Axis Reserve Breaking news - Reserve Devaluation Official (but slightly better than before)

[PiperatGatesofDawn]

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

Official notification just came. Most importantly 5:2 now. And requires a Burgundy Private account to keep 5:4.

 

[sid16]

I have attached the PDF received from Axis Bank just now. Magnus Devaluation just got real.

 

[kunal05]

TLDR?

 

[jitesh199511]

Received sms for link to this document

 

[DeepSaha]

I have received the same information from bank via sms. It seems there are lot of changes related to edge points and priority pass acceptance in domestic lounges.

Also price of the card increased for new members. This is a bummer with this many changes.

 

[bothrag]

Yes received the same. Monthly milestone withdrawn and replaced with 35 edge point per 200 beyond 1.5 lakh spend per month. Hardly a replacement. Miles transfer ratio halved from 5:4 to 5:2. Renewal rewards withdrawn. All in all time to move spends back to Infinia.

 

[sid16]

The only good thing is that 5:4 miles transfer program will continue for Burgundy customers who actively maintain the balance required. That's a huge save at least in the near term. But for me, inclusion of government transactions in this is a huge bummer. Will need to take another card from September for government transactions.

 

[PiperatGatesofDawn]

Citibank zindabad. Citibank zindabad... Citibank zindabad...

 

[Enigmatic]

the points ratio will be 5:4 till 1st September, right ?

 

[sid16]

will the points ratio will 5:4 till September?

Only for those who maintain a Burgundy relationship after 1st September 2023.

 

[sid16]

Full screenshot below:

 

[DeepSaha]

Yes received the same. Monthly milestone withdrawn and replaced with 35 edge point per 200 beyond 1.5 lakh spend per month. Hardly a replacement. Miles transfer ratio halved from 5:4 to 5:2. Renewal rewards withdrawn. All in all time to move spends back to Infinia.

Renewal benefit withdrawal is a big bummer now.. Its a loss of 10k plus gst.
I think it wont be a good idea to keep the card at 10k+gst without renewal benefit.

 

[Enigmatic]

@sid16 where is it saying that the point ratio is 5:2 effective from today only? They are saying that you can contact us to open the burgundy account after 1Sept to keep the point ratio 5:4.
I hope someone can clear this part who has a better understanding than us.

 

[Thomas244]

Yes its saying 5:2 from september. If u wish to contunue from sept at 5:4 open burgundy

 

[PiperatGatesofDawn]

the points ratio will be 5:4 till 1st September, right ?

Yes. As the first line says... all the changes outlined in the document will come into effect from 1st September. It's BAU till then.

 

[phildunphy]

So the whole burgundy deal seems okayish if you have Reserve, given 2X on international spends and 6% on normal spends, 5:4 will get you pretty decent returns. At 10L min balance or 3L salary account its fine.
But for magnus its useless and big price to pay at 3% savings account returns

 

[PiperatGatesofDawn]

So the whole burgundy deal seems okayish if you have Reserve, given 2X on international spends and 6% on normal spends, 5:4 will get you pretty decent returns. At 10L min balance or 3L salary account its fine.
But for magnus its useless and big price to pay at 3% savings account returns

You need Burgundy PRIVATE with Reserve @ 5CR.

 

[phildunphy]

You need Burgundy PRIVATE with Reserve @ 5CR.

DAMNNN FFS, just burgundy is for magnus?

 

[gurbina]

They killed Reserve, chopped it up into a barrel, filled it with concrete and dropped it in the bottom of the indian ocean. Magnus didn't get such disrespect.
I'd have gotten reserve just for 5:4 even without the milestone. But now it's beyond gone.

 

[Enigmatic]

The sad thing is that I have already spent 12 in 6 months through Magnus and they are not respecting customers like us. I don't have any prestige or infinia or DBC.
I tried to apply for infinite and they straight away rejected my application even though my ITR is good and spending is also good on my HDFC 6E card.