Axis Bank Neo Credit Card | Advantages | CIBIL Score | By Paisainvests
Table of Contents
In today’s digital era, having a credit card that provides exclusive deals on entertainment, shopping, and dining is a must-have. The Axis Bank Neo Credit Card is designed specifically for young professionals, online shoppers, and movie lovers. It offers a range of benefits such as cashback, discounts, and reward points that make everyday spending more rewarding.
This blog provides a comprehensive guide on the Axis Bank Neo Credit Card, including its features, benefits, advantages, required documents, credit score requirements, disadvantages, how to apply. Read on to determine whether this credit card fits your lifestyle and spending habits.
What is Axis Bank Neo Credit Card?
The Axis Bank Neo Credit Card is an entry-level credit card designed for individuals who enjoy online shopping, dining out, and entertainment. It provides exclusive discounts and cashback offers on popular platforms like Amazon, Myntra, BookMyShow, Zomato, and Swiggy. With a low annual fee and attractive rewards, it is an ideal choice for young professionals and first-time credit card users.
Features of Axis Bank Neo Credit Card
1. Welcome Benefits
- Get an Amazon voucher worth ₹250 upon activation of the card.
- Additional discounts and offers on Zomato and Swiggy for food delivery.
2. Entertainment Perks
- Up to 40% off on movie tickets through BookMyShow.
- Cashback and special offers on OTT platforms like Amazon Prime and Zee5.
3. Shopping Discounts
- Exclusive deals and cashback on Myntra, Flipkart, Tata Cliq, and other e-commerce platforms.
- Additional discount vouchers on popular lifestyle brands.
4. Dining Benefits
- Special discounts on Zomato, Swiggy, and top restaurant chains.
- Cashback on online food orders.
5. Fuel Surcharge Waiver
- 1% fuel surcharge waiver on transactions at all fuel stations across India.
6. EMI Facility
- Convert large purchases into easy monthly installments (EMIs) at attractive interest rates.
- Flexible repayment tenures available.
7. Contactless Transactions
- Enabled with tap-and-pay technology for faster, safer, and convenient transactions.
8. Global Acceptance
- Accepted at millions of merchants worldwide, making it a convenient option for both domestic and international purchases.
9. Digital Banking & Mobile App Support
- Manage your card easily using the Axis Bank Mobile App.
- Track spending, pay bills, and redeem offers via online banking.
The Axis Bank Neo Credit Card is an excellent choice for individuals looking for a budget-friendly credit card that offers significant savings on entertainment, dining, and shopping.
Benefits of Axis Bank Neo Credit Card
The Axis Bank Neo Credit Card offers a range of benefits, making it an ideal choice for individuals who frequently shop online, dine out, and enjoy entertainment. Below are the detailed benefits of this credit card:
1. Welcome Benefits
- Get a ₹250 Amazon voucher as a welcome gift on successful card activation.
- Additional discount offers on Zomato and Swiggy, allowing you to save on food orders.
2. Entertainment Perks
- Enjoy up to 40% off on movie tickets through BookMyShow.
- Cashback and discount offers on Amazon Prime, Zee5, and other OTT platforms, making it a great choice for entertainment lovers.
3. Shopping Discounts
- Exclusive deals and cashback on popular e-commerce platforms like Myntra, Amazon, Flipkart, and Tata Cliq.
- Special discount vouchers on leading lifestyle brands, helping you save more on your shopping.
4. Dining Privileges
- Get special discounts on Zomato, Swiggy, and popular restaurant chains.
- Cashback on food orders placed online, making dining more affordable.
5. Fuel Savings
- 1% fuel surcharge waiver at all petrol pumps across India for transactions between ₹400 and ₹4000.
- Helps in reducing overall fuel expenses.
6. EMI Conversion
- Convert high-value purchases into easy monthly installments (EMIs) with attractive interest rates.
- Flexible tenure options for convenient repayment.
7. Contactless Payment Convenience
- Equipped with tap-and-pay technology, allowing quick and hassle-free transactions.
- Enhanced security with contactless payment features.
8. Global Acceptance
- Accepted at millions of merchants worldwide, making it a perfect travel companion.
- Use it for both domestic and international transactions without any hassle.
9. Digital Banking & Easy Management
- Manage your credit card using the Axis Bank Mobile App and Internet Banking.
- Track expenses, pay bills, check transaction history, and redeem offers from a single platform.
10. Budget-Friendly & Low Annual Fee
- With an annual fee of ₹250, it is one of the most affordable credit cards offering such extensive benefits.
- The fee can be waived off based on annual spending.
11. Reward Points & Cashback
- Earn cashback and discounts instead of traditional reward points, making it more beneficial for frequent shoppers and diners.
- Easy-to-redeem offers on leading platforms.
