Axis Bank notifies BIG changes in its popular Magnus credit card. Check list
Axis Bank has notified of certain changes it brings to the Magnus Card with effect from 1 September 2023. This includes discontinuation of the Tata CLiQ voucher for the newly onboarded members from the afore mentioned date. The Axis Magnus credit card from Axis Bank boasts of a high earning as well as redemption rate. It offers 12 EDGE Rewards (ER) on every ₹200 spent.
Axis bank values 1 ER at 20 paise, which makes the base reward rate 1.2%. Axis Bank requires customers to have a salary of over ₹3 lakh a month to access Burgundy, among other criteria. The primary motivations behind changing the rewards are consolidation efforts towards clubbing Axis Magnus and Axis Burgundy rewards, says Bloomberg Quint. Axis Bank remains a professional player in the credit card business.
The bank boasts of over 14% market share and is the fourth largest issuer as of March. In FY23, Axis bank issued 4.2 million new credit cards. As of 31 March, the outstanding loans toward credit cards were ₹31,684 crore, up 97% year-on-year, as reported by BQ. -Lowering the swap ratio of card rewards to airline or hotel miles programs.
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