Axis Bank Limited has announced new terms and conditions on its Magnus Credit Card. These new rules will be effective from September 1, 2023. In this new rule, there will be a loss of 25000 points under the monthly milestone benefit. Let us tell you that the monthly points were the main USP of the Axis Magnus Credit Card. Under this, high-spending customers could accumulate an additional 3 lakh reward points and get huge benefits by converting them into air miles.

Hike in Annual Fee: The annual fee for Axis Magnus Credit Card has also been increased. This annual fee will increase from Rs 10,000 + GST ​​to Rs 12,500 + GST. Apart from this, the condition of expenditure-based exemption has also been revised from Rs 15 lakh to Rs 25 lakh. At the same time, the annual benefit of vouchers worth Rs 10,000 will be discontinued. Apart from this, the option to choose Tata CLiQ vouchers will be discontinued.

Customers joining from 1st September, 2023 onwards will be able to choose any one voucher as Welcome Benefit from the following options.

* Luxury Gift Card
* Postcard Hotel Gift Voucher
* Travel Gift Voucher

Axis Bank is a well-known company in the credit card business. The bank claims over 14% market share and is the fourth largest issuer as of March. Axis Bank issued 4.2 million new credit cards in FY23. The outstanding loan on credit cards stood at ₹31,684 crore as on March 31, up 97% year-on-year.