HDFC Infinia reclaims top spot as Axis devalues Magnus credit card
₹1 lakh monthly spend, increased its renewal fee by 25% to ₹12,500 (18% GST extra) and raised the annual fee waiver threshold to ₹25 lakh from the existing ₹15 lakh. That wasn’t all. The bank also reduced the 5:4 air miles and hotel points conversion rate to 5:2 for non-Burgundy (Axis bank’s premium banking service) members, who comprise a majority of the card owners.
These changes are scheduled to come into effect from 1 September. To become a Axis Burgundy member, one should maintain either a ₹10 lakh balance in the bank’s savings or current account or a total relationship value of ₹30 lakh (non-demat accounts). Salary account holders in Axis bank with a net monthly income of ₹3 lakh also qualify for the membership.
“The offerings were too good to be true, from the start. In fact, when the 25,000 milestone benefit was introduced, I expected it to last just a maximum of six months," said Kashif Ansari, assistant professor, Jindal School of banking and finance, O P Jindal Global University. The exceptionally lucrative rewards on Magnus, which were the highest offered by any credit card in the world, lasted for about 11 months before Axis pulled the plug.
So, should high spenders now go back to co-branded cards for air miles and gift vouchers? Not yet. HDFC Infinia is a highly rewarding card in the super premium category. “It was the top card for many years before Magnus stole the limelight with its revamped offering.
After the Magnus’ devaluations, Infinia is back at the top," said Tejas Ghongadi, co-founder, The Points Code, a platform that advises credit card users on how to optimize reward points. High reward rate Like Axis Magnus, HDFC Infinia generously rewards cardholders on almost all spends. This includes
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