Axis Magnus Devaluation 2026: What Changed in August and What It Costs You
On 28 August 2026, Axis Bank changed the Magnus credit card again. It’s the third Axis Bank Magnus credit card devaluation since 2023, and if you’re paying ₹12,500 + GST a year for this card, you probably have one question: is it still worth it?
This August’s changes are smaller than the ones in 2023 and 2024. A higher markup on rupee payments to foreign merchants, a ₹100 bump in the late fee, no points on gift cards or tolls, and a new way into domestic lounges. On their own, none of these break the card. Put them on top of everything Magnus has lost since 2023, though, and the picture looks very different.
So this isn’t your usual Axis Magnus credit card review. It’s every change, the actual cost in rupees, and our honest take on who should keep the card.
(Looking for the full fees, earn rates and transfer partner list? Those are all in our Axis Magnus card guide. This page is about what changed and whether the card still makes sense.)
Quick Answer
Is the Axis Magnus Still Worth It After the 2026 Devaluation?
Short answer: for big spenders, yes. For everyone else, it’s getting harder to say yes. If you put ₹2 lakh or more a month on the card and move your EDGE points to airlines, Magnus still pays its way. Below ₹1.5 lakh a month, you pay ₹14,750 a year in fees and earn the base rate.
Key Takeaways
What changed on 28 August 2026: you now pay 2% (up from 1.5%) on DCC spends, ₹1,300 if you pay late, and you get zero EDGE points on gift cards and tolls. Oh, and your Priority Pass won’t get you into lounges in India anymore.
The fee: same as before. ₹12,500 + GST, and you don’t pay it once you cross ₹25 lakh in a year.
Still a great card for: anyone putting ₹2 lakh+ a month on it and moving points to airlines.
Worth a rethink for: anyone below ₹1.5 lakh a month, or anyone who mostly picks vouchers from the catalogue.
Since 2023: three devaluations. The transfer ratio went from 5:4 to 5:2, and the fee waiver moved from ₹15 lakh to ₹25 lakh.
Table of Contents
What Changed on 28 August 2026
Every Axis Magnus Devaluation Since 2023, in One Table
What the Devaluation Actually Costs You
Is Axis Magnus Still Worth ₹12,500?
Axis Magnus vs HDFC Infinia After the Devaluation
What to Do With Your Existing EDGE Points
FAQs
What Changed on 28 August 2026
Four things changed on the Axis Magnus credit card on 28 August 2026:
DCC markup went from 1.5% to 2%. DCC is when you pay in rupees at a foreign merchant or website (think an overseas hotel booking that shows you the INR price). Every ₹1 lakh of such spends now costs you ₹500 more in markup.
Late fee: ₹1,300 now (it was ₹1,200), if you owe more than ₹50,000 and miss the due date.
No more points on gift cards. Or tolls, bridge fees and road fees, for that matter. Yes, that includes FASTag recharges.
Priority Pass no longer works at domestic lounges. In India, you now walk in with your physical Magnus card and your boarding pass. Priority Pass still works for international lounges.
One more date to note: from 15 November 2026, your complimentary Priority Pass membership won’t renew on its own. Axis will ask you to approve the renewal. Miss that message, and you could land at an international airport without a working Priority Pass.
Which of these actually hurts?
Honestly? The gift card one.
Plenty of Magnus users bought vouchers (Amazon Pay, Flipkart, you name it) to push their monthly spend past ₹1.5 lakh. That’s the threshold where Magnus jumps from 12 to 35 EDGE points per ₹200. Those voucher spends now earn nothing. Amex cardholders are luckier here: vouchers still earn bonus points through Amex’s ShopWise platform. We’ll show you exactly what that costs in a minute.
The other three are small. Tolls and FASTag were never big spends for most people, the late fee only matters if you pay late (please don’t), and the lounge change is more of a hassle than a loss.
Every Axis Magnus Devaluation Since 2023, in One Table
The August 2026 update makes more sense once you see the whole trail. Here’s what the card looked like at launch and how it changed, one devaluation at a time.
