Samsung Axis Bank Signature Credit Card – Benefits, Fees & Eligibility

Introduction

The Samsung Axis Bank Signature Credit Card, issued by Axis Bank, is positioned as a basic or entry-level co-branded credit card designed for individuals who frequently purchase Samsung products. It offers a compelling 10% cashback on Samsung purchases, a strong reward rate on spending with preferred partners, and complimentary domestic airport lounge access, making it an attractive option for those seeking an affordable card with significant benefits across various categories.

Welcome Benefits

• Receive 2,500 bonus Edge Reward Points upon completing at least 3 transactions within the first 30 days of card issuance.
• These 2,500 EDGE Reward Points are worth ₹500, effectively negating the joining fee.

Fees

• Joining Fee: ₹500 + GST for the primary card. Waived for add-on cards.
• Annual Fee: ₹500 + GST from the 2nd year onward for the primary card. Waived for add-on cards.
• Spend-Based Waiver: The annual fee of ₹500 is waived if the cardholder spends ₹2 lakhs or more in the previous anniversary year.
• Rewards Redemption Fee:
  • ₹99 + GST per transaction on the EDGE REWARDS platform.
  • ₹199 per transaction for converting or transferring EDGE REWARD Points to partner loyalty programs.
• Foreign Currency Markup: 3.5% of the transaction value.
• Interest Rates: 3.75% per month (55.55% per annum) for retail purchases and cash.
• Fuel Surcharge Waiver: 1% waiver on fuel purchases made between ₹400 and ₹5,000, capped at ₹500 per statement. GST on fuel surcharge is non-refundable.
• Cash Advance Charges: 2.5% of the withdrawn amount, subject to a minimum of ₹500.
• Card Replacement Fee: ₹100 for both primary and add-on cards.
• Cash Payment Fee: ₹175.
• Late Payment Fees:
  • Nil if Total Payment Due is less than ₹500.
  • ₹500 if total payment due is between ₹501 - ₹5,000.
  • ₹750 if total payment due is between ₹5,001 - ₹10,000.
  • ₹1200 if total payment due is greater than ₹10,000.
  • An additional ₹100 charge will be levied if the 'Minimum Amount Due (MAD)' is not paid for two consecutive cycles and will apply until the MAD is cleared.
• Over Limit Penalty: 2.5% of the over limit amount (minimum ₹500).
• Cheque Return or Dishonor Fee or Auto-debit Reversal: 2% of the payment amount, subject to a minimum of ₹500.
• Rent Transaction Fee: 1% per transaction will be applicable on each rental transaction (identified through Merchant Category Code 6513), plus GST.
• Dynamic Currency Conversion: A markup of 1.5% plus taxes will be applicable 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.
• Transaction Fees:
  • A transaction fee of 1% will be applicable on education payments made via third-party apps (payments made directly through educational institutional websites or their POS machines will not incur this fee).
  • Cumulative spends exceeding ₹10,000 on wallet loads, ₹50,000 on fuel, ₹25,000 on utilities, and ₹10,000 on online skill-based gaming platforms within a statement period will attract a 1% transaction fee.

Rewards

• Cashback on Samsung Purchases:
  • 10% cashback on all purchases from the Samsung brand, including EMI transactions.
  • Cashback is capped at ₹2,500 per month and ₹10,000 per anniversary year.
  • Applicable to purchases made via Samsung physical stores, brand EMI, and Samsung E-Store.
  • Cashback is directly credited to the cardholders’ accounts within 60 days from the date of the eligible transaction.
• Accelerated Rewards: Earn 10 EDGE Reward Points on every ₹100 spent with preferred partners: BigBasket, Myntra, Zomato, UrbanCompany, and Tata1mg.
• Standard Rewards: Earn 5 EDGE Reward Points on every ₹100 spent on all other domestic and international eligible transactions.
• Exclusions for Rewards: No Edge Rewards are earned on fuel purchases, cash advances, jewelry, insurance, education, payment of credit card fees, rental payments, and EMI transactions on brands other than Samsung.
• Dining Benefits:
  • Avail a 15% discount (up to ₹500) on dining across more than 4,000 premium restaurants in India via EazyDiner.
  • This dining discount can be availed twice every month, with a minimum order value of ₹2500.
• Domestic Lounge Access:
  • Enjoy 4 complimentary domestic airport lounge access passes each year, limited to one per quarter.
  • Access to domestic airport lounges will be based on a minimum eligible spend of ₹50,000 in the previous 3 months (effective May 01, 2024).
• Convert Purchases to EMI: Convert transactions of ₹2,500 or more into easy EMIs by contacting the bank.
• Wednesday Delight Offers:
  • 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 ₹1000 on Tira.

