Discover the Axis Bank Magnus Credit Card – joining fee, annual fee waiver, unlimited lounge access, hotel discounts, rewards program, eligibility criteria, and devaluations in 2024.
Axis Bank Magnus Credit Card Review 2024 – Features, Benefits, Fees & Eligibility
The Axis Bank Magnus Credit Card is one of the most premium lifestyle and travel credit cards in India. With luxury travel perks, unlimited lounge access, and a powerful reward program, this card is designed for high-income professionals and frequent travelers who want to maximize value from their spending.
In this review, we’ll cover the joining fees, renewal fees, benefits, rewards program, lounge access, offers, eligibility, and recent devaluations of the Magnus Credit Card.
Fees & Charges
- Joining Fee: ₹12,500 + GST
- Annual/Renewal Fee: ₹12,500 + GST
- Welcome Benefits: Gift vouchers worth ₹12,500 from Luxe Gift Card, Postcard Hotel, or Yatra (equivalent to full waiver of the first-year fee).
Annual Fee Waiver: Spend ₹25 lakh in a year to get the annual fee waived off.
Airport Lounge Access
- International Lounge Access: Unlimited complimentary visits for primary cardholder via Priority Pass. Guest visits capped at 4 per year (post April 20, 2024).
- Domestic Lounge Access: Unlimited complimentary visits across major Indian airports.
Exclusive Offers
- 15% Discount on stays at Oberoi and Trident Hotels (domestic & international).
- Dining Benefits: 30% discount at over 4,000 premium restaurants across India.
- Fuel Surcharge Waiver: 1% waiver on fuel transactions between ₹400–₹4,000 (max ₹400 per month).
Rewards Program
The Axis Bank EDGE Rewards Program on the Magnus Credit Card is one of the strongest in the market:
- 12 EDGE Reward Points per ₹200 spent (up to ₹5 lakh spend/month).
- 35 EDGE Reward Points per ₹200 spent beyond ₹5 lakh in a calendar month.
- 60 EDGE Reward Points per ₹200 spent on Axis Travel Edge portal (up to ₹2 lakh monthly transactions).
Reward Point Transfers
- Before April 20, 2024: Up to 5 lakh EDGE points transferable to 20+ travel partners.
- After April 20, 2024: Only 1 lakh EDGE points transferable to Group A partners, and up to 4 lakh to Group B partners.
- Magnus Burgundy Customers: 2 lakh EDGE points transferable to Group A + 8 lakh to Group B.
- New Magnus Burgundy Cardholders: Transfer up to 10 lakh EDGE points in a year.
Redemption Options
- Redeem for travel vouchers, electronics, lifestyle items, or directly pay with points at partner stores.
Additional Benefits
- Reduced Interest Rate: 3% per month (previously 3.9%).
- Forex Markup: 2% on international transactions.
- Cash Withdrawal Fee: Waived off for emergency cash needs.
Eligibility Criteria
- Age: 18 to 70 years.
- Salaried Applicants: Minimum annual income ₹18 lakh (₹1.5 lakh/month).
- Self-Employed Applicants: Minimum ITR of ₹18 lakh.
- Must be a resident Indian.
Documents Required
- Identity Proof: PAN card.
- Residence Proof: Aadhaar, Passport, Driving License, Utility Bill.
- Income Proof: Latest salary slip/Form 16 (salaried) or ITR with computation (self-employed).
Final Verdict
The Axis Bank Magnus Credit Card is a true luxury card that provides unlimited lounge access, exclusive hotel discounts, a strong reward program, and lifestyle privileges. However, the recent devaluations (April 2024) reduced the value of reward transfers and removed BookMyShow benefits, making it slightly less attractive for casual users.
Still, for high spenders (₹25 lakh+ annually), this card easily justifies its fee and remains one of the best premium credit cards in India.
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