With effect from September 1, Axis bank has made the decision to reduce the value of rewards on the card and stop some payments from collecting reward points.
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New Delhi: Axis Bank’s Magnus credit card, once highly regarded, may lose some of its appeal following the bank’s Friday announcement that it would devalue rewards on the card and exclude certain purchases from earning points. Axis Bank has announced that it will be making some changes to its Magnus credit card effective September 1, 2023. One of the changes is that the annual welcome benefit of a Tata CLiQ voucher will be discontinued for new cardholders.
Changes From September 1
With effect from September 1, the bank has made the decision to reduce the value of rewards on the card and stop some payments from collecting reward points, according to a notification posted on the bank’s website on Friday. The action itself represents a U-turn by Axis Bank from an earlier decision to enact an even tighter devaluation of reward points, as per BQ Prime.
“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,” Axis Bank noted in the notification announcing the adjustments.
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Axis Bank Magnus Credit Card: Changes Announced
- The points-to-miles redemption ratio will be lowered from 5:4 to 5:2.
- The annual fee will be increased from Rs 10,000 + GST to Rs 12,500 + GST for new customers joining on September 1.
- The annual benefit of a voucher worth Rs 10,000 will be discontinued.
- The fee waiver criteria will be changed. New customers will need to spend Rs 25,00,000 in the preceding card anniversary year to qualify for a fee waiver, while existing customers will need to spend Rs 15,00,000.
- The monthly milestone benefit of 25,000 EDGE Reward Points on monthly spends of Rs 1,00,000 will be discontinued.
- Utility services and government institution payments will no longer be eligible for reward points.
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With about 14% of the market share and being the fourth-largest issuer as of March, Axis Bank is a big player in the credit card industry. The bank alone issued 4.2 million new cards in FY23. According to information provided by the bank, credit card outstanding loans as of March 31 totaled Rs 31,684 crore, a 97% increase from the previous year, BQ Prime said
All About the Axis Magnus Credit Card
Here is all you need to know about the Axis Magnus Credit Card and how it stacks up against other premium cards on the market:
The Axis Magnus Credit Card is a high-end credit card with powerful perks in numerous categories. Axis Magnus is undoubtedly one of the best credit cards in India right now, competing with well-known premium and super-premium cards like HDFC Diners Club Black and HDFC Infinia and even outperforming them in some areas. The premium card is best suited for regular travelers and high-spender with rewards and milestone perks also intended to provide value-back on travel.
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The fact that the card is available in metal form increases its premium quality. This credit card is available to Indian citizens who earn at least Rs. 18 lakh annually.
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