Rewards Redemption Guide

• The EDGE Reward Points earned can be redeemed against various products, vouchers, and other options available at the Axis Bank’s Edge Rewards portal.
• The value of 1 Edge Reward Point is ₹0.20.
• Cashback earned is directly credited to the cardholders’ accounts within 60 days from the date of the eligible transaction.

Card Eligibility Criteria

• Age: The primary cardholder’s age should be between 18 years and 70 years. The supplementary cardholder must be above 18 years of age.
• Residency: The applicant should be an Indian resident.
• Income: The applicant should have a stable source of income.
• Documents Required (Indicative):
  • PAN card photocopy or Form 97.
  • Colour photographs.
  • Latest payslip/Bank statement/Form 16/IT return copy as proof of income.
  • Residence proof (any one of the following): Passport, Driving License, Voter ID Card, Aadhaar card.
  • Identity proof (any one of the following): Passport, Driving License, Voter ID Card, Aadhaar card, PAN card.
  • Note: Documents required may vary on a case-to-case basis.

Card Review

The Samsung Axis Bank Signature Credit Card is an excellent choice for Samsung loyalists who frequently make electronics purchases. It is also a strong option for individuals seeking an affordable credit card that provides substantial benefits across various categories. The card offers an outstanding 10% cashback rate on Samsung purchases, a decent reward rate on other spending, complimentary lounge access, and monthly dining discounts. While the premium Samsung Axis Bank Infinite Credit Card offers more privileges, it comes with a higher annual fee. Therefore, the Signature variant is a very good option for those looking for solid benefits with lower annual charges.

Pros

• Comes with an affordable joining fee and an annual fee of ₹500 + GST.
• Highly beneficial for individuals who make frequent Samsung purchases.

Cons

• The airport lounge access with this card is spend-based, requiring a minimum spend in the previous quarter.

Important Product Details

• Welcome benefit of 2,500 bonus Edge Rewards.
• 10% cashback on all Samsung purchases, capped at ₹10,000 annually.
• Earn 10 Edge Rewards on every ₹100 spent on partnered brands (BigBasket, Myntra, Zomato, UrbanCompany, Tata1mg).
• Earn 5 Edge Rewards on every ₹100 spent elsewhere.
• Receive 4 complimentary domestic lounge access passes every year, subject to a spend-based condition.
• Enjoy a 1% fuel surcharge waiver on all fuel transactions between ₹400 and ₹5,000, up to ₹500 per statement.
• Avail a 15% discount (up to ₹500) on dining via EazyDiner.
• The annual fee is waived on spending ₹2 lakhs or more in the previous anniversary year.

Other Details

• The card offers zero liability protection against a lost or stolen card.
• The card is described as a "future-ready card that opens the world of exclusive benefits and privileges to keep up with your ever-evolving demands."
• Dining offers are portfolio offers and are subject to change at the bank's discretion.
• All benefits and features are subject to specific terms and conditions.
• Indicative Value Chart (assuming ₹2 lakh annual spends):
  • Activation Benefit (Edge Reward Points): ₹500
  • Samsung Purchases (₹1,00,000 spent): ₹10,000 (10% cashback)
  • Purchases from Zomato (₹12,000 spent): ₹240 (2% equivalent)
  • Purchases from BigBasket (₹18,000 spent): ₹360 (2% equivalent)
  • Purchases from Myntra (₹8,000 spent): ₹160 (2% equivalent)
  • Purchases from Urban Company (₹4,800 spent): ₹96 (2% equivalent)
  • Purchases from Tata 1Mg (₹9,600 spent): ₹192 (2% equivalent)
  • Fuel Surcharge Waiver (₹36,000 spent): ₹360 (1% waiver)
  • Other Spends (₹48,000 spent): ₹480 (1% equivalent)
  • Complimentary Airport Lounge Access (4 domestic visits): ₹4,000
  • Total Indicative Annual Spends: ₹2,36,400
  • Total Indicative Benefits: ₹16,388
• Available Credit Card Services: Credit Limit Increase, Instant loan on credit card, Credit Card against Fixed Deposit, Grab Deals, Convert Purchases Into EMIs, Credit Card Control Center, Add-On Credit Card.