Axis Bank Magnus Credit Card
Gaurav
The Magnus Credit Card is one of the top cards offered by Axis Bank, designed for high-income individuals who enjoy a luxurious lifestyle. It comes with a joining fee of ₹12,500 and offers great benefits in areas like travel, rewards, and more.
Cardholders get access to both domestic and international airport lounges, and premium users can make international transactions with a low 2% Forex Markup fee. There are no charges for cash withdrawals, though interest may apply. While the annual fee is high, it can be waived if you spend ₹25 lakhs or more in a year. Read on to learn more about the features and benefits of this premium card.
Rewards and Benefits
Movie & Dining
Get a 20% discount at over 4,000 restaurants across India with the Axis Dining Delights Program.
Domestic Lounge Access
Unlimited Free Domestic Airport Lounge Access
Rewards Rate
Earn 12 Axis EDGE REWARDS points for every ₹200 spent with the card, and 5 times the points on travel purchases through TRAVEL EDGE.
Golf
N/A
Travel
Complimentary Airport Lounge Access, and Discounted Stays at Oberoi Hotels
Insurance Benefits
The card offers Credit Shield protection of up to ₹5 lakh in the event of loss, along with purchase protection coverage of up to ₹2 lakh.
International Lounge Access
Primary cardholders receive unlimited complimentary access to international airport lounges, while guests are entitled to 8 complimentary visits annually through Priority Pass.
Reward Redemption
You can redeem Axis EDGE REWARDS points on the EDGE REWARDS portal, where 1 point equals ₹0.20, or transfer them to partner airlines or hotel rewards programs.
Fees & Charges
Interest Rates
3.0% per month (42.58% annually)
Spend-Based Waiver
The annual fee will be waived if you spend ₹25 lakh or more in the previous year.
Rewards Redemption Fee
Nil
Cash Advance Charges
Nil
Foreign Currency Markup
2.00 +GST
Fuel Surcharge
1% fuel surcharge waived off at all fuel stations across India
What should you consider before applying for a credit card in India?
Before applying for a credit card in India, consider the following factors:
- Eligibility Criteria: Check the age, income, credit score, and employment status requirements set by the bank or financial institution.
- Credit Score: A higher credit score increases your chances of approval and may result in better offers. Ensure your credit score is in good standing.
- Interest Rates and Fees: Compare annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction fees. These can vary significantly between cards.
- Rewards and Benefits: Look for cards that offer rewards, cashback, discounts, or other perks that align with your spending habits.
- Credit Limit: Make sure the credit limit offered is in line with your financial needs. Avoid over-borrowing, which can lead to high-interest charges.
- Repayment Terms: Understand the repayment options, minimum payment amount, and due dates. Consider how easily you can manage timely payments to avoid interest accumulation.
- Card Type and Features: Choose a card type (e.g., standard, premium, travel, etc.) based on your requirements. Some cards offer more benefits for specific categories like travel, shopping, or dining.
- Bank’s Reputation: Opt for a bank with a good track record of customer service and transparency. Read reviews and consider their customer support accessibility.
- Hidden Charges: Be aware of any hidden fees, such as annual fees, balance transfer charges, and cash withdrawal fees.
- Credit Utilization: Ensure you can manage your spending within the credit limit to maintain a healthy credit utilization ratio, which impacts your credit score.
- Long-Term Financial Plans: Think about how the credit card will fit into your long-term financial goals and avoid accumulating unnecessary debt.
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