Axis Bank Ace credit card is one of the best cashback offerings in India. With 2% cashback on most spends and 5% on Google Pay bill payments, it is easy to see why this has been a popular credit card. But as with other cards, the Ace credit card has also seen its rewards devalue over time. Here is an updated review of the Axis Bank Ace credit card to help you decide whether it is still worth it.
Fees and Charges
|Joining Fee||Rs 499+GST|
|Joining Fee Waiver||Spend Rs 10000 within 45 days|
|Annual Fee||Rs 499+GST|
|Annual Fee Waiver||Spend Rs 2 Lakhs in a membership year|
Axis Bank Ace credit card comes with a joining and annual fee of Rs 499 plus GST. This is good and quite low for its segment. The annual fee is waived on annual spending of more than Rs 2 Lakhs.
|Type of Spend||Cashback|
|Bill Payments on Google Pay|
Electricity, Internet, Gas, DTH, and Mobile Recharges
|Swiggy, Zomato, and Ola spends||4%|
|All other spend*||2%|
The 5% and 4% cashback are now capped at Rs 500 per statement cycle. This is a major bummer for many who were paying utility bills on Google Pay. So, Ace will now give you 5% cashback on only worth Rs 10000 of bill payments with Google Pay. This is still good enough for a small family but would make it not so useful for someone with high spending.
Most other offline and online spends get 2% cashback. There is no cap on this as of now but there is a growing list of spends where we do not get cashback. As of now, there is no cashback on spends for:
- Educational Services
- Fuel Spends
- Rental Payments
- Insurance Premium Payments
- EMI transactions or purchases converted to EMI
- Wallet loading transactions
- Gold/Jewelry Purchases
The good thing about Axis Ace is there is no action required for rewards redemption. Cashback earned during a billing cycle is credited 3 days before the next statement generation date. A 2% monthly cashback credit is always better than accumulating rewards for bulk redemption.
Axis Ace statement shows the merchant category and cashback for each transaction. This is something we like. We do hope every card issuer starts doing the same. It saves so much effort in the manual calculation.
Complimentary Airport Lounge Access
|Airport Lounge access within India||8 visits/calendar year||Use Credit Card at eligible lounges|
|Airport Lounge access outside India||Not Available||Not Available|
This is pretty good for a credit card with Rs 499 as the annual fee.
Other Key Benefits and Charges
- Foreign Currency Markup: 3.5%+GST ~4.13%
- Cashback Redemption Fee: None
- Finance Charges: 3.6% per month or 52.86% per annum
- Fuel Surcharge Waiver: 1% waiver for transactions between Rs 400 to Rs 4000. Maximum surcharge waiver of Rs 500 per statement cycle.
Pros and Cons
Any credit card that offers benefits worth more than the fee it charges is always a good addition to the wallet. Axis Ace credit card ticks several of the boxes with low fees, good cashback, and an easy fee waiver. This is what makes this one of the best cashback credit cards. But, again we now have a rather low cap of Rs 500 on the 4% and 5% cashback categories. So, this makes it not so great for high spends. So, the one real benefit on this card now is the unlimited 2% cashback on offline spends.
Axis Bank Ace Credit Card