Axis Bank Brutal Devaluation of Atlas/Reserve/M4B/Vistara/Samsung/Flipkart/Ace/Airtel/Myzone/IOCL & Other Credit Cards

[TechnoFinoTechnoFino is verified member.]

With effect from 20th April 2024, the following changes will be applicable on your favourite axis bank credit cards.

Magnus for Burgundy - https://www.axisbank.com/docs/defau...onditions-for-magnus-burgundy-credit-card.pdf
Magnus - https://www.axisbank.com/docs/defau...rms-and-conditions-for-magnus-credit-card.pdf
Atlas - https://campaign.axisbank.com/generic/axis-atlas-credit-card-terms-and-conditions.pdf
on atlas welcome benefit has been reduced to 2500 EM . Earlier it was 5000 EM

Vistara Platinum - https://www.axisbank.com/docs/defau...nditions-for-vistara-platinum-credit-card.pdf
Select - https://www.axisbank.com/docs/defau...rms-and-conditions-for-select-credit-card.pdf
Privilege - https://campaign.axisbank.com/generic/axis-privilege-credit-card-terms-and-conditions.pdf
Flipkart - https://campaign.axisbank.com/generic/flipkart-axis-bank-credit-card-terms-and-conditions.pdf
Ace - https://campaign.axisbank.com/generic/axis-bank-ace-credit-card-terms-and-conditions.pdf
Airtel - https://campaign.axisbank.com/generic/airtel-axis-bank-credit-card-terms-and-conditions.pdf
Indian Oil - https://www.axisbank.com/docs/defau...it-cards/indian-oil-axis-bank-credit-card.pdf

Domestic Lounge - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/dlg.pdf
Mile Transfer Program - https://campaign.axisbank.com/generic/miles-transfer-program-credit-card-terms-and-conditions.pdf

In short (what changed):

- Buy-one-Get-one free movie/non-movie ticket offer on BookMyShow will be discontinued.
- 24*7 complimentary concierge services will be discontinued (seems like no one using it).
- Complimentary airport meet & assist services reduced and/or discontinued.
- Gold/Jewelry, Govt. Services, Utilities not eligible for milestone, normal reward points - nothing.
- Domestic lounge access required 50,000 in previous 3 calendar months.
- and more..

For individual card related changes do refer respective pdfs.

 

[Manny@11]

Considering the status of axis so called premium cards, does it make sense to get a paid inifinia now and route all expenses to it which are more than > 15 Lacs pa or can wait for step by step process through upgrades to try a LTF/FYF opportunity.

 

[cardy]

I feel so bad that I'll have to use Paytm going forward 🥲

That also are under RBI's observation. Kya pata kab kya hojaye😆

 

[Pankhuri]

You See , they did try asking people proof of personal spending , but looks like failed

It was bound to fail. Abusers are fine with getting their cards closed, they know the risk. Those who would engage in this would be genuine users. And no genuine users want to give their bills to a fucking bank like it is their spouse or IT dept.

 

[nirmalya]

Ironically only few days ago he tweeted no further Axis devaluations this FY.

True, that's why it is happening in the next FY i.e. from 20th April onwards.

 

[Pankhuri]

Considering the status of axis so called premium cards, does it make sense to get a paid inifinia now and route all expenses to it which are more than > 15 Lacs pa or can wait for step by step process through upgrades to try a LTF/FYF opportunity.

Would say that at these spends, it makes sense to just get the paid Infinia and ditch axis. Paid infinia would set you back only in GST which could be easily recovered. IIRC Infinia fee waiver is 10L. So with those spends you won't be paying renewal fee anyway.

Last but not the least, on their website, HDFC mention that Spends of 3L in first 90 days would get you FYF reversal. So if you time your spends correctly, you can get that waiver too.

 

[Zacobite]

It is amusing to see people bashing axis for devaluation. Everybody has done MS and rotation and all kind of things to get lakhs of miles points in last 2 years. Its only incompetence of axis that for them it took them so much time to close off the cash burn

Everybody started flying business class
Everbody going abroad
Everybody going stay at exotic hotels

Then showing off threads on travel on social media

Now, reality has strike. Go travel with your own money and for that you need good income.

I expect after this floodgates have opened and may other banks will look at their portfolio and plug leaks

Comments welcome

They should review the fees.. the bashing is more for the way it is treating its customers and the value returned to price now.. imagine paying 30k annual fee and having a qtrly target for lounge access.. Its the product now that is a loser.. emotions will settle, damage wont... everyone who abused the system should be identified and recourse pursued... you don't throw the baby out with the bath water!!

 

[BhaiyaJi]

I will "upgrade" my magnus to neo.

Is there any branch level approval required for this "upgrade"?

 

[Deleted member 9785]

True, that's why it is happening in the next FY i.e. from 20th April onwards.

Infinia can also get devalued more

 

[dvader]

I was expecting this after their Q3 results, not just this, I was expecting them to impose extra fee and charges cuz an incompetent and scummy organization's first approach to post good numbers is to cut cost and impose fee. Expect more to come, not just in CC but with their other products. Look out for any kind of debit txn in your account (any Axis accouny for that matter). Check for fee charged on netbanking transaction. These guys are in a state where they will charge you if you google their name.

 

[Swastik]

Sharma gaaru manadari karma kaalindi ee axis astralaa tho.

Thamadu ,mattam ayependi

 

[Swastik]

Considering the status of axis so called premium cards, does it make sense to get a paid inifinia now and route all expenses to it which are more than > 15 Lacs pa or can wait for step by step process through upgrades to try a LTF/FYF opportunity.

For now ,yes ,i would have done that if i could

But you never ,when HDFC brings the guillotine on its card ,we've already seem preview with Millennia and Regalia

 

[basant]

Do 50k spend for lounge access on magnus includes any expense like govt transactions or here also some exclusions?

 

[HumorSimpson]

Thamadu ,mattam ayependi

తమ్ముడూ మొత్తం aipoindi?

 

[nirmalya]

Yes, that is why I said comparatively. Cashback on Airtel Mobile, Broadband is reduced from Rs 300 to Rs 250/PM. The same with utility bill too from Rs 300 to Rs 250/PM. But 10 % Cashback on Swiggy, Zomato and Bigbasket is still Rs. 500/PM . That still a cashback of Rs 12000/Year for annual fee of Rs 500

Just wait, this is the first devaluation of this card. I am pretty sure it will be under the AXE of multiple devaluations in the near future like ACE.

 

[Gaara]

Just wait, this is the first devaluation of this card. I am pretty sure it will be under the AXE of multiple devaluations in the near future like ACE.

What else left to devalue in it 😂

 

[RTR01]

Thamadu ,mattam ayependi

Google voice text lo vinnatu undhi.🤣🤣

 

[prc1990]

Is there any LTF AXIS Rupay Card ?

Axis IOCL is also offered as LTF.

 

[HumorSimpson]

Google voice text lo vinnatu undhi.🤣🤣

ఏది ఏమైనా తెలుగు కి తెగుళ్లు పట్టింది.

 

[Swastik]

తమ్ముడూ మొత్తం aipoindi?

Chudu, ame migaledu

 

[prc1990]

What else left to devalue in it 😂

1. Capping for 1.5% cashback.
2. More reduction in capping for 5% and 4% cashback put together
3. Reduction in percentage of cashback for 5% and 4% category.
4. Increase the annual waiver amont from 200K.

🤣🤣🤣🦁🦁🦁