HDFC Bank and Axis Bank revise credit card offerings

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HDFC Bank and Axis Bank revise credit card offerings
Credit: © Reuters.

Credit card companies HDFC Bank and Axis Bank have made several modifications to their offerings, adjusting reward structures, benefits, fees, and other terms to meet market trends and consumer demands.

Starting December 1, 2023, HDFC Bank's Regalia cardholders will be eligible for eight domestic and six international lounge accesses each quarter if they spend ₹1 lakh (approx. $1200) or more. This is a part of the bank's revised lounge access program. Additionally, HDFC introduced the Regalia Gold credit card with an annual fee of ₹2500. The card offers various lifestyle and travel benefits such as complimentary Club Vistara Silver Tier membership and MakeMyTrip (MMT) Black Elite membership upon spending ₹1 Lakh or more within 90 days of card issuance.

The Regalia Gold card also offers enhanced milestone benefits, including ₹5,000 worth of flight vouchers upon achieving target spend amounts and new mile transfer partners like Aeroplan and LifeMiles. Both the Regalia and Regalia Gold cards have identical reward rates, but the latter provides 5x reward points on partner brands like Myntra, Nykaa, and Reliance Digital. It also comes with ₹1500 worth of gift vouchers from brands such as Marriott, Myntra, Marks & Spencer (OTC: MAKSY ), and Reliance Digital.

On the other hand, Axis Bank has revised the terms of its Magnus Credit Card by removing the monthly milestone benefit and increasing the annual fee. The Regalia Gold card is available to consumers with a minimum monthly income of ₹1 lakh while the Magnus Credit Card caters to consumers with a minimum annual income of Rs 24 Lakh.

The significant difference in annual fees between HDFC Regalia Gold (₹2500) and Axis Magnus (₹12,500) is also a crucial factor for consumers. If the revised benefits do not offer value, consumers may consider other premium cards like HDFC Diners Club Black or Axis Atlas (NYSE: ATCO ) Credit Card that offer VIP assistance at airports and low forex markup.

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