Axis Bank Business Platinum Debit Card – Benefits, Fees & Eligibility

Introduction

The Business Platinum Debit Card, issued by Axis Bank, is specifically designed for business owners and entrepreneurs holding a Current Account with the bank. It offers a comprehensive suite of benefits tailored for business needs, including high transaction limits, robust insurance coverage, a rewarding loyalty program, and complimentary airport lounge access, making it a valuable tool for efficient business management.

Transaction Limits & Usage

• Daily Cash Withdrawal Limit: ₹75,000 per day.
• Daily Purchase Limit: ₹4,00,000. For new cards issued effective November 7, 2019, the domestic purchase limit is enhanced to ₹5,00,000.
• Contactless Payment Limit: Up to ₹5,000 per transaction.
• International Usage: The card allows transactions across the world. This service can be enabled through the Axis Bank mobile app or by calling customer care.
• Important Note for International/Non-Axis Bank ATM Usage: When using the debit card at merchant establishments or any non-Axis Bank ATM (especially abroad), only primary accounts linked to the card can be accessed.

Fees and Charges

• Card Platform: Visa/Mastercard.
• Issuance Fees (Primary/Joint): ₹500.
• Annual Fees (Primary/Joint): ₹500. Annual fees will be charged on a pro-rata basis if the card is closed before the end of the card year.
• Replacement Fee: ₹200.
• Domestic ATM Cash Withdrawal Charges: ₹23 per transaction.
• Domestic ATM Non-Financial Transaction Charges: ₹10 per transaction.
  • Note: Domestic cash withdrawal and balance enquiry on other Bank's ATMs are waived for the first 5 transactions on CABGY, CAC50, and CACH1 schemes. Beyond this limit, ATM usage charges for both financial & non-financial transactions are applicable. Effective December 20, 2020, all transactions on other bank ATMs are chargeable beyond the set free limit.
• International ATM Cash Withdrawal Charges: ₹125 per transaction.
• International ATM Non-Financial Transaction Charges: ₹25 per transaction.
• Cross-Currency Mark-up: 3.5% will be levied on all international cash withdrawal and purchase transactions.
• Dynamic Currency Conversion (DCC) Markup Fee: 1% plus GST will be applicable.
• Goods and Services Tax (GST): Applicable on all the above fees.
• Custom Card Design Charge: Re. 1 as an online application charge, in addition to the issuing fee, for customizing the card with a business logo/name.

Rewards & Offers

• EDGE REWARDS Program:
  • Earn 1 point on domestic spends for every ₹200 spent through your debit card at merchant outlets.
  • Earn 1 point on international spends for every ₹200 spent through your debit card at merchant outlets.
  • Accumulated reward points can be redeemed from a catalogue of over 500 reward items.
  • Exclusions: Effective November 1, 2017, eDGE Reward Points will not be earned on certain merchant categories including Charities, Mutual Funds, Telecom, Education, Utilities, Government/Insurance, Public Sector Life Insurance, Purchase of foreign currency, Post Office, Fuel, and Transportation.
• Airport Lounge Access:
  • Enjoy complimentary access to airport lounges within India.
  • Eligibility requires a minimum eligible spend of ₹5,000 in the previous 3 calendar months.
  • For newly issued Debit Cards, the minimum spend criteria is waived for the month of issuance and the following 3 months.
  • Cardholders are eligible for 1 complimentary airport lounge visit every quarter (Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec).
• Dining Delights Membership:
  • Get ₹500 off via the Axis Bank Dining Delights Program with Eazy Diner (Terms & Conditions apply).
• Additional Safety and Insurance:
  • Personal Accident Insurance: ₹5 lakh compensation for the nominee in the event of loss of life of the cardholder due to an accident (Death only cover; natural deaths or deaths due to disease are excluded).
  • Purchase Protection Cover: Up to ₹50,000 for loss of consumer durable goods purchased through the card, covered for 90 days from the date of purchase against losses arising from Fire & Burglary from residential premises (handheld devices are excluded).
  • Air Accident Cover: ₹1 Crore compensation for the nominee in the event of death due to a commercial airplane crash.
  • Insurance Eligibility: To be eligible for complimentary insurance cover, there must be at least one POS/Ecom transaction in the last 90 days from the date of loss.

