Axis Bank's Lucrative Magnus Card Is Set To Lose Some Of Its Shine

More than the launch, the ownership of the Magnus credit card was an 'it' thing for many. The card came with swanky rewards, benefits and also had a brag element to it, according to financial sector influencers said.

While the bank did not actively actively promote this flagship product through influencers, many on social media were keen to discuss the incredibly high rewards.

But the devaluation may not have gone too well with the users. From 'party is over' to 'thank you for your service', social media expressed their disappointment with the announcement on Friday.

The monthly milestone benefits of 25,000 reward points on monthly spends of Rs 1 lakh, which have now been discontinued, were one of the most important selling points of the card, according a social media influencer who actively discussed the benefits of the card before. This person spoke on condition of anonymity.

As the changes become better known among Magnus users, it will be interesting to see if customers stick around or decide to close their cards.

Axis Bank is a sizeable player in the credit card market, with over 14% market share and is the fourth largest issuer as of March. In FY23 alone, the bank issued 4.2 million new cards. As of March 31, the outstanding loans toward credit cards were Rs 31,684 crore, up 97% year-on-year, according to disclosures made by the bank.

It also concluded the acquisition of Citibank's retail banking business, on March 1 for Rs 11,603 crore. This acquisition included the foreign lender's 1.8 million premium credit card holders.