The Axis Bank Neo Credit Card is best suited for individuals looking for an entry-level card with high discounts on entertainment, shopping, and dining. The extensive cashback offers and EMI conversion make it a practical choice for managing expenses efficiently.
Advantages of Axis Bank Neo Credit Card
The Axis Bank Neo Credit Card comes with several advantages that make it a great option for budget-conscious individuals. Below are the detailed advantages:
1. Affordable Annual Fee
- The card comes with a nominal annual fee of ₹250, which is significantly lower than many other credit cards.
- The fee can be waived off if annual spending crosses a certain limit.
2. Extensive Discounts on Shopping
- Get exclusive discounts on Myntra, Amazon, Flipkart, and Tata Cliq.
- Avail cashback offers on various lifestyle brands, making shopping more economical.
3. Great Entertainment Benefits
- Enjoy up to 40% off on movie tickets via BookMyShow.
- Discounts on Amazon Prime, Zee5, and other OTT platforms for entertainment lovers.
4. Dining & Food Delivery Perks
- Special discounts on Zomato and Swiggy, helping you save on food expenses.
- Cashback offers on dining at selected restaurants.
5. Fuel Surcharge Waiver
- 1% fuel surcharge waiver for transactions between ₹400 and ₹4000.
- A great way to save on frequent fuel purchases.
6. EMI Facility
- Convert large purchases into easy monthly EMIs with low-interest rates.
- Flexible repayment tenures make it convenient to pay back.
7. Contactless Transactions
- Tap-and-pay feature enables quick and secure transactions without requiring PIN entry for small purchases.
8. International Acceptance
- Accepted at millions of merchants worldwide, making it useful for international purchases and travel.
9. Easy Card Management
- Axis Bank’s mobile app and internet banking services allow users to manage transactions, pay bills, and track spending seamlessly.
The Axis Bank Neo Credit Card is an excellent option for young professionals looking for high discounts on shopping, entertainment, and dining with a low annual fee. It provides a well-rounded package for individuals who want a budget-friendly credit card with significant savings opportunities.
Documents Required for Axis Bank Neo Credit Card
To apply for the Axis Bank Neo Credit Card, applicants need to provide certain documents for identity verification, address proof, and financial eligibility. Below is a detailed list of the required documents.
1. Identity Proof (Any One)
- Aadhaar Card
- PAN Card
- Voter ID
- Passport
- Driving License
2. Address Proof (Any One)
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills (Electricity, Water, or Gas Bill – not older than 3 months)
- Bank Passbook with Address Mentioned
3. Income Proof (Any One)
- Latest Salary Slips (for salaried individuals)
- Income Tax Returns (ITR) for the last 2 years (for self-employed individuals)
- Bank Statements of the last 3-6 months
4. Passport-Sized Photographs
- Recent colored passport-sized photographs (as per Axis Bank’s requirements)
5. PAN Card
- Submission of PAN Card details is mandatory for processing the credit card application.
6. Employment Proof (For Salaried Individuals)
- Offer letter or employment certificate from the current employer
7. Business Proof (For Self-Employed Individuals)
- Business Registration Certificate or GST Certificate
- Proof of Business Continuity for at least 2 years
Providing all necessary documents ensures a smooth application process and faster approval of the Axis Bank Neo Credit Card.
CIBIL Score Requirement for Axis Bank Neo Credit Card
To be eligible for the Axis Bank Neo Credit Card, applicants must meet certain credit score requirements. A good credit score increases the chances of approval and may also lead to better credit limits and offers.
1. Minimum Credit Score Requirement
- A credit score of 750 or above is recommended for easy approval.
- Individuals with scores between 650-749 may still get approval but with lower credit limits or additional verification.
- Applicants with scores below 650 may face difficulty in getting approval.
2. Importance of a Good Credit Score
- A high CIBIL score improves the chances of getting approved for a credit card.
- It helps in securing better credit limits and financial offers.
- Low credit scores may lead to higher interest rates or application rejection.
3. How to Improve Your Credit Score Before Applying?
- Pay bills on time: Ensure timely payments of all existing loans and credit card bills.
- Reduce credit utilization: Keep credit card usage below 30% of the total limit.
- Avoid multiple loan inquiries: Frequent applications for credit can negatively impact your credit score.
- Maintain old credit accounts: Lengthy credit history builds trust with lenders.
- Check credit report regularly: Identify and correct errors in your credit report to improve your score.
Having a healthy credit score ensures smoother approval and better credit card benefits. If your score is low, take necessary steps to improve it before applying for the Axis Bank Neo Credit Card.
Disadvantages of Axis Bank Neo Credit Card
While the Axis Bank Neo Credit Card offers numerous benefits, it also comes with some drawbacks that potential cardholders should consider before applying.
