The Axis Bank Magnus Credit Card is a premium offering that caters to the sophisticated needs of high-net-worth individuals. Launched with the promise of unparalleled luxury and exclusive privileges, this Axis Bank credit card is designed to complement an elite lifestyle, making it a perfect fit for those who seek both convenience and prestige. As of June 2024, the Magnus Credit Card continues to stand out in a crowded market, thanks to its compelling mix of benefits.
Cardholders can enjoy a range of perks, including complimentary access to airport lounges, concierge services, and substantial reward points on every transaction. The rewards program is particularly notable, with generous points that can be redeemed for luxury experiences, travel, and more. Moreover, the card offers extensive travel insurance and emergency assistance, ensuring peace of mind during international journeys.
One of the key highlights is the personalized service, with dedicated relationship managers providing tailored financial solutions and support. Additionally, the card’s robust security features and fraud protection mechanisms ensure that cardholders can enjoy their privileges without worry.
Table of Contents
Axis Magnus Credit Card
Joining Fee:
₹ 12,500 + GST
Best Suited :
Travel, Dining and Shopping
Renewal Fee:
₹ 12,500 + GST
Reward Type:
Reward Points
Welcome Benefits:
Choose a gift voucher worth Rs. 12,500 from Luxe, Yatra, or Postcard Hotels.
Axis Magnus Credit Card – Fees and Charges
| Joining Fee: | Rs. 12,500 + GST |
| Renewal Fee: | Rs. 12,500 + GST |
| Best Suited For: | Travel, Dining and Shopping |
| Reward Type: | Reward Points |
| Welcome Benefits: | Choose a gift voucher worth Rs. 12,500 from Luxe, Yatra, or Postcard Hotels. |
| Spend-Based Waiver: | Annual fee waived on spending Rs. 25 lakhs in the previous year. |
| Rewards Redemption Fee: | Nil |
| Foreign Currency Markup: | 2% |
| Interest Rates: | 3.0% per month (42.58% annually) |
| Fuel Surcharge: | 1% fuel surcharge waived at all fuel stations across India |
| Cash Advance Charges: | Nil |
Rewards and Benefits Of Axis Bank Magnus Credit Card
Movie & Dining Benefits
- 20% Discount: Enjoy a 20% discount at over 4,000 restaurants across India through the Axis Dining Delights program.
Rewards Rate
- Standard Spending: Earn 12 Axis EDGE REWARDS Points for every Rs. 200 spent.
- Travel Spending: Earn 5X EDGE REWARDS Points on travel bookings made through the TRAVEL EDGE portal.
Reward Redemption
- Redeem Points: Axis EDGE REWARDS Points can be redeemed on the EDGE REWARDS portal at a rate of 1 Edge Reward = Re. 0.20.
- Transfer Points: Transfer your points to partner airlines and hotel rewards programs.
Travel Benefits
- Airport Lounge Access:
- Domestic: Unlimited free access to domestic airport lounges.
- International: Unlimited complimentary international airport lounge access for primary cardholders, plus 8 free visits for guests each year with Priority Pass.
- Discounted Stays: Enjoy discounted stays at Oberoi Hotels.
Insurance Benefits
- Credit Shield Protection: Coverage worth Rs. 5 lakh in case the card is lost.
- Purchase Protection: Coverage worth Rs. 2 lakh for purchases made with the card.
The Axis Bank Magnus Credit Card offers a comprehensive range of benefits, from dining and travel perks to robust rewards and insurance protections, making it an ideal choice for those seeking luxury and convenience in their daily transactions.
Axis Bank Magnus Credit Card Eligibility Criteria
To get approved for the Axis Bank Magnus Credit Card, applicants need to meet the following criteria:
- Age: Primary cardholders must be between 21 and 70 years old. Add-on cardholders must be above 18 years old.
- Income: Applicants, whether salaried or self-employed, must have an annual income of at least ₹24 lakh.
- Credit Limit: If you already have a credit limit of ₹3 lakh or more on an Axis Bank or any other bank credit card, you are eligible to apply.
