Axis Magnus Credit Card

About Axis Magnus Credit Card

Are you looking for a credit card that matches your premium lifestyle and high-spending habits? The Axis Magnus Credit Card is designed for those who don't just spend, but invest in experiences. If you find yourself booking luxury stays or domestic flights frequently, this card aims to return that value directly to you through high-end vouchers and travel perks.

This card offers a significant value proposition right from the start. By paying the joining fee, you get a benefit worth the same amount, effectively making the first year cost-neutral if you use the vouchers. It is a heavy-hitter in the premium segment, specifically built for high-earning individuals who can manage an annual spend of ₹25 Lakhs to keep the card free of cost.

Built for professionals and business owners earning at least ₹1.5 Lakhs per month, the Axis Magnus Credit Card focuses on rewarding your lifestyle choices. Whether you are dining at luxury hotels or flying across the country for business, the card ensures your expenses contribute toward future rewards.

What sets it apart:

• Immediate Value: Unlike many cards that make you wait for rewards, Magnus offers a joining benefit worth ₹12,500 in the form of luxury vouchers or flight tickets.
• High Income Threshold: This card is exclusive, requiring a monthly income of ₹1.5 Lakhs, ensuring a premium service tier for its users.
• Massive Fee Waiver: For power users, spending ₹25 Lakhs in a year completely removes the ₹12,500 annual fee, a feature that rewards heavy usage.

Quick check: To qualify for this card, you will need a minimum monthly income of ₹1,50,000 and a CRIF score of 750 or above.

Let's break down why this card stands out in the premium market:

Key Benefits & Features of Axis Magnus Credit Card

The Axis Magnus Credit Card is packed with features that cater to the elite spender. From the moment you activate the card, the focus is on providing high-end utility.

Luxury Joining Benefits

When you join the Magnus family, the bank ensures you feel the premium status immediately. Upon payment of the joining fee of ₹12,500, you can choose one of the following welcome gifts:

• A free one-way domestic economy flight ticket.
• A Luxe Gift Voucher worth ₹12,500.
• A Postcard Hotels Voucher worth ₹12,500.

This welcome benefit is a straightforward way to offset the initial cost of the card, provided you are someone who enjoys luxury travel or high-end shopping.

Reward Point Redemption

The card operates on a reward system where 1 Reward Point is valued at ₹0.20. You can use the Edge Rewards portal to browse through a vast catalogue of products and vouchers. This transparency in redemption value helps you calculate exactly how much you are getting back from every rupee spent. You can access the redemption portal at the official Axis Edge Rewards website to see the current options available.

Annual Fee Waiver

While the annual fee is ₹12,500, the bank offers a way to get this card for free. If you spend ₹25 Lakhs or more in your previous card anniversary year, the renewal fee for the following year is waived. This is particularly beneficial for business owners or high-spending professionals who use their credit card for almost all their major transactions. Please note that this waiver condition applies to cardholders who joined on or after September 1, 2023.

Spending Exclusions to Remember

To maximize your rewards, you must be aware of what does NOT count. The following categories are excluded from earning reward points and may not contribute toward your annual fee waiver targets:

• Fuel purchases and wallet loading.
• Rent payments and utility bill payments.
• Government-related transactions and insurance premiums.
• Jewelry purchases and cash advances.
• Outstanding payments and redemption of existing rewards.

Eligibility and Credit Score Requirements

To maintain the card's exclusivity, the bank has strict eligibility criteria. You must have a CRIF score of 750 or higher. While the bank's official age range is 18-70 years, we recommend that salaried individuals be between 21-65 years old for a higher chance of approval. A stable monthly income of ₹1.5 Lakhs is a mandatory requirement to access this premium tier of banking.

How to Apply?

The application process for the Axis Magnus Credit Card is straightforward, but it requires careful attention to detail to ensure approval. Follow these steps to get started:

1. Check Your Income: Ensure your monthly salary is at least ₹1,50,000. For self-employed individuals, ensure your annual income documentation matches the bank's requirements.
2. Verify Your Credit Score: Check your CRIF score. You need a score of 750 or above to meet the bank's eligibility criteria.
3. Initiate Application: Visit the official Axis Bank website or use the secure application link provided by authorized partners.
4. Complete VKYC: Complete the Video KYC process. Ensure you are at your Aadhaar or communication address during this process, as being more than 50 km away can lead to rejection.
5. Submit Documents: Provide your PAN card, address proof, and income documents as requested by the bank representative.
6. Card Activation: Once you receive the card, you must complete at least one transaction of ₹100 or more within the first 30 days. This keeps the card active and ensures you receive your rewards and joining benefits.

