From Magnus To Flipkart: Axis Bank Tweaks Credit Card Benefits, What Cardholders Need To Know

Popular credit cards like Magnus for Burgundy and Flipkart will experience notable downgrades. In contrast, cards such as Select and Privilege are set to receive enhanced benefits according to the bank’s official communication to its customers.

Arnika Dixit, President & Head of Cards, Payments, and Wealth Management at Axis Bank  said to MoneyControl that the dynamic nature of credit cards necessitates regular evaluation of benefits usage. The recent adjustments in the accelerated rewards structure aim to promote responsible spending.

“These changes will affect only a small fraction of cardholders and will not alter the core features of the credit cards. The bank has also introduced new offers based on genuine customer preferences,” she adds.

Let’s have a look at the changes in these cards: 

Magnus Credit Card Rewards Update

Effective June 20, the rewards structure for the Magnus/Magnus for Burgundy Credit Card will be updated. Cardholders will earn 12 EDGE REWARD points per Rs 200 spent up to Rs 1.5 lakh per month. Beyond this amount, the rate increases to 35 points per Rs 200 until reaching the credit limit plus Rs 1.5 lakh, after which it reverts to 12 points per Rs 200.

Revised EDGE Reward Points Structure

The accelerated EDGE rewards structure has been revised for several credit cards, including the Magnus Credit Card and Reserve Credit Card. Customers will now earn accelerated benefits only up to their individual credit limit. Beyond this limit, rewards will be earned at the base rate. This change aims to prevent misuse by customers who exhaust their monthly credit limits for non-personal or commercial use.

Simplified Reward Exclusion Criteria

Starting June 20, the categories excluded from earning cashback and fee waivers on all Axis Bank credit cards remain unchanged. However, the identification method is shifting from specific 4-digit Merchant Category Codes (MCCs) to broader spend categories such as utilities, telecom, wallet loads, and rent.

Changes to Flipkart Axis Bank Credit Card

The Flipkart Axis Bank Credit Card will now have a cap on accelerated earnings. For example, cashback on Myntra shopping has increased from 1 percent to 7.5 percent but is now capped at Rs 4,000 per quarter.

The 5 percent cashback on Flipkart and Cleartrip remains, but with a Rs 4,000 per quarter cap for each, replacing the previous unlimited monthly cashback offer. No Change in Reward Rates, Introduction of Caps.

Discontinuation of Complimentary Lounge Access

The bank will discontinue the complimentary domestic lounge access benefit. Mandal highlights that this will significantly impact frequent travelers and reduce the overall value of the card.