Axis Bank cuts Magnus for Burgundy credit card rewards

Axis Bank will devalue its premium Magnus for Burgundy credit card from August 28, 2026, removing reward points on gift card purchases and FASTag/toll spends, and increasing the Dynamic Currency Conversion markup from 1.5% to 2%. The changes also alter domestic lounge access rules and raise late payment fees for high balances. The move continues a trend of benefit reductions for the flagship card, affecting routine spending and travel perks.