1. Limited Reward Points Program
- Unlike premium credit cards, the Neo Credit Card does not offer a traditional reward points system.
- Instead, it provides cashback and discounts, which may not be as flexible as redeemable reward points.
2. No Airport Lounge Access
- This card does not provide free access to airport lounges, which is a common feature in higher-tier credit cards.
- Frequent travelers may find this card less useful for their travel needs.
3. High Interest Rates on Outstanding Balances
- The finance charges on unpaid balances can be quite high.
- If you do not pay your total due amount on time, the interest rates can go up to 3.6% per month (or 42.72% annually), making it expensive for those who carry a balance.
4. No International Travel Benefits
- While the card is accepted worldwide, it does not offer specific international travel perks such as forex markup waivers, travel insurance, or complimentary international lounge access.
- Users who frequently travel abroad may need a different card with better travel-related benefits.
5. Fuel Surcharge Waiver is Limited
- The 1% fuel surcharge waiver is applicable only on transactions between ₹400 and ₹4000.
- If you frequently purchase fuel beyond this range, you may not fully benefit from the surcharge waiver.
6. Annual Fee is Not Completely Waived
- The annual fee of ₹250 is not waived for all users.
- Some credit cards in the same category offer a complete fee waiver if a minimum spending threshold is met, making them more cost-effective.
7. Limited Cashback Categories
- While it offers good discounts on shopping and dining, cashback is limited to specific platforms like Amazon, Myntra, BookMyShow, Zomato, and Swiggy.
- Users who shop from other platforms may not find this cashback program beneficial.
8. No Insurance or Additional Protections
- Many credit cards provide complimentary insurance coverage (such as accidental cover, purchase protection, and fraud liability protection), but the Neo Credit Card lacks these benefits.
- Users looking for added security on their purchases may find this a disadvantage.
9. Not Suitable for High Spenders
- This card is designed for entry-level users and is best for low to moderate spenders.
- Users looking for higher credit limits, premium rewards, and exclusive perks may need to explore other options.
10. No Instant Approval Option
- Some banks offer instant approval and virtual credit cards upon application, but the Axis Bank Neo Credit Card application process can take several days for approval and delivery.
While the Axis Bank Neo Credit Card is a great choice for budget-conscious users who love shopping and entertainment, it does have certain limitations. If you’re looking for a credit card with more travel benefits, lower interest rates, or a traditional rewards program, you might want to consider alternative options.
How to Apply for Axis Bank Neo Credit Card?
Applying for the Axis Bank Neo Credit Card is a straightforward process. You can apply online or offline based on your convenience. Below is a step-by-step guide to help you through the process.
1. Check Eligibility
Before applying, ensure you meet the following eligibility criteria:
- Age Requirement: Applicant must be between 18 to 70 years.
- Income Requirement: A steady income source is required (either salaried or self-employed).
- Credit Score: A good credit score (preferably above 700).
- Nationality: Indian resident.
- Employment Status: Salaried employees and self-employed individuals can apply.
2. Gather Required Documents
To apply for the Axis Bank Neo Credit Card, you need the following documents:
- Identity Proof: Aadhaar Card, Passport, Voter ID, or Driving License.
- Address Proof: Aadhaar Card, Passport, Utility Bills (Electricity, Water, Gas), or Rental Agreement.
- Income Proof:
- For Salaried Individuals: Latest salary slips (last 3 months) or ITR/Form 16.
- For Self-Employed Individuals: ITR for the last 2 years, business registration proof, or audited financials.
- PAN Card: Mandatory for the application.
- Passport-size Photographs (if applying offline).
3. Online Application Process
You can apply online through the official Axis Bank website by following these steps:
- Visit Axis Bank’s Website:
- Go to the official Axis Bank website and navigate to the Credit Cards section.
- Search for the Neo Credit Card and click on “Apply Now.”
- Fill Out the Online Application Form:
- Enter your personal details (Name, Date of Birth, PAN, Aadhaar, Address, etc.).
- Provide your employment and income details.
- Upload the required documents (ID proof, address proof, and income proof).
- Verify Your Mobile Number:
- Enter your mobile number and verify it using an OTP (One-Time Password) sent by the bank.
- Submit the Application:
- Once all details are filled in, submit the application form.
- Your application will undergo verification and processing.
- Track Your Application Status:
- After submission, you can track your application status using the application reference number provided.
- Visit the Axis Bank Credit Card Status Tracker page to check updates.
- Approval & Dispatch:
- If your application is approved, you will receive a confirmation via SMS or email.
- Your Axis Bank Neo Credit Card will be dispatched to your registered address within 7-10 working days.
4. Offline Application Process
If you prefer to apply in person, follow these steps:
- Visit the Nearest Axis Bank Branch:
- Carry all the required documents (original and photocopies).
