Introduction
The Axis Bank Magnus Metal Credit Card is a premium offering designed to cater to high-net-worth individuals with a penchant for luxury and exclusive benefits. Targeted primarily at those with significant annual income and high spending capacities, this card stands out with its comprehensive travel, lifestyle, and reward programs. In this review, we will explore the key features, benefits, user experiences, additional perks, and a comparative analysis with similar credit cards in the market.
Axis Bank Magnus Metal Credit Card
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Joining Benefits of Axis Bank Magnus Metal Credit Card
- Welcome Benefit:
- Complimentary luxury gift voucher worth ₹10,000 upon card activation.
- Reward Points:
- Earn 12 EDGE reward points per ₹200 spent on all transactions.
- Milestone Benefits:
- Earn 25,000 bonus reward points on spending ₹1 lakh in a month.
- Earn 10,000 bonus reward points on reaching annual spends of ₹15 lakhs.
- Airport Lounge Access:
- Unlimited complimentary access to domestic and international airport lounges.
- Dining Privileges:
- Up to 25% off at select premium restaurants.
- Luxury Hotel Benefits:
- Complimentary membership to Club Marriott, providing discounts on stays and dining at Marriott hotels.
- Golf Privileges:
- Complimentary golf rounds and lessons at select golf courses.
- Travel Benefits:
- Special discounts and offers on flights and hotel bookings.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge at all petrol pumps across India.
- Annual Fee Waiver:
- Annual fee waived on spending ₹15 lakhs in a year.
- Comprehensive Insurance:
- Complimentary travel insurance and personal accident cover.
- Concierge Services:
- 24/7 global concierge service for travel, dining, and entertainment arrangements.
- Interest-Free Period:
- Up to 50 days of interest-free credit.
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Card Features and Benefits
The Axis Bank Magnus Metal Credit Card offers a plethora of features and benefits designed to enhance the lifestyle and travel experiences of its users. Below are the primary features and benefits:
Travel & Stay Benefits
- Welcome Benefit:
- Choose a voucher worth INR 12,500 from options such as Luxe gift card, The Postcard Hotels gift voucher, or Yatra gift voucher.
- Conditions: Activation of the Magnus credit card and making the first spend transaction within 30 days of card issuance.
- The benefit can be availed within 6 months from the card creation date if a transaction is done within 30 days.
- Airport Concierge Service:
- Enjoy 8 complimentary Airport Meet & Greet services per calendar year, assisting with check-in, security check, immigration, and porter services.
- Conditions: Service is valid at 16 airports across India and bookings should be made at least 48 hours before the service time.
- Complimentary International Lounge Access:
- Unlimited complimentary international lounge visits with 8 additional guest visits per year using a Priority Pass card.
- Conditions: The primary cardholder must accompany the guest for availing guest visits.
- Domestic Lounge Access:
- Unlimited visits to select lounges in India.
- Conditions: Effective 1st May 2024, this benefit is based on minimum spends of INR 50,000 in the previous 3 months.
Lifestyle & Entertainment Benefits
- BookMyShow Benefits:
- Buy one ticket and get up to INR 500 off on the second ticket for a maximum of 5 movie or non-movie bookings in a month.
- Conditions: Valid on the BookMyShow website and mobile app.
- Dining Delights:
- Enjoy up to 30% discount at over 4,000 restaurants across India.
- Conditions: Inform the restaurant staff before the bill is generated and pay with the Axis Bank Magnus Credit Card.
Health & Wellness Benefits
- Insurance Benefits:
- Purchase protection up to INR 2 lakhs, loss/delay in baggage & personal documents coverage up to USD 500, and credit shield coverage up to INR 5 lakhs.
- Conditions: Required documents must be submitted to avail the insurance.
Rewards Program
- Earning Points:
- Earn 12 eDGE Reward points per INR 200 spent up to INR 1.50 lakhs in a calendar month.
- Earn 35 eDGE Reward points per INR 200 spent above INR 1.50 lakhs in a calendar month.
- 5X Reward points on spends via Travel eDGE.
- Convert 5 eDGE Reward points to 2 partner miles across 20 travel partners.
Benefits on Fees and Charges
- Annual Fee Waiver:
- The annual fee of INR 12,500 + taxes is waived off on spending INR 25 lakhs in the preceding year.
- Lowered Interest Rate:
- Interest rate of 3% on extended credit.
- Reduced Mark-up Fee:
- 2% mark-up fee on foreign transactions.
