Flipkart Axis Bank Credit Card 2023

 Flipkart Axis Bank Credit Card 2023

Hello friends, today we’ll discuss Axis Bank’s Flipkart Credit Card.

This is a card that gives you a flat 5% cashback on the purchase of any product.

Recently some new terms and conditions had been added to this Credit Card,

which we’re going to discuss in this video.

The new terms and conditions have devalued a lot of its features.

These terms and conditions will come into force from the 12th of August, 2023.

Even if you’ve applied for this Credit Card this July or June,

or even if you have this card since 2022, it won’t matter,

from August 12, 2023, the new terms and conditions will become applicable to you,

and a number of its features will be devalued.

So, we’ll look at these new terms and conditions,

and find out whether it’d still be beneficial to have this card or not.

So, we’ll go through all of these in this video one by one.

I’ll show you its older features and which of them have been devalued now.

Firstly, let me write down here Axis Bank Flipkart Credit Card,

and ICICI Bank Amazon Credit Card on this side. Now, pay close attention.

Axis Bank’s Flipkart Credit Card used to give flat 5% cashback

on any purchase of any product from Flipkart or Myntra.

It had a rival, that was ICICI Bank’s Amazon Credit Card.

This card also provided 5% cashback on any purchase from Amazon.

The 5% cashback was for Prime members and non-Prime members, it was 3%.

Every other person had at least one of these Credit Cards.

Nowadays, we frequently buy from Flipkart or Amazon,

and nothing gets better than getting 5% cashback straight on all products.

If I talk about the general buyer, most of the buyers have either of these two cards.

Some would prefer the Flipkart Credit Card, and some would choose the Amazon one,

because it’s the same thing to buy something from Flipkart or Amazon,

as 90% of the products are found in both sites.

I won’t discuss this, I just wanted to mention that there was a competitor.

Let’s come back to Axis Bank’s Flipkart Credit Card.

So, it used to give flat 5% cashback on any shopping from Flipkart or Myntra.

Apart from this, Axis Bank has some partner brands,

such as Cleartrip, cure.fit, PVR, Swiggy, Tata Play, and Uber.

Other than the 5% cashback from Flipkart and Myntra,

this card offers a flat 4% cashback on purchases from these partner brands.

Now these were the existing terms and conditions.

I’ll come to the new terms and conditions later but first learn about the older ones.

So, there’s 5% cashback on Flipkart and Myntra, and 4% on partner brands.

Apart from these sites, you'd get 1.5% cashback on shopping anywhere,

but, according to the new regulations, the initial 5% cashback on Myntra

that used to be unlimited, meaning, even if you purchased products worth 1 crore,

you’d still get that cashback. That is reduced to just 1.5%.

So, instead of 5% cashback on Myntra, you will now get

a cashback of 1.5% only from August 12, 2023.

The 5% cashback on Flipkart still remains.

Flipkart used to be only a shopping site, but now you can book flights,

book hotels, buy insurance; all these things on Flipkart.

So, you’ll get 1.5% cashback on Myntra, but on Flipkart

you’ll still get the unlimited 5% cashback on products,

but if you book a hotel or flight, then you’ll get only 1.5% cashback.

So, on Myntra, you'll get 1.5% cashback on all purchases,

on Flipkart, you'll get 5% cashback on shopping,

and on flight or hotel bookings, you'll get 1.5% cashback.

Now, there are several things on which you won’t get a cashback.

These are not new things but they already existed there.

A few points have been added to these.

If you spend on fuel and pay with this Flipkart Credit Card,

then you won’t get any cashback, since it’s not spent on Flipkart.

Now, if you buy gift cards from Flipkart, there won’t be any cashback.

Gift cards can be used to buy products and can be encashed later.

In this case, you won’t get a cashback, either from Myntra or from Flipkart.

Apart from that, let’s suppose, you've bought a mobile from Flipkart with EMI,

then in that case too, you won’t get any cashback.

Then you have ‘Purchase converted to EMI’. If you buy something, like a mobile,

with your Credit Card paying the full price at once, but after a few days

if you convert the payment to EMI, then you’ll not get the cashback.

Then, if you recharge your Flipkart wallet,

or recharge your Paytm wallet with Flipkart Credit Card,

then in this case also, you won’t be provided with cashback.

