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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- Edited Post --

Final Update

Official PDFs are now out
Magnus - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf

Reserve - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/rstc.pdf

Revision of Axis Bank Miles/Rewards Transfer Program - https://www.axisbank.com/docs/defau...les-rewards-transfer-terms-and-conditions.pdf


Update: 2nd August

MyZone - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mztc.pdf
Privilege - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/pvtc.pdf
Select - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/sltc.pdf
Ace - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/actc.pdf


Magnus devaluation highlights
  1. Revision in welcome benefits, which are more or less matching with the leaked screenshots
  2. Change in annual fee - ₹12,500 + GST
  3. No more renewal benefit
  4. Spend criteria for fee waiver is now double - 25L
  5. Exclusion of government institutions and utilities MCCs for earning ERs
  6. RIP 25,000ER/1L milestone benefit
  7. Revised transfer ratio of 5:2
  8. 5L ER points cap for transfer
  9. Burgundy account scheme
Reserve devaluation highlights
  1. Spend criteria for fee waiver is revised to 35L
  2. Exclusion of government institutions and utilities MCCs for earning ERs
  3. Revised transfer ratio of 5:2
  4. 5L ER points cap for transfer
  5. Burgundy private account scheme

Aap Chronology Samajiye
  • 📄 Few leaked screenshots of PDF started floating for Magnus and Reserve having potential devaulation
  • 🐦Few folks on Twitter acknowledged the upcoming devaulation by contacting their RMs or insiders from CC department
  • 🎧 Customer Care team were like "Whot Daa Phaak" is going on. They were unaware about these news, some were saying yes and some no
  • 😡 Outrage | Speculation | Twitter Space | Points Transfer Tricks
  • ✋ Then rumour mills started about devaulation being on hold
  • 🔗 Official links of devaulation PDF started popping but "Darling of Cards" was missing
  • 🔌 Axis pulled the plug and links started showing "404 - Not Found" except for unlucky Flipkart card
  • 💣 BOMB - Axis Gift Edge devaulation
  • 📩 Mass credit card cancellation and notice seeking clarification regarding commercial transactions
  • 📉 Official PDF of Magnus and Reserve released
  • 📉 Official PDF of MyZone, Privilege, Select and Ace released

1. Flipkart - https://axisbank.com/docs/default-s...flipkart-credit-card-terms-and-conditions.pdf

Below given links are not opening now as they have been removed. You may check attached PDFs.

2. Reserve - https://axisbank.com/docs/default-s...-reserve-credit-card-terms-and-conditions.pdf
3. Select - https://axisbank.com/docs/default-s...k-select-credit-card-terms-and-conditions.pdf
4. Privilege - https://axisbank.com/docs/default-s...rivilege-credit-card-terms-and-conditions.pdf
5. MyZone - https://www.axisbank.com/docs/defau...-my-zone-credit-card-terms-and-conditions.pdf

By following the format, it is quite easy to create Magnus link, which could be https://axisbank.com/docs/default-source/default-document-library/credit-cards/axis-bank-magnus-credit-card-terms-and-conditions.pdf
 

Attachments

Last edited:
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Sharjeelshaikh said:
Yeh lo
Click to expand...
images
 
Upvote 0 Downvote
neogen said:
The person who pays their CC bills on time are the worst category users in eyes of banks. Banks don't make enough out of MDR and annual fee..
Click to expand...
Bank needs all kind of people. People who pay off help in maintaining a healthy balance.
People who don’t pay and pay high interest. - high risk high returns.
People who convert high spending to emi. - Medium risk medium risk.
People who pay off all outstanding- low risk and low returns.

Just like we divide our investments in debt, equities, bonds, gold etc.

Bank cannot perform well without all type of assets.
 
Upvote 0 Downvote
neogen said:
The person who pays their CC bills on time are the worst category users in eyes of banks. Banks don't make enough out of MDR and annual fee..
Click to expand...
bigbrain said:
Bank needs all kind of people. People who pay off help in maintaining a healthy balance.
People who don’t pay and pay high interest. - high risk high returns.
People who convert high spending to emi. - Medium risk medium risk.
People who pay off all outstanding- low risk and low returns.

Just like we divide our investments in debt, equities, bonds, gold etc.

Bank cannot perform well without all type of assets.
Click to expand...


@neogen, this is a popular myth. while it is true that banks don't make enough from MDR and annual fee, they make very substantial sums - so much so that at least in the developed world and in a low cost-of-funds scenario, that more or less covers cost of those customers except for super-high-reward programs. In developed world you wont find any equivalent of Infinia, Magnus, DCB (and frankly even their lesser cousins).

There is another thing these customers (who form the vast majority of customers) do - they provide the volume that the banks then use to drive up fees and discounts in their negotiations with retailers and merchants. HDFC has Infinia and other banks struggle, in part because HDFC also has the largest card network in India (both by card members and value of transactions in aggregate). HDFC also has some of the richest customers who spend more - so the value of HDFC is higher for most merchants of goods and services and HDFC can demand higher discounts to pass along as a result.



