Axis Bank ACE Credit Card Vs. Myntra Kotak Credit CardAxis Bank ACE Credit Card Vs. Myntra Kotak Credit Card

Axis Bank ACE Vs. Myntra Kotak Credit Card

An average person usually goes about their regular shopping for everyday needs, paying the bill without anticipating any rewards. Conversely, individuals with financial savvy aim to gain tangible benefits from their expenditures, be it through cashback, discounts, or redeemable rewards. Credit cards are instrumental in facilitating these advantages. Notably, the Axis Bank ACE Credit Card and Myntra Kotak Credit Card are highlighted as entry-level cards with impressive attributes.

These two cards serve as excellent examples of introductory credit cards, encompassing essential features and perks. They serve as an initial stride toward achieving financial independence. These credit cards add significant value to one’s financial portfolio, notably enhancing the purchasing power of the cardholders. With enticing reward programs, including cashbacks on specific categories and points on others, these cards offer a comprehensive set of advantages.

Features and Benefits of Axis Bank ACE Credit Card and Myntra Kotak Credit Card

Axis Bank ACE Credit Card:

1. Rewards:

  • 5% cashback on utility bill payments through GPay.
  • 4% cashback on Zomato, Swiggy, and Ola.
  • 2% cashback on all other types of spending.

2. Travel Benefits:

  • 4 complimentary domestic airport lounge accesses annually at selected airports.
  • 4% accelerated cashback on Ola rides.

3. Dining Benefits:

  • 20% discount on dining bills across 4000+ restaurants with the Dining Delights program.
  • 4% accelerated cashback on Swiggy and Zomato.

4. Spend Based Waiver:

  • Joining fee waiver after spending more than Rs. 10,000 within the initial 45 days.
  • If you spend over Rs. 2 Lakhs in the previous year, you won’t have to pay the renewal fee starting from the second year onwards.

5. Fuel:

  • 1% fuel surcharge waiver at all fuel stations nationwide.
  • Maximum waiver of Rs. 500 per month.

Myntra Kotak Credit Card:

1. Welcome Benefits: Myntra voucher worth Rs. 500 upon card activation.

2. Rewards:

  • 5% instant discount on Myntra website or app (max Rs. 750 per order).
  • Unlimited 1.25% cashback on all other online and offline merchant spends.

3. Dining and Movie Benefits:

  • 5% cashback on Swiggy, Swiggy Instamart, Cleartrip, Urban Company, and PVR.
  • Max capped at Rs. 1,000 per month.

4. Memberships: Complimentary Myntra’s Insider Program membership.

5. Travel Benefits: 1 complimentary domestic lounge access per quarter.

6. Milestone Benefits: You’ll receive two free PVR movie tickets valued at Rs. 250 each when you make purchases totaling Rs. 50,000 within a single calendar quarter.

7. Spend Based Waiver: Annual fee waiver upon spending Rs. 2 Lakhs or more in a year.

8. Fuel:

  • 1% fuel surcharge waiver.
  • Max capped at Rs. 3,500 per year.

Fee and Charges of Axis Bank ACE Credit Card and Myntra Kotak Credit Card

Axis Bank ACE Credit Card:

1. Joining Fee: Rs. 499 + Taxes.

2. Interest Rates:

  • Monthly Rate: 3.6%.
  • Annual Rate: 52.86%.

3. Foreign Currency Markup: 3.5% of the transacted amount.

4. Cash Advance Fee: 2.5% of the withdrawn amount or Rs. 500 (whichever is less).

Myntra Kotak Credit Card:

1. Joining Fee: Rs. 500 + applicable taxes.
2. Interest Rate: 3.7% per month or 44.4% per annum.
3. Foreign Currency Markup: 3.5% of the transacted amount.
4. Cash Advance Fee: 2% of the withdrawn amount or Rs. 500 for every Rs. 10,000 withdrawn.
5. Add-on Card Fee: Rs. 299.
6. Card Replacement Fee: Rs. 200.

Comparison between Axis Bank ACE Vs. Myntra Kotak Credit Card

Axis Bank ACE Credit Card:

The ACE Credit Card, a collaboration between Axis Bank, GPay, and Visa, strategically enters the flourishing realm of online payments. With enticing perks such as cashback rewards and dining benefits, this card distinguishes itself. It offers a variety of impressive features, guaranteeing users a dependable and gratifying experience.

1. Joining Fee: Rs. 499 + Taxes
2. Welcome: Not applicable
3. Interest Rate: 3.6% per month or 52.86% annually
4. Rewards:

  • 5% cashback on utility bill payments via GPay.
  • 4% cashback on Zomato, Swiggy, and Ola.
  • 2% cashback on all other types of spends

5. Dining and Movie:

  • 20% discount on dining bills across 4000+ restaurants with the Dining Delights program.
  • 4% accelerated cashback on Swiggy and Zomato.

