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.