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Side-by-Side Comparison|Updated April 2026

ICICI Bank Ascent American Express Credit Card vs Axis Bank Magnus Credit Card

Detailed comparison of fees, rewards, benefits, and value to help you choose the right credit card for your spending pattern.

ICICI Bank

ICICI Bank Ascent American Express Credit Card

6.8/10
Annual Fee₹1,000
Base Rewards0.25%
NetworkAmerican Express
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Axis Bank

Axis Bank Magnus Credit Card

8/10
Annual Fee₹12,500
Base Rewards0.2%
NetworkVisa
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Feature-by-Feature Comparison

FeatureICICI Bank Ascent American Express Credit CardAxis Bank Magnus Credit Card
Annual Fee₹1,000₹12,500
Joining Fee₹4,000₹12,500
Fee Waiver SpendN/A₹25,00,000
Base Reward Rate0.25%0.2%
Reward CurrencyHand-picked RewardsEDGE Reward Points
NetworkAmerican ExpressVisa
Editor Rating6.8/108/10
Forex Markup3.5%3.5%

Accelerated Rewards

ICICI Bank Ascent American Express Credit Card

  • 0.75% on Dining
  • 0.75% on Air Travel
  • 1.5% on iShop Spends

Axis Bank Magnus Credit Card

No accelerated rewards listed

Pros & Cons

ICICI Bank Ascent American Express Credit Card

Pros

  • High reward rate of up to 6% on accelerated spends via the Hand-picked Rewards catalogue.
  • Generous welcome bonus of 4,000 points which offsets the joining fee value.
  • Comprehensive concierge service via the i-Assist program for travel and dining assistance.
  • Access to exclusive American Express Selects dining and lifestyle offers worldwide.

Cons

  • High joining fee of ₹4,000 compared to the relatively low annual renewal fee.
  • Reward points are most valuable only when redeemed through a specific, limited catalogue.
  • Domestic lounge access now requires a high quarterly spend of ₹75,000.

Axis Bank Magnus Credit Card

Pros

  • High reward rate of 17.5 EDGE points per ₹200 on spends above ₹1.5 Lakhs monthly.
  • Unlimited domestic and international lounge access for primary and add-on cardholders.
  • Low foreign currency markup fee of 2% for international transactions.
  • Welcome benefit voucher worth ₹12,500 effectively offsets the joining fee.

Cons

  • Significant devaluation in 2024 removed monthly milestone bonuses and concierge services.
  • High annual fee waiver threshold of ₹25 Lakhs is difficult for most users to reach.
  • Reward points transfer ratio to air miles reduced from 5:4 to 5:2 for non-Burgundy users.

Our Verdict

Axis Bank Magnus Credit Card edges ahead overall with a stronger combination of rewards and value. However, ICICI Bank Ascent American Express Credit Card could be the better pick if its specific category strengths match your spending habits.

Choose ICICI Bank Ascent American Express Credit Card if

Existing customers can leverage their relationship to get this invite-only card with premium concierge perks.

Choose Axis Bank Magnus Credit Card if

Best value is unlocked after crossing the ₹1.5 Lakh monthly spend threshold.

Frequently Asked Questions

Which is better: ICICI Bank Ascent American Express Credit Card or Axis Bank Magnus Credit Card?
Axis Bank Magnus Credit Card edges ahead overall with a stronger combination of rewards and value. However, ICICI Bank Ascent American Express Credit Card could be the better pick if its specific category strengths match your spending habits.
What is the annual fee difference between ICICI Bank Ascent American Express Credit Card and Axis Bank Magnus Credit Card?
ICICI Bank Ascent American Express Credit Card has an annual fee of ₹1,000, while Axis Bank Magnus Credit Card has an annual fee of ₹12,500. Axis Bank Magnus Credit Card offers a fee waiver on ₹25,00,000 annual spend.
Which card has better rewards: ICICI Bank Ascent American Express Credit Card or Axis Bank Magnus Credit Card?
ICICI Bank Ascent American Express Credit Card offers a base reward rate of 0.25% with accelerated rewards on Dining and Air Travel. Axis Bank Magnus Credit Card offers 0.2% base rewards. The better choice depends on your primary spending categories.
Can I have both ICICI Bank Ascent American Express Credit Card and Axis Bank Magnus Credit Card?
Yes, many users hold multiple credit cards to maximize rewards across different spending categories. ICICI Bank Ascent American Express Credit Card and Axis Bank Magnus Credit Card can complement each other if they cover different reward categories.
Which card is better for beginners: ICICI Bank Ascent American Express Credit Card or Axis Bank Magnus Credit Card?
For beginners, ICICI Bank Ascent American Express Credit Card may be more approachable with a lower annual fee of ₹1,000. However, evaluate based on your expected spending pattern rather than fee alone.

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