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

Introduction

The Business Platinum Debit Card from Axis Bank is specifically designed for business owners and entrepreneurs, offering a comprehensive suite of benefits aimed at efficient business management. This card stands out with its high transaction limits, extensive complimentary insurance coverage, and the unique option to customize the card face with a business logo and name.

Fees

• Issuance Charges: ₹500
• Annual Charges: ₹500
• Replacement Charges: ₹200
• Duplicate PIN: ₹100
• Domestic Cash Withdrawal (Axis Bank ATMs): Nil
• Domestic Balance Inquiry (Axis Bank ATMs): Nil
• Free Other ATM Transactions allowed per calendar month: Nil
• Domestic Cash Withdrawal Charge at other ATMs: ₹23 per transaction
• Domestic Balance Inquiry Charge at other ATMs: ₹10 per transaction
• International Cash Withdrawal: ₹125.00 per transaction
• International Balance Inquiry: ₹25.00 per transaction
• A cross-currency mark-up of 3.5% will be levied on all international cash withdrawal and purchase transactions.
• Goods and Services Tax (GST) is applicable on all the above fees.
• Domestic cash withdrawal and balance enquiry on other Bank's ATM are waived for up to the first 5 transactions on CABGY, CAC50, and CACH1 schemes.
• Annual fees will be charged on a pro-rata basis to customers whose cards are closed before the end of the card year.

Rewards

• Unique Identification:
  • Customize your Business Platinum Debit Card with your business logo and name printed on the card face.
  • You can also get your Business Name or designation (up to 14 characters) printed below your name.
  • Online application for customization is available for existing customers (charged ₹1 in addition to the issuing fee).
• Higher Transaction Limits:
  • Enjoy an enhanced daily cash withdrawal limit of ₹75,000 per day.
  • Enjoy a daily purchase limit of ₹4,00,000.
  • Effective November 7, 2019, all new cards issued will have an enhanced domestic purchase limit of ₹5,00,000.
• 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.
  • 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.
• Additional Safety and Insurance:
  • Personal Accident Insurance: In the event of loss of life of the cardholder due to an accident, the nominee will be entitled to a compensation of ₹5 lakh. This is a death-only cover, excluding natural deaths or deaths due to disease.
  • Purchase Protection Cover: Loss of any consumer durable goods purchased through the Business Platinum Debit Card will be covered for 90 days from the date of purchase, against losses arising from Fire & Burglary from your residential premises, up to ₹50,000. Handheld devices are excluded from this benefit.
  • Air Accident Cover: In the event of death due to a commercial airplane crash, the nominee of the cardholder will be entitled to a compensation of ₹1 Crore.
  • To be eligible for complimentary insurance cover, there should be at least one POS/Ecom transaction in the last 90 days from the date of loss.
• Free Domestic Axis Bank ATM usage:
  • Enjoy unlimited free domestic usage across any Axis Bank ATMs in India.
  • Effective December 20, 2020, all transactions on other bank ATMs are chargeable.
• Airport Lounge Access:
  • Enjoy complimentary access to airport lounges within India.
  • Eligible for 1 complimentary domestic airport lounge visit every quarter (Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec).
  • Access is based on 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 as well as for the following 3 months.
• Dining Delights:
  • Indulge in delectable cuisines with Axis Bank Dining Delights, offering up to 20% off at partner restaurants in India.

Rewards Redemption Guide

• Your accumulated EDGE REWARD points can be spent on over 500 carefully selected reward items available in the Axis EDGE REWARDS catalogue.

Card Eligibility Criteria

Eligibility rules

• To avail the benefits of Axis Bank’s Business Platinum Debit Card, business owners/entrepreneurs need to fulfill certain eligibility criteria and must have a Current Account with Axis Bank.
• For more details on eligibility, get in touch with your Relationship Manager or visit the nearest branch.

Documents required

• Certain documents are required for business owners/entrepreneurs to avail the benefits of this Debit Card.
• For a full list of permissible and required documents, get in touch with your Relationship Manager or visit the nearest branch.

Card Review

The Business Platinum Debit Card from Axis Bank is a robust offering tailored for business owners and entrepreneurs who require high transaction limits, comprehensive insurance protection, and value-added lifestyle benefits.

• Pros:
  • High daily cash withdrawal and purchase limits support significant business transactions.
  • Unique card customization feature allows for branding with a business logo and name.
  • Extensive complimentary insurance coverage, including Personal Accident, Purchase Protection, and Air Accident, provides significant peace of mind.
  • The EDGE REWARDS program offers points on both domestic and international spends.
  • Complimentary domestic airport lounge access is a valuable perk for business travelers, with a reasonable spend condition.
  • Dining discounts add lifestyle value.
  • Unlimited free usage at Axis Bank ATMs.
• Cons:
  • The card comes with applicable issuance and annual fees.
  • Transactions at other bank ATMs incur charges.
  • A cross-currency markup is applied to international transactions.
  • Reward points are not earned on certain essential business-related categories like fuel, utilities, and telecom.
  • Lounge access requires meeting a minimum spend criterion in the preceding quarter.
• Who should apply: This card is ideal for business owners and entrepreneurs who frequently use their debit card for substantial business expenses, travel domestically, and can benefit from the included insurance covers and lifestyle perks. It is particularly suited for those who maintain a Current Account with Axis Bank and can meet the spend criteria to maximize lounge benefits.

Important Product Details

• Positive Highlights:
  • Customizable card with the option to print business logo and name.
  • High daily cash withdrawal limit of ₹75,000.
  • High daily purchase limit of ₹4 lakh (₹5 lakh for new cards issued after Nov 7, 2019).
  • Complimentary Personal Accident Insurance of ₹5 lakh.
  • Complimentary Purchase Protection Cover of up to ₹50,000 for 90 days against Fire & Burglary.
  • Complimentary Air Accident Cover of ₹1 Crore.
  • Earn 1 EDGE REWARD point for every ₹200 spent domestically and internationally.
  • 1 complimentary domestic airport lounge visit per quarter.
  • Up to 20% off on dining at partner restaurants.
  • Unlimited free usage at Axis Bank ATMs.
• Negative Highlights:
  • Issuance fee of ₹500 and Annual fee of ₹500.
  • Charges for cash withdrawal and balance inquiry at other bank ATMs.
  • 3.5% cross-currency mark-up on international transactions.
  • Reward points are not earned on specific merchant categories (e.g., fuel, utilities, education, government/insurance).
  • Lounge access requires a minimum spend of ₹5,000 in the previous 3 months (waived for new cards for the initial period).
  • Insurance eligibility requires at least one POS/Ecom transaction in the last 90 days from the date of loss.

Other Details

• The Business Platinum Debit Card can be applied for online.
• It is mandatory to register the Axis Bank Debit Card to Verified by Visa / MasterCard Securecode in order to transact online.
• The terms and conditions on Axis Bank Debit Cards will be updated effective May 1, 2024.
• Customers are advised not to use their Debit Card or online banking facility for collecting and effecting/remitting payments directly/indirectly outside India towards overseas foreign exchange trading through electronic/internet trading portals, as this may contravene the Foreign Exchange Management Act (FEMA), 1999.
• General legal disclaimers and cookie policy information are available on the website.