- No Cash Withdrawal Fees:
- Withdraw cash without any fees.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge for transactions between INR 400 to INR 4000, capped at INR 400 per month.
User Experience
The Axis Bank Magnus Metal Credit Card is designed to provide a seamless and luxurious user experience. Here are key aspects that users often highlight:
Application Process
- Eligibility:
- The primary cardholder should be between 18 and 70 years old, with a salary of INR 24 lakhs per annum or equivalent annual income tax return filed.
- Required documentation includes PAN card photocopy, latest payslip/Form 16/IT return copy, and residence proof.
- Application:
- The application process is straightforward, with options to apply online or at an Axis Bank branch. Users report a smooth experience with quick processing times.
Card Activation
- Welcome Kit:
- Upon approval, users receive a welcome kit that includes the credit card and Priority Pass membership card.
- Activation:
- The card can be activated by making a transaction within 30 days of issuance, which also unlocks the welcome benefits.
Daily Usage
- Rewards and Points:
- The card offers a robust rewards program with higher points for specific spending categories. Users appreciate the ease of accumulating and redeeming points for travel and lifestyle benefits.
- Transactions:
- Contactless payment options and high transaction limits make it convenient for users to make purchases.
- Customer Support:
- 24/7 customer support is available to assist with queries, although the dedicated concierge desk has been discontinued as of April 20, 2024.
Travel Experience
- Lounge Access:
- Users enjoy unlimited access to domestic and international lounges, enhancing their travel experience. The additional guest visits are particularly appreciated by frequent travelers.
- Airport Concierge Services:
- The complimentary Airport Meet & Greet service, although discontinued for regular Magnus customers from April 20, 2024, remains a valued benefit for those who used it.
Lifestyle Benefits
- Dining and Entertainment:
- The dining discounts and BookMyShow offers (discontinued from April 20, 2024) have been popular among users. The variety of participating restaurants and ease of availing discounts enhance the overall lifestyle experience.
Additional Benefits
- Insurance Coverage:
- Users feel secure with the purchase protection, credit shield, and travel insurance benefits provided by the card.
- No Cash Withdrawal Fees:
- The absence of cash withdrawal fees is a significant advantage, offering flexibility in managing cash needs.
Feedback and Reviews
- Positive Feedback:
- High spenders and frequent travelers highly rate the card for its comprehensive travel and lifestyle benefits.
- Areas for Improvement:
- Some users have noted that the discontinuation of certain benefits, like the concierge service and BookMyShow offers, is a drawback. Additionally, the high annual fee may be a concern for those who do not meet the fee waiver spending criteria.
Additional Perks and Benefits
The Axis Bank Magnus Metal Credit Card offers several additional perks and benefits that enhance its appeal to premium users. These perks cater to various aspects of lifestyle, travel, and financial management, making the card a comprehensive tool for high-net-worth individuals.
Additional Perks
- Insurance Benefits:
- Purchase Protection: Coverage of up to INR 2 lakhs against theft or damage of purchased items.
- Loss/Delay in Baggage & Personal Documents: Coverage of up to USD 500 for any loss or delay.
- Credit Shield: Coverage of up to INR 5 lakhs in the event of death or permanent disability.
- Annual Fee Waiver:
- Annual fee of INR 12,500 + taxes is waived if the cardholder spends INR 25 lakhs in the preceding year. This offers significant savings for high spenders.
- Lowered Interest Rates and Charges:
- Interest Rate: Lower interest rate of 3% on extended credit.
- Foreign Transaction Fee: Reduced mark-up fee of 2% on foreign transactions.
- Fuel Surcharge Waiver: 1% waiver on fuel surcharge for transactions between INR 400 to INR 4000, capped at INR 400 per month.
- Dedicated Support Services:
- 24/7 Customer Support: While the dedicated concierge desk has been discontinued, the card still offers robust 24/7 customer support to assist with various needs.
- Rewards Program:
- Earn Points: Users can earn 12 eDGE Reward points per INR 200 spent up to INR 1.50 lakhs and 35 eDGE Reward points per INR 200 spent above INR 1.50 lakhs in a calendar month.
- 5X Reward Points: On spends via Travel eDGE, enhancing the value for frequent travelers.
- Partner Miles: Convert 5 eDGE Reward points to 2 partner miles across 20 travel partners, making it easier to redeem for travel-related expenses.
- Fuel Surcharge Waiver:
- Save on fuel purchases with a 1% surcharge waiver for transactions between INR 400 to INR 4000, with a monthly cap of INR 400.
