I don't know what's in your cream, but I think I've got some allergic reaction to palm oil or some such? I say this because a couple times in the last few years I've tried deodorants/antiperspirants which are natural, and have had some tropical oils in them. I ended up each time with a really weird itchy rash/fungussy thing under my arms, which went away with a homeopathic antifungal cream. Anyway, my point is, it might not be the beeswax; it could be some other oil that's in it. Just more fodder for your quest...good luck!
2008 Trek 7.5 FX WSD / Brooks B-68 (still breaking in)