Axis Bank is one of the leading players in the Indian banking arena that offers a gamut of credit cards and other financial products to suffice the requirements of customers. Considering the country is increasingly drifting towards the cashless economy, Axis Bank lines up numerous credit cards to tap into the emerging needs.
These cards not only give normal reward points and cashback but also comfort the users with a variety of privileges and luxuries. Today, the card which will be on for discussion is Axis Bank Neo Credit Card. Let’s talk about this card here and see how far it can help meet your needs.
Axis Bank Neo Credit Card Benefits
The Neo Credit Card offers the following benefits which can interest the shopper in you.
- Welcome gift vouchers from BookMyShow worth ₹300
- Earn 2 reward points for every 200 spent
- Get eDGE loyalty reward points for transactions made via the card
- 10% discount given every time while shopping on Mantra for a minimum of ₹500
- Get a discount of 10% on booking a movie ticket on BookMyShow, with a maximum of ₹50 in a month.
- 10% discount on booking bus tickets on redBus, accruing up to a maximum of ₹100 in a month
- Recharge your mobile on the Freecharge mobile app and get 10% cashback with a maximum of ₹30 per month
- A minimum 15% discount allowed at partner restaurants across India via dining delights program. These restaurants include the likes of Burger King, Pizza Hut, etc.
- Any purchase above ₹2,500 can be converted into EMIs
- Zero lost card liability on reporting the loss immediately to the 24×7 customer care centre
- EMV certified chip reduces the scope of counterfeit and fraudulent transactions
Joining & Annual Fees
To avail the benefits of the card, you have to pay the following Fees.
- Joining Fee – ₹250, waived on spending ₹2,500 in 45 days
- Annual Fee – NIL for the first year, ₹250 from second year onward
- Add-on Card Fee – NIL
- Card Replacement Fee – NIL
Axis Bank Neo Credit Card Cash Withdrawal Limit
The limit would be different for different individuals based on the income and credit score they may be having. At the same time, the withdrawal limit can also be a certain percentage of the credit limit offered to them. But you better not withdraw cash from the card as it can raise interest from the point of an instance. Also, there’s a fee levied on cash withdrawal i.e. 2.50% of the cash amount, subject to a minimum of ₹250
What About Charges on Retail Purchase Via Card?
Firstly, there’s no interest levied on retail purchase via a credit card provided you pay off the dues in full and on time. The moment you delay or not pay in full does the interest get levied. As far as interest is concerned, it’s charged at 3.25% per month on revolving credit. Over the interest, there’s a charge of 18% goods and services tax (GST), which makes it an expensive proposition.
How Can You Avoid Interest & Taxes on Purchase Made via Neo Credit Card?
Be clear about the amount you can afford to pay every month. When that’s done, schedule your card spends in a way that the transactions don’t mount beyond your pay limit. If you fail to do so, you may fall into the trap of minimum due, which is calculated at about 5% of the overall outstanding balance in a particular billing cycle. Well, minimum due may seem affordable at first glance but you would fall into a debt trap and find it hard to come out of that.