Axis Bank Revises Benefits In Magnus Credit Card Effective From September 1; Key Details Of Changes Here

Private sector lender, Axis Bank has revised the terms and conditions of its Magnus Credit Cards for customers. The new changes will come into effect from September 1, 2023. Right from giving a host of options during on-board, monthly milestone benefits, to key waivers of fees on spending, has seen major changes. If you're applying for or already holding Axis Bank's Magnus credit card then here's a list of benefits that the lender will offer from the start of September.

1. Welcome Benefits:

Customers on-boarded from 1st September 2023 will now be able to choose any one voucher worth Rs 12,500 from options such as Luxe Gift card, The Postcard Hotels gift voucher, and Yatra gift voucher. However, the option to choose the Tata CLiQ voucher will be discontinued.

2. Annual Benefits:

As per the statement, Axis Bank has raised the annual fee to Rs 12,500 from earlier Rs 10,000 plus GST for customers on-boarding from September 1. Meanwhile, it has decided to discontinue the annual benefit voucher worth Rs 10,000.

Further, the bank will update the annual fee waiver conditions. Customers who will onboard from September 1, will get a fee waiver of Rs 12,500 on spends of Rs 25,00,000 in the preceding card
anniversary year.

Also, an annual fee waiver will be applicable on cumulative spends of Rs 15 lakh in the preceding card anniversary year. However, for such customers, on card anniversary dates after 1st September 2024, a fee waiver will be applicable on cumulative spends of Rs 25,00,000 in the preceding card anniversary year.

3. EDGE Rewards and Milestone Benefits:

Axis Bank said, that spends done on Government institutions and utilities MCCs will not be eligible for EDGE Rewards. Also, the spending threshold for annual fee waiver will exclude transactions done on these institutions.

Whereas, the bank has decided to discontinue the monthly milestone benefits of 25,000 EDGE Reward Points on monthly spends of Rs 1 lakh. But spends which were done in August 2023 will be eligible for monthly milestones, and 25,000 EDGE Reward Points for eligible customers will be posted within 90 days as per the normal time frame.

From September 1, customers can earn 12 EDGE Reward Points for every Rs 200 on cumulative monthly spends up to Rs 1,50,000. Further, earn 35 EDGE Reward Points for every Rs 200 on cumulative monthly spends above Rs 1,50,000.

Customers can also earn 60 EDGE Reward Points for every Rs 200 spent on the Travel Edge portal, up to cumulative transactions of Rs 2 lakh per month. Also, earn 35 EDGE Reward Points per Rs 200 spent above cumulative transactions of Rs 2,00,000 per month.

Miles Transfer Program:

Customers can transfer EDGE Reward Points to domestic and international partners across airlines and hotels as per the revised transfer ratio of 5:2.

According to the bank, the total EDGE Reward Points that can be converted to Partner Points in a calendar year is capped at 5,00,000 EDGE Reward Points per customer ID. For the year 2023, customer can convert 5,00,000 EDGE Reward Points from 1st September 2023 - 31st December 2023.

For each of the airline/hotel transfer partners, customers can only link 1 partner program loyalty ID for each partner at a given point in time. If a customer wishes to link another ID, the primary/existing linked ID will then get delinked by default.

For every individual partner program, the customer needs to wait for a period of 60 days after updating the partner loyalty ID with Axis Bank Travel EDGE in order to update the secondary/new partner loyalty ID, it said.

On the revision of the current Magnus credit card, Axis Bank stated "We review our product features and customer offerings from time to time. This exercise is done to ensure that we are able to provide the best-in-class features to our customers sustainably."