# Axis Bank Announces Major Credit Card Changes Across Portfolio: Atlas, Magnus, SELECT, Reserve & More Impacted > Axis Bank has announced a fresh set of changes across its credit card portfolio, impacting premium as well as entry-level cards including Atlas, Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, ... - Source: https://www.creditkeeda.com/news/axis-bank-credit-card-terms-changes-aug-2026 - Publisher: Creditkeeda - Section: News - Author: Creditkeeda - Published: 2026-07-29 - Last updated: 2026-07-29 - Tags: axis bank, edge rewards, priority pass, gift cards, dcc --- Axis Bank has announced a fresh set of changes across its credit card portfolio, impacting premium as well as entry-level cards including **Atlas, Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Privilege, MY ZONE, NEO, Primus and Burgundy Private – The One Card**. The revisions will be rolled out in phases between **28 August and 15 November 2026**. While a few are operational updates, several directly affect how cardholders earn rewards, access airport lounges and unlock existing card benefits. Here's a look at the biggest changes and what they mean for cardholders. --- ## At a Glance: What's Changing? | Change | Cards Affected | Effective | | --- | --- | --- | | Gift card purchases excluded* from rewards, milestone spends and/or fee waiver calculations | Atlas, Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Privilege, MY ZONE, NEO | 28 Aug 2026 | | Rewards removed on Toll, Road & Bridge Fee transactions | Atlas, Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Privilege, MY ZONE, NEO | 28 Aug 2026 | | Priority Pass no longer valid for domestic airport lounges | Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Primus, Burgundy Private – The One | 28 Aug 2026 | | Dynamic Currency Conversion (DCC) markup revised | Atlas, Magnus, Magnus for Burgundy, Olympus, SELECT, Privilege, MY ZONE, NEO | 28 Aug 2026 | | Late payment fee revised for outstanding above ₹50,000 | Most Axis Bank credit cards | 28 Aug 2026 | | Payment adjustment hierarchy updated | Most Axis Bank credit cards | 28 Aug 2026 | | ₹25,000 spend requirement introduced for entertainment benefits | NEO, MY ZONE, Privilege, SELECT | 1 Nov 2026 | | SELECT milestone spend criteria tightened | SELECT | 1 Oct 2026 | | Burgundy Private – The One annual fee revised | Burgundy Private – The One | 1 Sept 2026 | | Complimentary memberships become consent-based | Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Burgundy Private – The One | 15 Nov 2026 | --- ## Gift Card Purchases Lose Their Value **Cards affected:** Atlas, Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Privilege, MY ZONE and NEO. Perhaps the biggest change in this round of revisions is the formal exclusion of gift card purchases. Depending on the card variant, gift card purchases will no longer earn rewards and, in many cases, won't count towards milestone benefits or annual fee waiver calculations either. They will also be moved into a separate **Gift Card** spend category instead of being classified under Wallet spends. This closes one of the most popular reward-maximisation strategies among Axis Bank cardholders. Buying Amazon Pay and other merchant gift cards to earn rewards before using those balances later had become a common practice, especially on Atlas and Magnus. With this update, that avenue has effectively been shut. > *** One point worth noting is that the wording around gift cards isn't entirely new.** The circular states that gift card purchases "*will continue to be excluded*" from rewards and fee waiver calculations. However, this doesn't fully align with how some cards, particularly Atlas and Magnus, currently behave in practice, where many gift card purchases have continued to earn rewards depending on the platform and MCC. It's possible that Axis Bank is simply formalising its existing policy, but it could also indicate stricter enforcement going forward. We'll have to wait and see how this is implemented once the changes take effect. --- ## No Rewards on Toll Transactions **Cards affected:** Atlas, Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Privilege, MY ZONE and NEO. Axis Bank has also removed rewards on **Bridge Fees, Road Fees and Toll transactions** across the affected cards. While this may not make a noticeable difference for occasional users, frequent FASTag users will no longer earn rewards on those spends. Along with gift cards, another commonly used spending category has now been added to the exclusion list. --- ## Priority Pass No Longer Works for Domestic Lounges **Cards affected:** Magnus, Magnus for Burgundy, Reserve, Olympus, SELECT, Primus and Burgundy Private – The One Card. From **28 August 2026**, Priority Pass will no longer be accepted for domestic airport lounge access in India. Cardholders will instead need to present their eligible Axis Bank credit card along with a valid boarding