Axis Bank Magnus Credit Card – Benefits, Fees & Eligibility

Axis Bank Magnus Credit Card

Introduction

The Axis Bank Magnus Credit Card is a highly sought-after super-premium card designed for high-income individuals seeking a luxurious lifestyle with extensive travel, dining, and reward benefits. While it carries a joining and annual fee of ₹12,500 + GST, it offers a range of exclusive perks, including significant welcome benefits, unlimited airport lounge access (domestic and international), and a competitive reward program. Cardholders also benefit from a low foreign currency markup, zero cash withdrawal fees (interest charges applicable), and an annual fee waiver on substantial annual spending.

Welcome Benefits

• For Axis Bank Magnus Credit Card: Choose any one gift voucher worth INR 12,500 from options including a Luxe gift card, The Postcard Hotels gift voucher, or a Yatra gift voucher.
• For New Axis Bank Magnus Credit Card for Burgundy: Choose any one gift voucher worth INR 5,000 from options including a Luxe gift card, PostCard Hotels gift voucher, or a Yatra gift voucher. This is not applicable for customers upgraded from Magnus to Magnus Credit Card for Burgundy.

Fees

• Joining Fee: ₹12,500 + GST
• Renewal Fee: ₹12,500 + GST
• Spend-Based Waiver: The annual fee of ₹12,500 + Taxes is waived off on spending of ₹25 Lakhs in the preceding year. This threshold excludes wallet reloads, utilities, gold, insurance, fuel, EMI conversions, government, and rent transactions.
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: Reduced mark-up fee of 2% on foreign transactions.
• Interest Rates: 3.0% per month (42.58% annually) on extended credit.
• Fuel Surcharge: 1% fuel surcharge waiver for transactions between ₹400 to ₹4,000 at all fuel stations across India. The maximum waiver is capped at ₹400 per month. In certain fuel transactions, the fuel surcharge may be levied as INR 10 + GST instead of 1% + GST.
• Cash Advance Charges: Nil (Interest charges applicable).

Fees for New Axis Bank Magnus Credit Card for Burgundy

• Joining Fee: ₹30,000 + GST. (Till January 31, 2024, there was no joining fee for new Magnus Credit Card for Burgundy account holders).
• Renewal Fee: ₹30,000 + GST.
• Spend-Based Waiver: The annual fee of ₹30,000 + Taxes is waived off on spending of ₹30 Lakhs in the preceding year.

Rewards

• Reward Point Earnings:
  • Earn 12 EDGE Reward Points for every ₹200 on cumulative monthly spending up to ₹1.5 Lakhs on retail purchases.
  • Earn 35 EDGE Reward Points per ₹200 on incremental cumulative monthly spends above ₹1.5 Lakhs (capped on spends up to your assigned credit card limit + ₹1.5 Lakhs per calendar month).
  • Earn 60 EDGE Reward Points for every ₹200 spent on the Travel Edge portal, up to cumulative transactions of ₹2 Lakhs per month (5X Reward points).
  • Earn 35 EDGE Reward Points per ₹200 spent on the Travel Edge portal on cumulative transactions above ₹2 Lakhs per month.
  • Edge Rewards for rental transactions accrue only up to ₹50,000 per month, and rental transaction charges of 1% of the total amount apply.
  • Earn up to 5X Reward Points on purchases from various brands at Axis Bank Grab Deals. A maximum of 5,000 EDGE Reward Points and a maximum cashback of ₹1,000 can be earned per customer per month.
  • The following categories do not earn reward points: Wallet reloads/payments, EMI spends, fuel, insurance, gold, and jewellery, spends on utilities and government institutions, refunded/reversed/canceled transactions, and cash withdrawals.
  • Accelerated reward points are credited within 45 days from the evaluation month’s end. The calculation for accelerated reward points is: [Eligible Spends = (Total spends in the month - ₹1.5 Lakhs - Spends in the exclusion list - Spends on Travel Edge up to ₹2 Lakhs - Rent payments) x 23 reward points].
• Travel Benefits:
  • International Lounge Access: Avail unlimited complimentary international lounge visits for the primary cardholder with a Priority Pass card. Additionally, receive 4 complimentary guest visits per year (revised w.e.f 20th April 2024).
  • Domestic Lounge Access: Enjoy unlimited complimentary visits to select airport lounges in India for primary and add-on cardholders. Eligibility requires spending ₹50,000 or more in the previous quarter, which is waived for the first three months for new Magnus Credit Cards.
  • Hotel Offers:
    • Upto 15% off on International & Domestic Oberoi & Trident Hotels on Best Available Rates (BAR).
    • Enjoy a complimentary 3rd-night stay (limited period offer with blackout dates) at Oberoi & Trident Hotels, valid for the primary cardholder.
    • Subject to room availability, a complimentary room upgrade to the next category is offered.
    • These offers are applicable on both offline and online bookings (use code "AXIS15" for online).
• Dining Benefits: Enjoy upto 30% discount (up to ₹500) at over 4000 restaurants across India under the Axis Dining Delights program.
• Insurance Benefits:
  • Credit Shield protection worth ₹5 Lakhs (in case the card is lost).
  • Purchase protection worth ₹2 Lakhs.
  • Credit Liability coverage up to the card limit.
  • Lost/Delayed Baggage coverage of $500 (USD).
• Golf Benefits:
  • For World Mastercard variant holders (available from Dec 20th), enjoy exclusive golf privileges:
    • 4 complimentary rounds of green fees per calendar year (not more than 1 round in a single calendar month).
    • 12 complimentary golf lessons per calendar year (1 lesson per calendar month).
    • Discounted golf services at 50% of the green fee beyond complimentary sessions.

