The Axis Bank Magnus Credit Card is one of the premium offerings from Axis Bank, designed for high net worth individuals with a focus on luxury travel, lifestyle benefits, and rewarding spending. Here’s a detailed look at its benefits:
Rewards Program:
- Base Reward Points: Earn 12 EDGE Reward Points for every ₹200 spent up to ₹1.5 lakh monthly.
- Accelerated Rewards:
- 35 EDGE Reward Points per ₹200 spent on incremental spends above ₹1.5 lakh monthly.
- 60 EDGE Reward Points per ₹200 on Travel EDGE up to ₹2 lakh monthly, then 35 points above this threshold.
- EDGE Reward Point Value:
- 1 EDGE Reward Point typically equals ₹0.20 when redeemed for vouchers or products, but value can be higher for travel or hotel redemptions.
Travel Benefits:
- Airport Lounge Access:
- Unlimited Domestic Lounge Access for both primary and add-on cardholders.
- Unlimited International Lounge Access with Priority Pass, including 4 complimentary guest visits per year.
- Airport Meet & Greet:
- 8 complimentary meet and greet services per annum (effective from April 20, 2024, reduced to 4 for Magnus Burgundy customers).
- Hotel Discounts:
- Up to 15% off at Oberoi and Trident Hotels.
- No Forex Markup Fee: Only 2% on international transactions, which is lower than many other cards.
- Travel Insurance:
- Coverage includes accidental air death cover, baggage delay/loss, and more.
Welcome Benefits:
- Voucher Choice: On card activation, choose a voucher worth ₹12,500 from options like Luxe, PostCard Hotels, or Yatra.
Lifestyle and Dining:
- Dining Delights: Up to 40% off at over 4,000 restaurants across India through the Axis Bank Dining Delights program.
- BookMyShow Offer: Buy one ticket, get up to ₹500 off on the second ticket (discontinued w.e.f. April 20, 2024).
Health and Wellness:
- Insurance: Includes purchase protection, credit shield, and medical benefits like second medical opinion or global travel and medical assistance.
Other Benefits:
- Fuel Surcharge Waiver: 1% on transactions between ₹400 to ₹4,000 (capped at ₹400 per month).
- Concierge Services: 24/7 concierge for travel, entertainment, and lifestyle needs.
Annual Fees:
- Joining/Renewal Fee: ₹12,500 + GST, waived if you spend ₹25 lakh in the previous year.
Milestone Benefits:
- Annual Fee Waiver: On spending ₹25 lakh in the preceding year.
- Reward Points Exclusions: Note that spends on fuel, insurance, gold/jewelry, and certain other categories do not contribute to this threshold nor earn reward points.
Changes and Considerations:
- Recent Devaluations: The card has seen changes, including the discontinuation of some benefits like the monthly milestone reward points, which were a significant draw.
- Reward Points Transfer: Points can be transferred to select travel partners at various ratios, which have been adjusted over time (from 5:4 to 5:2 for regular Magnus, with better ratios for Burgundy account holders).
- Eligibility: High income or existing relationship criteria are typically required for approval.
User Feedback:
- Positive: Users often laud the card’s travel benefits, the high reward rate, and the luxury lifestyle perks.
- Negative: Feedback includes disappointment over recent devaluations, particularly the removal of the monthly milestone benefit and changes in lounge access rules.
Eligibility:
- Age:
- Primary cardholder must be between 18-70 years old.
- Add-on cardholders must be over 18 years.
- Income:
- Salaried: A net salary of ₹24 lakhs per annum or an ITR showing the same income.
- Self-Employed: Similar income proof through ITR.
- Credit Score:
- A high credit score, typically above 750, is preferred for approval due to the card’s premium nature.
- Existing Relationship:
- Sometimes, having an existing relationship with Axis Bank or a high credit limit on another credit card can influence eligibility.
Application Process:
- Online Application:
- Axis Bank Website: Navigate to the credit cards section, select the Magnus card, and fill out the online form with your personal and financial details.
- Documents Required:
- Identity proof (Aadhaar, PAN Card)
- Address proof (utility bill, passport)
- Income proof (latest salary slips for salaried, ITR for self-employed)
- If self-employed, additional proof of business like GST registration might be required.
- Offline Application:
- Visit an Axis Bank branch or authorized representative where you can get direct assistance in filling out the application. Bring all necessary documents with you.
- Post Application:
- After submission, Axis Bank will review your application, including a thorough credit check. Approval time can vary but generally takes from a few days to a couple of weeks.
- Upon approval, your card will be dispatched to your registered address. Once received, you’ll need to activate it, often via a phone call or using the Axis Bank mobile app.
Spending Habit Analysis:
To determine if the Axis Bank Magnus Credit Card aligns with your spending habits:
- Travel Frequency: If you travel often, especially internationally, the lounge access and no forex markup fee are significant advantages.
- Analyze: Look at how often you travel, both domestically and internationally, and whether you would use the lounge access or benefit from the forex fee savings.
- High Spending: The card’s rewards structure is designed to benefit high spenders, particularly those spending over ₹1.5 lakh monthly.
- Analyze: Review your monthly expenses. Do you frequently exceed ₹1.5 lakh? If so, the accelerated reward points on higher spends would be advantageous.
- Luxury Lifestyle: Consider how often you dine at high-end restaurants or stay at luxury hotels where the card’s benefits like dining discounts and hotel offers could be used.
- Analyze: Check if you regularly engage in activities or services where this card offers perks.
- Business Expenses: If you have significant business expenses, especially travel or entertainment related, this card could be beneficial.
- Analyze: Look at your business spending patterns, particularly on travel, dining, or luxury services.
- Reward Utilization: Assess how you would redeem EDGE Reward Points. Would you use them for travel, luxury experiences, or convert them into airmiles?
- Analyze: Evaluate your interest in the redemption options available and whether they align with your lifestyle or travel plans.
- Annual Fee Waiver: To justify the ₹12,500 annual fee, you need to spend ₹25 lakh annually.
- Analyze: Ensure your annual spending, particularly in categories that count towards this threshold, will meet or exceed this amount to waive the fee.
- Exclusions: Remember, certain spends like fuel, insurance, and gold/jewelry do not count towards the annual fee waiver or earn points.
- Analyze: Consider if your high spends are in categories that do contribute to rewards and fee waivers.
If your analysis shows that you can leverage the travel, dining, and reward benefits while meeting or exceeding the spending thresholds, the Magnus card could be very rewarding. However, if your spending doesn’t align with these benefits or if you’re not comfortable with the high annual fee, you might want to consider other cards in Axis Bank’s portfolio or from competitors. Remember, the card’s value has been affected by recent changes, so always check the latest terms and conditions.
Conclusion:
The Axis Bank Magnus Credit Card is best for those who can leverage its travel and lifestyle benefits, particularly if they can meet the spending threshold for the annual fee waiver. However, its value has been impacted by recent changes, so potential users should consider how these adjustments align with their current spending patterns and needs. If you travel frequently, enjoy luxury experiences, and can manage high spends, this card might still offer significant value.