There’ll be no cashback on online jewelry purchases.

If you’re paying an outstanding balance like paying the EMI of a loan with Credit Card,

there’ll be no cashback. If you’re paying the fees of a card,

let’s suppose, you have ICICI Bank’s Flipkart Credit Card... sorry, my mistake...

Axis Bank’s Flipkart Credit Card and Axis Bank’s Vistara Credit Card or any other card,

and you’re paying this card’s fees with Flipkart Credit Card,

no cashback will be provided in this case also.

All these points that I mentioned have existed in the previous terms and conditions.

Now, let’s look at the newly added points that provide no cashback.

If you’re paying rent, residential or for a place of business,

you won’t get cashback. There’s going to be no cashback for insurance.

As I mentioned earlier, you can book hotels or flights, and you can also buy insurance,

and even get a home delivery of a motorbike from Flipkart.

There used to be cashback on purchasing insurance but not anymore.

Utilities, such as the electricity bill, water bill, gas bill, mobile bill, etc.,

there used to be cashback on these, but there won’t be anymore.

There are Educational services, that is, if you want to buy an online course,

or books, school bags, etc. anything related to education, there won’t be any cashback.

I’ve discussed the older points, and if you wish to see

the MCC or merchant codes of the newer points, here’s the list.

You can take a screenshot of this if you want to see it in detail.

So, these are the newly added things on which you won’t get cashback.

These are the merchant codes of these, I’ve already mentioned the older ones.

These merchant codes are of those products on which there’s no cashback anymore.

Let’s move on to the next point. As soon as get Axis Bank’s Flipkart Credit Card,

upon activation, you’ll get a Welcome Benefit of flat 1100 rupees cashback.

If you see their website, you’ll find “Welcome Benefit 1100 rupees” written all over.

It sounds good to get flat 1100 rupees cashback,

but if you analyze its terms and conditions, you’ll see that it's bifurcated.

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The welcome benefit of 1100 rupees is bifurcated.

It says here that you’ll get 500 rupees on Flipkart,

500 rupees on Myntra, and 100 rupees on Swiggy.

How will you avail these? Within 30 days of the activation of this card,

you’ll have to make a transaction. Within 30 days of that transaction,

you’ll get a Flipkart voucher,

and you can use this voucher on Flipkart within 12 months.

So, simply speaking, you’re not getting the 1100 rupees directly to your account,

there’re terms and conditions for this as well.

It looks good on the surface, but as we analyze,

things look different. So, that’s how it is.

The next 500 rupees will be available on Myntra. How can you avail it?

Same as before,

within 30 days of the card’s activation, you need to make a transaction.

After that, you’ll get a Myntra voucher. Now that has its terms and conditions.

Let’s suppose you’re buying a product worth 7000 rupees on Myntra

and there’s a discount of 1000 rupees already.

But, you can’t use this 500-rupee voucher on top of the 1000-rupee discount.

You can either use your voucher of 500 rupees or use the Myntra discount.

So, you can’t merge these two. That’s Myntra’s terms and conditions.

So, it’d be beneficial for those products on which Myntra is not giving any discount.

The 3rd one is a 100 rupees discount on Swiggy.

This comes without any terms and conditions,

so you can easily get a discount of 100 rupees.

The code for that is ‘AXISFKNEW’. So, you can use this code.

Next, the eligibility to apply for this card is that you have to be 18 to 70 years old.

The documents needed are address proof that is Aadhaar or PAN card,

latest salary slip if you are a salaried person,

Form 16, which you can get from your employer

which contains your salary details for a financial year.

And, if you have a business then you’ll need to show 2 years of ITR.

Both the joining fee and annual fee are 500 rupees each. The fees aren’t high

and the card is still quite good, I’ll tell you all about it.

Previously, the annual fee was waived if you made a yearly transaction of 2 lakhs.

That means, from the day you received the card,

if you spent 2 lakhs within 1 year of that, the annual fee would become zero.

But this too has been increased. Now you need to spend

3.5 lakhs rupees a year for the annual fee to be nil.

Apart from this, if you spend on rent or load your wallet,

that will not be included here. Suppose, in a year, you’ve paid rent worth 2 lakhs,

loaded wallet with 1 lakh and spent 50000 rupees elsewhere.