Rewards Redemption Guide

• Redemption Options: Axis EDGE REWARDS Points can be redeemed on the EDGE REWARDS portal for instant vouchers, gifts, gadgets, fashion accessories, etc.
• Point Value: 1 Edge Reward Point = ₹0.20.
• Transfer to Partner Programs:
  • EDGE REWARDS Points can be transferred to Partner Airlines/Hotels Rewards Programs, including Club ITC, Marriott Bonvoy, Etihad Guest, KrisFlyer, United, Turkish Miles&Smiles, and more.
  • The standard transfer ratio is 5:2, where 5 EDGE RPs = 2 Partner Miles/Points (applicable from 1st September 2023).
  • The total number of reward points transferable in a calendar year is capped at 5,00,000 RPs for a single Customer ID. For 2023, cardholders could convert 5,00,000 reward points from September 1 to December 31.
  • Only one Customer ID can be linked to a partner program loyalty membership at a given time. To link another ID, the existing primary ID must be deleted, and a new one added. A waiting period of at least 60 days is required to update a partner program Customer ID at the Travel EDGE portal.
  • Partner programs are classified into two groups for transfer:
    • Group A (Maximum 100,000 EDGE REWARD Points transfer in total): Accor Hotels, Air Canada, Ethiopian Airlines, Etihad, Japan Airlines, Singapore Airlines, Marriott International, Turkish Airlines, Thai Airways, United Airlines, Wyndham Hotels.
    • Group B (Maximum 400,000 EDGE REWARD Points transfer in total): Air France-KLM, Air India, Air Asia, ITC, Qantas Airway, SpiceJet, IHG Hotels & Resorts.
• For New Axis Bank Magnus Credit Card for Burgundy:
  • Earn 4 Partner Miles for every 5 EDGE Reward Points (an upgraded ratio compared to the standard Magnus).
  • Up to 10 Lakh EDGE Reward Points can be earned.
  • To continue with the Miles Conversion ratio of 5:4 on the Magnus credit card, maintaining a Burgundy Private account relationship and holding the Burgundy Private credit card is required.
• Point Validity: Axis EDGE REWARDS Points are valid for three years from the date of accrual.
• Exclusions: EDGE REWARDS Points cannot be redeemed for paying credit card bills.

