Axis Bank Unveils Exclusive Magnus Credit Cards for Burgundy Account Holders
Axis Bank provides its high net-worth and affluent clientele with an exclusive premium banking service known as Burgundy. Through seasoned relationship managers and wealth specialists, Burgundy accounts offer a comprehensive suite of personal banking, wealth management, business, and lending solutions.
Axis Bank has exciting news for its esteemed Burgundy relationship customers, as they now have the opportunity to acquire the all-new Magnus credit card. Additionally, these customers can convert their Edge Reward points into partner airmiles or hotel points at an attractive 5:4 ratio. What’s even better, the bank will seamlessly replace your existing card with the Magnus card, all at no extra cost.
Axis Bank Offering New Magnus Credit Card to Burgundy Account Holders
Axis Bank is introducing the Magnus credit card exclusively for its Burgundy account holders, offering an enticing conversion rate of 5:4 for Edge Reward points to partner airmiles or points. Moreover, the bank will facilitate the replacement of your current card with the new Magnus credit card at no additional cost.
Customers meeting the eligibility criteria can expect to receive an email from the bank containing detailed instructions on how to register for the Magnus credit card. Once your application is approved, your existing Magnus credit card will be upgraded, and your accumulated reward points will be seamlessly transferred to the new card.
To ensure a seamless transition, the redemption of reward points on your existing Magnus credit card will be temporarily suspended during the upgrade process. Rest assured, your valuable reward points will soon be available for conversion into your preferred categories, making this transition hassle-free.
Effective September 1st, 2023, significant changes have been introduced to the Magnus credit card:
Revised Welcome Benefit: New customers joining from September 1st, 2023, will now have the option to select a welcome voucher valued at Rs. 12,500 from a range of enticing choices, including Postcards Hotel gift vouchers, Luxe gift cards, or Yatra gift vouchers. The previously offered Tata Cliq voucher has been discontinued.
Revised Annual Benefit: The annual fee for the card has been adjusted to Rs. 12,500 for customers who become cardholders after September 1st, 2023, replacing the previous annual fee of Rs. 10,000. Furthermore, the annual benefit voucher worth Rs. 10,000 is no longer available.
For customers who embark on their Magnus credit card journey after September 1st, 2023, an annual fee waiver will be granted upon achieving annual spends of Rs. 25 Lakhs in the year. For those who became cardholders before September 1st, 2023, the annual fee waiver remains applicable at an annual spending threshold of Rs. 15 Lakhs within the year. However, it’s essential to note that from September 1st, 2024, the waiver criteria for all customers, irrespective of their onboarding date, will require annual spends of Rs. 25 Lakhs.
Revision of Annual Benefit
- The annual fee on the card will be updated to Rs. 12,500 from the existing Rs. 10,000 for customers onboarded after 1st September 2023.
- The annual benefit voucher worth Rs. 10,000 is discontinued
- Customers that onboard after 1st September will have to make annual spends of Rs. 25 Lakhs in the year to receive an annual fee waiver.
- For customers onboarded before 1st September, the annual fee waiver will be applicable on spending Rs. 15 Lakhs in the year but right after 1st September 2024, the waiver will be applicable on spends of Rs. 25 Lakhs.
Revision of Milestone Benefit and EDGE Reward Points
The criteria for the annual fee waiver will exclude utilities and government spends, with these categories also not accumulating EDGE reward points.
Starting from September 1st, 2023, the milestone benefit of receiving 25,000 bonus EDGE reward points upon spending Rs. 1 Lakh in a month will be discontinued.
For cardholders who attain this milestone in May and June 2023, the bonus points will be credited to their accounts by July 31st, and for those achieving it in July, the bonus points will be posted by August 10th, 2023.
Post September 1st, you will earn 12 EDGE reward points for every Rs. 200 spent with the card until your total monthly spending reaches Rs. 1.5 Lakhs. Beyond this threshold, your earnings will increase to 35 RPs per Rs. 200 spent.
Furthermore, when using the Travel Edge portal, you will earn a lucrative 60 RPs per Rs. 200 spent, up to a cumulative monthly spend of Rs. 2 Lakhs. Once this limit is crossed, you will continue to earn at a rate of 35 RPs per Rs. 200 spent with the card.
Updated List of Eligible Airport Lounges Accessible with the Priority Pass on Magnus Credit Card
You can access the following domestic lounges with the Priority Pass –
- Agartala – Primus Lounge
- Allahabad and Prayagraj – Zesto Executive Lounge
- Amritsar – Costa Coffee
- Bhopal – Primus Lounge
- Cochin – Earth Lounge
- Dibrugrah – Primus Lounge
- Guwahati – The Lounge
- Kannur – Pearl Domestic Lounge
- Madurai – Primus Lounge
- Varanasi – Take Off Bar
Summary
A new benefit has been announced by Axis Bank for its most wealthy and loyal customers in the form of the Burgundy accounts, where they can receive a new Magnus credit card to replace their old one.
The capability to transfer reward points to partner airmiles and hotel points at a 5:4 transfer ratio, despite the rate being revised to 5:2 on the credit card, will be provided to them. Your existing Magnus card will be replaced by the bank at no extra charges.
