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Axis Bank Magnus Credit Card vs ICICI Bank Emeralde Credit Card (Metal)
On net annual value, Axis Bank Magnus comes out ahead for online shoppers and high spenders (by up to ₹17,024 a year), and ICICI Bank Emeralde (Metal) for everyday spenders and frequent travellers (by up to ₹8,262 a year). ICICI Bank Emeralde (Metal) lists a lower income floor, ₹1,50,000 a month against ₹2,00,000. Figures as of .
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Who comes out ahead — by how you spend
Estimated net annual value for four typical spend profiles: the rewards each card earns on that spend (a merchant or portal bonus only on the share of spend it plausibly reaches), plus the perks and milestone bonuses that spender would use, less any annual fee the spend does not waive (with GST) and the forex markup on spending abroad. Lounge access carries no rupee value here.
| Spender | Axis Bank Magnus Credit Card | ICICI Bank Emeralde Credit Card (Metal) |
|---|---|---|
Everyday spender ≈ ₹40k/mo across groceries, bills, dining and fuel | −₹5,342/yr | −₹4,616/yr✓ +₹726/yr |
Online shopper ≈ ₹60k/mo, mostly e-commerce and subscriptions | ₹1,042/yr✓ +₹1,530/yr | −₹488/yr |
Frequent traveller ≈ ₹1.2L/mo with heavy travel and forex spend | ₹12,778/yr | ₹21,040/yr✓ +₹8,262/yr |
High spender ≈ ₹2.5L/mo across every category | ₹57,072/yr✓ +₹17,024/yr | ₹40,048/yr |
Not in these numbers: both include airport lounge access — real perks that can outweigh a small gap.
Illustrative profiles, not a personalised result — your categories decide the real winner. Run these two on my spending →
What your points are actually worth
A point's headline value means little without the earn rate behind it. Here's the real math — the value of a point by how you redeem it, the resulting return by category, and the net rupees for your own spend.
| Value of one point, by route | Axis Bank Magnus Credit CardAxis EDGE Reward Points | ICICI Bank Emeralde Credit Card (Metal)ICICI Reward Points |
|---|---|---|
| Cash / statement credit | ₹0.20 | ₹0.40BEST |
| Gift vouchers | ₹0.20 | ₹0.40BEST |
| Travel portal | ₹0.20 | ₹0.40BEST |
| Airline / hotel transfer | ₹0.405:2BEST | ₹0.176:1 |
Return by categoryearn rate × point value
Headline reward rate per category, before monthly caps. Switch the redemption strategy above to see how the picture shifts.
Your spend, head to head
Enter your monthly spend — net value is the annual rewards after the card fee, at each card's best realistic redemption (our recommender's model, caps and fee-waivers included).
Total ₹60,000/mo · ₹7,20,000/yr
Want the money-first pick across your whole wallet? Run the recommender →
| Axis Bank Magnus Credit Card | ICICI Bank Emeralde Credit Card (Metal) | |
|---|---|---|
| Fees | ||
| Joining fee | ₹12,500 | ₹12,000 |
| Annual fee | ₹12,500/yr | ₹12,000/yr ✓ |
| Annual fee — all-in (incl. 18% GST) | ₹14,750 | ₹14,160 ✓ |
| Fee waiver at | ₹25,00,000/yr spend | ₹10,00,000/yr spend |
| Welcome benefit | ~₹12,500 | — |
| Rewards | ||
| Best everyday reward | 2.4% on everyday spends ✓ | 1.6% on everyday spends |
| Government & Tax | — | 0.4% |
| Groceries | 2.4% ✓ | 1.6% |
| Insurance | — | 0.4% |
| Base rate — other spends | 2.4% ✓ | 1.6% |
| Travel | 2.4% ✓ | 1.6% |
| Utility Bills | — | 0.4% |
| Charges | ||
| Forex markup | 2% | 2% |
| Finance charge | 3% p.m. | 3.75% p.m. |
| Cash advance | — | — |
| Add-on card | — | — |
| Perks | ||
| concierge | — | ~₹5,000/yr · 24x7 concierge and lifestyle management |
| fuel waiver | ~₹1,200/yr · 1% fuel-surcharge waiver on transactions between ₹400 and ₹4,000, capped at ₹400 per statement cycle — note that fuel itself earns no EDGE Reward Points on this card | ~₹1,500/yr · 1% fuel surcharge waiver at every petrol pump on transactions up to ₹4,000, applied to fuel spend of up to ₹50,000 a statement cycle |
| golf | — | ~₹6,000/yr · One complimentary golf round or lesson per ₹50,000 of retail spend in the previous calendar month, up to 4 rounds a month |
| lounge access | ~₹24,000/yr · Unlimited domestic and international visits, plus 4 guest visits a year (cut from 8, 20 Apr 2024). Domestic needs ₹50,000 eligible spend in the previous 3 calendar months (from 1 May 2024). From 28 Aug 2026 Priority Pass no longer opens Indian domestic lounges — show card and boarding pass. | ~₹24,000/yr · Unlimited domestic and international lounge access for the primary cardholder, exempt from ICICI's ₹75,000-a-quarter lounge spend gate |
| Eligibility | ||
| Min income | ₹2,00,000/mo | ₹1,50,000/mo ✓ |
| Min age | 18+ yrs | 21+ yrs |
| UPI linked | — | — |
| Expert rating | 3.9 / 5 | 4.3 / 5 ✓ |
Reward rates above are the realistic value you keep — points earned × what a point is worth at each card's own best redemption, before monthly caps — so cards with different point values compare fairly. Bank-portal accelerators (earned only by booking through the issuer's own portal, on a slice of spend) are bounded upside, listed separately here rather than blended into the everyday rates.