Feature
Original
Sept 2023
April 2024
Aug 2026
Annual fee
₹10,000 + GST
₹12,500 + GST
No change
No change
Fee waiver
₹15 lakh spend
₹25 lakh spend
No change
No change
Base earn
12 EDGE / ₹200
12 EDGE / ₹200 up to ₹1.5L a month, 35 above
No change
No change
Monthly milestone
25,000 EDGE at ₹1 lakh
Removed
–
–
Airline transfer ratio
5:4
5:2
Partners split into Group A and Group B
Partner list reshuffled (April and Sept 2026)
Annual transfer cap
None
5 lakh EDGE
Group A: 1 lakh, Group B: 4 lakh
No change
Domestic lounges
Unlimited
Unlimited
Needs ₹50,000 spend in the previous 3 months
Physical card + boarding pass, no Priority Pass
Guest visits
8 a year
8 a year
4 a year
No change
Renewal benefit
₹10,000 voucher
Removed
–
–
No points on
Wallets, rent, EMI
+ Utilities, government
+ Insurance, fuel, gold, jewellery
+ Gift cards, tolls
DCC markup
–
–
–
1.5% → 2%
Late fee (₹50,000+ due)
–
–
–
₹1,200 → ₹1,300
September 2023: the big one
This is the devaluation everyone still talks about. The annual fee went up to ₹12,500, the fee waiver moved from ₹15 lakh to ₹25 lakh, and the famous 25,000-point monthly milestone disappeared.
The bigger blow was the transfer ratio. Five EDGE points used to get you four airline miles. After September 2023, they got you two. Every point you earned became worth half as much the moment you sent it to an airline.
To soften it, Axis added a higher earn rate (35 EDGE per ₹200) on spends above ₹1.5 lakh a month. Great if you spend that much. Not much help if you don’t.
April 2024: the perks got thinner
April 2024 didn’t touch the earn rate. It went after everything around it. Domestic lounge access now needed ₹50,000 of spends in the previous three months. Guest visits dropped from 8 to 4. Insurance, fuel, gold and jewellery joined the no-points list. And transfer partners were split into Group A (the airlines everyone wants, capped at 1 lakh EDGE points a year) and Group B (capped at 4 lakh).
The BookMyShow buy-one-get-one, the 24×7 concierge and airport meet and assist were also discontinued.
August 2026: smaller cuts, same direction
Covered above. The headline is the gift card exclusion, the 2% DCC markup and the domestic lounge change.
Worth knowing: the transfer partner list has also moved twice this year. In April 2026, Accor, Marriott Bonvoy and Qatar Airways were removed, and British Airways, Finnair and Vietnam Airlines were added. In September, Accor came back alongside new partners. Always check the current list on the EDGE Rewards portal before you transfer.
What the Devaluation Actually Costs You
Tables are nice. Rupees are better. So let’s see what the Axis Magnus credit card devaluation means in actual money, for two people.
Our assumptions: all spends earn points, nothing goes through Travel EDGE, and every point gets transferred to an airline. We value one airline mile at ₹1.50. Nothing fancy. Think a regular economy ticket, not some dream first class seat.
At ₹1.5 lakh a month (₹18 lakh a year)
Before Sept 2023
Today
EDGE points a year
4,08,000
1,08,000
Airline miles
3,26,400 (at 5:4)
43,200 (at 5:2)
Value at ₹1.50 a mile
₹4,89,600
₹64,800
Annual fee
Waived (₹18L > ₹15L)
₹14,750 with GST
What you keep
₹4,89,600
₹50,050
That’s a return of about 2.8% on your spends today. Decent for a regular card. Not exactly what you’d expect from a ₹12,500 card, though.
At ₹3 lakh a month (₹36 lakh a year)
Before Sept 2023
Today
EDGE points a year
5,16,000
4,23,000
Airline miles
4,12,800 (at 5:4)
1,69,200 (at 5:2)
Value at ₹1.50 a mile
₹6,19,200
₹2,53,800
Annual fee
Waived
Waived (₹36L > ₹25L)
What you keep
₹6,19,200
₹2,53,800
About 7% back. This is why big spenders haven’t given up on Magnus. Everything above ₹1.5 lakh a month earns 35 EDGE points per ₹200, and that tier is what keeps the card alive.
