Flipkart Axis Bank Credit Card: Cashback and rewards to be reduced from August 12, 2023
BIG SETBACK for Flipkart Axis Bank Credit Card owners! Cashback, Rewards To Be Reduced From August 12, 2023
Flipkart Axis Bank Credit Card Rule Changes.
Change in the Cashback earned on Myntra and flight & hotel payments on Flipkart:
From August 12, 2023, spending towards flight and hotel payments on Flipkart and spending on Myntra shall be eligible for 1.5 percent unlimited cashback, as per Axis Bank’s statement.
Earlier, users used to get cashback of 5 percent on spending on Flipkart and Flipkart entities.
Exclusion of payments made towards Government services from Cashback eligibility:
Payments made towards government services (MCCs – 9399) will not be eligible for cashback.
Cashback shall not be eligible on fuel spends, purchase of gift cards on Flipkart and Myntra, EMI transactions, or purchases converted to EMI post-facto.
Wallet loading transactions, cash advances, rental payments, purchase of jewelry, insurance services, utilities, educational services, payment of outstanding balances, payment of card fees, and other card charges.
The following MCCs have been excluded from cashback eligibility: 4814, 4816, 4899, 4900, 5541, 5542, 5944, 5960, 5983, 6011, 6012, 6051, 6300, 6381, 6513, 6540, 8211, 8241, 8244, 8249, 8299 and 9399
The transactions for each category are identified through Merchant Category Codes* (MCC), defined by the Network, for example, Visa, MasterCard, and RuPay.
Eligibility conditions for Annual Fee Waiver have been updated:
The annual fee charged on the card will be waived on annual spending greater than Rs 3,50,000.
Rent transactions (MCC 6513) and wallet load transactions (MCC 6540) will not be eligible for spending, counted in availing annual fee waiver
Earlier, the limit to waive the annual fee of the Flipkart Axis Bank credit card was set at Rs 2 lakh.
Some reports also said that the private sector bank had also reduced cashback and rewards for other credit cards such as Axis Bank Reserve, Axis Bank SELECT, Axis Bank Privilege, and Axis Bank My Zone cards.
An Axis Bank spokesperson, however, said: “As of date, Axis Bank has made changes to the product features of only the Flipkart Axis Bank credit card with effect from August 12, 2023.”
