Axis Bank My Zone Easy Credit Card – Benefits, Fees & Eligibility

Introduction

The Axis Bank My Zone Easy Credit Card is a secured credit card issued by Axis Bank, primarily positioned as an entry-level option for individuals looking to build their credit history. It is issued against a fixed deposit at the bank, offering guaranteed approval with minimal documentation. Key differentiating benefits include a 25% cashback on movie tickets, a minimum of 15% discount on dining, and a 1% fuel surcharge waiver.

Welcome Benefits

No specific welcome benefits are mentioned.

Fees

• Joining Fee: ₹500 + GST
• Annual Fee: ₹500 + GST
• Spend-Based Waiver: Not applicable.
• Rewards Redemption Fee: Nil (as per one source), Yes (as per another source).
• Foreign Currency Markup: 3.5% of the total transaction amount.
• Interest Rates (Finance Charges):
  • 3.75% Per Month (55.55% Yearly) (as per one source).
  • 3.40% per month (49.36% per annum) (as per another source).
• Fuel Surcharge: 1% fuel surcharge waiver on all fuel transactions between ₹400 and ₹4,000. The maximum waiver is capped at ₹400 per month. GST charged on fuel surcharge is non-refundable.
• Cash Advance Charges: 2.5% of the withdrawn amount, subject to a minimum of ₹500.
• Add-on Card Joining Fee: NIL.
• Add-on Card Annual Fee: NIL.
• Fee for Cash Payment: ₹175.
• Card Replacement: Nil.
• Overdue Penalty or Late Payment Fee:
  • Nil if the total payment due is less than ₹500.
  • ₹500 if the total payment due is between ₹501 and ₹5,000.
  • ₹750 if the total payment due is between ₹5,001 and ₹10,000.
  • ₹1200 if the total payment due is greater than ₹10,000.
  • An additional charge of ₹100 will be applicable on missing payment of Minimum Amount Due (MAD) by the due date for two consecutive cycles, continuing until MAD is cleared.
• Overlimit Penalty: 2.5% of the over limit amount (Minimum ₹500).
• Emergency Card Replacement Fee when Overseas (through VISA): As per VISA Global Customer Assistance Services (GCAS).
• Surcharge on Purchase or Cancellation of Railway Tickets: As prescribed by Indian Railways.
• Mobile Alerts for Transactions: Waived.
• Hotlisting Charges: NIL.
• Balance Enquiry Charges: Waived.
• Cheque Return or Dishonour Fee or Auto Debit Reversal: 2% of the payment amount, subject to a minimum ₹500 and maximum ₹1,522.
• Rent Transaction Fee: 1% on transactions done on MCC 6513.
• Dynamic Currency Conversion Markup: 1.5% + taxes for each international transaction performed in Indian currency at an international location or transactions performed in Indian currency with merchants located in India but registered in a foreign nation.

Rewards

• Reward Rate: Earn 4 Edge Reward Points on every ₹200 spent on domestic transactions.
• Movie Benefits:
  • 25% cashback on online and Box office movie ticket bookings.
  • The maximum cashback per calendar year is capped at ₹1,000.
  • No Reward Points are earned on movie offer transactions.
  • Only transactions made at merchants registered as MCC 7832 or MCC 7922 are eligible for movie cashback.
• Dining Benefits: Get a minimum of 15% discount on dining under the Axis Bank’s Dining Delights program at partner restaurants in India.
• Fuel Transactions: No Reward Points are earned on fuel transactions.
• Wednesday Delight: Beat mid-week blues with exciting offers every Wednesday, including:
  • Instant savings of up to 15% on flights & hotels via Goibibo and Makemytrip.
  • 10% off on orders via Swiggy and Amazon Fresh.
  • 10% off up to ₹1,000 on Tira.
• Cash Withdrawals: Withdraw cash up to 100% of your credit limit from day one.
• Free Credit Period: Enjoy free credit for up to 50 days on purchase transactions, applicable only if there is no outstanding on the card account (previous bill settled in full by the payment due date). Not applicable on cash transactions.
• EMI Conversion: Convert any transaction over ₹2,500 into EMIs by contacting the bank.
• Contactless Payments: The card is contactless-enabled, allowing secure transactions of up to ₹5,000 with a tap.
• Security Features: Equipped with Platinum Chip contactless technology for clear authentication and easy fraud detection. The chip cannot be duplicated, ruling out counterfeiting and skimming. The card is Chip and PIN protected for additional security.
• Zero Liability Protection: Offers zero liability protection against lost/stolen cards.

