What axioms of ZFC are needed to guarantee that cardinals are closed under multiplication of smaller ordinals?

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In ZFC, the following holds: If $\kappa$ is an infinite cardinal, then $\alpha \cdot \beta < \kappa$ for all $\alpha, \beta < \kappa$.
How much of ZFC can we remove without losing this property? It seems that the Axiom of power set is not necessary. Is replacement necessary?