6. Foreign Currency Markup: 3.5% of the transacted amount
7. Travel: Each year, enjoy access to four complimentary domestic airport lounges at specific locations.
8. Memberships: Not applicable
9. Milestone: Not applicable
10. Spend Based Waiver: Receive a waiver on the joining fee by spending over Rs. 10,000 within the first 45 days.
11. Fuel: 1% fuel surcharge waiver at all fuel stations across the country.
12. Cash Advance Fee: 2.5% of the withdrawn amount or Rs. 500, whichever is less.

Myntra Kotak Credit Card:

Myntra has distinguished itself as a leading force in India’s e-commerce fashion scene. It has strengthened its standing by unveiling a co-branded credit card, the Myntra Kotak Credit Card. This card is tailored for dedicated Myntra followers, offering them a valuable financial instrument perfectly aligned with their shopping habits.

1. Joining Fee: Rs. 500 + Taxes
2. Welcome: A Myntra voucher valued at Rs. 500 is available.
3. Interest Rate: 3.7% per month and 44.4% per annum
4. Rewards:

  • 7.5% instant discount on all spending on the Myntra website or app.
  • Unlimited cashback of 1.25% on all other spending, both online and offline.
  • 5% cashback on all spends with Swiggy, Swiggy Instamart, Cleartrip, Urban Company, and PVR.

5. Dining and Movie:

  • 5% cashback on all spends with Swiggy, Swiggy Instamart, Cleartrip, Urban Company, and PVR.
  • Foreign Currency Markup: 3.5% of the transacted amount

6. Travel:

  • 1 complimentary domestic lounge access per quarter.
  • Memberships: Complimentary membership to Myntra’s Insider Program
  • Milestone: 2 complimentary PVR movie tickets worth Rs. 250 each upon spending Rs. 50,000 in a calendar quarter.

7. Spend Based Waiver: Annual fee waiver upon spending Rs. 2 Lakhs or more in a year.
8. Fuel: 1% fuel surcharge waiver.
9. Cash Advance Fee: 2% or Rs. 500 on every Rs. 10,000 withdrawn.

Which credit card suits you best?

The Axis Bank ACE Credit Card and the Myntra Kotak Credit Card share similarities, yet their features and benefits diverge. The Myntra Kotak Credit Card, being a co-branded card, leverages the strengths of both the bank and the associated shopping app, making it especially advantageous for ardent shoppers.

Frequently Asked Questions (FAQs)

Q: How do the Axis Bank ACE Credit Card and Myntra Kotak Credit Card differ?

A: Although the two cards have similarities, they differ in their features and advantages. The Myntra Kotak Credit Card is co-branded, offering benefits from both the bank and the shopping app, while the Axis Bank ACE Credit Card prioritizes cashback rewards specifically for utility bill payments.

Q: What advantages does the Myntra Kotak Credit Card offer for avid shoppers?

A: The Myntra Kotak Credit Card is particularly beneficial for die-hard shoppers, as it takes advantage of its co-branded status to provide enhanced benefits from both the bank and the Myntra shopping app.

Q: Why might someone prefer the Axis Bank ACE Credit Card over the Myntra Kotak Credit Card?

A: People managing various bills might be drawn to the Axis Bank ACE Credit Card due to its attractive cashback offers, particularly for paying utility bills.

Q: What distinguishes the Myntra Kotak Credit Card from others?

A: Yes, the Myntra Kotak Credit Card’s uniqueness lies in its co-branded nature, offering exclusive benefits and synergies from both Kotak Mahindra Bank and the Myntra shopping platform.

Q: Can you elaborate on the cashback opportunities provided by the Axis Bank ACE Credit Card?

A: The Axis Bank ACE Credit Card presents enticing cashback rewards, with a special emphasis on utility bill settlements. This makes it an ideal option for those seeking effective bill management solutions.

Q: What strategies can be employed to optimize the advantages offered by the Myntra Kotak Credit Card?

A: To maximize benefits, users should leverage the co-branded advantage by making purchases on the Myntra platform. Additionally, being aware of special promotions and discounts exclusive to the card can enhance overall advantages.

Q: Are there annual fees associated with both credit cards, and if there are, how do they differ in terms of their structures or benefits?

A: Information about annual fees may differ between credit cards, so it’s important to review the terms and conditions for each card individually. While certain cards may require annual fees, others might provide exemptions or introductory offers.

Q: Do either of these credit cards offer any perks or advantages related to travel?

A: Distinguishing between the Axis Bank ACE Credit Card and the Myntra Kotak Credit Card reveals variations in their travel advantages. It’s advisable to scrutinize the distinct attributes of both cards to ascertain any travel-related privileges they offer, if applicable.

Q: Is it possible for one card to better meet the needs of business expenditures when compared to another?

A: Determining whether a particular expense is suitable for business purposes relies heavily on personal preferences and spending habits. Evaluating the various reward programs, cashback opportunities, and specific benefits tailored for businesses can assist in making a well-informed choice.

Q: How do I go about applying for the Axis Bank ACE Credit Card or the Myntra Kotak Credit Card?

A: To apply for either card, visit the official website of the respective bank offering the card. The application process typically involves filling out an online form and providing necessary documentation.

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