Welcome to our review of the Axis Bank Magnus Credit Card, an exceptional offering in the realm of super-premium credit cards. Designed to cater to high-income individuals who crave a luxurious lifestyle, this card presents an array of exclusive benefits and privileges that make it highly sought-after among discerning customers. With its joining fee of Rs. 10,000, the Magnus Credit Card sets the stage for a remarkable journey, unlocking a world of premium travel, lifestyle, dining, and insurance advantages.
One of the standout features of this card is its focus on elevating the travel experience. Cardholders are granted domestic and international lounge access at airports, ensuring a seamless and comfortable journey. Moreover, the inclusion of 24*7 concierge service adds a touch of opulence, providing personalized assistance for various travel-related needs.
For those who frequently engage in international transactions, the Magnus Credit Card offers a significant advantage. With a remarkably low 2% Forex Markup fee, customers can enjoy the convenience of making international purchases without the burden of excessive charges.
Furthermore, this card distinguishes itself by eliminating cash withdrawal charges (subject to applicable interest charges). This feature adds flexibility and convenience to the cardholder’s financial transactions, enabling them to access cash as needed without incurring additional costs.
While the annual fee for the Magnus Credit Card may appear steep, it can be effectively waived off by meeting a specific spending criterion. By spending 15 lakhs or more in the previous anniversary year, cardholders can save Rs. 10,000, making this premium card even more rewarding.
In this comprehensive review, we will delve deeper into the distinctive features and benefits that the Axis Bank Magnus Credit Card has to offer. Join us as we explore the luxurious world unlocked by this sought-after card, enabling individuals to embrace a lifestyle of unparalleled prestige and indulgence.
Features and Benefits
The Axis Bank Magnus Credit Card is renowned for its impressive range of features and benefits, making it a highly coveted choice among discerning customers. Let’s explore the distinctive advantages offered by this premium credit card:
- Receive a complimentary domestic flight ticket or a Tata Cliq voucher worth Rs. 10,000 upon joining.
- The benefits, provided via SMS on the second statement generation date, remain valid for 6 months.
- Choose between the flight ticket or the voucher (primary cardholder only), and the unused amount on the voucher must be paid by the cardholder.
- Contact Axis Bank Concierge at 1800 103 4962 to avail of these benefits.
- Earn 25,000 bonus Edge Reward Points on spending Rs. 1 lakh or more in a calendar month.
- All spends, excluding wallet reloads and insurance, count towards the milestone calculation.
- New customers can enjoy the monthly milestone benefit from the first month itself.
- Unlimited access to select domestic lounges across India for both primary and supplementary cardholders.
- Complimentary international airport lounge access with Priority Pass membership for primary cardholders.
- Additional 8 complimentary lounge visits for guests per year.
Oberoi Hotel Stay Offer
- Enjoy up to 15% discount on stays at Oberoi hotels and a complimentary room upgrade.
Airport Concierge and VIP Meet & Greet
Airport Concierge Service
- Receive 8 complimentary VIP assistance services, including airport meet & greet, check-in assistance, security check, immigration processes, and porter services.
- Avail the Atithya Silver service for warm welcome at the aerobridge gate, porter assistance, golf cart gate transfers, and other privileges.
- Guests traveling with the cardholder can also benefit from the airport Meet & Greet service.
Movie & Dining Benefits
- Get Rs. 500 off on the next ticket when you buy one movie/non-movie ticket from BookMyShow (up to 5 times a month).
Dining Delights Program
- Enjoy a 20% discount at over 4,000 restaurants across India under the Axis Bank Dining Delights program.
- Credit shield coverage of Rs. 5 lakhs.
- Credit liability coverage up to the card limit.
- Lost/delayed baggage coverage of US $500.
24×7 Dedicated Concierge Service
- Access round-the-clock dedicated concierge service for flight bookings, restaurant table reservations, exclusive events/shows, gift deliveries, and more.
Low Forex Markup Fee & Interest Rate
- Benefit from a lower interest rate of 2.5% per month (or 34.49% annually).
- Enjoy a reduced foreign currency markup fee of 2% on international transactions.
Fuel Surcharge Waiver
- Avail a 1% fuel surcharge waiver for transactions between Rs. 400 and Rs. 4,000 at fuel stations across India, with a maximum monthly waiver of Rs. 400.
Spends Based Waiver
- The annual membership fee is waived off upon spending Rs. 15 lakhs in the preceding anniversary year (excluding wallet reloads and rent transactions).
