What Makes The Axis Magnus Credit Card A Premium Powerhouse?

The Axis Bank Magnus Credit Card is a premium credit card designed for high-net-worth individuals who prioritize luxury, travel, and lifestyle benefits. Launched in 2019, it gained significant popularity due to its robust rewards program and travel perks, though recent devaluations have tempered its appeal. It competes with other super-premium cards like HDFC Infinia, HDFC Diners Club Black, and ICICI Emeralde Private Credit Card, targeting frequent travelers and high spenders with an annual income of at least ₹24 lakh.

Rewards and Benefits

The Magnus Credit Card offers a comprehensive rewards program and a range of lifestyle and travel benefits.

Rewards Program

Earning EDGE Reward Points:
- Standard Rate: Earn 12 EDGE Reward Points per ₹200 spent on retail purchases up to ₹1.5 lakh monthly (1.2% value at ₹0.20 per point).
- Accelerated Rate: Earn 35 EDGE Reward Points per ₹200 on spends above ₹1.5 lakh in a calendar month (3.5% value).
- Travel EDGE Portal: Earn 5x EDGE Reward Points (60 points per ₹200) on travel bookings via Travel EDGE, up to ₹2 lakh monthly (6% value).
Reward Exclusions: No points are earned on fuel, insurance, gold/jewelry, utilities, government institutions, wallet transactions, rent (above ₹50,000/month), or EMI transactions. These spends also don’t count toward the ₹1.5 lakh threshold for accelerated rewards.
Redemption:
- Points can be redeemed for vouchers, electronics, or travel bookings on the EDGE Rewards platform at ₹0.20 per point.
- Transfer to 20 travel partners (airlines and hotels) at a 5:2 ratio for non-Burgundy customers (e.g., 5 lakh points = 2 lakh miles). Burgundy customers get a 5:4 ratio, with a cap of 10 lakh points annually (2 lakh for Group A, 8 lakh for Group B).
- Points are valid for 3 years.
Welcome Benefit: Upon first transaction within 30 days, choose a voucher worth ₹12,500 from Luxe, PostCard Hotels, or Yatra. Burgundy customers can opt for a ₹5,000 voucher.

Travel Benefits

Lounge Access:
- Unlimited complimentary domestic lounge access for primary and add-on cardholders, subject to ₹50,000 spend in the prior 3 months (waived for new cards for the first 4 months).
- Unlimited international lounge access via Priority Pass for the primary cardholder, with 4 guest visits per year (reduced from 8 as of April 2024).
Airport Concierge: 8 complimentary meet-and-greet services annually (reduced to 4 for Burgundy customers as of April 2024).
Hotel Discounts: Up to 15% off at Oberoi and Trident Hotels (domestic and international).

Lifestyle and Dining

Dining Discounts: Up to 40% off at over 4,000 restaurants via Axis Bank Dining Delights.
EazyDiner Prime Membership: Includes 40% discount (up to ₹1,000) twice monthly on a minimum bill of ₹2,500, and 50% off (up to ₹3,000) during birthday week.
Movie Offers: Buy-one-get-one (BOGO) on BookMyShow up to ₹500 off, capped at 5 bookings monthly (discontinued as of May 2024).

Health and Wellness

Medical Benefits: Includes tele-consultation, health coaching, preventive diagnostics with SRL, Dr. Lal PathLab, and Metropolis, plus expert medical opinions.
Insurance:
- Purchase protection: ₹2 lakh.
- Credit shield: ₹5 lakh against card misuse.
- Baggage loss/delay: USD 500.
- Accidental air death cover and other travel-related insurance.

Other Benefits

Fuel Surcharge Waiver: 1% waiver on transactions between ₹400–₹4,000, capped at ₹400/month.
Forex Markup: 2% on international transactions, lower than many peers (typically 3.5%).
No Cash Withdrawal Fee: Interest charges apply, but no direct fee.

Fees and Charges

Joining Fee: ₹12,500 + GST (offset by a ₹12,500 voucher upon first transaction).
Annual Fee: ₹12,500 + GST, waived on spending ₹25 lakh in the preceding year. For Burgundy customers, ₹30,000 + GST, waived on ₹30 lakh spend.
Interest Rate: 3% monthly (42.58% annually).
Foreign Currency Markup: 2% + GST.
Rent Transaction Fee: 1% per transaction (max ₹1,500).
Cash Advance Fee: Nil (interest applies).
Other Charges: Standard GST (18%) applies on fees and charges. Overlimit fees, late payment fees, and EMI conversion charges may apply as per Axis Bank’s MITC.

Eligibility

Age: Primary cardholder: 21–70 years; add-on cardholder: 18+ years.
Income: Minimum annual income of ₹24 lakh (salaried or self-employed) or a credit limit of ₹3 lakh on an existing Axis or other bank credit card.
Credit Score: Minimum CIBIL score of 700.
Documents: PAN copy, income proof (payslip/Form 16/ITR), residence proof (passport/driving license/utility bill).
Axis Bank reserves the right to approve or decline applications.

Axis Magnus Credit Card

Joining Fees: Rs 12,500 only
Annual Fees: Rs 12,500 + Taxes
Upto 40% Off on EazyDiner
Complimentary Domestic Flight Ticket
Utpo Rs. 500 off on BoolMyShow

Pros

High Reward Rates: Accelerated rewards (3.5% on spends >₹1.5 lakh) and 6% on Travel EDGE are competitive for high spenders.
Unlimited Lounge Access: Both domestic and international lounge benefits are valuable for frequent travelers.
Low Forex Markup: 2% is among the lowest in the premium segment.
No Cash Withdrawal Fee: Unique among peers, though interest applies.
Welcome Voucher: ₹12,500 voucher offsets the joining fee.
Luxury Benefits: Dining, hotel discounts, and medical perks cater to a premium lifestyle.
Metal Form Factor: Aesthetically premium and durable.