Credit Limit & What to Expect

Credit limits for the Axis Magnus Credit Card are assigned based on your income, credit score, and existing banking relationship. Given the high income requirement of ₹1.5 Lakhs per month, applicants receive a substantial credit limit that reflects their premium status. Credit limits range from ₹3,00,000 to ₹10,00,000 depending on your debt-to-income ratio and previous repayment history with Axis Bank.

Comparison Table

Before committing to the Magnus, it is helpful to see how it stacks up against other premium cards in the Indian market. We have compared it with three major competitors in the same category.

While the Axis Magnus has a higher fee waiver target of ₹25 Lakhs compared to HDFC Diners Club Black's ₹8 Lakhs, it offers a more direct joining benefit that completely covers the fee in the first year. The Magnus is a better choice if you specifically value the Luxe or Postcard Hotel vouchers which offer a high-end experience right away.

Documents Required for Axis Magnus Credit Card Application

You'll need to submit the following documents when applying:

For Salaried Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), Rent Agreement, or Property Tax Receipt
• Income Proof: Latest 3 months' salary slips and 6 months' bank statements showing the ₹1.5 Lakhs monthly credit
• Employment Proof: Office ID card or employment letter

For Self-Employed Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), or Property Documents
• Income Proof: Latest 2 years' ITR with computation of income, 6 months' bank statements, and CA-certified financials
• Business Proof: Business registration certificate, GST registration (if applicable), or Shop Act License

Note: All documents must be self-attested. The bank may request additional documents during verification, especially for self-employed individuals to verify the stability of their business income.

Who Should Get This Card?

Should you get this card? Here's who benefits most from the Axis Magnus:

The Luxury Traveler

If you are a professional who takes at least 3-4 domestic trips a year and enjoys staying at boutique properties like the Postcard Hotels, this card is a great fit. By simply paying the joining fee, you get a voucher that covers a stay or a flight, making the card effectively free for the first year. If your annual spends are around ₹25 Lakhs across travel and lifestyle, you will never have to pay the renewal fee.

The High-Income Corporate Leader

You're a corporate executive earning ₹2 Lakhs per month and your monthly expenses average around ₹2 Lakhs. You use your card for high-value purchases, dining out, and shopping. For you, the ₹25 Lakhs annual spend target is achievable. You prefer a card that offers a simple reward redemption process (1 point = ₹0.20) rather than complicated air mile conversions.

The Business Owner

As a business owner, you likely have high monthly spends. If you can route your business-related travel and lifestyle expenses through this card, you can easily hit the fee waiver limit. This allows you to enjoy the premium status of an Axis Magnus card without the recurring annual cost.

You might want to skip this card if:

• Your annual spending is below ₹10-15 Lakhs, as the ₹25 Lakhs waiver target will be impossible to reach.
• Your primary expenses are fuel, rent, or utilities, as these do not earn rewards or count effectively toward your benefits.
• You prefer a low-income requirement card with simpler benefits like the Axis Ace or Axis Neo.

BankKaro Expert Review

Based on the card's features, the Axis Magnus excels at providing a premium entry experience. The joining benefit is one of the most generous in the market because it gives you back the full value of the joining fee in a usable format like a Luxe voucher or a flight ticket. This makes it a low-risk option for the first year for anyone who meets the income criteria.

The biggest limitation is the steep jump in the annual fee waiver requirement. At ₹25 Lakhs, it is one of the highest in the industry. For a mid-to-high spender who spends around ₹10 Lakhs a year, this card becomes an expensive proposition after the first year. Furthermore, the exclusions for rewards are quite extensive, covering basics like utilities and rent, which are often the largest expenses for many households.

Our verdict: Choose this card if you are a high-volume spender who can hit the ₹25 Lakhs target or if you specifically want the one-time luxury joining benefits for a special occasion. If you cannot reach the spending target, you might find better long-term value in cards with lower waiver thresholds.

Terms and Conditions

Please note the following important terms and conditions for the Axis Magnus Credit Card:

• Rewards are not applicable if you are or have previously been an existing Axis Credit Card holder.
• If you apply for a different credit card after redirecting from a partner site, rewards will be credited as per the rate of the card applied for.
• No rewards are applicable on the Axis Neo Credit Card if chosen as an alternative.
• Tracking of your application will be completed within 72 hours after the Application ID is generated.
• Reward confirmation will occur within 75 days of card activation.
• A minimum transaction of ₹100 must be completed within 30 days of card issuance to keep the card active and retain rewards.
• If Video KYC (VKYC) is completed more than 50 km away from your Aadhaar or communication address, the application may be rejected.
• Rewards are not applicable for applications made directly via the Axis Bank App.

The complete set of terms and conditions is available on the official Axis Bank website for your review.