Card Eligibility Criteria

• For Axis Bank Magnus Credit Card:
  • Primary cardholder age must be between 18 years and 70 years.
  • Add-on cardholder age should be over 18 years.
  • Net Salary of ₹24 Lakhs per annum or Net Annual Income Tax Return filed for ₹24 Lakhs.
  • Must be a Resident of India.
  • Applicants with a credit limit of ₹3 Lakhs or more on an existing Axis Bank or any other bank credit card are also eligible.
• For New Axis Bank Magnus Credit Card for Burgundy:
  • Burgundy account holders who meet the "Total Relationship Value" criteria.
• Documents Required:
  • PAN card photocopy or Form 60.
  • Latest payslip/Form 16/IT return copy as proof of income.
  • Residence proof (Passport/Driving license/Electricity Bill/Landline telephone bill).
  • Note: The above criteria and document list are indicative and may vary based on individual cases, as the bank reserves the right to approve or decline applications.

Card Review

The Axis Bank Magnus Credit Card is an excellent choice for high-net-worth individuals who appreciate a premium lifestyle. Despite its high joining and annual fees, the card offers substantial value through extensive travel benefits, exclusive dining discounts, competitive reward earnings, a low foreign currency markup, and zero cash withdrawal fees. Its comprehensive lounge access program (unlimited domestic and international for primary cardholders, plus guest passes) makes it particularly appealing for frequent travelers.

Pros:

• No cash withdrawal charges (though interest charges apply).
• Unlimited complimentary international and domestic airport lounge access for primary cardholders.
• Includes 4 complimentary international guest lounge visits annually.
• Offers a low foreign currency markup of 2%.
• Provides robust insurance benefits, including credit shield and purchase protection.
• Features an appealing welcome benefit gift voucher.
• For the World Mastercard variant, golf benefits are now available.

Cons:

• High annual income requirement (₹24 lakh) for eligibility.
• Some previously available benefits, such as BOGO movie offers and concierge services, have been removed as of May 2024.
• The reward point structure can be complex, with different earning rates for various spend categories and monthly spend tiers.

Important Product Details

• Welcome benefit: Gift voucher worth ₹12,500 from Luxe, Postcard Hotels, or Yatra (₹5,000 for Magnus Burgundy).
• Reward points earning: 12 EDGE RPs per ₹200 (up to ₹1.5 Lakhs monthly) and 35 EDGE RPs per ₹200 (above ₹1.5 Lakhs monthly).
• Accelerated rewards on Travel Edge: 60 EDGE RPs per ₹200 (up to ₹2 Lakhs monthly) and 35 EDGE RPs per ₹200 (above ₹2 Lakhs monthly).
• Unlimited domestic airport lounge access for primary and add-on cardholders, with a spend-based criterion of ₹50,000 in the previous quarter (waived for the first 3 months).
• Unlimited complimentary international lounge visits for primary cardholders via Priority Pass, plus 4 guest visits per year.
• Special offers and discounts (up to 15% off / complimentary 3rd-night stay, room upgrades) at International & Domestic Oberoi & Trident Hotels.
• Dining discounts of up to 15% (max ₹500) at over 4000 restaurants through Axis Bank Dining Delights.
• Protective insurance benefits: ₹5 Lakhs Credit Shield cover and ₹2 Lakhs purchase protection, along with credit liability up to the card limit and $500 for lost/delayed baggage.
• Favorable fees and charges: Lower interest rate of 3% per month, reduced foreign currency markup of 2%, and zero cash withdrawal fees.
• Annual fee waiver on spending ₹25 Lakhs (Magnus) or ₹30 Lakhs (Magnus for Burgundy) in the preceding year.

Other Details

• The Terms and Conditions of Axis Bank Magnus Credit Card are subject to periodic updates (e.g., w.e.f 1st September’23, 20th April'24, and 20th June'25).
• The Axis Bank Magnus Credit Card is a metal card. Its quality is considered solid, though it may be slightly lighter than the HDFC Infinia Metal card.
• The card supports contactless payment.
• How to apply: Applications can be submitted online via the "Apply Now" button on the official website or offline by visiting a nearest Axis Bank branch with all required documents.
• Upgrading to New Axis Bank Magnus Credit Card for Burgundy: Existing Burgundy account holders who meet the eligibility criteria can request an upgrade by calling 1800 419 0065.
• Customer Care:
  • For general queries/assistance: 1860 419 5555 or 1860 500 5555.
  • To block your card: +91 22 67987700 (24x7 helpline).