Axis Bank Devalues Select Credit Cards, Introduces New Reward Exclusions and Lounge Access Rules

Axis Bank is making significant changes to its Magnus Credit Card, reducing benefits like lounge access and offers, potentially devaluing the card for customers.

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Rafia Tasleem
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Axis Bank Devalues Select Credit Cards, Introduces New Reward Exclusions and Lounge Access Rules

Axis Bank Devalues Select Credit Cards, Introduces New Reward Exclusions and Lounge Access Rules

Axis Bank, one of India's leading private sector banks, has announced significant changes to the terms and conditions of its Magnus Credit Card and Magnus Credit Card for Burgundy, effective April 20, 2024. The bank is discontinuing several benefits and introducing new reward exclusions and lounge access rules for these credit cards.

According to the updated terms, the 'Buy one ticket, get up to Rs 500 off on the second ticket' offer will no longer be available to cardholders. Additionally, the number of complimentary international lounge visits and guest visits per year has been reduced from unlimited to just 4 per year. The bank has also removed the 'Enjoy 8 complimentary end-to-end meet and greet services at the airport' benefit for these credit cards.

Axis Bank is introducing new reward exclusions and changes to the earn rate for partner miles on the Magnus Credit Card and Magnus Credit Card for Burgundy. Customers holding the new Magnus Credit Card for Burgundy will now have a limited set of voucher options worth INR 5,000 to choose from, further restricting the card's benefits.

Why this matters: These changes by Axis Bank significantly devalue the Magnus Credit Card and Magnus Credit Card for Burgundy, which were previously known for their generous rewards and benefits. The reduction in lounge access and removal of key offers may lead cardholders to reconsider the value proposition of these credit cards and potentially switch to other banks' offerings.

The bank has stated that it reserves the right to approve or decline credit card applications, and the documents required for the application process may vary on a case-by-case basis. This move by Axis Bank comes as a surprise to many cardholders who have enjoyed the premium benefits associated with these credit cards.

An Axis Bank spokesperson said, "We regularly review our credit card offerings to ensure that we are providing the best value to our customers. The changes to the Magnus Credit Card and Magnus Credit Card for Burgundy are part of our ongoing efforts to streamline our product portfolio and align with the evolving needs of our cardholders."

Key Takeaways

  • Axis Bank discontinuing several benefits of Magnus credit cards from Apr 2024
  • Reduced complimentary international lounge visits from unlimited to 4 per year
  • Removed 'Buy one get one' offer and 'meet and greet' airport service
  • Introduced new reward exclusions and changes to partner miles earn rate
  • Changes significantly devalue Magnus cards, may lead to cardholders switching