Many of you who travel abroad frequently for holidays or work trips may be vigilant of the forex markup and currency conversion charges which apply to your credit whenever you use it for transactions in an overseas merchant outlet. The Government of India recently declared that a TCS of 20% would apply on international credit expenses of more than Rs.7 lakh from July 2023. Axis Bank introduced a new promotion for their VISA credit card holders, offering small rewards for using Axis Bank Credit Cards for international transactions. Even if you have the Indian Oil Axis Bank Credit Card, which mostly provides fuel benefits apart from other privileges, you can avail of the new VISA Cashback Campaign. Want to know more about the campaign on the best credit card? Let’s explore and learn about the new campaign.
Axis Bank Credit Cards Offering Cashback For International Expenses: VISA Cashback Campaign
So, what is the VISA Cashback Campaign? On 18th May 2023, Axis Bank, in collaboration with the VISA network, launched a new promotion called the VISA Cashback campaign, where you will earn Rs.2023 cashback on spending Rs.1,70,000 or more on foreign transactions. The offer is valid from 18th May to 18th August 2023. You can avail of this offer on point-of-sale transactions during your foreign trips at several overseas merchant outlets and not on e-commerce transactions.
Since Axis Bank provides a few of the top credit cards in the Indian market, the cashback offer for international expenses is valuable and worthwhile. If you do not have a credit card, you should opt for one immediately to take advantage of the good offer. Suppose you have the Indian Oil Axis Bank Credit Card, and you use it overseas. In that case, the bank will charge one per cent, including taxes, for every international transaction in Indian currency at international venues or with Indian merchants registered in other countries.
The offer applies to cardholders who get official communication from the bank. It also involves gamification, with the first 2400 eligible cardholders receiving the one-time cashback offer. If you are among the first 2400 eligible individuals, you will receive a one-time cashback on your international credit card expenses. If you successfully spend the fixed amount on your foreign trips, you will fall under the Qualifying Promotion Cardholders category and get the 2023 cashback.
Terms and Conditions of the VISA Cashback Campaign
So, what terms and conditions apply to the new cashback offer for international spending? The terms and conditions of the new cashback offer from Axis Bank on international expenses are as follows:
- Cardholders who get official notification from the bank through email, mobile application, or short message service will be eligible for the new cashback offer.
- Transactions in cash will not be eligible for the cashback offer.
- Every transaction should be made with the help of the Promotion Card, i.e., Axis Bank VISA Credit Cards.
- Withdrawing cash from the ATM, transactions on various e-commerce stores made with the help of the Axis Bank VISA Credit Cards will not be eligible for the cashback campaign offer.
- Partial, null, dropped, counterfeit, and dubious transactions are not eligible for the VISA cashback campaign offer.
- Transactions made between 18th May to 18th August 2023 will be eligible for the new cashback offer of Axis Bank.
- The VISA campaign offer is eligible only for expenses in foreign currency on terminals located abroad.
- Transactions made with the help of primary and add-on Axis Bank credit cards are eligible for the new VISA Cashback Campaign offer that Axis Bank recently rolled out.
- You will get the cashback credit only once on the primary Axis Bank credit card, according to what the bank will mention in the official notification.
- The eligible cardholder and card account will receive the Rs. 2023 cashback within ninety days of the new cashback offer expiry date.
- The new VISA Cashback Campaign offer that Axis Bank recently announced will not apply to Corporate Credit Cards from Axis Bank but will apply to current cardholders of the Axis VISA Credit Card.
Suppose you have yet to receive any official notification or message via emails, calls, the Axis Bank mobile application, or a short message service. In that case, you do not need to worry. Axis Bank recently started rolling out the VISA Cashback Campaign offer. It has a large user base because of being one of India’s largest and leading private banks. Hence, reaching out to all its account holders will take some time. The cashback does not make it apt for the overall paid amount due to the forex fees to the bank.
Conclusion
Axis Bank Credit Cards have rolled out a campaign called the VISA Cashback. It is an excellent offer for people who travel abroad frequently and use their credit cards for foreign transactions. During this time, as a cardholder, you can spend more in foreign currencies and receive cashback outside India. If you have an Indian oil Axis Bank Credit Card and you use it abroad, 1% plus taxes applies to the card for every international transaction. It is ideal for tourists and entrepreneurs who often travel abroad. The currency conversion fees and forex markup are high on foreign currency expenses, and the offer on the best credit card will help you get some money back.
FAQs
- Can you use Axis Bank Credit Cards for international transactions?
Yes, you can use your Axis Bank Credit Card for international transactions. The bank charges 3.5% of the transaction value on international transactions.
- Is Axis Bank Credit Cards good for international transactions?
Yes, credit cards from Axis Bank are good for international transactions. As the bank’s customer, you can effortlessly and swiftly transfer funds overseas with the help of Internet Banking to any bank.
- Do Axis Bank credit cards offer access to international lounges?
Almost all Axis Bank Credit Cards offer access to international lounges. The Axis Bank Reserve Credit Card has a few of the most premium complimentary memberships and unlimited access to international lounges.