One catch: only 1 lakh of those 4.23 lakh points can go to Group A airlines in a year. The rest has to go to Group B partners. Plan your redemptions around that.
And the gift card hit?
Say you were buying ₹50,000 of gift cards every month to cross the ₹1.5 lakh line. Those vouchers used to earn 35 EDGE per ₹200. That’s 1,05,000 EDGE points a year, or 42,000 airline miles. At ₹1.50 a mile, about ₹63,000 a year, gone from 28 August.
Person A vs Person B: same 45,000 points, very different outcomes
Now, the earn rate is only half the story. What you do with your points matters just as much.
Person A and Person B both have 45,000 EDGE points.
Person A redeems through the EDGE Rewards catalogue. At ₹0.20 a point, that’s a ₹9,000 voucher. Easy. Two clicks.
Person B transfers to Singapore Airlines KrisFlyer at 5:2 and gets 18,000 miles. Say those miles cover a ticket that would cost ₹36,000 in cash. That’s ₹2 a mile, or ₹0.80 per EDGE point.
Same points. Four times the value.
This is the part no devaluation can take away from you. Axis decides the earn rate and the ratio. You decide where your points go. (If you want to see how this works across banks, our guide on credit card points transfer walks through it.)
Is Axis Magnus Still Worth ₹12,500?
Our take: yes, if you spend ₹2 lakh or more a month and transfer your points. If not, there are better cards for you.
Around ₹2.1 lakh a month, you cross the ₹25 lakh fee waiver and spend a good chunk in the 35-point tier. That combination still makes Magnus one of the stronger cards in India for big spenders. Below that, you pay the fee and earn the base rate, and the maths stops working.
Keep it if…
You spend ₹2 lakh+ a month on eligible categories (₹25 lakh a year gets the fee waived).
You transfer EDGE points to airline or hotel partners, not the catalogue.
You fly abroad a few times a year and actually use those lounges.
You already book travel on Travel EDGE. That’s 60 EDGE per ₹200, on up to ₹2 lakh a month.
Drop it (or downgrade) if…
Your monthly spend sits below ₹1.5 lakh. You’ll pay ₹14,750 a year and earn the base rate.
A big share of your spends was gift cards, rent, utilities, insurance or fuel. None of these earn now.
You prefer vouchers or cashback. At ₹0.20 a point, the catalogue doesn’t justify the fee.
You rarely fly. The lounge access is a big part of what you pay for.
Axis Magnus vs HDFC Infinia After the Devaluation
This is the comparison almost every Magnus holder is running in their head right now. Here’s how the two stack up today.
Axis Magnus
HDFC Infinia Metal
Annual fee
₹12,500 + GST
₹12,500 + GST
Fee waiver
₹25 lakh spend
₹10 lakh spend
Base earn
12 EDGE / ₹200 (6 per ₹100)
5 Reward Points / ₹150 (about 3.3 per ₹100)
High-spend tier
35 EDGE / ₹200 above ₹1.5L a month
None
Best value per point
5 EDGE = 2 airline miles
1 point = ₹1 on SmartBuy flights and hotels, mostly 1:1 to airlines
Forex markup
2% + GST
2% + GST
Lounges
Unlimited international (Priority Pass), domestic with conditions
Unlimited, domestic and international
How to get it
Apply
Mostly by invitation
Here’s the simple version. On a normal ₹100 spend, Magnus gets you 2.4 airline miles and Infinia gets you about 3.3. So below a certain spend, Infinia wins.
Above ₹1.5 lakh a month, Magnus’s 35-point tier kicks in. Every extra ₹100 now earns 7 miles on Magnus against 3.3 on Infinia. Once you account for the fee, Magnus pulls ahead at roughly ₹2 lakh a month. That’s also where its fee waiver kicks in.
So:
Spend under ₹2 lakh a month? Infinia is the better card, if HDFC will give you one.
Spend well over ₹2 lakh a month? Magnus still earns more, as long as you transfer.
Hold both? Many heavy spenders do. Run your monthly spend up to ₹1.5 lakh on Infinia, and anything above that on Magnus.
