Axis Bank New Update For Credit Card
10 नवंबर 2023 से आपके क्रेडिट कार्ड पर ये नियम लागू हो जायेगे
we would like to inform you again regarding following revisions on your Axis Bank Credit Card with effect from 10th November 2023
Change in Minimum Amount Due (MAD) computation logic
The Minimum Amount Due (MAD) computation methodology for your credit card billing shall be revised as follows
Existing MAD computation logic: MAD = 5% of (Purchases/ Cash Withdrawals) + 100% of (Interest/Finance Charge, All Fees, loans, taxes)
Revised MAD computation logic (effective 10th Nov 2023): MAD = 2% of (Purchases/ Cash Withdrawals) + 100% of (Interest/Finance Charge, All Fees, loans, taxes)
Terms and conditions for EMI/Loan Foreclosure: In accordance with the existing terms and conditions, if a Loan facility/Loan is foreclosed by the cardholder during its tenure
the cardholder shall be liable to repay Total Outstanding due (including the principal outstanding,
foreclosure charge and the interest on the loan for the actual number of days till closure) from the last billing date till the date of closure of Loan Facility/Loan, to the Bank.
Above changes shall be applicable across Instant Loan on Credit Card, Balance on EMI, Convert purchases into EMIs (Conversion of Transaction into EMI or Merchant EMI) across all Axis Bank Credit Cards.