From September 1, Axis Bank has announced major changes to its Magnus credit card. The bank will reduce the value of rewards on the card and exclude certain payments from earning reward points. As part of these changes, the annual welcome benefit of a Tata CLiQ voucher will be discontinued for new cardholders. The bank stated that these adjustments are made periodically to ensure the best features for customers. The changes include lowering the redemption ratio, increasing the annual fee, discontinuing the annual voucher benefit, and changing the fee waiver criteria. Additionally, utility services and government institution payments will no longer earn reward points. Axis Bank is a significant player in the credit card industry, with 14% market share and being the fourth-largest issuer as of March. The bank issued 4.2 million new cards in FY23. The Axis Magnus Credit Card is a high-end card with perks in multiple categories and is considered one of the best credit cards in India. It is suitable for regular travelers and high-spenders. The card is available to Indian citizens earning at least Rs. 18 lakh annually.
Check out the details of the significant modifications in Magnus Credit Card by Axis Bank
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