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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Ace
-- Edited Post --

Final Update

Official PDFs are now out
Magnus - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf

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

Revision of Axis Bank Miles/Rewards Transfer Program - https://www.axisbank.com/docs/defau...les-rewards-transfer-terms-and-conditions.pdf


Update: 2nd August

MyZone - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mztc.pdf
Privilege - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/pvtc.pdf
Select - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/sltc.pdf
Ace - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/actc.pdf


Magnus devaluation highlights
  1. Revision in welcome benefits, which are more or less matching with the leaked screenshots
  2. Change in annual fee - ₹12,500 + GST
  3. No more renewal benefit
  4. Spend criteria for fee waiver is now double - 25L
  5. Exclusion of government institutions and utilities MCCs for earning ERs
  6. RIP 25,000ER/1L milestone benefit
  7. Revised transfer ratio of 5:2
  8. 5L ER points cap for transfer
  9. Burgundy account scheme
Reserve devaluation highlights
  1. Spend criteria for fee waiver is revised to 35L
  2. Exclusion of government institutions and utilities MCCs for earning ERs
  3. Revised transfer ratio of 5:2
  4. 5L ER points cap for transfer
  5. Burgundy private account scheme

Aap Chronology Samajiye
  • 📄 Few leaked screenshots of PDF started floating for Magnus and Reserve having potential devaulation
  • 🐦Few folks on Twitter acknowledged the upcoming devaulation by contacting their RMs or insiders from CC department
  • 🎧 Customer Care team were like "Whot Daa Phaak" is going on. They were unaware about these news, some were saying yes and some no
  • 😡 Outrage | Speculation | Twitter Space | Points Transfer Tricks
  • ✋ Then rumour mills started about devaulation being on hold
  • 🔗 Official links of devaulation PDF started popping but "Darling of Cards" was missing
  • 🔌 Axis pulled the plug and links started showing "404 - Not Found" except for unlucky Flipkart card
  • 💣 BOMB - Axis Gift Edge devaulation
  • 📩 Mass credit card cancellation and notice seeking clarification regarding commercial transactions
  • 📉 Official PDF of Magnus and Reserve released
  • 📉 Official PDF of MyZone, Privilege, Select and Ace released

1. Flipkart - https://axisbank.com/docs/default-s...flipkart-credit-card-terms-and-conditions.pdf

Below given links are not opening now as they have been removed. You may check attached PDFs.

2. Reserve - https://axisbank.com/docs/default-s...-reserve-credit-card-terms-and-conditions.pdf
3. Select - https://axisbank.com/docs/default-s...k-select-credit-card-terms-and-conditions.pdf
4. Privilege - https://axisbank.com/docs/default-s...rivilege-credit-card-terms-and-conditions.pdf
5. MyZone - https://www.axisbank.com/docs/defau...-my-zone-credit-card-terms-and-conditions.pdf

By following the format, it is quite easy to create Magnus link, which could be https://axisbank.com/docs/default-source/default-document-library/credit-cards/axis-bank-magnus-credit-card-terms-and-conditions.pdf
 

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purush said:
what are the card you are talking about.
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twugd said:
Can you share which cards you applied?
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I have SC smart, HDFC Infinity Neu, IDFC wealth and BOB Eterna. Now I plan to add hdfc millennia and/or sbi cashback for those 5% cash backs. I would also see if I can switch to secondary android device and get Axis Ace.

Note: For me, 1 lakh milestone was possible due to school fees, e-commerce shopping, electricity bills, fuel via Fastag and HP Pay (government spend). Now all of these except education and shopping are gone. With these left, I cannot use 1 lakh milestone so easily.
 
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Walter White said:
Post Magnus devaluation: 😛

Bangkok jaane wale ab Bodh Gaya jayenge
Madrid jaane wale ab Meerut jayenge
Paris jaane wale ab Patna jayenge
Aur London jaane wale ab Lucknow jayenge
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Haan lekin Bangkok Pattaya ka replacement karne ke leeye modiji ko kafi liberal hona padega. Pr0stitution is a huge revenue stream that the current (previous) govts are/have ignored.
 
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Modi Ji is also concerned with the devaluation of the Magnus card. He is extremely sad and disappointed with the Axis bank senior management . Will address the issue in the upcoming Mann Ki Baat episode.