Rewards Redemption Guide

• The earned Edge Rewards can be redeemed at the Edge Rewards portal.
• 1 Reward Point = Re. 0.20.
• Redeem points against a host of options, including products, gift vouchers, flight/hotel bookings, and 500+ other rewards and offers.

Card Eligibility Criteria

• Fixed Deposit Requirement:
  • A fixed deposit of ₹20,000 or more in Axis Bank is required (as per one source).
  • A minimum Fixed Deposit amount of ₹15,000, while the maximum amounts to ₹25 lakhs (as per another source).
• Age: Applicant's age should be above 18 years. Minors are not eligible.
• Fixed Deposit Exclusions: The MY Zone Easy Credit Card cannot be issued against:
  • Tax Saver Fixed Deposits.
  • Flexi-Deposits (Auto-sweep Fixed Deposits).
  • Fixed Deposits in the name of HUFs (Hindu undivided families), societies, trusts, or companies.

Documents Required

• Identity Proof (any one): Aadhar Card, PAN Card, Voter ID, Driving License, or Passport.
• Address Proof (any one): Aadhar Card, Utility Bills, Passport, Driving License.

Card Review

The Axis Bank My Zone Easy Credit Card is a secured credit card primarily designed for individuals who wish to build their credit score but may not qualify for unsecured credit cards due to a lack of credit history. While it offers fewer benefits compared to its unsecured counterparts, it provides a decent reward rate and valuable perks.

Who should apply: This card is an excellent choice for individuals with no credit history looking to start their credit journey. It is also beneficial for those who frequently go to movies, offering a 25% cashback, and enjoy dining out, with a minimum 15% discount.

Pros:

• Guaranteed approval against a fixed deposit.
• Helps in building a credit score.
• Decent reward rate of 4 Edge Rewards on every ₹200 spent.
• Significant savings with 25% cashback on movie tickets (up to ₹1,000 annually).
• Minimum 15% discount on dining.
• 1% fuel surcharge waiver.
• High cash withdrawal facility up to 100% of the credit limit.
• Zero liability protection against lost/stolen cards.
• Contactless payment and secure chip-and-PIN technology.
• Option to convert large purchases into EMIs.
• Enjoy free credit for up to 50 days on purchase transactions.

Cons:

• Fewer features and benefits compared to unsecured credit cards.
• Requires a fixed deposit as collateral.

Important Product Details

• A secured credit card, issued against a fixed deposit.
• Guaranteed approval for eligible applicants.
• Earn 4 Edge Reward Points on every ₹200 spent.
• Up to ₹1,000 discount every year on movie tickets (25% cashback).
• Minimum 15% discount on dining.
• 1% Fuel surcharge waiver on all fuel transactions between ₹400 and ₹4,000, capped at ₹400 per month.
• Zero liability protection against lost/stolen cards.
• Ability to withdraw cash up to 100% of your credit limit.
• Contactless-enabled card for secure transactions up to ₹5,000.
• Enjoy free credit for up to 50 days on purchase transactions.
• Equipped with Platinum Chip contactless technology for enhanced security.
• Option to convert purchases over ₹2,500 into EMIs.

Other Details

• How to Apply:
  • Offline: Visit your nearest Axis Bank branch with required documents and fill the physical application form.
  • Online: Visit the Axis Bank’s official website, navigate to the ‘Credit Cards’ section, find the ‘Axis Bank My Zone Easy Credit Card’, click ‘Apply Now’, and fill in the required details. Ensure a fixed deposit of the required amount is opened before applying.
• General Terms: Charge structure is subject to change at the sole discretion of Axis Bank. GST as per existing government norms is levied on all fees, interests & other charges on all credit cards.
• Legal Information: Detailed terms and conditions, card member agreement, and lien declaration on FD account are available via links on the bank's official website.