Axis Banks’s much revered Magnus credit card might loose some of its charm and shine following the privatised bank’s Friday notice devaluing rewards on the card and excluding certain payments from earning reward points. The Magnus Credit Card that targets affluent customers remains enjoyed the has notified of certain changes it brings to the with effect from 1 September 2023. This includes discontinuation of the CLiQ voucher for the newly onboarded members from the afore mentioned date. The Axis Magnus credit card from Axis Bank boasts of a high earning as well as redemption rate. It offers 12 (ER) on every 200 spent. Axis Bank values 1 ER at 20 paise, which makes the base reward rate 1.2%. Axis Bank requires customers to have a salary of over 3 lakh a month to access Burgundy, among other criteria. The primary motivations behind changing the rewards are consolidation efforts towards clubbing and rewards, says . Axis Bank remains a professional player in the credit card business. The bank boasts of over 14% market share and is the fourth largest issuer as of March. In FY23, issued 4.2 million new credit cards. As of 31 March, the outstanding loans toward credit cards were 31,684 crore, up 97% year-on-year, as reported by . -Lowering the swap ratio of card rewards to airline or hotel miles programs. While earlier customers could swap five reward points for four miles, now the ratio will be lowered to 5:2. -The annual fee will be updated from INR 10,000 + to INR 12,500 + GST for customers on-boarded from 1 September 2023 -Annual benefit of voucher worth INR 10,000 will be discontinued -Customers on-boarded from 1 September 2023, will receive fee waiver of INR 12,500 on spends of 25,00,000 in the preceding card anniversary year -For customers onboarded before 1 September 2023, annual fee waiver will be applicable on cumulative spends of 15,00,000 in preceding card anniversary year -Monthly of 25,000 on monthly spends of 1,00,000 will be discontinued from 1 September 2023 -Utility services and government institution payments have been excluded from reward eligibility Related Premium Stories