Axis Magnus vs HSBC Premier (Metal) (2026)
HSBC Premier (Metal) vs Axis Magnus: which wins?
₹88,000ranking value a year at ₹3L a month, to HSBC Premier (Metal)
Skip the duel — the board, ranked → · nothing to sign up for
₹12,500 that only pays above ₹1.5 lakh a month against ₹20,000 whose earn stops at ₹1 lakh a month — Magnus's 7% top tier versus Premier's flat 3% under a hard cap. The heavy spender and the HSBC relationship client are not the same person.
Axis Magnus out-earns HSBC Premier (Metal) at every spend level we model, from ₹25k to ₹5L a month.
Every metric, row by row — 12 compared
Head to head
| Axis Magnus | Metric | HSBC Premier (Metal) |
|---|---|---|
| #5 | Our rank | #3 — wins this row |
| ₹12,500/yr | Fee — joining · annual (+ GST) | ₹12,000 joining, then ₹20,000/yr — wins this row |
| ₹25,00,000 spend | Fee waiver | By relationship |
| 2% + GST. Dynamic currency conversion markup 2% since 28 August 2026, up from 1.5% — NOT the bank-wide 3.5% — per Magnus's own revision notice | Forex markup | 0.99% + GST — wins this row |
| 3.0%/mo (42.58%/yr, compounded as quoted by Axis) | APR | 2.99%/mo (35.88%/yr), computed from transaction date — Premier-specific rate (all other HSBC cards 3.75%/mo) |
| 2.4% | Headline earn rate | 3.0% — wins this row |
| Axis EDGE Reward Points | Currency | HSBC Reward Points |
| ₹0.40/pt | House value | ₹1.00/pt |
| ₹12,500 voucher — Luxe, Postcard Hotels or Yatra | Welcome benefit | 20,000 reward points on first spend (cards issued through 31 Dec 2026) — the Taj Epicure/EazyDiner membership welcome quietly ended by Apr 2026 |
| 667 of 793 — wins this row | Lounge doors opened | 43 of 793 |
| ₹24L+/yr | Income — salaried | Qualified Premier relationship: ₹3L+ net monthly salary credit, or ₹50L quarterly TRB (₹40L if the account opened before 1-Jan-2026), or ₹1.15Cr+ mortgage plus the TRB criterion |
| ₹24L+/yr | Income — self-employed | Same Premier relationship gates — TRB or mortgage routes |
Gold marks the better side of a row. House value is our ₹-per-point mark for each card's currency — the full valuation index →
The ₹ face-off at ₹1L/₹3L/₹5L a month
Ranking-value face-off
Everyday spend at each card's base rate plus a realistic ~20% at its best accelerator (less for narrow or capped boosters) — milestones, fee waivers and the redemption haircut all at our house ₹/point. That's why the biggest headline rate doesn't automatically win. This is the ranking model, the one that orders the board; each card page prints the earn-rate-only net annual value instead, which reads lower for any card with an accelerator (both models, side by side). Tune it to your own spend in the calculator.
Axis Magnus out-earns HSBC Premier (Metal) at every spend level we model, from ₹25k to ₹5L a month.
How the gap moves with spend — a 20-step sweep from ₹0.25L to ₹5L/month
How the gap moves with spend
Axis Magnus leads at all 20 steps, but not by the same amount: ₹8,004 at ₹0.25L a month, ₹2,23,280 at ₹5L — the gap fans out with spend, widest at ₹5L (₹2,23,280).
Axis Magnus runs a 12.0% booster on Travel Edge portal, where HSBC Premier (Metal) earns one flat rate; HSBC Premier (Metal) charges twice — ₹12,000 to join, then ₹20,000 every year after.
