Axis Bank has announced a number of changes to its Magnus credit card, effective
September 1, 2023. These changes include:Increased annual fee: The annual fee for the Magnus credit card will be
increased from Rs. 10,000 to Rs. 12,500.
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| Axis Bank's Magnus Changes credit card |
New rules for Axis Bank Magnus credit card
Changes
to reward points: The number of reward points earned per Rs. 200 spent will be
reduced from 12 to 10 for the first Rs. 1.5 lakh spent in a year. Beyond this
threshold, the number of reward points earned will be increased to 35 per Rs.
200 spent.
Changes to the annual benefit voucher: The annual benefit voucher worth Rs.
10,000 will be discontinued.
Changes to the fee waiver criteria: The fee waiver criteria for the Magnus
credit card will be changed. New customers will need to spend Rs. 25 lakh in
the preceding card anniversary year to qualify for a fee waiver, while
existing customers will need to spend Rs. 15 lakh.
Changes to the exclusion of certain payments from earning points: Utility
services and government institution payments will be excluded from earning
reward points.
These changes have been met with mixed reactions from customers. Some
customers have expressed disappointment with the changes, while others have
said that they are still a good value for money card.
It is important to note that these changes only apply to the Magnus credit
card. Axis Bank has not announced any changes to its other credit cards at
this time.