The rise and the downfall of Axis Bank Magnus credit card is a pretty interesting story. In a single stroke, Axis Bank has made sharp devaluations on what used to be the most rewarding credit card in India at one point. While the base earn rate stays the same, Axis Bank has done away with the monthly milestone of 25K EDGE RP and also reduced the airmiles transfer ratio from 5:4 to 5:2. With these devaluations, does it make sense to hold the Axis Magnus credit card now? Here is an updated hands-on review of the Axis Bank Magnus credit card.
For fresh applications, the required salary or ITR is Rs 18 LPA. If you already have an existing Axis Bank credit card, you can upgrade to Magnus provided the limit on your card is more than Rs 3 Lakhs.
C2C Applications for Axis Magnus
You can also choose to apply for the Magnus on a C2C (Card to Card) basis with another bank’s credit card having a limit of more than Rs 4 Lakhs.
Fees and Charges
|Joining Fee||Rs 12500+GST|
|Welcome Benefit||Rs 12500 GV|
Choose one of Luxe, Postcard Hotels or Yatra GV
|Annual Fee||Rs 12500+GST ~Rs 11800|
|Annual Fee Waiver||Rs 25 Lakhs spend|
With the devaluation, Axis Bank has made quite a lot of changes to the fee and benefits. The joining and annual fee has gone up from Rs 10000 to Rs 12500. The spends required for annual fee waiver also go up from Rs 15 Lakhs to Rs 25 Lakhs. With the reduced reward rate, the fee seems high now. But, the Axis Magnus may still make sense if you have high spends. More on this in the rewards section.
|Spend Category||Reward Points||Reward Rate|
|Spends till Rs 1.5 Lakh in calendar month||12 EDGE RP per Rs 200||1.2% to 2.4%|
|Travel EDGE||60 EDGE RP per Rs 200||6% to 12%|
|Incremental spends above Rs 1.5 Lakh in calendar month||35 EDGE RP per Rs 200||3.5% to 7%|
|Utilities, Government Institutions, Wallet||No Rewards||0%|
|Insurance Spends up to Rs 1.5 Lakh per transaction||12 EDGE RP per Rs 200||1.2% to 2.4%|
- Milestone Benefit: The milestone benefit has been stopped effective 1st September 2023.
- Each EDGE Reward is worth 20 paise when redeemed for vouchers. But, points transfer will yield a better value.
- Fuel transactions will accrue EDGE Rewards if a surcharge waiver is not applicable to it.
- Rental transactions will NOT be considered as eligible spends for monthly milestone benefit and annual fee waiver.
TRAVEL EDGE is Axis Bank’s version of HDFC Bank SmartBuy where we can book flights and hotels. Magnus gets 60 EDGE RP per Rs 200 for TRAVEL EDGE bookings. We also have Grab Deals for earning accelerated EDGE Rewards. Grab Deals is similar to HDFC Bank SmartBuy but comes with more merchants. We have Flipkart, Amazon, and Instant Vouchers where we can get higher rewards on transactions. Bonus EDGE reward points on Grab Deals are capped at 10000 points per month.
EDGE Rewards can be redeemed from the Axis Bank EDGE REWARDS portal. We have different options including products, gift vouchers, and Airmiles transfers as well. Both Amazon and Flipkart gift vouchers are available. In all cases, the value for each EDGE reward is 20 paise.
- Amazon or Flipkart Gift Vouchers: 1 EDGE RP = 20 paise
Transfer Axis Bank Magnus EDGE Rewards to Airlines/Hotel Partners
Out of these transfer partners, Turkish Airlines (for Air India) and Vistara will be useful for domestic travel. At the new transfer ratio, we now earn between 2.4% to 7% airmiles on transactions. While this is no where close to how the earlier reward rates were, it is still pretty good. This is even better if you have high spends as we earn 7% airmiles on spends above Rs 1.5 Lakhs in a calendar month. We can also open a Burgundy account to retain the 5:4 transfer ratio for Magnus.
Total EDGE Reward Points that can be converted to Partner Points in a calendar year is capped to 5 Lakh EDGE Reward Points per customer ID.
|Transfer Partner and|
EDGE Rewards: Partner Miles
|Conversion Rate (with Burgundy)|
EDGE Rewards: Partner Miles
|Air Asia: airasia rewards||5:2||5:4|
|Air Canada: Aeroplan||5:2||5:4|
|Air France – KLM: Flying Blue||5:2||5:4|
|Air Vistara: Club Vistara||5:2||5:4|
|Ethiopian Airlines: ShebaMiles||5:2||5:4|
|Etihad Airways: Etihad Guest||5:2||5:4|
|IHG Hotels & Resorts: IHG One Rewards||5:2||5:4|
|ITC: Club ITC||5:2||5:4|
|Japan Airlines: JAL Mileage Bank||5:2||5:4|
|Marriott International: Marriott Bonvoy||5:2||5:4|
|Qantas Airways: Qantas Frequent Flyer||5:2||5:4|
|Singapore Airlines: KrisFlyer||5:2||5:4|
|Turkish Airlines: Miles&Smiles||5:2||5:4|
|United Airlines: United MileagePlus||5:2||5:4|
|Wyndham Hotels & Resorts: Wyndham Rewards||5:2||5:4|
Unlimited Complimentary Airport Lounge Access
Axis Magnus cardholders get unlimited international lounge visits with Priority Pass. We also get 8 complimentary visits for guests. But the catch is there is no separate priority pass like Infinia. The guest access is valid only if the primary card member is accompanying them.
Unlimited domestic lounge access (for primary and add-on cardholders) is also available. The access is directly on the Axis Magnus credit card on this list of lounges. We can even use the Magnus Priority Pass in below domestic airport lounges without any charges.
Complimentary EazyDiner Prime Membership
Axis Magnus credit card does not list down EazyDiner Prime membership as a benefit but we get it on this HNI card. EazyDiner Prime is a birthday benefit that was introduced on the Magnus in November 2022.
We get the EazyDiner Prime membership automatically on the mobile number that is linked to our credit card around a week before the cardholder’s birthday date. So, if you log into EazyDiner with that mobile number, you will see the Prime membership. No activation code or email required.
Airport Concierge Services
Axis Magnus also offers 8 complimentary VIP Assistance Services more commonly known as ‘Meet and Greet’. The services include assistance across airport processes, such as check-in, security check, immigration processes, and porter services. This limit is per calendar year.
We get buy one and get one free up to Rs 500 for 5 times per month. If you are a movie lover, this is one offer that will excite you. 🙂
In this, we get a minimum of 15% off on partner restaurants when dining in. Refer to the official Axis Bank Dining Delights website for a list of restaurants and applicable offers.
With the new reward rates and Gyftr devaluations, does the Magnus still make sense? On the positive side, we can still earn a decent airmiles reward rate provided we have high spends. But spending more than Rs 1.5 Lakh may be difficult. Our spends in a year are not regular but rather in chunks like that high insurance premium.
But, do we have a better option in Axis Bank’s offerings? As it turns out, yes we have and at a much lower annual fee. It is the underestimated Axis Atlas. The Axis Atlas has a higher airmiles earn rate on spends. We earn 2 EDGE Miles on spends which comes to 4 partner points for airlines and hotels. Axis Atlas also gets access to the same transfer partners as above. Atlas also has good milestone and renewal benefits for high spends. If you can spend Rs 15 Lakhs in a year, we get an amazing reward rate and extra benefits too.
Frequently Asked Questions
Axis Bank Magnus Credit Card