Account & Eligibility Criteria

• Eligibility: Business owners/entrepreneurs need to fulfill specific eligibility criteria.
• Mandatory Account: A Current Account with Axis Bank is required.
• Further Details: For more information on eligibility and required documentation, customers should get in touch with their Relationship Manager or visit the nearest branch.

Debit Card Review

The Business Platinum Debit Card from Axis Bank is a robust offering for business owners seeking enhanced financial control and benefits. Its primary strengths lie in its high daily transaction limits, which are crucial for business operations, and comprehensive insurance coverage including Personal Accident, Purchase Protection, and a significant Air Accident cover. The card also provides value through its EDGE REWARDS program and complimentary domestic airport lounge access, catering to the travel needs of business professionals. The unique feature of customizing the card with a business logo or name adds a professional touch.

However, potential applicants should be aware of the associated fees, including an issuance fee and an annual fee. The reward point exclusions on certain merchant categories like fuel and utilities might limit earning potential for some businesses. Additionally, the lounge access benefit requires a minimum spend, which might not always be met by all users. Despite these, for business owners with an Axis Bank Current Account who prioritize high transaction capabilities, insurance, and travel perks, this card offers substantial value.

Important Product Details

• Card Variant: Visa/Mastercard.
• Key Positive Highlights:
  • High daily cash withdrawal limit of ₹75,000.
  • High daily purchase limit of ₹4,00,000 (up to ₹5,00,000 for new cards).
  • Complimentary Personal Accident Insurance of ₹5 lakh.
  • Complimentary Air Accident Cover of ₹1 Crore.
  • Purchase Protection Cover of up to ₹50,000.
  • Exciting Axis EDGE REWARDS program (1 point per ₹200 spent domestically and internationally).
  • 1 complimentary domestic airport lounge visit per quarter (subject to spend criteria).
  • ₹500 off on dining via Axis Bank Dining Delights Program.
  • Unlimited free domestic usage across Axis Bank ATMs.
  • International usage capability.
  • Contactless payment facility with a limit of up to ₹5,000.
  • Option to customize the card with a business logo and name.
• Key Negative Highlights:
  • Issuance fee of ₹500 and annual fee of ₹500.
  • Cross-currency markup of 3.5% on international transactions.
  • Dynamic Currency Conversion (DCC) markup fee of 1% plus GST.
  • Reward points are not earned on specific merchant categories (e.g., fuel, utilities, insurance).
  • Lounge access requires a minimum spend of ₹5,000 in the previous 3 months.
  • Charges apply for transactions at other bank ATMs beyond the initial free limit.

Other Details

• PIN Generation: Debit Card PIN can be generated anytime at any Axis Bank ATM or by calling Axis Bank phone banking.
• Instant Card Blocking: In case of loss, theft, or suspected misuse, the card can be instantly blocked via SMS ('BLOCKCARD' to 5676782), emergency helpline (+91-22-67987700), customer care (1860-419-5555/1860-500-5555), or through Internet Banking.
• Instant Alerts: Receive instant SMS alerts for cash withdrawals, balance inquiries, debit/credit alerts, and transaction details.
• Online Transaction Security: It is mandatory to register the Axis Bank Debit Card to Verified by Visa / MasterCard Securecode for online transactions.
• Terms & Conditions Update: The terms and conditions on Axis Bank Debit Cards will be updated effective May 1, 2024.
• Legal Disclaimer: Customers are advised not to use their Debit Card or online banking for collecting/effecting/remitting payments directly/indirectly outside India for overseas foreign exchange trading through electronic/internet trading portals, as this may contravene the Foreign Exchange Management Act (FEMA), 1999.
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