Axis Bank's Magnus Credit Card Limits Benefits
Axis Bank has recently announced a series of changes to its Magnus Credit Card, which are set to take effect from April 20, 2024. These revisions are significant and will impact how cardholders interact with the card's benefits and rewards program. As a premium credit card known for its extensive benefits, the Magnus Credit Card has been a preferred choice for many. However, with the upcoming changes, cardholders need to be aware of how their usage and rewards will be affected.
Devaluation of Benefits
One of the major changes is the devaluation of benefits across several of Axis Bank's credit cards, including the Magnus, Atlas, Ace, Flipkart Axis Card, Vistara Infinite, and Privilege cards. The devaluation includes:
The removal of concierge and meet and greet services.
A lowered base rate on entry-level cards.
Changes to the Miles Transfer Partners, dividing them into Group A and Group B with different capping for each group.
Revised Reward Points System
The reward earning and redemption rates remain unchanged; however, the bank has introduced a cap on the transfer of EDGE Reward Points to airline and hotel partners. Cardholders will now be able to transfer:
A maximum of 1 lakh EDGE Reward Points to Group A partners (including Etihad, Marriott, Accor Hotels, etc.).
A maximum of 4 lakh EDGE Reward Points to Group B partners (including Air India, Vistara, SpiceJet, Air Asia, ITC Hotels, etc.) in a calendar year.
Discontinued Features
From April 20, 2024, several features that added to the premium appeal of the Magnus card will be discontinued:
The 24*7 concierge service.
The complimentary airport meet and greet service.
The Buy One Get One movie ticket benefit.
The number of complimentary guest visits under the domestic and international lounge access program will be reduced from 8 visits to 4 visits per year.
Exclusions and Spend Thresholds
Additional exclusions have been added to the rewards program. Spends on fuel, jewelry, and insurance will no longer earn any EDGE Reward Points nor count towards meeting the spend threshold for the annual fee waiver on the Magnus card. The spend-linked domestic lounge access program now requires cardholders to reach a spending threshold of INR 50,000 in the previous quarter to be eligible for complimentary access.
Implications for Cardholders
These changes mark a significant shift in the value proposition of the Magnus Credit Card. Cardholders who have enjoyed the premium benefits will need to reassess the card's place in their wallets. The new caps on reward point transfers and the additional exclusions on spending categories may require a change in spending strategy for many.
For those loyal to specific brands or airlines, the new capping system could be a drawback, especially if they have been accumulating points for high-value redemptions. The removal of concierge services and the reduction in lounge visits also diminish the card's luxury appeal.
Welcome Benefit: Customers can choose any voucher worth INR 12,500.
Annual Fee: INR 12,500 + GST.
Special Feature: Up to 15% off on international and domestic Oberoi and Trident Hotels.
Cashback Rate: 1.2%
Conclusion
The upcoming changes to the Axis Bank Magnus Credit Card reflect a broader trend in the credit card industry, where banks are reevaluating the sustainability of high-reward programs. For cardholders, it's crucial to stay informed and adapt to these changes to maximize the benefits of their credit cards. As always, it's recommended to read the full terms and conditions on the official Axis Bank website to understand all the changes in detail.
You can read a more detailed review of Axis Bank Magnus Credit Card here.