pass. International lounge access remains unchanged, including lounges located at Indian international terminals after immigration. For most users, this doesn't reduce their core domestic lounge entitlement, as access will continue through the eligible Axis Bank credit card. However, it does take away some flexibility. Priority Pass could previously be used at a few additional lounges that weren't part of the card's domestic lounge programme, including certain arrival lounges and partner lounges. From 28 August, those extra access opportunities will no longer be available via Priority Pass, making the overall lounge experience slightly more restrictive for frequent travellers. --- ## DCC Charges Increased on Several Cards Axis Bank has revised **Dynamic Currency Conversion (DCC)** charges across multiple cards. - **Atlas:** 1.5% → 3.5% - **NEO:** 1.5% → 3.5% - **MY ZONE:** 1.5% → 3.5% - **Privilege:** 1.5% → 3.5% - **SELECT:** 1.5% → 3.5% - **Magnus:** 1.5% → 2% - **Magnus for Burgundy:** 1.5% → 2% - **Olympus:** Revised to 1.8% These charges apply only when you choose to pay in INR overseas using Dynamic Currency Conversion. Most experienced travellers already decline DCC and choose to pay in the local currency, making this change largely avoidable. However, anyone who accidentally accepts DCC will now pay noticeably higher conversion charges on several Axis cards. --- ## Entertainment Benefits Now Require Spending **Cards affected:** NEO, MY ZONE, Privilege and SELECT. Axis Bank has introduced a **₹25,000 spend requirement over the previous three calendar months** to continue enjoying entertainment benefits such as movie offers. The spend calculation excludes interest, fees, refunds and only considers the billed EMI instalment instead of the full transaction value. This marks a shift towards spend-linked lifestyle benefits. Earlier, these perks were available simply by holding the card. Going forward, only customers actively using their cards will continue to qualify. --- ## SELECT Cardholders Face Tougher Milestone Rules From **1 October 2026**, SELECT cardholders will no longer be able to count spends on insurance, rent, fuel, education, utilities, telecom, government services, gold, wallets and gift cards towards the ₹3 lakh annual milestone. For many users, these categories contributed significantly towards unlocking additional international lounge visits, golf rounds and Priority Pass renewal. Achieving those milestones will now require substantially more regular retail spending. --- ## Burgundy Private – The One Card Gets Costlier Axis Bank has also revised the annual fee for **Burgundy Private – The One Card**. Customers maintaining a **Total Relationship Value (TRV) below ₹5 crore** will now pay: - **Earlier:** ₹50,000 + GST - **Now:** ₹1,00,000 + GST The revised fee comes into effect from **1 September 2026** and only applies to customers who fail to maintain the required relationship value. --- ## Other Changes A few additional changes have also been introduced across most Axis Bank credit cards: - The **late payment fee** for outstanding balances above ₹50,000 has been revised to **₹1,300**. - Credit card repayments will now be adjusted in the following order: **Fees & Charges → EMIs → Interest → Purchases → Cash Advances.** - From **15 November 2026**, complimentary memberships on eligible premium cards will be renewed only after obtaining explicit customer consent. While these updates are unlikely to affect day-to-day card usage for most customers, they standardise policies across the portfolio. --- ## Bottom Line None of these changes, on their own, fundamentally alter the value proposition of Axis Bank's credit cards. Taken together, however, they make the portfolio noticeably more restrictive. The biggest setback is undoubtedly the exclusion of gift card purchases, particularly for Atlas and Magnus users who relied on them to maximise rewards and achieve milestone spends. Add the removal of rewards on toll payments, tighter milestone rules for SELECT, new spend-linked entertainment benefits and higher DCC charges, and it's clear that Axis Bank is gradually tightening the ecosystem rather than cutting headline reward rates. For existing cardholders, this is a good time to revisit spending patterns and ensure they're still using the right card for each category. Small changes across multiple benefits can add up, especially for users who actively optimise their rewards. Adding to the uncertainty are the **ongoing market rumours around Axis Bank potentially revising transfer ratios across its airline and hotel partners**. While there has been no official communication from the bank yet, the speculation has already prompted many cardholders to transfer out their Edge Rewards points as a precaution. Whether those rumours materialise remains to be seen, but if they do, this round of changes may only be the beginning. **Winter, it seems, has just begun.**