Also, FM Nirmala Sitharaman Ji expressed her anger towards Axis Bank stating that this will impact the country’s $5 trillion GDP goal and the rise in unemployment as many were self employed surviving on Magnus card.
 
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Isn't post devaluation magnus still better than other cc's as long as you hit all the milestones? (assuming you are a miles and points person and avoid credit statements)

As far as axis is concerned this is an HNI card and if you are truly HNI, hitting the milestone isn't that hard, so this all just seems like an activity to filter out non HNI magnus holders. Ideally they would devalue slowly but my guess is they got their audit & P&L reports and shit hit the roof, so they had to put a stop immediately. I really wish they had closed the loopholes sooner and we could live in luxury for a little longer.
 
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navam said:
Isn't post devaluation magnus still better than other cc's as long as you hit all the milestones? (assuming you are a miles and points person and avoid credit statements)

As far as axis is concerned this is an HNI card and if you are truly HNI, hitting the milestone isn't that hard, so this all just seems like an activity to filter out non HNI magnus holders. Ideally they would devalue slowly but my guess is they got their audit & P&L reports and shit hit the roof, so they had to put a stop immediately. I really wish they had closed the loopholes sooner and we could live in luxury for a little longer.
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Yes. But it is too much of a hassle to wait for months for your ER. Too much trouble for a 7-8% return.
 
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CARDBITRAGE said:
Looks like Axis may have put their devaluation plans on hold. Hope they are brewing up something more favourable. XD
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It was all crap, but everyone laughed at me 😄They will do 4 things for now.

1. Segregate ER points based on card
2. Devalue Magnus to 5:2
3. Devalue reserve to 5:3
4. Exclude government spends especially taxes from earning rewards
 
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CARDBITRAGE said:
Yes. But it is too much of a hassle to wait for months for your ER. Too much trouble for a 7-8% return.
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Agreed it's a pain to wait, although using magnus for the past year I just got used to looking at points as something on a rolling basis, apne aap aate rahenge ;)
I think this Deval is more annoying than others because they had such unrealistic returns lol, going back to 7-8% just breaks everyone's heart
 
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Vikash_Kumar said:
Now as the news are spreading that "Magnus Changes goes in hold till further communication" and the management is taking some time to arrive at final decision.

It is high time for all the users here in TF community and their acquittances who hold Magnus card to stop spending using Magnus completely for next few days. I guess all the Magnus holders are smart enough to hold other credit cards as backup. Anyways whatever spent using Magnus will eventually results in penny's after few months. So why not boycott Magnus economically. With this small change, crores of Magnus spent will become lakhs and eventually thousands. If this will affect their business then Axis need to rethink & revise the card.

Signing petitions or spreading hate messages socially on twitter will have a little base as how Axis won't really find the genuinity of Magnus users. Anyone can sign petitions, no identity no restriction at all & social media has no face.

Devaluation is imminent it is bound to happen, Axis is not doing charity that all of us know. But the level of such rumored devaluation will murder the Magnus leaving only few users to renew. So why not stop using Magnus now. I had stopped spending, and returning to older 5% cards, the rewards will be otherwise given by devalued Magnus cards.
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Well said
 
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navam said:
Agreed it's a pain to wait, although using magnus for the past year I just got used to looking at points as something on a rolling basis, apne aap aate rahenge ;)
I think this Deval is more annoying than others because they had such unrealistic returns lol, going back to 7-8% just breaks everyone's heart
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Hehe that's right. But again 7-8% is considering you hit 1l/month(12L/year) and exclude the annual fee. If you hit the fee waiver(15L) your return would be <6.5%, which is still nothing to complain about. You could get higher returns by segregating your spends across various cards, but it's so much simpler to hold just 1-2 cards and manage them.
 
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CARDBITRAGE said:
Hehe that's right. But again 7-8% is considering you hit 1l/month(12L/year) and exclude the annual fee. If you hit the fee waiver(15L) your return would be <6.5%, which is still nothing to complain about. You could get higher returns by segregating your spends across various cards, but it's so much simpler to hold just 1-2 cards and manage them.
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Agreed. Life was simpler with pre Deval magnus
 
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