Axis Bank Neo Credit Card

Axis Bank’s NEO credit card has been criticized for its high interest rate. Benefits offered aren’t at par with other cards either. Here’s a look.

The NEO credit card by Axis bank is focused on online shoppers. It comes with a host of welcome gifts and features, such as rewards points and discounts on movie tickets, dining and shopping. So, if you regularly use Jabong, Myntra or BookMyShow, and need a card that gives you some good cashbacks and other offers, then this credit card might be a good option.

Features

  1. The Axis Bank Dining Delights program gives you dining benefits at various partner restaurants
  2. Cashback of 10% up to ₹500, when you make a purchase for at least ₹2,000 on Jabong using the card
  3. 10% cashback on Myntra, when you make a minimum purchase of ₹500 with the card
  4. Monthly benefits on movie tickets booked through BookMyShow in the form of 10% discount. Maximum benefits can be up to ₹50
  5. Mobile recharges done through the Freecharge app will give you 10% cashback, up to a maximum benefit of ₹30 in a month
  6. Bus ticket bookings on partner app redBus will fetch you a discount of 10% and monthly benefits can go up to ₹100
  7. The eDGE Loyalty Rewards Program will give you 2 reward points for every ₹200 that you spend on the card
  8. You can redeem the accumulated reward points from an exclusive catalogue that has around 200 gift options
  9. Axis Bank offers zero liability insurance to NEO card holders in case of loss or theft of the card. You just need to report the incident to the customer care department and all the transactions on the card will be protected after you’ve informed the bank.
  10. High value purchases can be converted into easy monthly instalments, which you can pay over tenures such as 6, 9, 12,18 or 24 months.
  11. Get 15% off on dining bills at various partner restaurants across India
  12. On using the card within 30 days of issuance, you get an Amazon gift voucher worth ₹250
  13. Welcome gift voucher from BookMyShow worth ₹300

Limitations

  1. Reward points cannot be redeemed against any other product or service other than the ones in the rewards catalogue
  2. Transactions below ₹2,500 cannot be converted into EMIs by the cardholder
  3. The card has relatively a low number of benefits on offer as compared to other lifestyle category cards in the same segment.
  4. Extremely high annual interest of 46.78% on cash and retail purchases
  5. High foreign currency mark-up rate of 3.5%

Advantages

  1. Offers across popular shopping and entertainment brands
  2. Card liability insurance in case of loss or theft of card
  3. Dining discounts across various restaurants

Disadvantages

  1. Very high interest rate for cash and retail purchases
  2. Very few offerings as compared to its competitors
  3. High interest rate on foreign currency transactions
  4. Low caps on monthly rewards

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