Credit Card: Axis Bank changes rules for its popular Magnus credit card, know more about it

Days after revising the terms and conditions for its reserve credit cards, Axis Bank has now modified rules for its popular Magnus credit cards. The lender has reduced the rewards on the card, discontinued the Tata CLiQ voucher for the newly onboarded members, and excluded certain payments from earning points, among other changes.

According to a notification issued by the private bank recently, the new rules will come into effect from September 1, 2023, thus making the much-preferred credit card lose some of the lucrative features.

While a few exclusions have been made in the new rules, the bank has also proposed to increase the annual fee from Rs 10,000 to Rs 12,500 along with applicable GST and further proposed new rules for EDGE Reward points.

New rules for Axis Bank Magnus credit card

1. Swap ratio of card rewards to airline or hotel miles programs will be reduced.

2. Annual fee on Magnus Credit Card will be increased from Rs 10,000 to Rs 12,000 with applicable GST

3. Discontinuation of the annual benefit vouchers of worth Rs 10,000.

4. Customers onboarded from September 1, 2023 onward, will receive a fee waiver of Rs 12,500 on annual spends of Rs 25 lakh.

5. Customers onboarded before September 1, 2023, will receive the annual fee waiver based on cumulative annual spending of Rs 15 lakh.

6. The bank will discontinue the monthly milestone benefits of 25,000 EDGE Reward Points on monthly spend of Rs 1 lakh from September 1, 2023.

7. Utility services and government institution payments will no longer be eligible for reward points.

8. Customers onboarded from September 1, 2023, will be able to choose any one voucher worth Rs 12,500 from the options of a Luxe gift card, the Postcard Hotels gift voucher, and a Yatra gift voucher. The Tata CLiQ voucher has been discontinued.