Axis Bank’s recent decision to devalue its credit card benefits has raised eyebrows and sparked concern among its loyal customer base. The Easy Diner program, known for providing exclusive dining benefits and enticing deals, has been significantly impacted by these changes. Previously, Axis Bank credit cardholders relished the advantages of this program, enjoying substantial discounts on their dining bills and earning generous reward points through the Grab Deals platform.
Changes to Easy Diner Benefits:
Until the end of June, customers holding cards such as MyZone, Neo, Ace, Flipkart Axis, Indian Oil and Freecharge could avail themselves of a 15% discount of up to INR 500 on a minimum bill of INR 1500. This proved to be a popular perk, allowing cardholders to savor their dining experiences while enjoying substantial savings. Similarly, premium cardholders, including Vistara, Vistara Signature, Privilege, Select, and Atlas, were entitled to a more generous 25% discount of up to INR 800 on a minimum bill of INR 2000. Ultra-premium cardholders, privileged to own Magnus and Reserve cards, were even more fortunate, as they could benefit from a remarkable 40% discount of up to INR 1000 on a minimum bill of INR 2500.
However, the landscape changed drastically on July 1st when Axis Bank introduced a series of alterations to these enticing offers. The frequency of utilizing the Easy Diner benefits has been reduced to once a month, regardless of the card tier held by the customer. This move aims to limit the bank’s expenditure while providing dining benefits to its extensive customer base. Additionally, the bank has standardized the minimum billing requirement across all card tiers, now mandating a minimum spend of INR 2500 to be eligible for these offers. This change ensures a level playing field for all cardholders but also signifies a departure from the previously tiered system that catered to different spending capacities.
Altered Grab Deals Rewards:
Alongside the modifications to the Easy Diner program, Axis Bank has also implemented adjustments to its Grab Deals platform. Previously, cardholders could amass a maximum of 10,000 reward points in a given month, providing an excellent opportunity to accrue substantial rewards for their purchases. However, the bank has chosen to reduce the upper cap to 5000 reward points. Furthermore, the accelerated reward points feature, which was highly valued by customers, has undergone significant revisions. Those who previously earned 25x reward points on select brands will now only receive 5x reward points on the same brands, effectively reducing the earning potential for customers.
Continued Devaluation Trend:
These changes are part of a broader trend within Axis Bank, as they have progressively devalued their credit card offerings. The notable Ace card, once renowned for its generous cashback rewards of 5% on utility transactions and 4% on preferred partners without any upper cap, has been subjected to its own set of devaluations. The bank has now introduced an upper cap of INR 500 in a statement cycle, limiting the cashback benefits that were previously unrestricted.
While the motive behind these devaluations remains unclear, Axis Bank must prioritize effective communication and transparency with its valued customers. The sudden and significant changes to credit card benefits have left many customers feeling uncertain and questioning the bank’s commitment to customer satisfaction. As loyal patrons reassess their credit card strategies, Axis Bank must proactively address their concerns and provide adequate justifications for these modifications.
Axis Bank’s decision to devalue its credit card benefits, particularly within the Easy Diner program and the Grab Deals platform, has had a notable impact on its customer base. Cardholders now face reduced usage frequency, standardized minimum billing requirements, and a less rewarding reward structure. As the bank moves forward, it is crucial for Axis Bank to listen to customer feedback and adapt its offerings to strike a balance between profitability and customer satisfaction.