outstanding: 5% of 9,500 + 604.72 = Rs 1079.72.
Cycle 3: 16th July to 15th August
Payment of Total Amount Due made on 20th July Payment of Rs 10104.72. Outstanding Balance is zero No other purchases during the cycle. On 5th August (after payment due date) the following Interest components will be added for the difference in dates between transactions and payment. 1. Interest on Balance of Rs 9,500 from 4th July to 20th July : Rs 9,500 * 16 days * 3.6% * 12/365 = Rs 179.90 2. Interest on Interest Charges of Rs 521.48 from 4th July to 20th July : Rs 512.48 * 16 * 3.6% * 12/365 = Rs 9.70 3. Interest on GST Charges of Rs 92.24 from 4th July to 20th July : Rs 92.24 * 16 * 3.6% *12/365 = Rs 1.74 Total Charges = (179.90 + 9.70 + 1.74) = Rs 191.34 Interest of Rs 191.34 added to statement on 4th August. Post payment of Rs 191.34, no further interest will be charged on the previous transactions.
Frequently Asked Questions- Set B
1. From when will these charges be applicable?
The charges related to interest calculation methodology would be effective from 1st April, 2023.
2. Will there be any change in charges already levied in my statement?
No, these charges would only be applicable from 1st April, 2023.
3. How can I avoid Late Payment and Interest charges?
These charges are levied in case an amount less than total amount due is paid by the payment due date. To avoid these charges – • Pay at least your minimum amount due before the payment due date to avoid late payment charges • Pay total amount due before payment due date and complete payment pending interest on any previous transactions to avoid further interest charges
4. Does this include GST?
GST, as notified by the Government of India, is applicable on all fees, interest and other charges, and is subject to change as per relevant regulations of the Government of India. GST will be levied over and above the charges/fee mentioned in the document.
5. Will this be applicable from statements generated post 1st April 2023 or outstanding due from 1st April 2023? These charges would be applicable on post outstanding due from 1 st April, 2023.
In case of queries, please contact us at any of our touchpoints given below:
For Retail Banking segment, call on 18604195555 / 18605005555
For Burgundy segment, call on the exclusive toll-free number 18004190065
For Burgundy Private segment, call on the exclusive toll-free number - 18002108888
Alternatively, you may also check the details at www.axisbank.com