Documents Required for Axis Bank Magnus Credit Cards
- Proof of Identity: To apply for an Axis Bank Magnus credit card, you will need to provide proof of identity. Acceptable documents include your PAN Card, Aadhaar Card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, Job Card issued by NREGA, letters issued by the UIDAI, or any other government-approved photo ID proof.
- Proof of Address: For address verification, you can submit documents such as your Aadhaar Card, Driver’s License, Passport, a utility bill not older than three months, Ration Card, Property Registration Document, Person of Indian Origin Card, Job Card issued by NREGA, Bank Account Statement, or any other government-approved address proof.
- Proof of Income: To demonstrate your income, you will need to provide your latest one or two salary slips (not older than three months), the latest Form 16, or your last three months’ bank statement. These documents are essential to verify your financial stability and eligibility for the credit card.
How to Apply for the Axis Bank Magnus Credit Card
You can apply for the Axis Bank Magnus Credit Card both online and offline:
Offline Application:
- Visit your nearest Axis Bank branch with the required documents.
- Fill out the application form and submit your documents for processing.
Online Application:
- Go to the credit card option and click on the “Apply Now” button on the Axis Bank website.
- Complete the official application form with your details.
- Submit your application for processing.
Applying is simple and can be done at your convenience through either method.
New Magnus Credit Card for Burgundy Account Holders
Axis Bank’s Burgundy service, designed for high net-worth individuals, provides exclusive banking, wealth management, and lending solutions through dedicated relationship managers. Recently, Axis Bank introduced the New Magnus Credit Card for its Burgundy account holders, offering enhanced benefits and rewards.
Joining Fees: The New Magnus Credit Card for Burgundy has a joining and renewal fee of ₹30,000 + GST. However, applications received before January 31, 2024, were exempt from the joining fee.
Rewards Program: The updated Magnus Credit Card for Burgundy offers:
- 4 partner miles or points for every 5 EDGE Reward Points.
- The potential to earn up to 10 lakh EDGE Reward Points.
Application Process: Eligible Burgundy clients will receive an email invitation to apply. Upon approval, existing cards will be upgraded to the new Magnus card, and reward points will be transferred seamlessly. During this transition, the redemption of points on current cards will be paused, but all points will be preserved.
Updated Terms and Conditions
Welcome Benefit:
- New cardholders can select a ₹12,500 welcome voucher from Postcards Hotel, Luxe, or Yatra. The Tata Cliq voucher is discontinued.
Annual Fees and Benefits:
- The annual fee has increased to ₹12,500.
- The annual benefit voucher worth ₹10,000 is discontinued.
- For new customers, an annual spend of ₹25 lakhs is required for a fee waiver. Existing customers before September 1, 2023, need to spend ₹15 lakhs annually until September 1, 2024, after which the threshold increases to ₹25 lakhs.
Milestone and Rewards Adjustments:
- Utility and government spends are excluded from annual fee waiver calculations and do not earn EDGE Reward Points.
- The bonus of 25,000 EDGE Reward Points for monthly spends of ₹1 lakh is discontinued.
- After September 1, 2023, cardholders earn 12 EDGE Reward Points per ₹200 spent up to ₹1.5 lakhs monthly. Beyond this, they earn 35 points per ₹200 spent.
- On the Travel Edge portal, earn 60 EDGE Reward Points per ₹200 spent up to ₹2 lakhs monthly. After reaching this limit, earn 35 points per ₹200 spent.
Miles Transfer Program:
- Convert EDGE Reward Points to partner hotel and airline loyalty programs at a 5:2 ratio (5 EDGE Reward Points = 2 Partner Miles/Points).
- A maximum of 5,00,000 points can be converted per year per Customer ID. In 2023, this limit applies from September 1 to December 31.
- Only one Customer ID can be linked to a partner program at a time. To switch IDs, the current one must be delinked first.
- There is a 60-day wait period to update the partner program Customer ID on the Travel EDGE portal.
- Maintaining a Burgundy Private account and credit card allows for the 5:4 conversion ratio without additional fees. Burgundy account holders must maintain the required balance to qualify; otherwise, the conversion ratio reverts to 5:2.
Axis Bank’s new Magnus Credit Card for Burgundy account holders provides superior rewards and exclusive benefits, enhancing the banking experience for its premium clients.
