If you own an Axis Bank credit card, it’s crucial to stay informed about the latest terms and conditions. Axis Bank has recently announced some changes to their ever-popular Axis Bank Magnus and the super-premium Reserve credit cards, which will take effect from 1st September 2023.
In this article, we will explore all the new changes and updated terms and conditions related to these credit cards, ensuring you are well-informed for your financial decisions.
Axis Bank Magnus Credit Card – Updated Terms and Conditions
Revision of Welcome Benefit
Customers who onboard after 1st September 2023 can select a welcome voucher worth Rs. 12,500 from the following options:
- Postcards Hotel gift voucher
- Luxe gift card
- Yatra gift voucher
Please note that the Tata Cliq voucher, previously offered, is now discontinued.
Revision of Annual Benefit
For customers onboarded after 1st September 2023, the annual fee on the Magnus card will be updated to Rs. 12,500 from the existing Rs. 10,000. Moreover, the annual benefit voucher worth Rs. 10,000 will be discontinued.
To receive an annual fee waiver, customers who onboard after 1st September will need to make annual spends of Rs. 25 Lakhs in the year. However, for customers onboarded before 1st September, the annual fee waiver will be applicable on spending Rs. 15 Lakhs in the year until 1st September 2023. After this date, the waiver will only apply on spends of Rs. 25 Lakhs.
Revision of Milestone Benefit and EDGE Reward Points
The target spend for the annual fee waiver milestone will no longer consider utilities and government spends, and these spend categories will not accrue EDGE reward points.
Additionally, the milestone benefit of bonus 25,000 EDGE reward points on spending Rs. 1 Lakh in the month will be discontinued from 1st September 2023. However, for cardholders who reach the milestone in May and June 2023, the bonus points will be posted by July 31, and for those who achieve the milestone in July, the bonus points will be credited by August 10, 2023.
After 1st September, you will earn 12 EDGE RPs per Rs. 200 spent with the card until total monthly spends of Rs. 1.5 Lakhs. On making transactions after crossing this threshold amount, you will earn 35 RPs per Rs. 200 spent thereafter.
Earn 60 RPs per Rs. 200 spent on the Travel Edge portal, up to cumulative spends of Rs. 2 Lakhs in a month. After crossing this amount, you will earn 35 RPs per Rs. 200 spent with the card.
Axis Bank Reserve Credit Card – Updated Terms and Conditions
Revision of Transaction Categories Eligible for EDGE Reward Points and Annual Fee Waiver
Transactions conducted with government institutions and utilities will no longer be considered for the annual fee waiver milestone and EDGE Reward Points earning.
Revision of Target Spend Threshold for the Annual Fee Waiver
Cardholders onboarded after 1st September 2023 will receive an annual fee waiver of Rs. 50,000 on spending Rs. 35 Lakhs in the previous year. However, for customers onboarded before 1st September 2023, the waiver will apply on spending Rs. 25 Lakhs in the anniversary year. After 1st September 2023, the annual fee waiver will be applicable on spending Rs. 35 Lakhs.
Changes and Updates Common to Both the Magnus and Reserve Credit Card
Revision of Miles Transfer Program
The EDGE RPs earned can be transferred to domestic as well as international partner hotel and airline loyalty program points. The revised transfer ratio is 5:2, where 5 EDGE RPs = 2 Partner Miles/Points.
Please note that the total number of reward points you can convert in a calendar year is capped at 5,00,000 RPs for a single Customer ID. For the year 2023, cardholders can convert 5,00,000 reward points from 1st September to 31st December 2023.
You can link only one Customer ID to a partner program loyalty membership at a given time. If you wish to link another ID, you must first delink the existing primary ID and then add the new one.
The cardholder must wait at least 60 days to update their partner program Customer ID at the Travel EDGE portal.
To continue with the current Miles Conversion ratio of 5:4 on the Reserve or the Magnus credit card, you will need to have a Burgundy Private account and a Burgundy Private credit card. The bank does not charge any extra fee for this special offering to the cardholders.
You will be eligible for the special offering if you have a Burgundy account where you maintain the balance. However, if you have an existing Burgundy account but don’t maintain the balance, you won’t be eligible for the special offering, and you will be able to transfer reward points at a 5:2 ratio.
Updated List of Eligible Airport Lounges Accessible with the Priority Pass
You can access the following domestic lounges with the Priority Pass:
- Agartala – Primus Lounge
- Allahabad and Prayagraj – Zesto Executive Lounge
- Amritsar – Costa Coffee
- Bhopal – Primus Lounge
- Cochin – Earth Lounge
- Dibrugarh – Primus Lounge
- Guwahati – The Lounge
- Kannur – Pearl Domestic Lounge
- Madurai – Primus Lounge
- Varanasi – Take Off Bar
To access other domestic lounges at airports in India, you will need to use your credit card.
FAQs Regarding the Updates on Magnus and Reserve Credit Cards
- What is the updated Miles Conversion ratio if the cardholders don’t opt for the special offering?
- Cardholders will be able to transfer reward points to domestic and international hotel and airline partners at the revised ratio of 5:2.
- Will the monthly milestone benefit of 25000 EDGE reward points continue on the Magnus card?
- No, the monthly milestone benefit of bonus 25000 Reward Points on spends of Rs.1 Lakh in the month will be discontinued after 1st September 2023. Spends made in August 2023 will be eligible, and the bonus points will be credited within 90 days.
- Will the updated Rs. 12,500 annual fee for the Magnus credit card be applicable to existing cardholders?
- No, existing cardholders will continue to pay Rs. 10,000 plus taxes, and customers who onboard after 1st September 2023 will pay a fee of Rs. 12,500 plus taxes.
Conclusion
The Axis Bank Reserve credit card remains a super-premium offering, while the Magnus credit card is highly sought-after across the country. Though some changes have been announced by Axis Bank, both cards still offer significant benefits.
It’s essential to review the updated terms and conditions thoroughly to make informed spending decisions with