The winds of change have swept across the credit card landscape. Especially for Axis Bank Credit Cards. The bank officially declared various revisions that were effective from 5th March 2023.
Well, that was nearly six months back. So why are we discussing it now? You may wonder. Because of the new changes made to the renowned Magnus credit card. These changes will be in effect from 1st September 2023. What are these changes? Is it beneficial for the folks or not? This must be the most anticipated question in your mind.
Isn’t it?
Well, to know whether those changes are beneficial for you or not, you need to go through this article! Now, it’s time to reveal the intriguing updates that Axis Bank has in store for its valued credit card users.
Let’s Begin!
Unveiling Changes: A Fresh Look at Axis Bank Credit Cards
Effective from the 5th of March 2023, these revisions are set to redefine your credit card experience. So, fasten your seatbelts as we delve into the exciting transformations that await.
1. 1% Rent Surcharge Fee: A New Perspective on Transactions
If you’re making a rental transaction using your Axis Bank Credit Card. Then you will need to pay for a 1% rent surcharge fee cap at INR 1,500 per transaction. The government’s tax regulations will also make their presence felt, as notified by the Government of India. These changes in transaction fees open up a new dimension to how you engage with your credit card, and it’s essential to keep them in mind.
2. Exploring International Waters: Dynamic Currency Conversion Markup Fee
For the globetrotters and international shoppers, a Dynamic Currency Conversion (DCC) markup fee of 1% plus taxes is now in play. This will be applicable for each international transaction carried out in Indian currency on foreign shores or transactions performed in Indian currency with merchants who are based in India but registered in a foreign nation. Notably, the DCC markup fee won’t apply to the Burgundy Private Credit Card holders, giving them a unique advantage in the global shopping arena.
3. Milestone Benefits and Annual Fee Reversal: A Shift in Spending Thresholds
Hold your breath, as the concept of milestone benefits receives a makeover! The spending thresholds for milestone benefits are undergoing revisions, with rent and wallet transactions excluded from consideration. This alteration comes into play for several card types including the following-
- Privilege Credit Card
- Select Credit Card
- Magnus Credit Card
- Atlas Credit Card
The same transformation extends to annual fee reversal qualifications, as spending thresholds will also exclude rent and wallet transactions for Axis Bank’s Credit Cards like-
- Privilege Credit Card
- Select Credit Card
- Pride Platinum Credit Card
- Pride Signature Credit Card
- Titanium Credit Card
- Platinum Credit Card
- Indian Oil Credit Card
- Magnus Credit Card
- Reserve Credit Card
4. A Change in Reward Eligibility: Insurance Spends
When it comes to insurance spending, a revision is on the horizon. These types of transactions will no longer be eligible for EDGE REWARDS, marking a shift in the way rewards are earned. This update won’t apply to certain cards, including the following Axis Bank credit cards-
- Magnus Credit Card
- Reserve Credit Card
- Burgundy Private Credit Card
5. Honoring the Past: Existing EDGE REWARDS Unaffected
The journey you’ve already embarked upon has not been forgotten. Any EDGE REWARDS that you’ve accumulated before the 5th of March 2023 in the categories mentioned above will remain untouched by these revisions. Your efforts in the past will continue to shine brightly on your credit card journey.
Note: We have also covered the “Axis Bank Mutual Fund Scam.” Check out the article to learn how the bank tackled financial crimes.
Magnus Credit Card by Axis Bank: Changes Ahead to Rewards and Benefits
The renowned Magnus credit card, a cherished gem among Axis Bank’s offerings, is preparing for a transformation. Well, this might leave some of its glitters behind. In an unexpected move, the bank has chosen to devalue rewards and exclude specific transactions from earning reward points, sending a wave of disappointment among its esteemed users. These changes, slated to come into effect from the 1st of September 2023, mark a significant shift in the card’s appeal.
1. A Shifting Landscape of Rewards
The illustrious Magnus credit card, often held in high regard, is about to undergo a metamorphosis. Axis Bank, a stalwart in the banking sector, issued a notice on a Friday, announcing the impending devaluation of rewards associated with the card. Additionally, certain types of payments will no longer contribute to earning those coveted reward points. This alteration casts a shadow over the card’s reputation, especially among the affluent clientele it targets.
