The Great Reset on Axis Bank Magnus Credit Card; 25K Monthly Points going away effective September 1, 2023

The internet has spent much discussion and energy on the product changes that were supposed to come out on the Axis Magnus credit card but never did. It was always known that Axis Bank Credit Cards would shake the tree to remove the bad actors. However, as you’d all guess, the fallout of that would be that everyone acting in good faith would also be drained into the swamp to borrow from Trump. Collateral Damage.

a credit card with a pink feather

Axis Bank to roll out significant changes for Magnus Credit Card.

Axis Bank has just notified the customers of the Magnus Credit Cards about changes being rolled out for their very popular Magnus Credit Card. These changes are effective September 1, 2023. Let’s take a look:

  • Higher Annual Fee: The first key change is the fee. For new customers who want to have the Magnus Credit Card and are onboarded on September 1 or after, the fee will be INR 12,500 plus GST. Old users continued to keep the INR 10,000 plus GST fee.
  • Fee Waiver condition goes up:
    • New users who sign up for the card on or after September 1, 2023, will get a fee waiver for the next year if they spend INR 25 Lakhs on the card in the membership year.
    • Existing users who will have their card renewal after September 1, 2023, will get a fee waiver for their card if they spend INR 15 Lakhs on the card in the following membership year. However, for the renewal after September 1, 2024, they will also be subject to a renewal fee waiver only after INR 25 Lakh spend on the card in the membership year.
  • Change of Welcome Benefit: For customers who are onboarded after September 1, 2023, the new welcome benefits will be vouchers worth INR 12,500 from one of the following brands:
    • Luxe Gift Card
    • The Postcard Hotels gift voucher
    • Yatra gift voucher
    • The Tata Cliq Gift Voucher will be discontinued after September 1, 2023
  • Monthly Benefits of 25,000 EDGE Rewards on INR 1 Lakh spent to be discontinued: One of the significant pull factors for the card, and one that was encouraging a lot of unethical spending, was the card’s insane offer to award cardmembers 25,000 bonus points every month on the back of just INR 1 Lakh spend. This feature was launched in February 2022 and will disappear effective September 1, 2023. However, Axis Bank will be expediting the credit of points for prior months
    • 25K ER points for customers who achieved their monthly milestones in April 2023 should be on their way by July 31, 2023, per the ordinary course of business.
    •  25K ER points for customers who achieved their monthly milestones in May and June 2023 will be posted by July 31, 2023.
    •  25K ER points for customers who achieved their monthly milestones in July 2023 will be posted by August 10, 2023.
    • 25K ER points for customers who achieve their monthly milestone in August 2023 will receive their points within 90 days.
  • New Rewards Earning Structure: Magnus will continue to offer 12 ER points for every 200 INR spent on the card, up to INR 1.5 Lakhs spent, effective September 1, 2023. Once your spending crosses this milestone, you get 35 ER points for your spending above INR 1.5 Lakhs on the card. This is intended to be the new gamification for the card.
  • Government & Utility Spend is not going to be awarded points or counted for spend threshold: The card will stop awarding points and any sort of spend waivers on Government and Utility Spends:
    • Utilities: MCC Codes 4814, 4816, 4899, 4900 (Phone services, Computer Network/Information Services, Cable/Satellite and Other Pay Television and Radio Services, Utilities–Electric, Gas, Heating Oil, Sanitary, Water)
    • Government institutions: MCC Codes 9222, 9311, 9399, 9402(Fines, Tax Payments, Government Services Not classified elsewhere)
  • TravelEDGE Earnings to be capped: One of the most generous features of the card was the offer to grant 5X EDGE Rewards on travel bookings using the AXIS Bank Travel EDGE portal, effectively granting 60 ER points for every 200 INR spent. Effective September 1, only the first INR 2 Lakh spent in the month on the TravelEDGE website will count for the 5X rewards. Beyond that, you get 35 ER points/INR 200 spent at TravelEDGE (2X bonus, roughly).
  • Mileage Transfer Ratio to be changed: Effective September 1, 2023, EDGE Rewards transferred from Axis Magnus Credit Card or any credit card which has a Magnus relationship in the customer ID to an air miles or hotel points conversion partner will move from 5:4 to 5:2 conversion. All conversions through August 31, 2023, to the 19 partners will be honoured at the 5:4 ratio. If you open a Burgundy Relationship with the bank after September 1, 2023, you can continue with the 5:4 Ratio. More details are yet to be disclosed about this new spin.
  • Mileage Transfer to be capped: Effective September 1, 2023, per customer ID (including all sorts of EDGE Rewards points), only conversion of 5 Lakh points per annum will be allowed in a calendar year. For the year 2023, this limit is going to be between the period of September 1 – December 31, 2023. From 2024 onwards, the whole year will count.
  • Cool-off period introduced: Axis Bank has also introduced a cool-off period for points transfer. You can only have one membership number linked to an account for a transfer partner. If you change it, you cannot change it again for at least 60 days. This is to curb mileage brokers and people selling their points.


