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.

 

[Deleted member 11974]

unable to find those axis meat riders who were ready to put down 10L for a 5:4 transfer ratio

agar market mein hi 10L daala hota abhi take 20 hojata aur ek biz trip marke bhi aajate tum

 

[BhaiyaJi]

agar market mein hi 10L daala hota abhi take 20 hojata aur ek biz trip marke bhi aajate tum

Axis ne vo he kiya hoga, logon ka paisa lekar market m daala aur ghum aaye

 

[Deleted member 9785]

unable to find those axis meat riders who were ready to put down 10L for a 5:4 transfer ratio

agar market mein hi 10L daala hota abhi take 20 hojata aur ek biz trip marke bhi aajate tum

They are selling amex referrals

 

[BhaiyaJi]

They are selling amex referrals

Accor ka bhi sell karte rahte hai. Twitter is sometimes like instagram. Vacation pe vacation ka photos and reviews

 

[Vishals_Ind!]

agar market mein hi 10L daala hota abhi take 20 hojata aur ek biz trip marke bhi aajate tum

Axis is following market by saying - "your investments are subject to market risk". your 10L may became 5L with the way market going down last few days.

 

[the_spectator]

At the end of the fiscal year, they usually try to hit their targets by doling out freebies like candy at a carnival. But AXIS, being the rebel, has decided to switch things up. Forget the goodies! they're on a mission to slash through those cards like a ninja slicing watermelons at a fruit market

And yet they're offering two of their entry level cards ltf at the same time. So oxymoronic 🤷🏽‍♂️

 

[HumorSimpson]

Apply KVL 😝

Even Kirchhoff might say Freak Off looking at that nightmare.

 

[RTR01]

And yet they're offering two of their entry level cards ltf at the same time. So oxymoronic 🤷🏽‍♂️

I think people with base cards have high probability of converting big spends to EMI than people with premium cards. So Axis bank is focusing on issuing cards to normal folks who don't care about rewards.

 

[abhim]

unable to find those axis meat riders who were ready to put down 10L for a 5:4 transfer ratio

agar market mein hi 10L daala hota abhi take 20 hojata aur ek biz trip marke bhi aajate tum

While I am annoyed at another devaluation so quickly, I also have an opposing view to this line of thought I keep seeing. As a high spender I am able to extract 3rs/RP on average to gain 18% return in the normal spend category and 52% in the accelerate RP category. That has saved me a lot more money in travel expenses than "putting my money in the market and expecting a 100% return" (if only the world worked like that).

Honestly the current reward structure is a blessing for me given the cumulative spends rewards (rather than a devaluation) and the worst thing about this is the transfer cap.

 

[HumorSimpson]

I think people with base cards have high probability of converting big spends to EMI than people with premium cards. So Axis bank is focusing on issuing cards to normal folks who don't care about rewards.

Axis is impartial in giving blow to everyone. Prem cards had much scope to deval and giving a perception that they have been victimized more than normal cards.

 

[rogerthat]

How can axis even justify 3.5 lakh fee waiver for IOCL ? In a month you can't spend more than 5K as you get only 50 Rs surcharge waiver and only 1000 er points max. Also for online spends one can spend max Rs 5000 to get 250 points and that's it you can spend more than that if you do so you won't get any ER points. For offline transactions it's 1 ER point per Rs 100 spent ( minimum transaction size to earn ER point 200 ) . Even if one spends max at fuel and online and say some offline transaction it would max come out to Rs 12000 a month. So in a year one can at max spend 144000 and that too other than feul reward rate would be very poor. Who is nuts to spend 3.5 lakhs a year for fee waiver ? Why such a heavy 🪓 on entry level credit card which doesn't have any benefits and is not subject to abuse also.

They just want people to close the card. Axis Bank is tired of their customers and don't want any.

 

[HumorSimpson]

While I am annoyed at another devaluation so quickly, I also have an opposing view to this line of thought I keep seeing. As a high spender I am able to extract 3rs/RP on average to gain 18% return in the normal spend category and 52% in the accelerate RP category. That has saved me a lot more money in travel expenses than "putting my money in the market and expecting a 100% return" (if only the world worked like that).

Honestly the current reward structure is a blessing for me given the cumulative spends rewards (rather than a devaluation) and the worst thing about this is the transfer cap.

Which card are you talking about ? And can you explain the math ?

 

[abhim]

Which card are you talking about ? And can you explain the math ?

Referring to M4B card for the 5:4 ratio. I have booked Air India first class return between London and Mumbai through points (normal retail price is 5L off-peak and 7L surge) at a cost of 168k RPs. Even if you consider the lowest price of 5L for this trip and exclude the 25k cash I paid in taxes given UK's astronomical air passenger duty, my average redemption value is 2.8Rs/RP. So in normal reward structure that comes out to 16.8% and beyond 1.5L a whopping 49% return.

 

[Deleted member 11974]

While I am annoyed at another devaluation so quickly, I also have an opposing view to this line of thought I keep seeing. As a high spender I am able to extract 3rs/RP on average to gain 18% return in the normal spend category and 52% in the accelerate RP category. That has saved me a lot more money in travel expenses than "putting my money in the market and expecting a 100% return" (if only the world worked like that).

Honestly the current reward structure is a blessing for me given the cumulative spends rewards (rather than a devaluation) and the worst thing about this is the transfer cap.

any decent midcap or smallcap mutual fund has more than doubled in the past 6 months.
and this is not a case of wise in hindsight.

i had advocated back then that only the salary route makes sense
apart from that all are a waste of opportunity cost for someone on this forum.

a person who is wealthy would take up symbols of wealth irrespective of the rewards he is getting

 

[Deleted member 11974]

also do a cost benefit analysis
from the day you put 10 L in burgundy account at 2% vs the mutual funds returns from that day
take any mid cap or small cap mutual fund for the argument
and see have you saved more money in travel expenses or not

 

[HumorSimpson]

also do a cost benefit analysis
from the day you put 10 L in burgundy account at 2% vs the mutual funds returns from that day
take any mid cap or small cap mutual fund for the argument
and see have you saved more money in travel expenses or not

PS: Disclaimer: The math in MFs is much simpler than reward points.

 

[abhim]

also do a cost benefit analysis
from the day you put 10 L in burgundy account at 2% vs the mutual funds returns from that day
take any mid cap or small cap mutual fund for the argument
and see have you saved more money in travel expenses or not

My mutual funds portfolio is 40% small cap and while it was surging a few weeks ago, the market has undergone slight corrections since then where I am now seeing about 50% change in 12 months which is at par with this product. Also, the magnitude of my return with this card is still higher then my return would have been on a 10L small cap investment so still no regrets.

 

[telescope]

Thinking of applying axis atlas and closing it after transferring it to vistara. As far as I understand, I'll get 5k miles and transferring it to vistara will give me 10k points right?

1. So I'll be getting 10k vistara points by paying 5900 joining fees? Hope my math is correct.

If yes, I'll close the card after transfer.

2. Any other transfer giving better value than vistara?

3. How much time it takes for joining points to get credited after cc issuance?

 

[Deleted member 11974]

My mutual funds portfolio is 40% small cap and while it was surging a few weeks ago, the market has undergone slight corrections since then where I am now seeing about 50% change in 12 months which is at par with this product. Also, the magnitude of my return with this card is still higher then my return would have been on a 10L small cap investment so still no regrets.

good for you then

 

[Slayer]

Axis is impartial in giving blow to everyone. Prem cards had much scope to deval and giving a perception that they have been victimized more than normal cards.

By blow you mean receiving those jobs?