The Axis MyZone Credit Card is designed to cater to the needs of young, urban professionals who seek a blend of lifestyle and entertainment benefits. It is an entry-level credit card with a low joining fee and annual fee and the reward structure is also average at best.
Here’s a detailed review of its features, annual charges, and rewards program:
Annual Charges
- Joining Fee: ₹500 plus applicable taxes. It is also offered lifetime free via some channels.
- Annual Fee: ₹500 plus applicable taxes, waived off if you spend ₹50,000 or more in the preceding year.
Rewards and Benefits
Welcome Benefit:
- Upon activation, you receive an Amazon voucher worth ₹500.
Reward Points:
- Earn 4 Edge Reward Points for every ₹200 spent on retail purchases.
- Double reward points on weekend spends (excluding fuel, EMI transactions, and wallet loads).
Entertainment Benefits:
- Get a 40% discount (up to ₹100) on movie ticket bookings via Paytm Movies, valid once per month.
Dining Delights:
- Up to 20% off at partner restaurants across India through Axis Bank’s Dining Delights program.
Fuel Surcharge Waiver:
- Waiver of 1% fuel surcharge on transactions between ₹400 to ₹4,000 (maximum waiver of ₹400 per month).
Milestone Benefits:
- Spend ₹2,00,000 in a year and get 2,500 bonus Edge Reward Points.
Contactless Payments:
- Enabled with contactless technology for faster, more secure transactions.
EMI Conversion:
- Option to convert transactions above ₹2,500 into easy EMIs.
Other Features
- Zero Liability: Cardholders have zero liability on any fraudulent transactions reported within the stipulated time.
- Global Acceptance: Accepted at over a million ATMs and millions of merchants worldwide.
- Personal Concierge: 24×7 concierge service for travel, dining, and gifting assistance.
- Online Banking: Comprehensive online services are available through Axis Bank’s mobile app and net banking.
Pros
- Attractive Rewards: Enhanced reward points on weekend spending cater well to lifestyle and entertainment needs.
- Discounts on Movies: Regular moviegoers will appreciate the monthly discount on movie tickets.
- Dining Discounts: Substantial savings at numerous partner restaurants.
- Fuel Waiver: The surcharge waiver is beneficial for frequent drivers.
Cons
- Limited Rewards Scope: Rewards on retail spend are not as high as other premium cards.
- Annual Fee: Though reasonable, the annual fee could be a deterrent if the spending threshold for a waiver isn’t met. If you can get it lifetime free then you do not need to worry about it.
Reward Rate and Value of Reward Points
The Axis MyZone Credit Card offers a decent reward rate, especially for those who frequently spend during weekends. For every ₹200 spent on retail purchases, cardholders earn 4 Edge Reward Points. This reward rate doubles on weekends, making it 8 Edge Reward Points for the same spend, significantly boosting the value for frequent weekend shoppers.
The value of these reward points typically translates to around ₹0.20 per point when redeemed for various options such as vouchers, merchandise, or flight bookings through the Axis Bank rewards portal. This means that for every ₹1,000 spent, you effectively earn ₹4 in rewards on weekdays and ₹8 on weekends. While this might seem modest, the value accumulates quickly, especially if you maximize your weekend spending and leverage the card’s other benefits like movie discounts and dining offers.
Conclusion
The Axis MyZone Credit Card is an excellent choice for individuals who prioritize entertainment and dining. Its balanced combination of rewards and lifestyle benefits makes it particularly attractive to young professionals who spend heavily on weekends. While the annual fee is standard, the potential to have it waived with moderate spending adds to its appeal. If your spending habits align with its benefits, the Axis MyZone Credit Card is a worthwhile addition to your wallet.
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