Your annual fee won’t be nil as this will not be counted.

Rent transactions and wallet load transactions won’t be included.

So, in the new terms and conditions, the limit has been increased to 3.5 lakhs.

Next, you’ll get 4 airport lounge access in a year.

So, you can use 1 airport lounge access in a quarter.

But one thing I personally don’t like, that is,

Axis Bank has very few airports on its list.

That’s why, it’s quite underwhelming. There’s no mention of the cities like Chandigarh,

Ahmedabad, Jammu, and Srinagar, all are missing from the list.

There are so many cities in India, Indore, Bhopal, etc...

how can people from these cities access airport lounge facilities?

Only 6 cities are on the list where you can access the airport lounge.

If you live in any of these cities then this feature is good for you,

but if you don’t live in these cities then it’s useless.

Let’s suppose, I live in Chandigarh. There’s no mention of any Chandigarh airport here.

So, this is useless for me. Because, most likely I’ll take a flight from Chandigarh,

not from other cities like Delhi or Bangalore.

Naturally, this feature won’t help at all. So, there are only a few cities here.

Next, we get a 1% fuel surcharge waiver. For this, the transaction limit is

minimum of 400 rupees to a maximum of 4000 rupees.

You can have a maximum of 400 rupees of fuel surcharge waiver in a month.

What’s the fuel surcharge waiver? Suppose you’re buying petrol worth 100 rupees.

Now, if you pay with this card, then the bank will charge you 1% or 2% extra.

So, depending on the bank, for 100 rupees of fuel,

I have to pay 101 or 102, or 103 rupees.

So, the bank will charge us more,

and then they’ll give a fuel surcharge waiver of 1 rupee or so.

That means if petrol is 100 rupees and if the surcharge is 2%,

then the petrol price would be 102 rupees, on that the bank will give a waiver of 1%,

so the price will be 101 rupees. This is a fuel surcharge waiver.

Many people think that 100 rupees of petrol

will cost 99 rupees after the fuel surcharge waiver.

But that’s not the case. The bank first imposes the surcharge

and then gives the waiver. You know, banks are clever.

Lastly, there’s an overdue penalty. We won’t dive deep here.

This says here, that a 3.5% will be overdue penalty per month,

and 3.5% will be the late payment fee per month.

So, yearly it’ll be 12x3.5 and 12x3.5,

that's 42%+42%, so a total of 84% of the penalty.

So, if you don’t clear your bills on time then the bank will impose

3.5% of this & 3.5% of that per month, amounting to yearly 84% of the penalty on you.

So, you need to keep this in mind always whenever you use a credit card,

you must pay its bills on time without fail.

Otherwise, not only your CIBIL score will decrease, the heavy penalty

will make your debt double within a year or so.

If someone’s bill is 50000 rupees and is not paid on time,

that will become almost 1 lakh within a year. So many penalties are imposed.

So, we’ve discussed all about Axis Bank’s Flipkart credit card.

Now the question is, to have or not to have this card?

The annual fee is 500 rupees. If I compare Myntra and Flipkart,

I'll say that Flipkart is far better. If I compare Flipkart to Amazon,

definitely, Amazon is far better. So, now it’s your choice.

There’s no problem if you choose this, as they didn’t ruffle Flipkart.

They’ve only reduced the cashback on Myntra.

If you frequently shop from Flipkart then you can choose this,

because there is unlimited cashback. I showed you the MCCs of things

on which there are no cashback so that you can see what type of shopping you do.

If your shopping is mostly school items, then this card won’t help you.

If you want a better card then you can choose ICICI Bank’s Amazon credit card.

Whatever you find on Flipkart, Amazon has all of that and even more.

Simply, Flipkart is better than Myntra and Amazon is better than Flipkart.

So, you can take ICICI Bank’s Amazon credit card. The flip side is that

the 5% cashback is only for Prime members, for non-Prime members it’s 3%.

Other than that, it’s also a good card. You can choose that too.

You can find the Flipkart credit card application link in the description box below.

If you have any doubts, let me know in the comments, and I’ll try to answer them.

See you in the next video. For now, this is the end of the video.

Thanks for listening and thank you all.