Axis Magnus draws above the line, HSBC Premier (Metal) below · ₹0.25L to ₹5L a month, step by step
| Monthly spend | Axis Magnus | HSBC Premier (Metal) | In front |
|---|---|---|---|
| ₹0.25L | −₹2,996 | −₹11,000 | Axis Magnus by ₹8,004 |
| ₹0.5L | ₹6,508 | −₹2,000 | Axis Magnus by ₹8,508 |
| ₹0.75L | ₹16,012 | ₹7,000 | Axis Magnus by ₹9,012 |
| ₹1L | ₹25,516 | ₹16,000 | Axis Magnus by ₹9,516 |
| ₹1.25L | ₹35,020 | ₹25,000 | Axis Magnus by ₹10,020 |
| ₹1.5L | ₹44,524 | ₹34,000 | Axis Magnus by ₹10,524 |
| ₹1.75L | ₹67,828 | ₹43,000 | Axis Magnus by ₹24,828 |
| ₹2L | ₹91,132 | ₹52,000 | Axis Magnus by ₹39,132 |
| ₹2.25L | ₹1,26,936 | ₹61,000 | Axis Magnus by ₹65,936 |
| ₹2.5L | ₹1,50,240 | ₹70,000 | Axis Magnus by ₹80,240 |
| ₹2.75L | ₹1,73,544 | ₹79,000 | Axis Magnus by ₹94,544 |
| ₹3L | ₹1,96,848 | ₹88,000 | Axis Magnus by ₹1,08,848 |
| ₹3.25L | ₹2,20,152 | ₹97,000 | Axis Magnus by ₹1,23,152 |
| ₹3.5L | ₹2,43,456 | ₹1,06,000 | Axis Magnus by ₹1,37,456 |
| ₹3.75L | ₹2,66,760 | ₹1,15,000 | Axis Magnus by ₹1,51,760 |
| ₹4L | ₹2,90,064 | ₹1,24,000 | Axis Magnus by ₹1,66,064 |
| ₹4.25L | ₹3,13,368 | ₹1,33,000 | Axis Magnus by ₹1,80,368 |
| ₹4.5L | ₹3,36,672 | ₹1,42,000 | Axis Magnus by ₹1,94,672 |
| ₹4.75L | ₹3,59,976 | ₹1,51,000 | Axis Magnus by ₹2,08,976 |
| ₹5L | ₹3,83,280 | ₹1,60,000 | Axis Magnus by ₹2,23,280 |
Transfer reach — 27 vs 20 live routes
Transfer reach
3 shared routes · 3 only Axis Magnus · 3 only HSBC Premier (Metal) — the full partner lists
Both reach
- Singapore Airlines KrisFlyer 5:2 vs 1:1
- Qatar Airways Privilege Club (Avios) 5:1 vs 1:1
- The British Airways Club (Avios) 5:1 vs 1:1
Only Axis Magnus
- Finnair Plus (Avios)
- Air Canada Aeroplan
- Cathay Asia Miles
Only HSBC Premier (Metal)
- Marriott Bonvoy
- EVA Air Infinity MileageLands
- Hainan Airlines Fortune Wings
Full route maps on each card page, best ₹/point routes on the optimizer →
What to watch out for — 6 points
What to watch out for
Axis Magnus · 6 more →
- The up-to-25,000 EDGE Miles monthly milestone is gone — the accelerated tier is all that's left
- Marriott is still gone and ITC left the 25 Sep 2026 grid. Accor returned, but at 5:1 with BA, Finnair, Qatar, Cathay, IndiGo and Lotusmiles — not the 5:2 standard
- Since Jun-2025 the 35/₹200 tier caps at (credit limit + ₹1.5L) a calendar month — spend past that ceiling drops back to 12 per ₹200, so recycling is dead
HSBC Premier (Metal) · 1 more →
- Premier relationship required: ₹50L quarterly TRB (₹40L for pre-2026 accounts) or ₹3L/month salary credit
- ₹20,000 renewal fee if your relationship lapses (₹12,000 joining in year one)
- Fuel earns zero, and utilities/insurance/education/govt/e-wallets/jewellery/tax share one ₹1L-a-month earning cap (from 1 Apr 2025)
The call
For the ₹1L/month spender, Axis Magnus nets ₹25,516 against ₹16,000 — a ₹9,516 gap. At ₹5L/month, Axis Magnus nets ₹3,83,280 against ₹1,60,000 — a ₹2,23,280 gap. Lounge chasers: Axis Magnus opens 667 of 793 tracked doors to HSBC Premier (Metal)'s 43.
Our standing verdicts: Axis Magnus — Keep; HSBC Premier (Metal) — Keep. HSBC Premier (Metal) the open board rank breaks the tie — #3 to #5 — that's the overall call. Your spend pattern can overrule us: run your exact numbers →
Common questions — 5 answered
Straight answers
Which is better, Axis Magnus or HSBC Premier (Metal)?