Axis Bank Magnus Credit Card Fees and Charges
When considering a credit card, it is essential to be aware of the associated fees and charges. Here are the key fees and charges related to the Axis Bank Magnus Credit Card:
- Joining and Annual Fee: The Axis Bank Magnus Credit Card has a joining fee and an annual fee of Rs. 10,000.
The renewal fee of Rs. 10,000 is waived off if you spend Rs. 15 lakhs or more in the preceding year.
- Interest Rate: The credit card carries an interest rate of 3.0% per month (42.58% annually).
It’s important to manage your credit card payments to avoid incurring high interest charges.
- Foreign Currency Markup Fee: The Magnus Credit Card imposes a foreign currency markup fee of 2% on the total transaction amount.
This fee applies to international transactions and should be taken into account when using the card abroad.
- Cash Advance Fee: Surprisingly, the Magnus Credit Card has a cash advance fee of zero.
There are no charges for cash withdrawals made using this card.
However, it’s important to note that interest charges will apply to cash advances.
Before applying for the Axis Bank Magnus Credit Card, it is important to understand the eligibility requirements that need to be fulfilled. Here are the criteria applicants must meet to be considered for this card:
- Primary Cardholders: Applicants must be between 21 years and 70 years of age.
- Add-on Cardholders: Individuals above 18 years of age are eligible to apply for add-on cards.
Annual Income Requirement
- Salaried and Self-Employed Applicants: The minimum annual income required to be eligible for the Magnus Credit Card is Rs. 18 lakh.
How to Apply for Axis Magnus Credit Card?
Applying for the Axis Bank Magnus Credit Card is a simple and convenient process that can be done either online or offline. Here’s a step-by-step guide on how to apply for this prestigious credit card:
- Visit your nearest Axis Bank branch with all the necessary documents.
- Submit the required documents and complete the application process at the branch.
- The bank will process your application for further evaluation.
- Click on the “Apply Now” button located at the top of the page.
- From the options presented under “Explore Products,” select “Cards.”
- Choose “Credit Cards” and click on “Explore more.”
- Locate the “Magnus Credit Card” and click on “Apply Now” beneath it.
- Fill in all the necessary details carefully in the online application form.
What is the joining fee for the Axis Bank Magnus Credit Card?
The joining fee for the Magnus Credit Card is Rs. 10,000.
Is there an annual fee for the Magnus Credit Card?
Yes, the Magnus Credit Card has an annual fee of Rs. 10,000. However, this fee can be waived off by meeting certain spend criteria.
How can I get the renewal fee waived off?
To get the renewal fee waived off, you need to spend Rs. 15 lakhs or more in the previous anniversary year.
The Axis Bank Magnus Credit Card stands as a prestigious offering tailored for individuals seeking a luxurious and rewarding credit card experience. With its range of exclusive benefits and features, this super-premium card opens the doors to a world of privileges in travel, lifestyle, dining, and insurance.
Cardholders of the Magnus Credit Card enjoy unparalleled perks, including access to domestic and international airport lounges, 24/7 concierge service, discounted stays at Oberoi Hotels, airport meet and greet services, and a wide range of entertainment and dining benefits. The card also provides comprehensive insurance coverage and a dedicated concierge service, ensuring convenience and peace of mind.
While the Magnus Credit Card comes with a joining fee and annual fee, the bank offers opportunities to waive the renewal fee through qualifying spend. Additionally, the card features competitive foreign currency markup fees, a cash advance fee waiver, and attractive interest rates.
Applying for the Axis Bank Magnus Credit Card is straightforward, allowing applicants to choose between online and offline application methods, ensuring convenience and accessibility.
In essence, the Axis Bank Magnus Credit Card sets itself apart as an elite financial tool, providing individuals with the means to elevate their lifestyle and indulge in extraordinary experiences. With its exceptional benefits and exclusive privileges, the Magnus Credit Card exemplifies Axis Bank’s commitment to delivering excellence and sophistication to its discerning customers.
What did we learn?
- 1 Features and Benefits
- 1.1 Welcome Benefits
- 1.2 Milestone Benefits
- 1.3 Travel Benefits
- 1.4 Movie & Dining Benefits
- 1.5 Dining Delights Program
- 1.6 Insurance Benefits
- 1.7 24×7 Dedicated Concierge Service
- 1.8 Low Forex Markup Fee & Interest Rate
- 1.9 Fuel Surcharge Waiver
- 1.10 Spends Based Waiver
- 2 Axis Bank Magnus Credit Card Fees and Charges
- 3 Eligibility Criteria
- 4 How to Apply for Axis Magnus Credit Card?
- 5 FAQs
- 6 Conclusion