In the world of credit cards, we seldom use our debit cards. And why not? Credit cards have obvious advantages when it comes to making payments and enjoying interest free period and what not. But there are a few Debit cards that real take the game to a new level and can help people earn and benefit from them if used intelligently.
One of such top of the line Debit cards is the IndusInd Exclusive Signature Debit Card that we have already seen in past. Another such Debit Card that comes with enormous luxury and status symbol is the Burgundy World Debit Card by Axis Bank.
Now, let me make one thing clear. This card is only for HNW individuals who have a Burgundy account (AQB- Rs.10Lakh in savings bank and above). You cannot get this card even by paying any fees. This card is given complimentary to Primary and Joint Holders of a Burgundy account, FREE of cost.
Benefits of the Axis Burgundy Debit Card
- Issuance/annual fees: Nil
- Comes with an ATM withdrawal of ₹2 Lakh/day and ₹6 lakh/day spend on PoS terminals or Online purchases.
- Bookmyshow offer: Upto 4 tickets in a month free when two or Moore tickets are bought. 1 ticket will be free out of the 2 purchased. Max of value of free ticket will be ₹350.
- Fuel surcharge: will be fully waived off up to ₹750/month at ALL petrol pumps. Now this is unique because these days a lot of banks are only reversing 1% fuel surcharge. So this is good for the user.
- Airport Lounge Access: It is there in all lounges offered by the Master Card Lounge access program in India.
- Edge loyalty reward points: 2/₹200 spent on domestic purchase and 6/₹200 spent internationally either online or on foreign visits. However, they’ll charge you 3.5% as mark up fees. I’ll not advise using this card for foreign currency purchases, for that check out some of the best credit cards with low foreign currency markup fees.
- Reward Point Value: ₹0.20. So, that is really less if you consider the way the card is projected by Axis Bank. Effectively, you earn 2 RP/₹200 so it comes down to only 0.20% which is very less.
- Minimum 15% off on dining from partner restaurants which can be obtained from dining delights website.
- Insurance cover: Personal accidental insurance of ₹15 Lakh. Air Accident insurance of ₹1 crore. Lost card liability and Purchase protection of ₹6 Lakh
- International Cash Withdrawal/Balance Enquiry: Nil
- Foreign Currency Markup Fee: 3.5%
- Reward Rate: 0.20%
- Cardexpert Rating: 3.5/5
There is NO EXTRA benefit of this card over the high end credit cards except free International cash withdrawal. However, since this is offered to all Burgundy Customers for free so it won’t hurt to keep the card anyway. The card has a good limit for purchase protection and has a good purchase limit too. However the edge loyalty points are lousy for such a top of the line Card.
We sincerely hope that Axis bank improves their reward earning programs as these Edge Loyalty points are a joke to say the least. It’ll take ages to earn enough points to book even an economy ticket with reward rate of just 0.20% on a top end debit card. Where as cards like IndusInd Exclusive Signature debit card can let you earn all the way upto 2.5% in a month, that too they allow those points to be redeemed as cash credit!!!
Feel free to to comment on whether this card is up to your expectations from such a high end savings account? Doesn’t Axisbank love its customers? Do you have any good or bad experiences with Axisbank Debit or credit cards? Feel free to share it with us.