Axis Bank has done what it needed to stop the excess hemming of one of its most popular card products. The fundamental change here is to reward points earning and miles transfer ratios. The card used to offer 31,000 EDGE Rewards points/24,800 Miles for INR 1,00,000 spent, which will now reduce to 6,000 ER points/2,400 Miles effective September 1, 2023, a steep devaluation of 90% if you are one of the people who like to use your ER points for airmiles transfer. However, if you like to use your points for shopping at INR 0.2 value per point, you now get INR 1,200 every month as a reward, compared to INR 6,200 earlier, which is 20% of the earning potential earlier.

Assuming you will go for a Burgundy Relationship, which requires you to keep INR 10 Lakh in the account to avail of the benefits, you will still earn only 4,800 Miles per month on an apple-to-apple comparison for the INR 1 Lakh spend.

Put in another way; EDGE Rewards earned INR 1 Lakh spent now would be only achievable with INR 3.26 Lakhs spent in a month going forward. That, too, with the conversion taking a deep dive.

My Take

Still assessing, honestly, but I am close to the waiver timeline and will find my way to it by the end of this month or next. However, if you have EDGE Rewards points that you intend to use for travel, you are better off converting these into miles before August 31, 2023, to make the most of the currently accumulated EDGE Rewards points you have in your account. For further use, I see the HNIs moving back their spending to HDFC Bank Infinia and American Express in the coming months. Infinia offers a 3.3% Reward rate on an ongoing basis, compared to the 1.2% Reward Rate on Magnus (comparing the cash value of rewards).


Axis Bank has rolled out extensive changes on their Magnus Credit Card, which will go live on September 1, 2023. Key among the changes will be that the 25,000 bonus points per month will go away, and the points transfer ratio will move from 5ER:4 miles/Points to 5ER:2 Miles/Points on September 1. Also, new customers’ fees increase and the annual renewal benefit disappears. Additionally, a max of 500,000 ER can be transferred from AXIS ER to other miles/points transfer partners.

What do you make of the changes to Axis Bank’s Magnus Credit Card? Where is the silver lining, and what will you do with this card product going forward?

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About Ajay

Ajay Awtaney is the Founder and Editor of Live From A Lounge (LFAL), a pioneering digital platform renowned for publishing news and views about aviation, hotels, passenger experience, loyalty programs, travel trends and frequent travel tips for the Global Indian. He is considered the Indian authority on business travel, luxury travel, frequent flyer miles, loyalty credit cards and travel for Indians around the globe. Ajay is a frequent contributor and commentator on the media as well, including ET Now, BBC, CNBC TV18, NDTV, Conde Nast Traveller and many other outlets.

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  1. Hi

    Thanks for the detailed article. Can you compare this card post new changes with HDFC Infinia so that one can take an informed decision?

  2. Hi Ajay

    If you have a Burgendy account, is the transfer to airline miles still capped at 5 Lacs annually?

  3. Hi Ajay, thanks for everything that you do.
    The way I’m looking at it is that I need to spend 30 to 60 Rs on my Infinia to earn 1 airmile, whereas Sept 1 onward, on the Magnus I need to spend 41.6 Rs (when 200/12) and 14.25 Rs (When 200/35) to earn one airmile. Still not too bad IMO.

