HDFC Regalia vs Axis Magnus: There are now major modifications to HDFC Bank’s and Axis Bank’s premium credit card offerings, which puts users in a difficult situation. Lounge access privileges have long been considered a desirable feature of premium credit cards, as airports are increasingly being considered as second homes by regular travellers. But a long-brewing issue has been ignited by HDFC Bank‘s recent announcement of modifications to its lounge access programme for Regalia credit cardholders, which will take effect on December 1.
HDFC Regalia’s Premium Lounge Access
One of the most well-liked premium credit cards in the Indian market, HDFC Regalia, is well-known for its substantial lounge access perks. The new regulations state that cardholders can only enjoy lounge facilities if they exceed a spending threshold of ₹1 lakh or more in a calendar year. As part of a quarterly milestone, cardholders will also be eligible to get two complimentary lounge admission vouchers.
Axis Magnus Credit Card
This action comes after Axis Bank decided to change the conditions of its Magnus Credit Card, eliminating the monthly milestone incentive and raising the annual cost, effective September 1. The bank also stopped offering the Tata CLiQ voucher to newly joined members and reduced the value of the card’s benefits.
Rising Costs of Lounge Access
The average cost per lounge visit for banks grew from ₹600 two years ago to ₹990 in the second quarter of FY24 (July–September 2024), according to a Live from a Lounge research. This is a 60% increase in just 24 months. The prices of lounge access have increased from 0.10% to 0.25% of the product cost, according to certain banking industry experts, which is why the benefits have had to be adjusted.
Choosing the Right Premium Credit Card
Customers may find themselves unsure about which premium credit card to select in light of these changes. To aid potential cardholders in making an informed decision, Paisabazaar’s Head of Credit Cards Business, Rohit Chhibbar, compares the HDFC Regalia Gold and Axis Magnus Credit Cards. Look at this:
|Particulars||HDFC Regalia Gold Credit Card||Axis Magnus Credit Card|
|Annual Fee||₹2,500 + applicable taxes||₹12,500 + applicable taxes|
|Minimum Spend for Fee Waiver||₹4 lakh annually||₹25 lakh annually|
|Reward Points||4 reward points per ₹150 spent across all categories including insurance, utilities and education20 reward points on every ₹150 spent at Marks & Spencer, Myntra, Reliance Digital, NykaaConvert rewards into air miles, for 1 reward point = Up to 0.5 air miles1 reward point = ₹0.65 for Exclusive Gold catalog1 reward point = ₹0.5 for flights and hotel bookings via Smartbuy1 reward point = up to ₹0.35 across product catalog1 reward point = ₹0.20 for redemption against statement balance||12 EDGE reward points for every ₹200 spent up to ₹1.5 lakh in a month35 EDGE reward points for every ₹200 spent above ₹1.5 lakh in a month60 EDGE reward points for every ₹200 spent on Travel Edge portal up to ₹2 lakh per month35 EDGE reward points per ₹200 spent above ₹2 lakh per monthReward conversion into hotel/airline loyalty programme in the ratio of 5:2 (5:4 for Burgundy customers)|
|Lounge Access||Up to 6 complimentary airport lounge visits outside India per calendar year for primary and add-on member via Complimentary Priority Pass Membership (on completing 4 retail transactions on the card)12 complimentary domestic airport lounge visits in a year||Unlimited domestic and international airport lounge access with Priority Pass Membership and 8 additional guest visits per year|
|Other Benefits||Gift voucher worth ₹2,500 on card activationComplimentary Club Vistara Silver and MMT Black Membership₹1,500 worth vouchers on quarterly spends of ₹ 1.5 lakhFlight voucher worth ₹5,000 on annual spends of ₹5 lakh and an additional voucher of ₹5,000 on spends of ₹7.5 lakhLow foreign currency markup fee of 2%Up to 20% savings on dining bills via Swiggy Dineout||Luxe gift card or The Postcard Hotels or Yatra voucher worth ₹12,500 on making first transaction between 30 daysBuy one movie/event ticket on BookMyShow and get up to ₹500 off on the second ticket (maximum of 5 tickets per month)Up to 40% discount at 4,000+ partner restaurants in India under the Dining Delights ProgramInsurance and Medical concierge servicesGlobal Travel and Medical Assistance for pre-trip information, visa requirement information, telephone medical advice, etc.Medical Concierge Program for specialist appointment, health coaching, tele-consultation, personalized oncology care, etc.Second Medical opinion and diagnosis from medical experts across world’s leading institutionsPreventive healthcare packages from Metropolis and Dr. Lal Path LabsNil cash withdrawal feeLow foreign currency markup fee of 2%|
|Requisites||Income-For Salaried: Monthly Income > ₹1 lakhFor Self Employed: ITR> ₹12 lakh per annum|
Age- 21 to 65 years (60 for salaried)
|Income-For Salaried: Annual Income > ₹24 lakhFor Self Employed: ITR> ₹24 lakh per Annum|
Age- 18 to 70 years
Understanding Your Spending Habits
Assessing one’s spending patterns, inclinations, and desire for upscale benefits may be important considerations while deciding between the HDFC Regalia Gold and Axis Magnus Credit Cards. For moderate spenders who have annual incomes of up to ₹7.5 lakh, HDFC Regalia Gold may be a good option because it maximises milestone benefits and waives fees. The card provides extra bonuses on important lifestyle spend categories, including Myntra, Reliance Digital, Marks & Spencer, and Nykaa. Magnus, on the other hand, offers a number of premium features including unlimited domestic and international lounge access, VIP assistance at airports, and a wide range of benefits across many categories like dining, shopping, travel, movies, health, and wellness, among others.