What to Do With Your Existing EDGE Points
Here’s the part nobody really talks about. You’ve got a pile of EDGE points. What now?
1. Don’t panic-transfer. It’s tempting to move everything out before the next change. But once points become airline miles, they’re stuck there. And airlines devalue too. Transfer only when you have a trip in mind.
2. Find the seat first, transfer second. Go to the airline’s site and look for award seats first. Points can take a few days to show up after a transfer, so don’t leave it to the last minute.
3. Watch your Group A limit. KrisFlyer, United, Air India and the other popular airlines share a 1 lakh EDGE point cap every year. Use it for your best redemption, and send the rest to Group B partners.
4. Skip the catalogue (where you can). At ₹0.20 a point, catalogue vouchers are the lowest value you can get from EDGE points. Even a so-so flight redemption usually beats it. (Our guide on how to redeem credit card points has the full value comparison.)
5. Check your expiry dates. Old points don’t wait around forever. Log in to EDGE Rewards and see when your oldest batch expires.
Tip to make your PointsFly: Not sure which partner gives you the most for your points? Ask AIRA in the PointsFly app. It compares your options and shows you the value per point before you transfer. Or plug your balance into our free Reward Points Calculator.
Psst.. if you hold Magnus for Burgundy, that’s a different card with a different fee and a 5:4 ratio. Most of this article doesn’t apply to you.
We checked every change against Axis Bank’s announcements as of 6 October 2026. Axis updates this card often, so double-check the EDGE Rewards portal before you transfer or apply.
Not Sure What Your Axis Magnus EDGE Points Are Actually Worth?
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What changed in the Axis Bank Magnus credit card devaluation of August 2026?
From 28 August 2026, the DCC markup went from 1.5% to 2%, the late fee went up to ₹1,300 on balances above ₹50,000, and gift cards, tolls and FASTag stopped earning EDGE points. Priority Pass also stopped working at domestic lounges. You now use your physical card and boarding pass.
How many times has Axis devalued the Magnus?
Three big ones so far: September 2023, April 2024 and now August 2026. And the transfer partners got shuffled around twice this year too (April, then September).
What is the Axis Magnus transfer ratio now?
5:2 for most partners. Five EDGE points get you two airline miles or hotel points. It was 5:4 before September 2023. Some partners are worse than that, so peek at the EDGE portal first.
Is the Axis Magnus annual fee still ₹12,500?
Yep. ₹12,500 plus GST, so ₹14,750 all in. Spend ₹25 lakh in a year and you don’t pay it.
Is Axis Magnus still worth it after the devaluation?
If you spend ₹2 lakh or more a month and transfer your points to airlines, yes. Below ₹1.5 lakh a month, you’ll pay the full fee and earn about 2.8% back, so another card may suit you better.
Do gift card purchases earn points on Axis Magnus?
Not anymore. Since 28 August 2026, gift card purchases earn no EDGE points.
Can I still use Priority Pass at Indian airports with Axis Magnus?
No. For domestic lounges, show your physical Magnus card and boarding pass. International lounges? Priority Pass still does the job there.
Axis Magnus or HDFC Infinia: which is better now?
Under roughly ₹2 lakh a month, Infinia earns more and is easier to get free (fee waived at ₹10 lakh). Above that, Magnus’s 35-point tier pulls ahead, as long as you transfer your points.
Should I transfer my EDGE points now before another devaluation?
Only if you have a redemption ready. Miles sitting in an airline account can lose value too. Find the seat first, then transfer.
Where do Axis EDGE points get you the most value?
Transferring to airline partners usually gives you the most value. The catalogue gives you about ₹0.20 a point, which is the lowest.
About the Author
Vibhav Singh is the Founder & CEO of PointsFly and a credit card rewards strategist with 39K+ Instagram followers (@pointsflywithvibhav). He has personally booked 200+ flights on points and previously built XTEN-AV, an AI-powered SaaS platform now used in 130+ countries.
Quick Answer
Vibhav Singh is the Founder & CEO of PointsFly and a credit card rewards strategist with 39K+ Instagram followers (