Why credit card users want to grab hold of Axis Magnus

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₹80,000 (per person) with spends of just ₹3.5 lakh. “That’s about a whopping 23% return on your spends. At first, I thought they were bluffing because no credit card has such an incredible reward system in place," said Yadav, who works at a multinational company.

Yadav was blissfully unaware that such a credit card exists. The plastic being referred to is Axis Magnus, which is all the rage right now in the world of credit cards. Axis Magnus rewards its users on all spends.

This includes expenses like insurance and rent and all types of discretionary spends. One can even pay for groceries and the utility bills by using Amazon vouchers bought with this credit card. Yadav said he has been routing all his fixed monthly expenses to Axis Magnus in ever since he signed up for it about two months ago.

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. The bank’s accelerated rewards programme can help one collect significant number of reward points in a short time.

“They have a base earning rate of 6%, which is decent as per the industry standard. What makes Axis Magnus really stand out is the 5X-10X accelerated rewards it offers," said Kashif Ansari, assistant professor, Jindal School of banking and finance, O P Jindal Global University. For instance, you will earn 5X rewards on the 6% base reward rate if you were to book a flight through Axis Travel Edge portal.