Axis Bank launched Magnus Credit Card today. This is a super premium credit card targeted towards HNIs and affluent customers of Axis Bank. This new card works on Mastercard network in “World” tier. Though, Axis Bank already has Vistara Infinite Credit Card for it’s super premium segment, due to limited connectivity of Vistara, it never picked up. By launching Magnus Credit Card, Axis Bank has attempted to tap this super premium credit card segment once again.
The card looks stunning and vertical clean layout adds to the aesthetics of the card. The minimal design with black background gives it a premium look.
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Eligibility Criteria
Axis Bank Magnus Credit Card is targeted for HNIs and hence eligibility criteria is tailored to target them.
- Age: 18 to 70 Years
- Salaried: Annual salary of Rs. 18 Lakhs
- Self Employed: ITR > Rs. 18 Lakhs per annum
Fees
Axis Bank Magnus Credit Card comes with following fees:
- Joining fee: Rs. 10,000 + GST
- Renewal fee: Rs. 10,000 + GST
Renewal fee is waived off if spend in previous year is more than 15 Lakhs.
Features
Axis Bank Magnus Credit Card comes with loads of bells and whistles with some unique offerings.
Welcome & Renewal benefits
- Complimentary flight ticket up to Rs. 10,000 on joining
It’s evident that this card compensates joining fees by equivalent amount of complimentary flight tickets. However, there is no mention of renewal benefits.
Reward Points
- 12 Axis eDGE reward points per Rs. 200 spent, 1.2% reward rate
- 2X Axis eDGE reward points on MakeMyTrip, Yatra & Goibibo, 2.4% reward rate
The reward rate is just mediocre and it’s the weakest point of this credit card. Many cards in this segment provide far superior reward rate than this.
Travel & Stay
- 8 complimentary VIP Assistance Services
- 8 complimentary international airport lounge access (card member + guest), 4 more on spending Rs. 7 Lakh or more using Priority Pass
- Unlimited domestic lounge access using Mastercard lounge program
- 15% off and a complimentary room upgrade at Oberoi Hotels in India
Complimentary guest access for international airport lounges is a welcome move and no other card provides this feature at the moment.
Lifestyle & Entertainment
- Buy 1 Get 1 up to Rs. 500 on movie, activities, events etc. at BookMyShow, limited to 5 times in a month
- Complimentary Dineout Plus membership
- 20% off at restaurants participating in Dining Delights program
Discount on activities and events is something new and and limit of 5 times in a month is also generous. Dineout Plus membership can fetch discounts up to 25% on 5 star hotel restaurants.
Health & Wellness
- Purchase protection of Rs. 2 Lakhs
- Credit Shield of Rs. 5 Lakhs
- Air accident cover of Rs. 4.5 crores
- Complimentary sessions and special discounts at select spas and salon partners
- Special preventive healthcare packages
- Global Travel & Medical Assistance
These benefits are good to have and not a necessity, except Air Accident cover.
Other Benefits
- Reduced foreign markup of 2%
- Lower APR of 2.5%
- 1% fuel surcharge waiver
- 24x7 dedicated concierge for flight bookings, table reservations, gift deliveries etc.
Reduced foreign markup of 2% is a really attractive offering. Lower APR of 2.5% is also good, however I won’t recommend availing this.
How to apply?
You can apply for Axis Bank Magnus Credit Card on Axis Bank website by filling the following application form:
Bottomline
Axis Bank Magnus Credit Card’s main highlight is 8 meet and assist services in a year. This can really save your few hours at big airports and smoothen your travel. Complimentary international lounge access to guests is another highlight of this card and it’s first of its kind in India. This feature will keep you covered during international vacations with family.
However the reward rate of this card is it’s low light. 1.2% of default reward rate is just disappointing and I wish Axis Bank should have made it par with some of the other cards in this segment, e.g., HDFC Bank Diners Club Black Credit Card which provides a default reward rate of 3.3%.
What do you think of Axis Bank Magnus Credit Card? Let me know in comments below.
