Axis Bank Magnus Credit Card: New rules from September 1; Annual fee and benefits changed

financialexpress.com:

Axis Bank Magnus Credit Card Terms and Conditions (Revised): Axis Bank has revised terms and conditions for its popular Magnus Credit Cards. The new rules will come into effect from September 1, as per a document on the Axis Bank website, which is also being circulated on social media.

The bank has proposed to increase the annual fee from Rs 10,000+ GST to Rs 12,500+ GST. Apart from this, new rules for EDGE Reward points have also been proposed by the bank.

A few days back, Axis Bank also revised the terms and conditions for its reserve credit cards (read details). Axis Bank’s credit card lounge access list was also revised recently.

Following are details of the changes mentioned in the document.

Also Read: Axis Bank Reserve Credit Card: New rules for customers from August 13; details here

Customers on-boarded from 1st September 2023 will be able to choose any one voucher worth Rs 12,500 from the below options:

The option to choose the Tata CLiQ voucher will be discontinued.

The annual fee will be updated from Rs 10,000 + GST to Rs 12,500 + GST for customers on-boarded from 1st September 2023. The annual benefit voucher worth Rs 10,000 will be discontinued.

The annual fee waiver condition will be updated. Customers on-boarded from 1st September 2023 will receive a fee waiver of Rs 12,500 on spends of Rs 25 lakh in the preceding card anniversary year.

For customers onboarded before 1st September 2023, an annual fee waiver will be applicable on cumulative spends of Rs 15 lakh in the preceding card anniversary year.

However, for such customers, on card anniversary dates after 1st September 2024, a fee waiver will be applicable on cumulative spends of Rs 25 lakh in the preceding card anniversary year.

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