The Axis Bank Privilege Credit Card is a premium offering from Axis Bank, one of India’s leading private sector banks. This credit card is designed for those who seek luxury and convenience in their everyday transactions.
It offers a bunch of awesome perks and privileges like earning reward points on every purchase, getting free access to airport lounges, no fuel surcharge, amazing dining experiences, and much more.
However, like any financial product, it’s crucial to thoroughly understand its features, benefits, costs, and potential drawbacks before opting for it.
We’re going to give you an in-depth look at the Axis Bank Privilege Credit Card to help you decide.
Table of Contents
- Overview of the Axis Privilege Credit Card
- Fees and Charges
- Welcome Benefits
- Features and Benefits
- Why You Should Apply for the Axis Bank Privilege Credit Card?
- Why You Should Not Apply?
- Situations Where the Card May Not Be the Most Suitable Option
- Application Process for Axis Bank Privilege Credit Card
- Eligibility Criteria and Required Documents
- Conclusion
Overview of the Axis Privilege Credit Card
Here are the key features of the Axis Bank Privilege Credit Card, in a concise and easy-to-understand list:
- Type: It’s a premium credit card.
- Reward Rate: Offers a reward rate of 1% to 2%.
- Annual Fee: The annual fee is 1,500 INR+GST but it’s being offered first year free for a limited period.
- Joining Fee: For paid cards, the joining fee is 1,500 INR+GST (First year Free). For priority account holders, the card is free.
- Welcome Benefit: Paid cards get 12,500 points (worth 5,000 INR), while free cards get 6,250 points (worth 2,500 INR).
- Renewal Fee: The renewal fee is 1,500 INR+GST, with a waiver on spending of 2.5L in the previous year.
- Renewal Benefit: Earn 3,000 Edge Rewards upon renewal.
- Reward Points: Earn 10 points per Rs.200 spent (Domestic & International).
- Redemption: Points can be redeemed for catalog vouchers (1% reward rate) or multi-brand vouchers (2% reward rate).
- Airport Lounge Access: Offers complimentary access to 2 domestic lounges per quarter.
- Eligibility: Eligibility is based on an income of more than 6L INR p.a. via ITR or a credit limit of more than 1L INR on another bank’s credit card.
- Application: Applications can be made online with a quick processing time.
This card is particularly beneficial for those who prefer shopping vouchers over travel redemptions.
Fees and Charges
Here are the fees and charges associated with the Axis Bank Privilege Credit Card:
| Fees/Charges | Amount |
|---|---|
| Type | Premium Credit Card |
| Joining Fee (Paid Card) | 1,500 INR+GST (First year Free) |
| Joining Fee (Free Card) | For Priority A/c holders |
| Welcome Benefit (Paid Card) | 12,500 Points (5,000 INR worth) |
| Welcome Benefit (Free Card) | 6,250 Points (2,500 INR worth) |
| Annual Fee | 1,500 INR+GST (First Year Free) |
| Renewal Fee | 1,500 INR+GST |
| Renewal Benefit | 3,000 Edge Rewards |
| Renewal Fee Waiver | On spends of 2.5L in the previous year |
Welcome Benefits
- For paid cards, you receive 12,500 points which are equivalent to 5,000 INR worth of vouchers.
- For free cards (for Priority account holders), you get 6,250 points, which equals 2,500 INR worth of vouchers.
Let’s break this down a bit:
For the paid card, you’re essentially paying a joining fee of 1,500 INR+GST and in return, you’re receiving vouchers worth 5,000 INR. This means you’re gaining an additional value of 3,500 INR right from the start.
For the free card, it gets even better. You’re not paying anything upfront, but you’re still receiving vouchers worth 2,500 INR. So, you’re immediately profiting by 2,500 INR.
Features and Benefits
Now let’s explore the features and benefits you get.
Rewards and Points
Let’s dive deeper into the rewards of the Axis Bank Privilege Credit Card.
- For every Rs. 200 spent using the card (both domestically and internationally), you earn 10 points.
- To simplify this, if you spend 1,00,000 INR, you will earn 5,000 Edge Rewards points.
This is a straightforward and easy-to-understand rewards system. You can also use the Axis Privilege Card on Axis Gift Edge or Axis Grab Deals portals to earn 5X/10X rewards.
Redemption Options
There are three main types of redemption options for your earned points:
| Redemption Type | Product Type | Point Value (Per Point) | Reward Rate |
|---|---|---|---|
| Edge Rewards | Catalog Vouchers | 20Ps | 1% |
| Edge Rewards | Multi-Brand Vouchers | 40Ps | 2% |
As shown in the table, the point value for multi-brand voucher redemption is quite good.
Multi-Brand Redemption Options
- 6,250 points can be redeemed for a multi-brand voucher worth 2,500 INR.
- 12,500 points can be redeemed for a multi-brand voucher worth 5,000 INR.
Airport Lounge Access
The Axis Bank Privilege Credit Card offers complimentary access to airport lounges. This can be a major perk for frequent travelers, as airport lounges provide a comfortable space to relax and unwind before your flight.
They often offer amenities such as free Wi-Fi, complimentary food and beverages, comfortable seating, and quiet workspaces.
Here are the main points:
- Complimentary Access: You get 2 free visits per quarter to domestic airport lounges. This means you can enjoy the luxury and comfort of airport lounges 8 times a year at no extra cost.
- Coverage: The card is accepted at 29 lounges across India. So, whether you’re traveling for business or pleasure, you can likely find a lounge to relax in before your flight.
Please be aware that the complimentary lounge access benefit offered by the Axis Privilege Credit Card is restricted exclusively to domestic lounges. It doesn't give access to some of the iconic lounges like Bangalore 080 lounge, but given the fee point at which it's issued, it's still a pretty great perk.