Comparing other cards to Axis Bank Magnus Credit Card
#1. Axis Bank Magnus Credit Card
The Axis Bank Magnus Credit Card offers 12 EDGE Reward Points per ₹200 spent and 5X EDGE Reward Points on the TravelEdge portal. These points can be redeemed for shopping vouchers and products. Cardholders receive ₹12,500 worth of gift vouchers from Postcard Hotels, Luxe, or Yatra as a welcome benefit.
The card has a joining fee of ₹12,500 + GST and requires a minimum income of ₹24 lakhs per year. Additional features include complimentary airport lounge access, travel insurance, concierge services, a 1% fuel surcharge waiver, a 2% foreign currency markup, no cash advance charges, and an interest rate of 3.0% per month (42.58% annually).
#2. HDFC Infinia Credit Card
The HDFC Infinia Credit Card provides 5 Reward Points per ₹150 spent, with accelerated points on travel bookings via SmartBuy. Points are redeemable at a rate of ₹1 per point for hotel and flight bookings. Cardholders earn 12,500 Reward Points upon paying the membership or renewal fee.
The card has a joining fee of ₹12,500 + GST and is by invite only. It includes unlimited complimentary airport lounge access, comprehensive travel insurance, concierge services, a 1% fuel surcharge waiver, priority access to events, and advanced security features.
#3. HDFC Diners Club Black Credit Card
HDFC Diners Club Black offers 5 Reward Points per ₹150 spent, 10X points via SmartBuy, and 2X points on weekend dining. Points can be redeemed at ₹1 per point for travel bookings and ₹0.5 per point for products from the HDFC catalog. The card includes complimentary memberships to Forbes, Club Marriott, Swiggy One, and MMT Black as a welcome benefit.
With a joining fee of ₹10,000 + GST, eligibility requires a minimum income of ₹1.25 lakhs per month for salaried employees or ₹21 lakhs per year for self-employed. Features include unlimited lounge access, travel insurance, concierge services, dining privileges, priority event access, and enhanced security.
#3. Magnus Credit Card for Burgundy
The Magnus Credit Card for Burgundy offers 12 EDGE Reward Points per ₹200 spent and 5X points on TravelEdge. Points are redeemable for shopping vouchers and products. New cardholders receive ₹12,500 worth of welcome benefits from Luxe, Yatra, and Postcard Hotels.
With a joining fee of ₹30,000 + GST, it is available to Burgundy account holders who meet the “Total Relationship Value”. Additional perks include complimentary lounge access, travel insurance, concierge services, dining and shopping benefits, a fuel surcharge waiver, a 2% foreign currency markup, no cash advance charges, and personalized service with dedicated relationship managers.
Should You Get the Axis Magnus Credit Card?
The Axis Magnus Credit Card offers a variety of premium privileges, including generous rewards, unlimited lounge access, dining benefits, and more. However, due to two significant devaluations within a year, its appeal as an ‘excellent’ premium card has diminished somewhat. Here’s a closer look at why it might still be worth considering:
Key Features:
- Generous Rewards: Earn 12 EDGE Reward Points per ₹200 spent for monthly spends up to ₹1.5 lakh, and 35 EDGE Reward Points for spends above ₹1.5 lakh.
- Lounge Access: Unlimited international lounge access for the primary cardholder, plus four additional guest visits per year.
- Reward Transfers: Transfer EDGE Reward Points to a variety of airline and hotel loyalty programs.
- Medical Concierge and Wellness Benefits: Access to medical concierge services and wellness benefits.
Consider This Card If:
- High Spender: You regularly spend enough to accumulate substantial reward points each month.
- Annual Spending Threshold: You can reach the annual spend of ₹25 lakh to qualify for the annual fee waiver.
- Frequent Traveler: You value unlimited lounge visits and other travel-related perks.
- Reward Redemption: You are comfortable redeeming rewards primarily with Group B travel partners.
Despite its recent changes, the Axis Magnus Credit Card still offers substantial benefits for those who can maximize its rewards and perks. Consider your spending habits and travel needs to determine if this card is the right fit for you.