  4. Hi Ajay ,
    Nice article as always,
    I had applied for the card before the devaluation, but despite me telling them to cancel my application they have issued the card to me,
    Can I still get it cancelled it’s not yet been delivered to me?
    Or should I use it for 1 year and then convert it to the Vistara infinite (or should I do the same now itself)

    What would you suggest,

    My major spend would have been the Utilities segment which unfortunately no longer counts

    I already have the Amex plat charge(thanks to you) and the Infinia

    • @Karan, Three options
      1) Do not activate the card, and you will get it cancelled within 30 days automatically
      2) Activate it (make one txn) and collect a 10K TataCliq voucher. Use the card for unlimited lounge access and meet & assist etc.
      3) swap to Vistara infinite

      Other cards exist for utilities, such as the new idfc vistara card.

  5. Honestly – I’m fine with most of the changes except the 5L transfer limit. With the proposed changes, with spends of 3L a month, one earns more than 600k a year. So effectively – even the 35/200 gets capped, because the earning potential of the card gets limited by the burning potential.

  6. Would this move affect the conversion ratio for Axis’ Atlas card too, if one holds it in addition to Magnus?

  7. What do you guys spend on every month for 1-2 lakhs inr apart from bulk spenders like rent,electricity,nps ?? . Serious curiosity.
    For me the electricity bills were the bulk of the spending. And now thats gone.
    Which card to use now for electricity bill payments. Any suggestions

  8. Quote “Mileage brokers and people selling their points”, Ohh these thing too happen..

    How people find innovate ways to earn money. Due to these utter ugly people, genuine people have to face this.

    India 1% population has credit card, even in those, scammers are all around there. What will happen if 5-10% population will have card.

  9. Hi Ajay, as usual super thanks for a crisp clear explanation and with such promptness.thank you so much…

    Only a couple of confirmations as per your understanding….
    1- The MCC codes mentioned do not include Insurance and education (school) fees spends correct?

    2- And secondly the gyftr and grabdeal bonus points transactions done since MAY until now; will be posted as per the old system only right? So most pbly will miss out on the 5:4 on those right?


  10. Need to figure out where to bank my domestic INR spends between Citi Prestige, HDFC Infinia and Diners Black.

  11. I have a different take. It’s a brilliant move both for high Spenders and the bank.
    If someone can spend 3 lacs+ a month and is a burgundy client too, the earning is now 35 points per 200, which is 51k or so as against 43k or so earlier. And would still transfer at 5:4 ratio.
    Of course, what this would mean is that I need to redirect all spend from Amex plat charge, Infinia etc to this.
    Also, now Milestone and gyftr and traveledge won’t be additive but just one bonus which is the highest eligible but that’s fair.
    I know this won’t be for everyone, but for those who can, this is a very good proposition.

    • @Amar, like I told someone else, your numbers are applicable for an Edge case but not the normal folks. The universal appeal of Magnus is gone, which is what the Bank wanted, to filter out the non-high-end spenders.

    • As per my calculations for 3 L spend you get 35250 edge points now ( not 51 K). Am I missing something ?

  12. Time to say goodbye to magnus card. I have been using this card solely for ER to air Mike transfers. Spending 1L to earn 20k air miles as against spending 5L on my citi prestige to earn the same. Seems like will have to transfer all spends on citi prestige again. Any suggestions Ajay?

  13. Great article as always. Clean and simple to understand.
    On my Magnus dream run, well, I would not be able to justify holding this card anymore. Things I won’t be able to cope up or not worth are
    1. High spend criteria for fee waiver
    2. Need to spend more to earn more only to redeem less
    3. Infinia seems straightforward and unlike Axis has transparent reward tracking

    Are insurance spends not rewarded as well alongside government and utility spends?

  14. One line feedback
    RIP Axis (Both Magnus and Reserve)
    I am not worried on 25000 milestone going away more but worried on 5:4 redemption ratio. Thankfully I didn’t close my infinia and Amex

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