- Dining Delights:
- Enjoy up to 30% discount at over 4,000 restaurants across India, adding significant value for food enthusiasts.
- Health & Wellness Benefits:
- Access to premium health and wellness services, ensuring cardholders can maintain their well-being.
Key Benefits Discontinued as of April 20, 2024
- Airport Concierge Service: Previously offering 8 complimentary Meet & Greet services per calendar year.
- BookMyShow Benefits: The 'Buy One Get One' ticket offer for movie and non-movie bookings.
- Dedicated Concierge Desk: Assistance with flight bookings, table reservations, gift deliveries, and more.
Pricing and Plans
The Axis Bank Magnus Metal Credit Card comes with a premium price tag that reflects its high-value benefits and exclusive features. Below are the details of the pricing and plans associated with this card:
Annual Fees
- Standard Annual Fee:
- The annual fee for the Axis Bank Magnus Metal Credit Card is INR 12,500 plus applicable taxes. This fee is charged annually and covers the cost of maintaining the premium benefits associated with the card.
Fee Waiver
- Annual Fee Waiver:
- Cardholders can have the annual fee waived off if they spend INR 25 lakhs in the preceding year. This offers a significant incentive for high spenders, essentially making the card free of annual fees for those who meet the spending criteria.
Interest Rates and Charges
- Interest Rate on Extended Credit:
- A reduced interest rate of 3% per month on extended credit, which is relatively lower than standard credit card interest rates.
- Foreign Transaction Mark-up Fee:
- A reduced mark-up fee of 2% on foreign currency transactions, making it cost-effective for international travelers.
- Cash Withdrawal Fees:
- No fees for cash withdrawals, which is a significant benefit as most credit cards charge a hefty fee for cash advances.
Other Fees
- Fuel Surcharge Waiver:
- A 1% waiver on fuel surcharge for transactions between INR 400 to INR 4000, capped at INR 400 per month. This benefit helps in reducing the overall cost of fuel purchases.
Comparative Analysis
In this section, we will compare the Axis Bank Magnus Metal Credit Card with other premium credit cards available in the Indian market. The comparison will be done in a table format to provide a clear and concise overview of how the Magnus card stacks up against its competitors.
Comparison Table: Axis Bank Magnus Metal Credit Card vs. Competitors
| Feature/Benefit | Axis Bank Magnus Metal Credit Card | HDFC Bank Infinia Credit Card | ICICI Bank Sapphiro Credit Card | American Express Platinum Card |
|---|---|---|---|---|
| Annual Fee | INR 12,500 + taxes | INR 12,500 + taxes | INR 6,500 + taxes | INR 60,000 + taxes |
| Annual Fee Waiver | Spend INR 25 lakhs | Spend INR 10 lakhs | Spend INR 6 lakhs | None |
| Interest Rate | 3% per month | 3.49% per month | 3.4% per month | 3.5% per month |
| Foreign Transaction Fee | 2% | 2% | 3.50% | 3.50% |
| Cash Withdrawal Fees | None | 2.5% of amount withdrawn or INR 500 (whichever is higher) | 2.5% of amount withdrawn or INR 300 (whichever is higher) | 3.5% or INR 250 (whichever is higher) |
| Fuel Surcharge Waiver | 1% waiver (INR 400 cap/month) | 1% waiver | 1% waiver (INR 400 cap/month) | 1% waiver |
| Lounge Access (Domestic) | Unlimited with minimum spends of INR 50,000/quarter | Unlimited | 2 per quarter | Unlimited |
| Lounge Access (International) | Unlimited with Priority Pass, 8 additional guest visits | Unlimited with Priority Pass | 4 visits per year with DreamFolks membership | Unlimited with Priority Pass |
| Rewards Program | 12 eDGE points/INR 200 (up to INR 1.5 lakh), 35 eDGE points/INR 200 (above INR 1.5 lakh) | 5 Reward Points/INR 150 | 4 Handpicked Reward Points/INR 100 | 1 Membership Reward Point/INR 50 |
| Welcome Benefit | Voucher worth INR 12,500 | 12,500 Reward Points | Complimentary joining benefits | INR 45,000 worth vouchers |
| Dining Benefits | Up to 30% discount at over 4,000 restaurants | Up to 50% discount at select restaurants | Up to 20% discount at partner restaurants | Up to 20% discount at select restaurants |
| Travel Benefits | Airport concierge, discounted flight bookings | Complimentary golf games, travel concierge | Discounts on hotel and flight bookings | Complimentary hotel stays, travel concierge |
| Insurance Coverage | Purchase protection, baggage delay/loss, credit shield | Travel insurance, air accident cover | Travel insurance, air accident cover | Travel insurance, purchase protection, air accident cover |
Pros and Cons
In this section, we will outline the advantages and disadvantages of the Axis Bank Magnus Metal Credit Card to provide a balanced view of its offerings.