Recent Changes and Impact on Card Value
The Axis Bank Magnus Credit Card, renowned for its premium benefits and rewards, has undergone significant changes recently, influencing its overall value proposition for cardholders. These updates, implemented as of September 2023, have altered certain benefits and requirements associated with the card, shaping how potential users perceive its value.
Discontinuation of Milestone Benefits:
One of the notable changes introduced in September 2023 was the discontinuation of milestone benefits associated with the Magnus Credit Card. Previously, cardholders could earn 25,000 EDGE Reward Points upon spending ₹1 lakh in a month. This feature was appreciated by frequent spenders seeking additional rewards for their high monthly expenditures. However, its removal means that cardholders no longer benefit from this incentive, potentially reducing the attractiveness of the card for some users.
Revision of Annual Fee and Waiver Conditions:
Another significant adjustment made to the Magnus Credit Card was the revision of its annual fee and waiver conditions. The annual fee was increased to ₹12,500 plus GST for new cardholders onboarded after September 2023, up from ₹10,000 previously. Furthermore, while existing cardholders enjoyed an annual fee waiver upon spending ₹15 lakh in a year, the threshold was raised to ₹25 lakh for new cardholders. This adjustment aims to align the fee structure with the enhanced benefits and costs associated with maintaining the premium features of the card.
Impact on Reward Points and Redemption:
The restructuring has also affected the accumulation and redemption of EDGE Reward Points. While the base earn rate remains attractive at 12 EDGE Reward Points per ₹200 spent, the revision has focused on enhancing rewards for higher spending thresholds. Cardholders now earn 35 EDGE Reward Points per ₹200 spent once their monthly expenditures exceed ₹1.5 lakh, encouraging larger spends to maximize rewards. Additionally, the ability to convert these points to airline miles or hotel loyalty points at a 5:2 ratio remains a valuable feature, albeit with a capped annual conversion limit of 5,00,000 EDGE Reward Points.
Customer Perception and Adjusted Benefits:
Overall, these changes have prompted a reassessment among potential and existing cardholders regarding the Magnus Credit Card’s value proposition. While the card still offers substantial benefits such as unlimited lounge access, dining privileges, and medical concierge services, the increased annual fee and revised spending thresholds for fee waivers may deter some potential applicants. For existing cardholders, adapting to the new conditions involves strategic spending to maximize rewards and justify the higher costs associated with maintaining the card.
Conclusion
The Axis Bank Magnus Credit Card remains a strong contender in the premium credit card segment, offering a range of benefits that cater to high spenders and frequent travelers. Despite recent devaluations, the card still provides a generous rewards rate, unlimited lounge access, dining benefits, and the ability to transfer reward points to multiple airline and hotel loyalty programs.
With added perks like medical concierge services and wellness benefits, the Magnus Credit Card continues to be a valuable option for those who can leverage its extensive rewards and benefits. However, potential cardholders should consider their spending habits and travel frequency to fully utilize the card’s features and justify the high annual fee.
FAQs
Q1. What is the annual fee for the Axis Bank Magnus Credit Card?
Ans. The annual fee for the Axis Bank Magnus Credit Card is ₹12,500 plus GST.
Q2. How can I earn EDGE Reward Points with the Axis Bank Magnus Credit Card?
Ans. You earn 12 EDGE Reward Points for every ₹200 spent, and 35 EDGE Reward Points for every ₹200 spent once you exceed ₹1.5 lakh in monthly spending.
Q3. What are the benefits of the Axis Bank Magnus Credit Card?
Ans. The card offers a high rewards rate, unlimited lounge access (domestic and international), dining discounts, and the ability to transfer reward points to airline and hotel loyalty programs. It also includes medical concierge services and wellness benefits.
Q4. Is there a way to waive the annual fee for the Axis Bank Magnus Credit Card?
Ans. Yes, the annual fee can be waived if you spend ₹25 lakh or more in the preceding year.
Q5. Can I apply for the Axis Bank Magnus Credit Card online?
Ans. Yes, you can apply for the Axis Bank Magnus Credit Card online through the Axis Bank website by filling out the application form and submitting the required documents. You can also apply offline by visiting your nearest Axis Bank branch.