2. Farewell to Familiar Perks
A once-cherished benefit of the Magnus credit card, the Tata CLiQ voucher, is slated for discontinuation. So sad to hear! Thankfully it is only for newly onboarded members starting from the specified date. This unexpected change serves as a reminder that even the most esteemed offerings can evolve and sometimes even lose a touch of their allure.
3. A Glance at the Magnificent Features
The Axis Magnus credit card has held its head high in the credit card arena, boasting both impressive earning and redemption rates. With a generous 12 EDGE Rewards (ER) awarded for every ₹200 spent, the card’s appeal has been undeniable. The bank values 1 ER at 20 paise, equating to a commendable base reward rate of 1.2%.
4. A New Course for Rewards
Axis Bank, renowned for its professionalism in the credit card business, has its sights set on consolidation. The goal is to combine the rewards of both the Magnus and Burgundy credit cards, making for a more unified experience. The well-informed voices at Bloomberg Quint attribute these changes to strategic consolidation efforts by Axis Bank.
5. A Dominant Force in the Industry
The numbers don’t lie—Axis Bank holds a significant share in the credit card market, reigning as the fourth largest issuer as of March. With over 14% market share under its belt, the bank has proven its mettle in the competitive world of credit cards.
Some Other Changes Made in Axis Magnus Credit Card
Look at the following points to understand the new landscape of the Axis Magnus Credit Card.
1. Rewards Revised
The winds of change are ushering in a fresh landscape for the Axis Magnus credit card. A major alteration comes in the form of a revised swap ratio for card rewards to airline or hotel miles programs. Previously set at five reward points for four miles, this ratio will now stand at 5:2. It’s a shift that might require cardholders to adjust their expectations and strategies when it comes to reward redemptions.
2. Fee Adjustments
The annual fee structure for the Magnus credit card is also undergoing a transformation. Customers who join the card’s ranks from the 1st of September 2023 will witness an update to the annual fee, which will now be set at INR 12,500 + GST, compared to the earlier INR 10,000 + GST. This alteration in the fee structure might have some implications for prospective cardholders.
3. Benefits Gained and Lost
Certain benefits are fading away with this transformation. The annual voucher worth INR 10,000 will cease to exist, leaving cardholders without this once-appreciated perk. However, for those who embark on their Magnus credit card journey from 1st September 2023, there’s a silver lining—a fee waiver of INR 12,500 on spends exceeding Rs.25,00,000 in the preceding card anniversary year.
4. Transitions for Different Timeframes
The changes aren’t universal—they vary based on when you came aboard the Magnus credit card journey. For individuals joining before 1st September 2023, an annual fee waiver will be applicable on cumulative spends of Rs.15,00,000 in the preceding card anniversary year. A different set of rules applies to those who start their card journey after that date.
5. Farewell to Milestone Benefits
For those who are delighted in the monthly milestone benefits of 25,000 EDGE Reward Points triggered by monthly spends of ₹1,00,000, there’s a shift to brace for. Starting from 1st September 2023, these milestone benefits will be no more, altering the card’s allure for certain users.
6. Redefining the Eligibility
Even the most cherished offerings must adapt to new norms. With the upcoming changes, utility services and payments made to government institutions will no longer contribute to reward eligibility. It’s a reminder that the credit card landscape is ever-evolving and demands a flexible approach from its users.
Final Words
As we navigate through these changes together, remember that the credit card landscape is always evolving. The transformations that Axis Bank has unveiled provide us with new perspectives on transactions, rewards, and qualifications. Embrace these shifts and seize the opportunities they present as you continue to navigate the world of credit cards with Axis Bank. All the revisions are taken from the official source of the Axis Bank.
Also, the Axis Bank’s Magnus credit card, once a beacon of rewards and benefits, is undergoing a transformation. It left its users with mixed feelings. As the winds of change sweep through, the credit card landscape continues to evolve. It reminds us that even the most cherished offerings must adapt to the shifting tides of customer expectations and market dynamics.