I would just say this - if those customers were the worst, they wouldn't be the ones for whom card approval is a foregone conclusion.
 
Upvote 0 Downvote
I haven’t got ERP for transactions done in this month.
Normally, the 1x ERP used to get credited within one day of transaction getting settled. But, in my case, it’s been 3 days now and no ERP have been credited!

Nor have I yet received milestone ERP for May/June (I guess those will be credited by 31st July)!

Anyone else in same boat?
 
Upvote 0 Downvote
VGisHere said:
I haven’t got ERP for transactions done in this month.
Normally, the 1x ERP used to get credited within one day of transaction getting settled. But, in my case, it’s been 3 days now and no ERP have been credited!

Nor have I yet received milestone ERP for May/June (I guess those will be credited by 31st July)!

Anyone else in same boat?
Click to expand...
no points have been credited after 19th july for transactions. I think it's a weekly scheduling.
 
Upvote 0 Downvote
vina said:
@neogen, this is a popular myth. while it is true that banks don't make enough from MDR and annual fee, they make very substantial sums - so much so that at least in the developed world and in a low cost-of-funds scenario, that more or less covers cost of those customers except for super-high-reward programs. In developed world you wont find any equivalent of Infinia, Magnus, DCB (and frankly even their lesser cousins).

There is another thing these customers (who form the vast majority of customers) do - they provide the volume that the banks then use to drive up fees and discounts in their negotiations with retailers and merchants. HDFC has Infinia and other banks struggle, in part because HDFC also has the largest card network in India (both by card members and value of transactions in aggregate). HDFC also has some of the richest customers who spend more - so the value of HDFC is higher for most merchants of goods and services and HDFC can demand higher discounts to pass along as a result.



I would just say this - if those customers were the worst, they wouldn't be the ones for whom card approval is a foregone conclusion.
Click to expand...
completely agree
 
Upvote 0 Downvote
Guys, i have 18,745 rewards so far under Magnus edge reward. Guide me how can i make most effective use of those points as of now? I will be going to Chennai to Delhi in the end of August, can it be used for any sort of flight booking for two passengers?
 
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CardTox said:
Guys, i have 18,745 rewards so far under Magnus edge reward. Guide me how can i make most effective use of those points as of now? I will be going to Chennai to Delhi in the end of August, can it be used for any sort of flight booking for two passengers?
Click to expand...
Move to Vistara for domestic redeemption
 
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dominic1229 said:
Congrats!
what was the credit limit of your existing HDFC card?
Did you bump up your HDFC card spends in last 6 months before your fifth application?
Click to expand...
I haven't received it yet. Just that the status on HDFC website says "approved"

I didn't bump up the spend, instead I gave up my regalia card in December last year. They closed the account (full and final) in Jan. Waited patiently for 6 months before applying again.

Prior to closing Regalia (which was issued LTF in 2019 I think, and likely even before that). I distinctly remember that when I was filling the form in the branch, the branch manager offered Infinia - told me that it'll be free for first year and next year fee will be waived off only if I spent 8lakhs in a year - I didn't take it because I had no idea thent hat cards offer rewards. Later I took ICICI Amazon Pay and Axis Flipkart - still didn't hear about Smartpay until about 2020 - and then HDFC started rejecting my applications.

I hardly used Regalia until last year when I closed it. The guys kept telling me "if you spend 7.5 lakhs over 6months we will upgrade to Infinia" - and I kept telling them I can't do that, 5% of 7.5lakh is still nearly 40k, I would rather use Amazon.

Anyway, some of my classmates got Infinia offered to them immediately when they showed up at HDFC branch and then a light went in my head - may be the problem is with upgrade, not with new card.


So then - I cancelled Regalia and just waited
 
Last edited:
Upvote 0 Downvote
vina said:
I haven't received it yet. Just that the status on HDFC website says "approved"

I didn't bump up the spend, instead I gave up my regalia card in December last year. They closed the account (full and final) in Jan. Waited patiently for 6 months before applying again.

Prior to closing Regalia (which was issued LTF in 2019 I think, and likely even before that). I distinctly remember that when I was filling the form in the branch, the branch manager offered Infinia - told me that it'll be free for first year and next year fee will be waived off only if I spent 8lakhs in a year - I didn't take it because I had no idea thent hat cards offer rewards. Later I took ICICI Amazon Pay and Axis Flipkart - still didn't hear about Smartpay until about 2020 - and then HDFC started rejecting my applications.

I hardly used Regalia until last year when I closed it. The guys kept telling me "if you spend 7.5 lakhs over 6months we will upgrade to Infinia" - and I kept telling them I can't do that, 5% of 7.5lakh is still nearly 40k, I would rather use Amazon.

Anyway, some of my classmates got Infinia offered to them immediately when they showed up at HDFC branch and then a light went in my head - may be the problem is with upgrade, not with new card.


So then - I cancelled Regalia and just waited
Click to expand...
What was the credit limit on your Regalia at the time of closing it?
 
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