In September 2019, Axis Bank introduced the Magnus credit card, which is issued in the MasterCard and Visa credit card networks. It is a super-premium card that the bank has created with high-income people in mind who desire the opportunity to live a luxurious lifestyle in mind. The card offers all the amenities one would anticipate from a high-end credit card, including dining and travel privileges as well as medical and insurance benefits.
The interest rate for this card is also modest, at 3% pm, and the bank has kept the Forex Markup fee down to a manageable level (only 2%), taking into account the premium clients’ needs for overseas transactions.
Additionally, the card has no fees associated with cash withdrawals (Interest charges applicable). Although the card’s annual charge is rather hefty, you can avoid it by spending at least 15 lakh in the year before your anniversary and saving Rs. 10,000. To learn more about this incredibly premium credit card that Axis Bank is offering, keep reading.
Product Details :
- One free domestic airline ticket or a Tata CLiQ gift card worth Rs. 10,000 are available as welcome or yearly gifts.
- For each Rs. 200 spent on retail purchases, customers get 12 Axis EDGE REWARDS Points.
- 5X EDGE REWARDS on Travel Edge purchases
- 25,000 additional Edge Points each month after reaching the spend threshold.
- Every year, unlimited access to domestic airport lounges.
- Priority Pass offers yearly access to an unlimited number of free international lounge visits.
- stays at Oberoi Hotels at a reduced rate.
- Purchase one and save up to Rs. 500 on the next BookMyShow ticket (max 5 times a month).
- Dine Out Passport offers a 25% discount at more than 2,000 restaurants.
- complimentary travel-related insurance coverages, including one against aviation accidents worth Rs. 4.5 crore.
- With the Axis Bank Magnus Card, you can get purchase protection worth Rs. 2 lakh and Rs. 5 lakh in credit shield coverage (against card misuse).
- A medical concierge, second opinion, preventive healthcare diagnostic programs, international travel and medical support are just a few of the medical advantages available.
- Lower interest rates (2.5% pm), a 2% foreign exchange markup, and no withdrawal fees apply.
- A specialized concierge is available around-the-clock to help with reservations for flights or hotels, gift delivery, etc.
Features and Benefits :
- With this credit card, you receive a free domestic flight ticket (with a maximum discount of Rs. 10,000) or a Rs. 10,000 Tata CLiQ gift.
- On the date of the second statement generation for your credit card, the benefits will be provided to your registered cellphone number through SMS.
- The benefits are only good for six months after you obtain them.
- You will be responsible for the remaining balance if you use your Tata Cliq gift card to purchase an item that costs more than Rs. 10,000.
- When your card membership is renewed each year, you receive these benefits. It should be remembered that you may only choose one of these advantages; you cannot receive both (Benefit is available to primary cardholder only)
- To take advantage of the perk, call the Axis Bank Concierge at 1800 103 4962.
- If you spend Rs. 1 lakh or more in a calendar month, you will receive 25,000 bonus Edge Reward Points.
- For the purpose of calculating milestone spend, all transactions—aside from wallet reloads—are taken into account.
- Unlimited lounge access at a few Indian domestic airports. The Magnus Credit Card offers free domestic lounge access to both primary and secondary cardholders.
- Access to international airport lounges is unlimited and free for primary cardholders with Priority Pass membership. You receive an additional 8 gratis visits for guests each year in addition to the free visits for primary cards.
- Stays at Oberoi hotels can be discounted by up to 15% and come with a free room upgrade.
- For assistance with airport procedures such as check-in, security screening, immigration procedures, and porter services, the airport concierge service offers 8 complimentary VIP support services.
Movie & Dining Benefits
- Get a Rs. 500 discount on the next ticket when you purchase one movie or non-movie ticket from BookMyShow. This discount may only be used five times per month.
- With the Dineout Passport membership, patrons can receive a 25% reduction on dining expenses at more than 2,000 partner establishments and a 1+1 buffet at particular establishments nationwide.
- The Axis Bank Dining Delights program offers 20% off at more than 4,000 restaurants all around India.
- Personalized oncology care, specialist appointments, teleconsultations, home quarantine programs, etc. are all provided by a medical concierge service with virtual health assistance.
- Obtain a second medical opinion from a group of top-notch doctors.
- health care packages from Metropolis, SRL diagnostics, and Dr. Lal PathLab.
- You must contact the concierge at 1800 103 4962 in order to take use of these benefits.
Fees and Charges :
- The Axis Bank Magnus Credit Card has a joining and yearly fee of Rs. 10,000. Those who spent at least Rs. 15 lakhs in the prior year are exempt from paying the renewal charge of Rs. 10,000.
- This credit card has an interest rate of 3.0% each month (42.58% annually).
- This credit card charges a 2% foreign currency markup fee on all transactions.
- The Magnus credit card has no cash advance fee, therefore using it won’t result in any cash withdrawal fees (interest charges are applicable).
- For primary cards, you must be at least 18 years old, and for add-on cardholders, you must be between the ages of 18 and 70.
- You must earn at least Rs. 18 lakh per year (for both salaried and self-employed applicants).
Documents Required :
- Proof of residence
- Proof of Identity
- Colour photograph
- Latest payslip/Form 16/IT return copy as proof of income
- PAN card photocopy or Form 60
When comparing the card’s perks and membership cost, it appears to be a reasonable choice for the premium market. Along with many other alluring eating and travel incentives, you also receive a low interest rate and a lower than typical foreign currency markup cost. The card is extremely comparable to the Infinia and Emerald cards from HDFC and ICICI. The additional medical benefits that this card provides set it apart from the other two. It is best to read about the advantages that its rivals HDFC Infinia and ICICI Emeralde offer before making a decision.