If you look at all the devaluations in the past one year, it was always Axis Bank cards that suffered the most. From the very highest end to the entry level, all cards have been massively devalued, some have been rendered absolutely useless (Magnus OG, Select). And the devaluations are just not ending. They are regularily cutting away whatever can be cut without warning, with all benefits being slowly reduced/excluded across all card types.
My guess is that Axis is bleeding heavily from the Citi acqusition. All the high-value customers might have already left long ago and the remaining are leaving in droves tired of their shit, because as a Citi customer for 15 years myself I can very confidently say that you cannot even start comparing service levels of the both. Also, they probably revamped their card portfolio and launched products like Magnus to give an aura of a slick and cool bank but that also backfired massively because they heavily underestimated how shrewed our people are when it comes to looting benefits. I have a feeling that Axis bit off more than they can chew here. This happens when UTI Bank babus make decisions ensconsed in their burgundy coccoons without any view of what the real world is outside.
Oh, and get ready for another round of Atlas devaluations. At this point it is all but inevitable.
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