- Request a credit card application form from the bank representative.
- Fill Out the Application Form:
- Enter all details accurately, including personal, employment, and financial information.
- Attach self-attested copies of the required documents.
- Submit the Application Form:
- Hand over the filled form and documents to the bank representative.
- The bank will verify your documents and process your application.
- Wait for Verification & Approval:
- The bank will review your application and conduct credit and background checks.
- If approved, you will be notified via SMS or email.
- Receive Your Credit Card:
- Once approved, your Neo Credit Card will be sent to your registered address.
5. Instant Digital Credit Card Option (For Existing Customers)
- If you are an existing Axis Bank customer, you may be eligible for an instant digital credit card.
- Log in to your Axis Bank Net Banking or Mobile App and check for pre-approved offers.
- If eligible, you can get a virtual credit card instantly for online transactions.
- The physical card will be sent later to your registered address.
Processing Time & Approval
- The online application process usually takes 5-7 business days.
- Offline applications may take 10-15 days depending on verification and approval.
- If additional verification is needed, the process may take longer.
Tips for Faster Approval
- Ensure you have a good credit score (above 700).
- Provide accurate and complete details in the application form.
- Submit clear and valid documents to avoid processing delays.
- If self-employed, ensure your ITR and business financials are up-to-date.
- Avoid multiple credit card applications at the same time, as this can affect your credit score.
By following these steps, you can easily apply for the Axis Bank Neo Credit Card and enjoy its exclusive benefits. If you have any questions, feel free to check the FAQs section below or contact Axis Bank’s customer service.
Conclusion
The Axis Bank Neo Credit Card is a great option for young professionals and online shoppers looking for discounts on movies, shopping, and dining. With attractive welcome benefits, shopping offers, and EMI conversion, it provides great value for everyday spending. However, it lacks travel benefits and has high interest rates, which might not suit frequent travelers. If you are someone who enjoys online shopping, dining out, and watching movies, this credit card is worth considering.
FAQs
What is the annual fee for the Axis Bank Neo Credit Card?
The annual fee for this card is ₹250 + GST, which is quite affordable compared to other credit cards.
Is there a way to get the annual fee waived?
Yes, the annual fee is waived if you spend ₹2,500 or more within the first 45 days of card activation.
What are the eligibility criteria for this credit card?
You must be between 18-70 years old, have a stable income, and be an Indian resident to apply.
Can I apply for this card online?
Yes, you can apply online via the Axis Bank website or mobile app.
What are the benefits of the Axis Bank Neo Credit Card?
Some key benefits include discounts on shopping, movie bookings, and dining, along with cashback offers.
Is there a fuel surcharge waiver with this card?
No, the Axis Bank Neo Credit Card does not offer a fuel surcharge waiver.
Does this card provide lounge access at airports?
No, the Neo Credit Card does not include complimentary airport lounge access.
What is the reward points structure for this card?
This card primarily offers discounts and cashback rather than a traditional reward points system.
How long does it take for the card to be approved?
Approval usually takes 5-7 working days, but it may take longer based on verification.
Can I increase my credit limit after some time?
Yes, if you maintain a good repayment history, Axis Bank may offer a credit limit enhancement.
What documents are required for the Axis Bank Neo Credit Card?
You need ID proof, address proof, income proof, and PAN card to apply.
What is the late payment fee for this credit card?
The late payment fee varies based on the outstanding amount and ranges from ₹100 to ₹1,000.
Does this card provide any EMI options?
Yes, you can convert your high-value transactions into EMIs with this card.
Is the Axis Bank Neo Credit Card good for students?
It is better suited for young professionals, as it requires a stable income.
What should I do if my card is lost or stolen?
Immediately contact Axis Bank customer care and request card blocking and replacement.
Does the Axis Bank Neo Credit Card support contactless payments?
Yes, this card supports contactless transactions for ease of use.
Can I use this credit card for international transactions?
Yes, but foreign currency markup fees of 3.5% apply.
How can I check my credit card statement?
You can check your statement via net banking, the Axis Bank mobile app, or email alerts.
Can I transfer my outstanding balance to another credit card?
Yes, Axis Bank allows balance transfers at special interest rates.
What happens if I exceed my credit limit?
An over-limit fee will be charged, and it may impact your credit score.
Can I use this card for UPI transactions?
Currently, most Axis Bank credit cards do not support UPI payments.
What is the finance charge for overdue payments?
The finance charge is 3.6% per month (or 52.86% annually).
Does this card offer a free add-on card?
Yes, you can avail of a free add-on card for family members.
Can I change my billing cycle?
You need to contact Axis Bank customer service to request a change in billing cycle.
How can I close my Axis Bank Neo Credit Card?
You can request closure by calling customer care or visiting the nearest Axis Bank branch and submitting a written request.
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