Axis Bank has recently upgraded its Magnus Credit Card- one of the most premium credit cards by the Axis bank, by adding new benefits such as 25,000 Bonus Edge Reward Points worth Rs. 5,000 on achieving the monthly spend milestone of Rs. 1 lac. The recently added benefits, in total, amount to Rs. 60,000 per annum (Bonus Edge Reward Points worth Rs. 5,000 every month).
Axis Bank Magnus Credit Card New Benefits
The newly added benefits on Axis Bank Magnus Credit Card include-
- 25,000 Bonus Edge Reward Points worth Rs. 5,000 on monthly spends worth Rs. 1 lac.
- 8 additional visits to international airport lounges with complimentary Priority Pass membership.
- 5x accelerated Edge Reward Points on travel spends via Axis Bank’s Travel Edge portal.
Apart from the three aforementioned new features, the existing features of the card, including TATA CLiQ voucher worth Rs. 10,000, unlimited complimentary domestic airport lounge access for primary and add-on cardmembers, BOGO offer on movie tickets (max benefit up to Rs. 500 on the second ticket), complimentary Dineout Passport membership (with up to 25% discount at partner restaurants) will continue. However, the 2x Edge Reward Points benefit on MakeMyTrip, Yatra and Goibibo shall be discontinued with effect from 10th March 2022. For more details on the Card, you may refer to our detailed review of Axis Bank Magnus Credit Card.
Terms & Conditions
The new benefits added to the Magnus Credit Card are subject to the following terms and conditions-
- The new benefits are applicable from February 2022 onwards and shall be valid until the card is active.
- Spends on the card towards online wallet uploads are not considered for calculating the spend milestone.
- Spends are calculated on a calendar month basis (i.e. from the 1st of every month) for calculating the spend milestone.
- For new customers, these additional benefits shall be applicable from the 1st of the next month post card issuance.
Axis Bank Magnus Credit Card Reward Rate
Axis Bank Magnus Credit Card earns you 12 Edge Reward Points per Rs. 200 spent with the card. Now, with the newly introduced milestone benefit, if you spend Rs. 1 lac in a month, you will earn 25,000 Bonus Edge Reward Points. The effective reward rate of Axis Bank Magnus Credit Card on the monthly expenditure of Rs. 1 lac can be calculated as per the following table-
|Monthly Expenditure||Regular Edge Reward Points||Bonus Edge Reward Points||Total Edge Reward Points||Monetary Value of 1 Edge Reward Point||Net Worth of Total Edge Reward Points Earned||Reward Rate|
|Rs. 1 lac||6,000||25,000||31,000||Rs. 0.20||Rs. 6,200||6.2%|
As you can see, Axis Bank Magnus Credit Cardholders get a high reward rate of 6.2% on spending a minimum of Rs. 1 lac in a month with the card (this calculation is assuming that none of the spends are towards travel bookings via Axis Bank Travel Edge portal). On top of this, the annual fee of the card (worth Rs. 10,000) is also waived off if a minimum of Rs. 15 lacs are spent in an anniversary year.
Axis Bank Magnus Credit Card is in direct competition with HDFC’s super-premium offering- HDFC Infinia Credit Card. Recently, HDFC Bank relaunched the Infinia Credit Card as Infinia Metal Edition Card with some additional benefits. Axis Bank has also upgraded its Magnus Credit Card to remain in the competition. However, unlike HDFC, Axis Bank has not increased the annual fee of the Magnus Credit Card, also with a reward rate of 6.2% (on regular spends), Axis Bank Magnus Credit Card is way more rewarding than any of its competitors.