Why You Should Apply for the Axis Bank Privilege Credit Card
- High Reward Rate: The Axis Bank Privilege Credit Card offers a straightforward reward rate of 2% without any complex earning/redemption rules. This can be a substantial advantage for cardholders who enjoy shopping vouchers over travel redemptions.
- First-Year Free Offer: The card is currently being offered with a zero joining fee for the first year until March 31st. This limited-period offer makes it an excellent time to apply for the card if you’re looking for a premium credit card with high rewards.
- Impressive Welcome Benefit: Even on paid cards, you pay just 1.5K INR and get back 5K INR worth of vouchers. This welcome benefit is quite substantial and instantly provides value to the cardholder.
- Complimentary Airport Lounge Access: If you’re a frequent traveler, you’ll appreciate the complimentary access to domestic airport lounges. With 2 free visits per quarter, this feature enhances your travel experience by providing a comfortable space to relax before your flight.
- Flexible Redemption Options: The card offers multiple redemption options, including catalog vouchers and multi-brand vouchers. The multi-brand vouchers provide better value with each point being worth 40 paise.
- Attractive Design: Although the design of the Axis Privilege Credit Card has not been refreshed like other Axis Bank cards, it still maintains a neat and simple look that is appealing to many users.
Why You Should Not Apply?
- Limited Lounge Access: The Axis Bank Privilege Credit Card provides access to only domestic lounges and does not cover some of the iconic lounges like Bangalore 080 lounge. If you’re a frequent international traveler who enjoys airport lounges, this could be a limitation.
- High Spending Requirement for Fee Waiver: The annual renewal fee of Rs. 1,500+GST can be waived off only if you spend Rs. 2.5 lakh in the previous year. This could be a high spending threshold for some cardholders.
- Limited Redemption Options: The card offers redemption options mainly in the form of shopping vouchers. If you prefer cashback or travel rewards, this card may not be the most suitable choice.
- Limited Number of Cards per Individual: Axis Bank allows only up to 3 credit cards per individual. If you already have multiple cards from Axis Bank, you may not be able to get this card.
Situations Where the Card May Not Be the Most Suitable Option
- If you often travel internationally, the limited lounge access may not provide the level of comfort and convenience you need.
- If you’re a high-spender who frequently uses your card for large purchases, you might find cards with higher reward rates or cashback offers more beneficial.
- If you already have multiple Axis Bank cards, getting this card may not be an option due to the limit on the number of cards allowed per individual.
While the Axis Bank Privilege Credit Card is a good option for those who prefer simplicity and flexibility in their credit card rewards, it may not be the best fit for everyone.
Application Process for Axis Bank Privilege Credit Card
The application process for the Axis Bank Privilege Credit Card is straightforward and can be completed online in a few simple steps.
Here’s a step-by-step guide on how to apply for the card:
- Visit the Axis Bank Website: Move to the official Axis Bank website and click on the ‘Credit Cards’ option under the ‘Explore Products’ tab.
- Choose the Axis Bank Privilege Credit Card: Browse through the list of credit cards offered by Axis Bank and select the Axis Bank Privilege Credit Card. Click on the ‘Apply Now’ button on the card page.
- Fill Out the Application Form: You will be redirected to an online application form. Fill out the details required, including your name, contact information, occupation, income, and other personal details.
- Submit Required Documents: Upload the necessary documents such as proof of identity, proof of address, and proof of income.
- Review and Submit Your Application: Review all the information you’ve provided to make sure it’s accurate, then submit your application.
- Wait for Approval: Once you’ve submitted your application, Axis Bank will review it. If approved, the bank will contact you to further the process. Generally, Axis Bank takes about a week to approve the application.
Eligibility Criteria and Required Documents
To be eligible for the Axis Bank Privilege Credit Card, you need to meet the following criteria:
- You should have an annual income of more than Rs. 6 lakh as per your Income Tax Return (ITR).
- Alternatively, if you hold a credit card from another bank with a credit limit of more than Rs. 1 lakh, you are also eligible.
The documents required for the application include:
- Proof of Identity: This could be your Aadhaar Card, Passport, Driving License, or PAN Card.
- Proof of Address: You can submit any valid government-issued document such as your Aadhaar Card, Driving License, or Passport.
- Proof of Income: This includes your latest salary slips (for salaried individuals) or Income Tax Returns (for self-employed individuals).
The Axis Bank Privilege Credit Card is currently being issued first year free for a limited period, So, if you meet the eligibility criteria and have the required documents, now is a great time to apply.
Conclusion
The Privilege Credit Card is a versatile premium card for those transitioning from the entry-level segment. It offers a solid reward rate of 1% to 2% and stands out for its flexible multi-brand voucher redemptions.
MyCreditCardClub Rating: 3.5/5
With an annual fee of INR 1,500+GST (free for the first year until March 31st), it’s an attractive option for a premium credit card without a hefty initial cost. The card’s design is simple and elegant, though it hasn’t been refreshed like other Axis Bank cards.
The rewards system is straightforward – 10 points for every Rs.200 spent, both domestically and internationally. Redemptions offer flexibility through catalog vouchers and multi-brand vouchers, with a reward rate of up to 2% for multi-brand voucher redemption.
One limitation is restricted access to domestic airport lounges for complimentary access. However, considering the annual fee, this is a reasonable compromise.
Based on analysis, I rate the Axis Bank Privilege Credit Card 4 out of 5. It offers great value, particularly for those who prefer shopping vouchers. If you value flexibility in reward redemption and can overlook limited lounge access, this card is worth considering.
However, if you already hold super premium credit cards from Axis Bank, the Privilege card may not add much value to your wallet.
