Axis more than doubles its DCC markup to 3.5% — from 28 Aug 2026

Axis Bank will increase its Dynamic Currency Conversion markup from 1.5% to 3.5% on 28 Aug 2026. However, premium cards like Olympus and Magnus will have lower rates, with Olympus at 1.8% and Magnus at 2%. The Reserve card’s notice does not mention DCC at all. The increased DCC markup will affect users who make foreign transactions, making it more expensive for them to convert currencies. The change will also introduce a new late-payment slab of ₹1,300 for balances over ₹50,000. Additionally, gift cards will be moved to their own ‘Gift Card’ spend category and will no longer earn rewards, and Bridge Fees, Road Fees, and Tolls will also stop earning rewards. Our take: with the change not taking effect until 28 Aug 2026, users still have time to make foreign transactions at the current lower rate. It’s advisable to make any necessary foreign transactions before the change takes effect to avoid the increased markup. Users should also review their card’s terms and conditions to understand how the changes will affect them.