The migration of Citibank's credit card portfolio to Axis Bank Ltd. is ending on July 15. The takeover happened on March 1, 2023, and the credit card mitigation process is being completed on Monday.
Existing Citi-branded credit and debit cards will continue to work for customers. Citibank cardholders will receive Axis Bank branded cards by December 2024.
In March 2023, Axis Bank said it completed its acquisition of Citibank's India consumer and non-banking finance businesses. The deal, announced in March 2022, has been closed for a cash consideration of $1.41 billion in one of the largest deals in the Indian financial services space.
What Stays The Same?
Card holders who are issued new Axis Bank credit cards will not have any changes in their PIN number, expiry date and CVV. The card's credit limit, ongoing payments and outstanding payments will now be carried over to their new Axis Bank card.
The reward points earned by customers will not be changed but will be carried over to the Axis Bank card without any deductions as well. In case of points earned after the mitigation, points will expire according to the Axis Bank reward system in place.
The customers' annual fees, billing cycle and statement generation will not be changed as well.
All existing Citi-branded cards will continue to be serviced by Axis Bank with no changes.
The Citibank cardholders can continue to call on their existing phone banking line, while Axis Bank phone numbers are also available for customer support.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