Cons

High Annual Fee: ₹12,500 (or ₹30,000 for Burgundy) is steep unless waived via high spends.
Reward Exclusions: Key categories like fuel, insurance, and utilities don’t earn points or count toward milestones.
Recent Devaluations: Removal of monthly milestone rewards (25,000 points on ₹1 lakh spend), BOGO movie offers, and reduced guest lounge visits have diminished value.
High Spend Thresholds: ₹25 lakh for fee waiver and ₹1.5 lakh for accelerated rewards are challenging for moderate spenders.
Limited Redemption Value: Non-travel redemptions yield only ₹0.20 per point, and transfer caps (5 lakh points/year) restrict flexibility.
Lounge Spend Requirement: ₹50,000 spend in prior 3 months for domestic lounge access adds friction.
Add-On Card Issues: Obtaining and managing add-on cards can be cumbersome.

Comparison of Axis Magnus Credit card with Peers

The Axis Magnus competes with other super-premium cards like HDFC Infinia, HDFC Diners Club Black, and ICICI Emeralde Private Credit Card. Below is a comparison based on key features:

Feature	Axis Magnus	HDFC Infinia	HDFC Diners Club Black	ICICI Emeralde Private
Annual Fee	₹12,500 (waived on ₹25L spend)	₹12,500 (waived on ₹10L spend)	₹10,000 (waived on ₹5L spend)	₹12,500 (waived on ₹8L spend)
Reward Rate	1.2% (up to ₹1.5L), 3.5% (>₹1.5L), 6% (Travel EDGE)	3.33% (5 points/₹150), 10% (SmartBuy)	3.33% (10 points/₹150), 10% (SmartBuy)	1–2% (varies by category)
Lounge Access	Unlimited domestic & international, 4 guest visits/year	Unlimited domestic & international, unlimited guest visits	Unlimited domestic & international, 6 guest visits/year	Unlimited domestic & international, unlimited guest visits
Forex Markup	2%	2%	1.99%	1.99%
Welcome Benefit	₹12,500 voucher	12,500 points (₹12,500 value)	10,000 points (₹10,000 value)	Complimentary hotel memberships
Key Exclusions	Fuel, insurance, gold, utilities, wallet, rent (>₹50K)	Fuel, wallet, government spends	Fuel, wallet, government spends	Limited reward categories
Unique Features	No cash withdrawal fee, medical benefits	High SmartBuy rewards, lower fee waiver threshold	High reward rate, golf benefits	Complimentary hotel memberships, golf benefits
Best For	High spenders (>₹1.5L/month), frequent travelers	High online spenders via SmartBuy, moderate travelers	High reward seekers, golfers	Luxury hotel enthusiasts, golfers

Analysis

Axis Magnus: Best for high spenders who exceed ₹1.5 lakh monthly and travel frequently, leveraging unlimited lounge access and low forex markup. Its no-cash-withdrawal-fee feature is unique, but reward exclusions and high fee waiver threshold limit appeal for moderate spenders. Recent devaluations (e.g., milestone rewards removal) have reduced its edge.
HDFC Infinia: Offers a lower fee waiver threshold (₹10 lakh) and higher rewards via SmartBuy (10%), making it more versatile for online shoppers. Unlimited guest lounge access is a significant advantage over Magnus.
HDFC Diners Club Black: Lower fee (₹10,000) and waiver threshold (₹5 lakh) make it more accessible. High reward rate (3.33%) and golf benefits appeal to a broader audience, but SmartBuy reliance limits offline value.
ICICI Emeralde Private: Focuses on luxury hotel memberships and golf, with a competitive forex markup (1.99%). Lower reward rates and fewer transfer partners make it less rewarding for points enthusiasts compared to Magnus.

Review

The Axis Magnus Credit Card remains a strong contender in the premium segment, particularly for high-net-worth individuals with monthly spends exceeding ₹1.5 lakh and frequent travel needs. Its unlimited lounge access, low forex markup, and accelerated rewards are standout features, complemented by a premium metal form factor and lifestyle perks like dining discounts and medical benefits. However, its value has been impacted by recent devaluations, including the removal of monthly milestone rewards, BOGO movie offers, and reduced guest lounge visits. The high annual fee and stringent spend thresholds for waivers and lounge access make it less appealing for moderate spenders. Reward exclusions on key categories further limit its versatility.

Compared to peers, Magnus excels in travel benefits and forex savings but lags in reward flexibility and fee waiver accessibility. For those who can maximize its rewards and travel perks, it’s a rewarding choice, but potential users should carefully assess their spending patterns against the card’s exclusions and thresholds. Checking the latest terms and conditions is crucial due to frequent updates.

Final Thought

The Axis Magnus Credit Card is ideal for affluent travelers and high spenders who can navigate its exclusions and meet its spend thresholds. While it offers premium benefits, its recent devaluations and high costs require careful consideration. Compared to HDFC Infinia and Diners Club Black, it’s less forgiving for moderate spenders but shines for those leveraging its travel and forex advantages. For detailed terms, visit www.axisbank.com or contact Axis Bank at 1800 419 0065.