Pros
- Comprehensive Travel Benefits:
- Unlimited domestic and international lounge access with Priority Pass.
- Airport Meet & Greet services (discontinued for regular Magnus customers but available for Burgundy customers).
- Welcome benefits with vouchers worth INR 12,500 from Luxe, The Postcard Hotels, or Yatra.
- Reward Program:
- Generous reward points system with 12 eDGE points per INR 200 spent up to INR 1.5 lakhs and 35 eDGE points per INR 200 spent beyond that.
- 5X reward points on Travel eDGE spends.
- Option to convert eDGE points to partner miles across 20 travel partners.
- Fee Waivers and Lower Charges:
- Annual fee waived on spending INR 25 lakhs in the preceding year.
- Lower interest rate of 3% on extended credit.
- Reduced mark-up fee of 2% on foreign transactions.
- No cash withdrawal fees.
- Dining and Lifestyle Benefits:
- Up to 30% discount at over 4,000 restaurants across India.
- Exclusive access to various lifestyle and entertainment perks.
- Insurance Coverage:
- Purchase protection up to INR 2 lakhs.
- Coverage for loss/delay in baggage & personal documents up to USD 500.
- Credit shield up to INR 5 lakhs.
- Fuel Surcharge Waiver:
- 1% waiver on fuel surcharge for transactions between INR 400 and INR 4000, capped at INR 400 per month.
Cons
- High Annual Fee:
- Standard annual fee of INR 12,500 plus taxes, which might be prohibitive for users who do not meet the fee waiver spending criteria.
- Discontinued Benefits:
- Airport concierge services and BookMyShow offers discontinued from April 20, 2024.
- Dedicated concierge desk services also discontinued, reducing the card's appeal for luxury services.
- Minimum Spend Requirement for Lounge Access:
- Unlimited domestic lounge access based on minimum spends of INR 50,000 in the previous 3 months, which might be challenging for some users.
- Eligibility Criteria:
- High eligibility criteria with a required annual income of INR 24 lakhs, limiting accessibility to a broader user base.
- Changes in Benefits:
- Frequent changes and discontinuation of benefits might affect long-term satisfaction and reliability.
Axis Bank Magnus Metal Credit Card Overview
| Feature | Details |
|---|---|
| Type of Card | Premium/Luxury |
| Annual Fee | INR 12,500 + taxes |
| Joining Fee | INR 12,500 + taxes |
| Reward Rate | - 12 eDGE points per INR 200 up to INR 1.50 lakhs in a calendar month - 35 eDGE points per INR 200 above INR 1.50 lakhs in a calendar month |
| Renewal Fee | INR 12,500 + taxes (waived on spending INR 25 lakhs in the preceding year) |
Conclusion and Overall Rating
The Axis Bank Magnus Metal Credit Card stands out as a premium credit card, offering a rich array of benefits tailored for high-net-worth individuals. Its strengths lie in its comprehensive travel perks, robust rewards program, and lifestyle benefits that cater to frequent travelers and high spenders. Despite its high annual fee, the card provides value through fee waivers, lowered charges, and extensive reward points, making it a viable option for those who can meet the spending requirements.
Summary of Key Points:
- Travel Benefits: Unlimited lounge access, Priority Pass, and welcome vouchers provide significant value to frequent travelers.
- Rewards Program: High reward points accrual rates, especially for travel-related spends, and conversion options to partner miles.
- Lifestyle Perks: Dining discounts and various lifestyle benefits enhance the overall card experience.
- Fee and Charge Reductions: Annual fee waiver on high spends, lower interest rates, no cash withdrawal fees, and reduced foreign transaction fees make the card financially appealing.
- Insurance Coverage: Extensive insurance benefits offer added security and peace of mind.
Overall Rating:
Based on its features, benefits, and value proposition, the Axis Bank Magnus Metal Credit Card earns an overall rating of:
This rating reflects its excellence in providing high-value travel, lifestyle, and financial benefits, tempered slightly by its high cost and recent benefit discontinuations.
The Axis Bank Magnus Metal Credit Card is ideally suited for high spenders and frequent travelers who can maximize the extensive benefits offered. It remains a top choice for those seeking luxury and premium services from their credit card.
