Yes, you did. Now you have a problem. Your axim detects the card as 1 GB Card too.
At first, you need a HexEditor.
http://www.sweetscape.com/010editor/
Put your card in the cardreader and run the Programm.
Choose "Open Drive" from the Menu and select the Physical Drive of your SD-Card.
Choose "Edit" -> "Select Range" from menu.
Start Address: 0
Size: 512
Press OK
Select "Edit" -> "Fill Bytes" from menu
Start Address: 0
Size: 512
Hex: 0
Decimal: 0
Press OK
Save.
Remove the SD-Card from the CardReader and put it in your Axim.
The Axim should ask you to format the new card. Press the Yes-Button and everything should work fine.
I've done the same mistake and this works great for me.
Remember that you can't use the SD-Card with your CardReader until you do a Firmware Update! Or just buy a new one with SD-Card 2.0 support.