Bonus via the bank's own portal
- 6X on flights, up to 12X on hotels, via the ICICI iShop portal; capped 15,000 pts/month. Valued at ₹0.40/point like every other row on this card — ICICI publishes "up to ₹1" as a CEILING and its iShop FAQ refuses a fixed rate.
Which should you pick?
Choose the Axis Bank Magnus Credit Card if you want strong rewards on everyday spends. Consider the ICICI Bank Emeralde Credit Card (Metal) if you spend more on everyday spends and prefer a lower fee. Your actual best card depends on how you spend — run your numbers below.
Axis Bank Magnus Credit Card vs ICICI Bank Emeralde Credit Card (Metal) — FAQs
Which has a lower annual fee, Axis Bank Magnus Credit Card or ICICI Bank Emeralde Credit Card (Metal)?
As of 11 Oct 2026, ICICI Bank Emeralde (Metal) has the lower annual fee: ₹12,000 (₹14,160 with 18% GST), against ₹12,500 (₹14,750 with 18% GST) on Axis Bank Magnus. Axis Bank Magnus waives it after ₹25,00,000 of spend in a card year, ICICI Bank Emeralde (Metal) after ₹10,00,000.
Do Axis Bank Magnus Credit Card and ICICI Bank Emeralde Credit Card (Metal) offer airport lounge access?
As of 11 Oct 2026, Axis Bank Magnus and ICICI Bank Emeralde (Metal) both include airport lounge access, on different terms. Axis Bank Magnus lists unlimited domestic and international airport lounge access, with the domestic visits unlocked by ₹50,000 of spend in the previous quarter. ICICI Bank Emeralde (Metal) lists unlimited domestic and international airport lounge access, with no spend condition. For spending abroad, Axis Bank Magnus and ICICI Bank Emeralde (Metal) both add a 2% forex markup.
Which card has lower forex markup, Axis Bank Magnus Credit Card or ICICI Bank Emeralde Credit Card (Metal)?
As of 11 Oct 2026, Axis Bank Magnus and ICICI Bank Emeralde (Metal) charge the same 2% forex markup. With 18% GST on the markup, each foreign-currency transaction on Axis Bank Magnus or ICICI Bank Emeralde (Metal) costs about 2.36% extra, roughly ₹2,360 on ₹1,00,000 spent abroad.
For a frequent traveller, is the Axis Bank Magnus Credit Card or ICICI Bank Emeralde Credit Card (Metal) better value?
On figures as of 11 Oct 2026, ICICI Bank Emeralde (Metal) comes out ahead for a frequent traveller (about ₹1.2 lakh a month with heavy travel and forex spend), with a net annual value (rewards, perks and milestones, less the annual fee and forex markup) of ₹21,040 against ₹12,778 on Axis Bank Magnus, a ₹8,262 gap. At this spend ICICI Bank Emeralde (Metal) waives its ₹12,000 annual fee.
For everyday spending, which returns more: Axis Bank Magnus Credit Card or ICICI Bank Emeralde Credit Card (Metal)?
On figures as of 11 Oct 2026, ICICI Bank Emeralde (Metal) comes out ahead for an everyday spender (about ₹40,000 a month across groceries, bills, dining and fuel), with a net annual value (rewards, perks and milestones, less the annual fee and forex markup) of −₹4,616 against −₹5,342 on Axis Bank Magnus, a ₹726 gap. Best everyday rates: 2.4% on everyday spends for Axis Bank Magnus, 1.6% on everyday spends for ICICI Bank Emeralde (Metal).
Which is better, Axis Bank Magnus Credit Card or ICICI Bank Emeralde Credit Card (Metal)?
As of 11 Oct 2026, Axis Bank Magnus earns 2.4% on everyday spends at best, paid as Axis EDGE Reward Points, and ICICI Bank Emeralde (Metal) earns 1.6% on everyday spends outside merchant or portal bonuses, paid as ICICI Reward Points. Axis Bank Magnus comes out ahead on net annual value for online shoppers and high spenders, and ICICI Bank Emeralde (Metal) for everyday spenders and frequent travellers.