Devaluation Axis Magnus & Magnus Burgundy Credit Card Huge Devaluation Effective From 20th April 2024

[chasni]

For now both buckets are getting 5:4. Also 5:4 is feature of MB card so points earned on other cards can have different ratio. A xis is just rectifying a bug here which people were misusing. Don’t think this is a downgrade of the card as those points still give you 5:4. Don’t think any notice required for this.

The Tnc document always refers to using 5:4 ratio for Edge Reward Points. I am just quoting their own document.

Axis introduced the bucket of MB points around Sep'23 and the MB FAQ document was last updated in Jan'24. In the document, they have always used ER everywhere. If it was a bug then what is the their logic of using ER in the document instead of MB points? I am just curious here. Because in banking, everything is interpreted based on the Tnc document and the language used. It is not based on what our (consumer's) or the bank's feelings.

What is the source of your hypothesis that 5:4 is only for MB card since the launch of the card? Mind sharing the source?

 

[ankurarora898]

Axis way of wishing New year:

Dear Ankur Arora, we would like to inform you that the eligibility criteria for Burgundy will be changed from maintaining Average Quarterly Balance (AQB) of INR 10 lakhs to maintaining Average Monthly Balance (AMB) of INR 10 lakhs. This revised eligibility criteria are required to be maintained latest by 31st January 2025. Know more. https://axbk.io/AXISMR/86L5aa T&C apply - Axis Bank

 

[Riva]

2025 Axis Burgundy Devaluation!! Change in Burgundy Criteria... Got this just now!!

 

[m4b]

2025 Axis Burgundy Devaluation!! Change in Burgundy Criteria... Got this just now!!

Yep, thinking of closing this account. It's a pain in the a$$ now.

 

[m4b]

Yep, thinking of closing this account. It's a pain in the a$$ now.

Not because of this reason but I am not sure it's worth keeping m4b with so many changes. What do you think @drsel ?

 

[m4b]

Not because of this reason but I am not sure it's worth keeping m4b with so many changes. What do you think @drsel ?

+ + + @Dragon_slayer

 

[sourpai]

It is not really a big change. In fact a small change.

30L FD folks are not affected as well

 

[drsel]

Not because of this reason but I am not sure it's worth keeping m4b with so many changes. What do you think @drsel ?

You are absolutely correct
it is a waste of 30 lacs blocked with only 7.25% return
We are actually losing out on at least 5% extra return on investment or approx. 1.5 lakhs every year.
That is the price we are paying for Magnus Burgundy card-- 1.5 lakh every year!

 

[m4b]

It is not really a big change. In fact a small change.

30L FD folks are not affected as well

This change is nothing but with ongoing many changes it doesn't feel premium to hold m4b. Only citi users are getting good deals.

 

[m4b]

This change is nothing but with ongoing many changes it doesn't feel premium to hold m4b. Only citi users are getting good deals.

@drsel this . .

 

[drsel]

@drsel this . .

It's not to feel premium , it's to extract the maximum value out of it

 

[m4b]

It's not to feel premium , it's to extract the maximum value out of it

Indeed, I forgot lol. Any new things after gyftr devaluation? I haven't used this card for months. Any new things with m4b?

 

[Riva]

I anyways have been maintaining the min balance required. The issue is they every 3 months Axis comes up with some shit move. They don't even give enough notice or time. It's becoming difficult to trust a bank that is not consistent in their field. I mean, ur so messed up, that every 3 months you need to do something to get things in order!!
Who know what's next with Axis in 2025!

 

[sahilgulati5]

Sab ka bala kare Axis

 

[Dragon_slayer]

+ + + @Dragon_slayer

I am still going to hold, nothing changes to me, as I continue to hold 10L at all times.

 

[drsel]

I am still going to hold, nothing changes to me, as I continue to hold 10L at all times.

Why do you think holding 10 lacs in savings at 3% interest is better than 30 lakhs in fixed deposit at 7.25% ?

 

[sahilgulati5]

Why do you think holding 10 lacs in savings at 3% interest is better than 30 lakhs in fixed deposit at 7.25% ?

Be coz we don’t have that extra 20L

 

[drsel]

Be coz we don’t have that extra 20L

The point is --
Even if you had the extra 20 lacs, there are better ways to deploy that money and get higher returns, right?

 

[Riva]

The point is --
Even if you had the extra 20 lacs, there are better ways to deploy that money and get higher returns, right?

True..
It's basically 10L at 3% and 20L in something that gives 15/20% or higher instead of all 30L at 7-8% FD.

 

[sahilgulati5]

The point is --
Even if you had the extra 20 lacs, there are better ways to deploy that money and get higher returns, right?

Right and wrong both. It all depends on what r u planning to do with that balance 20L according to me and the risk u r taking to get the returns on it.