HSBC Premier (Metal). They split the 8 rounds we can score 4–4; HSBC Premier (Metal) the open board rank breaks the tie — #3 to #5. Axis Magnus out-earns HSBC Premier (Metal) at every spend level we model, from ₹25k to ₹5L a month.
Axis Magnus or HSBC Premier (Metal) — which earns more at ₹3L a month?
At ₹3L a month, Axis Magnus nets ₹1,96,848 against ₹88,000 — a ₹1,08,848 gap. Those are ranking-value figures: everyday spend at the card's base rate plus a realistic slice at its best accelerator, net of the fee.
Which costs less to hold, Axis Magnus or HSBC Premier (Metal)?
HSBC Premier (Metal) — ₹12,000 joining, then ₹20,000/yr against ₹12,500/yr. Axis Magnus waives its fee at ₹25,00,000 of spend; HSBC Premier (Metal) at no spend level — the waiver rides the banking relationship, not the swipe.
Which gets you into more airport lounges, Axis Magnus or HSBC Premier (Metal)?
Lounge chasers: Axis Magnus opens 667 of 793 tracked doors to HSBC Premier (Metal)'s 43. Visit quotas, guest charges and spend gates are per card — the lounge map carries each one.
How current is this comparison?
Card records last re-verified against their issuers' own documents: Axis Magnus on 2026-09-25, HSBC Premier (Metal) on 2026-08-09. Every figure on this page — the ranking values, the fee rows, the lounge counts, the transfer ratios — is recomputed from those records each time the site builds, so a devaluation changes the call the day we log it.
Verified against Axis Bank and HSBC's own documents on · the ranking model, at our house ₹/point
Every document behind this page — 19 of them, each with the day we read it
- official Magnus revision T&C PDF (eff. 20-Jun-2025) — 12 EDGE REWARD Points per ₹200 up to ₹1.5L a calendar month, 35 per ₹200 above it only up to (credit limit + ₹1.5L)
- official Axis Bank Magnus product page — welcome voucher worth ₹12,500 (Luxe, The Postcard Hotels or Yatra), unlimited domestic lounge visits
- official Axis Bank Key Fact Sheet, updated 12-Aug-2026 — Magnus joining ₹12,500 / annual ₹12,500 (Nil for a Burgundy Salary Account opened on or after 1 Jul 2026)
- official Axis's Magnus-specific revision notice — effective 28 Aug 2026: "Dynamic Currency Conversion markup will be revised to 2% from 1.5%"
- official Axis Bank Domestic Airport Lounge Access Program — Magnus sits in Set B with unlimited complimentary access, and is NOT on the list of cards exempted from the ₹50,000
- official Axis Bank Points/Miles Transfer ratio table — "Reserve & Magnus credit card: 5 EDGE REWARD Points = 2 Partner Points", against 5:4 for Burgundy Private and Magnus for Burgundy
- community CardExpert review (portal earn + transfer caps)
- community CardInsider review
- community Apr-2026 partner purge
- community CardMaven — card network Visa Infinite (Mastercard World variant also issued)
- community CardMaven forum — Magnus RuPay live (Oct–Dec 2025), same fee & rewards
- community CardInsider forex table — Magnus 2% forex markup (below the 3.5% Axis standard)
- official Product page (joining ₹12,000, renewal ₹20,000 waived for Qualified Premier, 3 RP/₹100, unlimited lounges + 8 international guest visits, 0.99% forex, 20,000-pt welcome)
- official Tariff/MITC PDF (fees, 2.99%/mo, 0.99% currency-conversion charge, the three Qualified-Premier criteria — ₹50L quarterly TRB / ₹40L if the Premier account opened)
- official Premier Credit Card Service Guide — Rewards Programme clause 2 (the ₹1,00,000/month capped categories) and clause 12, which names the downgrade: Premier → TravelOne
- official Introductory-offer T&C — 20,000 reward points on the First Transaction, cards issued 9 Oct 2025 – 31 Dec 2026
- official Premier rewards page — Premier's OWN transfer table, identical to TravelOne's 20-partner stable (15 airlines + 5 hotels; AirAsia 1 pt = 3 miles, Hainan/Turkish/United 2:1)
- community CardExpert review (joining ₹12,000 / renewal ₹20,000, ₹12,000 Taj gift card, 3 RP/₹100, 0.99% forex)
- official Premier account eligibility — TRB/salary/mortgage routes + overseas-Premier reciprocity