Axis Bank Magnus Credit Card: New rules from September 1; Annual fee and benefits changed

Axis Bank Magnus Credit Card Terms and Conditions (Revised): Axis Bank has revised terms and conditions for its popular Magnus Credit Cards. The new rules will come into effect from September 1, as per a document on the Axis Bank website, which is also being circulated on social media.

The bank has proposed to increase the annual fee from Rs 10,000+ GST to Rs 12,500+ GST. Apart from this, new rules for EDGE Reward points have also been proposed by the bank.

A few days back, Axis Bank also revised the terms and conditions for its reserve credit cards (read details). Axis Bank’s credit card lounge access list was also revised recently.

Following are details of the changes mentioned in the document.

Also Read: Axis Bank Reserve Credit Card: New rules for customers from August 13; details here

Revision of welcome benefits

Customers on-boarded from 1st September 2023 will be able to choose any one voucher worth Rs 12,500 from the below options:

• Luxe gift card
• The Postcard Hotels gift voucher
• Yatra gift voucher

The option to choose the Tata CLiQ voucher will be discontinued.

Revision of annual benefit

The annual fee will be updated from Rs 10,000 + GST to Rs 12,500 + GST for customers on-boarded from 1st September 2023. The annual benefit voucher worth Rs 10,000 will be discontinued.

The annual fee waiver condition will be updated. Customers on-boarded from 1st September 2023 will receive a fee waiver of Rs 12,500 on spends of Rs 25 lakh in the preceding card anniversary year.

For customers onboarded before 1st September 2023, an annual fee waiver will be applicable on cumulative spends of Rs 15 lakh in the preceding card anniversary year.

However, for such customers, on card anniversary dates after 1st September 2024, a fee waiver will be applicable on cumulative spends of Rs 25 lakh in the preceding card anniversary year.

Revision of EDGE Rewards

Monthly milestone benefits of 25,000 EDGE Reward Points on monthly spends of Rs 1 lakh will be discontinued from 1st September 2023. Spends done in August 2023 will be eligible for monthly milestones and 25,000 EDGE Reward Points for eligible customers will be posted within 90 days as per the normal time frame.

25,000 EDGE Reward Points for customers who have achieved monthly milestones in May 2023 and June 2023 will be posted by 31st July 2023.

25,000 EDGE Reward Points for customers, who have achieved monthly milestones in July 2023 will be posted by 10th August 2023.

Disclaimer: This content is for informational purposes only. The above information is based on the Axis Bank document. For any clarifications or more details, please consult the bank.