There have not been many instances in the credit card industry with a story similar to Magnus. A credit card launched then revamped with more rewards and then again boosted with revamped reward redemptions! Whether you spend Rs 1 Lakh in a month or not, the Magnus can provide you tremendous value. And it is not only airmiles redemption we are talking about.
So by popular demand, here is a guide or rather approach that we have been using to extract maximum value out of our Magnus credit card.
Basics of the rewards on Axis Magnus
Axis Magnus like many other credit cards gives us EDGE Rewards. Before 2022, EDGE Rewards were considered not so great and Infinia/DCB rules the roost in super-premium credit cards. But, now EDGE Rewards are much better. This is in part due to ways to earn accelerated EDGE Rewards and also due to the airmiles redemption options.
EDGE Reward earn rate on Magnus:
- 12 EDGE RP per Rs 200 on all transactions except the ones mentioned in point 4 below
- Spends below Rs 200 do not get any EDGE Rewards
- EDGE Rewards are always given for spends in multiples of Rs 200. For example if you spend Rs 797, you get EDGE RP only for Rs 600.
- We do not earn EDGE Rewards on: Wallet, Transactions converted to EMI, fuel transactions with surcharge waiver
Milestone Benefit and Questions
- We get a milestone benefit of 25000 EDGE RP on spends of Rs 1 Lakh per calendar month. This is valid from the same month when you get your card.
- Transactions that do not get milestone benefit: Wallet Loads, Rental Transactions, EMI Transactions
- Everything else like insurance premiums, NPS transactions, advance tax payments, other government payments on the Magnus are eligible for milestone benefit.
- While not explicitly mentioned, transactions that get settled by 30th/31st of the calendar month are only included for milestone benefit.
Maximize Axis Bank Magnus Credit Card Tip 1: Grab Deals
[Login to see the link] is an affiliate portal of Axis Bank where we get accelerated EDGE RP for eligible merchant purchases. The reward multiplier can go from 2X to even 45X! But how can we use Grab Deals to benefit and which merchants to buy from:
- Jockey: 20X RP
- Marks & Spencer: 20X RP
20X RP comes to 240 EDGE RP per Rs 200 spend. For Amazon GV redemption this comes to 24% and for airmiles redemption it comes to 192 airmiles per Rs 200.
Marks & Spencer used to be 45X but is now 20X. So, a minor devaluation.
The cap for Grab Deals is 10000 EDGE RP per calendar month. At 20X RP, you need to spend only Rs 8200 to hit this cap.
Maximize Axis Bank Magnus Credit Card Tip 2: Gyftr Instant Vouchers
This is the best feature on the Magnus. There is no cap on the reward points that we can earn from [Login to see the link].
But, we do have caps on how much amount of GVs we can buy for each registered mobile number/customer:
Amazon Pay GV at 3X: Rs 10000 per calendar month
Amazon Shopping GV at 5X: Rs 50000 per calendar month
Flipkart GV at 5X: Rs 10000 per calendar month
Maximum of Rs 2.5 Lakh of GVs per calendar month
Reward multiplier | voucher redemption | AIRMILES REDEMPTION |
3X | 3.6% | 14.4% |
5X | 6% | 24% |
We recommend you shift most of your purchases to Amazon and Flipkart to make use of these GVs. If you can do this, you can use GVs to meet the 1L expenses at least every couple of months for milestone benefit.
Amazon Pay GVs can be used for any kind of bill payments. Amazon Shopping GVs can be used for buying physical products or other GVs like Tanishq or Pantaloons.
But these are not the only GVs we can buy from Gift Edge. Here are some other useful options that we use based on where we spend:
- Bata/Hush Puppies: 10X Rewards
- Pantaloons: 10X Rewards
- Croma: 5X Rewards
- Jockey: 10X Rewards
- Lifestyle/Myntra/Shoppers Stop: 10X Rewards
- MakeMyTrip Hotels: 10X Rewards
Redeem Multi Brand Voucher with Privilege Credit Card
[Login to see the link]
While airmiles is the preferred redemption option for Magnus, we do have few other options. Redeeming the EDGE RP for Amazon Pay GV will give you a value of 20 paise per EDGE RP. But, you can use your Magnus EDGE RP for multi brand voucher as well if you also have Privilege credit card.
We get a Rs 2500 worth of multi brand voucher for 6250 EDGE RP. This makes the value of each EDGE RP equivalent to 40 paise.
We can then redeem the multi-brand voucher for any of the below brand GVs.
Online: Shoppers Stop, Myntra, Prestige/BB Star
OTT: Zee 5, Sony LIV
Dining: Pizza Hut, Costa Coffee
Fashion: Louis Philippe, Vero Moda, The Raymond Shop, W for Woman, United Colors of Benetton, Levi’s, Woodland, Puma, Lifestyle, Bata, Hidesign, Hush Puppies, Aldo
Beauty & Healthcare: The Body Shop, Kama Ayurveda, Apollo Pharmacy
So if you prefer shopping from any of the above brands, then get the Privilege credit card. Apollo Pharmacy and Myntra are two good options. When used for Privilege multi brand voucher, the reward rates of Magnus get doubled as below.
- Standard Reward Rate of 1X: 2.4%
- Standard Reward Rate with 25K EDGE RP milestone: 12.4%
- 3X RP: 7.2%
- 5X RP: 12%
- 10X RP: 24%