Credit Card Rule Change: Axis Bank reduces benefits on Axis Magnus, Axis Reserve credit card; check new rules

Axis Bank has recently introduced some major changes for its credit card customers. This move will impact customers of the Axis Bank Magnus and Axis Bank Reserve credit cards. You must be aware of the changes if you use any of them. Read on.

Axis Bank Magnus credit card rule changes
Select terms and conditions of the Axis Magnus credit card will change from September 1, 2023.

Axis Bank Magnus credit card: EDGE rewards and milestone benefits revised
Starting from September 1, 2023, select transactions will not be considered for EDGE rewards or annual fee waivers, according to the Axis Bank website. These transactions will include spending on utilities with Merchant Category Codes (MCC) 4814, 4816, 4899, and 4900, and government institutions with Merchant Category Codes 9222, 9311, 9399, and 9402, the bank said.

Monthly milestone benefits of 25,000 EDGE Reward Points on monthly spends of Rs 1,00,000 will be discontinued from September 1, 2023, the bank said. Spends done in August 2023 will be eligible for monthly milestones and 25,000 EDGE Reward Points for eligible customers will be posted within 90 days as per normal time frame, the bank added.

From September 1, 2023, Axis Bank Magnus credit card customers can earn 12 EDGE reward points for every Rs 200 on cumulative monthly spending up to Rs 1,50,000. Further, they can earn 35 EDGE reward points for every Rs 200 on cumulative monthly spending above Rs 1,50,000.

Axis Bank Magnus credit card customers earn 60 EDGE reward points for every Rs 200 spent on the Travel Edge portal, up to cumulative transactions of Rs 2,00,000 per month. They can earn 35 EDGE reward points per Rs 200 spent above cumulative transactions of Rs 2,00,000 per month.

Besides, the transfer ratio for converting reward points to hotel and airline points/miles will be reduced to 5:2 from the present 5:4. So, you will receive 2 partner points/miles instead of 4 in exchange for 5 reward points. However, Burgundy customer will continue to get the miles conversion ratio of 5.4.

Axis Bank has capped the total reward points that can be converted to partner points in a calendar year to 5,00,000 EDGE reward points per customer ID. For the year 2023, customers can convert 5,00,000 EDGE Reward points from September 1, 2023 – December 31, 2023.

For each of the airline/hotel transfer partners, Axis Bank Magnus credit card customers can only link 1 partner program loyalty ID for each partner at a given point in time. If a customer wishes to link another ID, the primary/existing linked ID will then get delinked by default, the bank said. For every individual partner program, the customer needs to wait for 60 days after updating partner loyalty ID with Axis Bank Travel EDGE to update secondary/new partner loyalty ID, Axis Bank mentioned.

Axis Bank Magnus credit card annual fee and joining gifts
For new cardholders, the annual fee will be increased to Rs 12,500+GST from September 1. For existing customers, the annual fee will remain the same at Rs 10,000+GST.

New credit card customers on-boarded from September 1, 2023, will now be able to choose any one voucher worth Rs 12,500 from the following options: 1) Luxe gift card, 2) The Postcard Hotels gift voucher, and 3) Yatra gift voucher.

Axis Bank Magnus credit card annual fee waiver rules updated
The bank has also updated the terms and conditions for annual fee waiver. Customers on-boarded from September 1, 2023, will get a fee waiver of Rs 12,500 on spends of Rs 25,00,000 in the preceding card anniversary year.

For existing customers or those onboarded before September 1, 2023, an annual fee waiver will be applicable on cumulative spends of Rs 15,00,000 in the preceding card anniversary year. However, for such customers, on card anniversary dates after September 1, 2024, a fee waiver will be applicable on cumulative spends of Rs 25,00,000 in the preceding card anniversary year.

The bank has also updated the list of eligible lounges accessible through Priority Pass for Axis Bank Magnus credit card customers. The detailed list is available on the Axis Bank website.

Axis Bank Reserve Credit Card: Revised terms and conditions
Axis Bank has also changed the terms and conditions of the Reserve credit card from September 1, 2023. All you need to know

Starting from September 1, 2023, select transactions will not be considered for EDGE rewards or annual fee waivers. These transactions will include spending on utilities with Merchant Category Codes (MCC) 4814, 4816, 4899, and 4900 and government institutions with Merchant Category Codes 9222, 9311, 9399, and 9402, the bank said.

The Axis Bank has also capped the total EDGE reward points that can be converted to partner points in a calendar year at 5,00,000 EDGE reward points per customer ID from September 1, 2023. For the year 2023, customers can convert 5,00,000 EDGE reward points from September 1, 2023 – December 31, 2023.

For each of the airline/hotel transfer partners, customers can only link one partner program loyalty ID for each partner at a given point in time. If a customer wishes to link another ID, the primary/existing linked ID will then get delinked by default.

Besides, the transfer ratio for converting reward points to hotel and airline points/miles will be reduced to 5:2 from the present 5:4. It simply means that you will receive 2 partner points/miles instead of 4 in exchange for 5 reward points. However, the Burgundy customer will continue to get the miles conversion ratio of 5.4.

Axis Bank Reserve credit card: Annual Fee Waiver
Customers on-boarded from September 1, 2023, will receive a fee waiver of Rs 50,000 on spends of Rs 35,00,000 in the preceding card anniversary year. For existing Axis Reserve credit card customers, the annual fee waiver will be applicable on cumulative spends of Rs 25,00,000 in the preceding card anniversary year. However, for such customers, on card anniversary dates after September 1, 2024, a fee waiver will be applicable on cumulative spends of Rs 35,00,000 in the preceding card anniversary year.