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How many you’re closing Axis Cards?

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Noctis7 said:
I don't know what is bad in the cc world if not this. Devaluations were inevitable, but it should have been gradual and with proper warning. A good example is Infinia which has been hit with many significant devaluations over the year but its customers are still relatively happy.

Think of those who have paid for Magnus renewal assuming they can get the value back with bms and m&g offers. Or Atlas users who hit Gold/Platinum tier. Or someone who opened 30l FD in Axis to get MB. Would it not have been reasonable for them to assume a newly launched card like MB with a strict issue criteria wouldn't get devalued at least for a year?

In the end this seems like Axis has hurt it's reputation way more than if they didn't release such high rewarding cards in the first place. Could have released something that was half as rewarding, but sustainable and they would had gained way more today.
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I am an older customer of Infinia compared to M4B. Atlas in fact is just 4 months old. I'm still happier with Atlas than with Infinia. Infinia didn't give any email to tell me that they were devaluing Accor conversion. They just put a random tickr on their portal and the devaluation just kicked in. Axis is doing what is needed by giving proper email, proper SMS, explaining the devaluation properly.

Atlas gave me 4 miles per Rs. 100 for advance tax payment, which is bonkers. Even though my journey will be really short with Atlas, I still have one month's time to hit platinum tier and get 7.5k miles before the devaluation hits. After that, I will cancel the Atlas card but will be happy with the rewards it gave me rather than being greedy that why are they not giving it for more years.

I am also sad about these devaluations, but keeping the understanding that credit card rewards are all "make hay while the sun shines", I prefer to not break a sweat. After all, this is not our primary source of income, it's just an add-on. 🙂

Also, I would be one of the rare ones to praise Axis Bank for causing the necessary disruption in credit card industry, which was earlier dominated only by HDFC Bank. Also, now after many people will cancel their cards, there will be higher chances in the future for Axis Bank to bring attractive offers back to their cards. All these things are cyclical, so will be patient for the positive cycles to appear.
 
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sid16 said:
I am an older customer of Infinia compared to M4B. Atlas in fact is just 4 months old. I'm still happier with Atlas than with Infinia. Infinia didn't give any email to tell me that they were devaluing Accor conversion. They just put a random tickr on their portal and the devaluation just kicked in. Axis is doing what is needed by giving proper email, proper SMS, explaining the devaluation properly.

Atlas gave me 4 miles per Rs. 100 for advance tax payment, which is bonkers. Even though my journey will be really short with Atlas, I still have one month's time to hit platinum tier and get 7.5k miles before the devaluation hits. After that, I will cancel the Atlas card but will be happy with the rewards it gave me rather than being greedy that why are they not giving it for more years.

I am also sad about these devaluations, but keeping the understanding that credit card rewards are all "make hay while the sun shines", I prefer to not break a sweat. After all, this is not our primary source of income, it's just an add-on. 🙂

Also, I would be one of the rare ones to praise Axis Bank for causing the necessary disruption in credit card industry, which was earlier dominated only by HDFC Bank. Also, now after many people will cancel their cards, there will be higher chances in the future for Axis Bank to bring attractive offers back to their cards. All these things are cyclical, so will be patient for the positive cycles to appear.
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Nicely put. CC game is always of finding optimal cards. Till 3 yrs ago Infinia ruled till Axis launched Magnus. Now expecting IDFC and AU and others to rule now that Axis has burnt both ends of the bridge. Its not about devaluations, its just unethical business practice by Axis. And they are highlighting all emails and communications to avoid RBI action - they are no saints (incompetent devils at best)
 
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shashankrt said:
Nicely put. CC game is always of finding optimal cards. Till 3 yrs ago Infinia ruled till Axis launched Magnus. Now expecting IDFC and AU and others to rule now that Axis has burnt both ends of the bridge. Its not about devaluations, its just unethical business practice by Axis. And they are highlighting all emails and communications to avoid RBI action - they are no saints (incompetent devils at best)
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unethical? people have used all ways ti garner points.
 
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sid16 said:
I am an older customer of Infinia compared to M4B. Atlas in fact is just 4 months old. I'm still happier with Atlas than with Infinia. Infinia didn't give any email to tell me that they were devaluing Accor conversion. They just put a random tickr on their portal and the devaluation just kicked in. Axis is doing what is needed by giving proper email, proper SMS, explaining the devaluation properly.

Atlas gave me 4 miles per Rs. 100 for advance tax payment, which is bonkers. Even though my journey will be really short with Atlas, I still have one month's time to hit platinum tier and get 7.5k miles before the devaluation hits. After that, I will cancel the Atlas card but will be happy with the rewards it gave me rather than being greedy that why are they not giving it for more years.

I am also sad about these devaluations, but keeping the understanding that credit card rewards are all "make hay while the sun shines", I prefer to not break a sweat. After all, this is not our primary source of income, it's just an add-on. 🙂

Also, I would be one of the rare ones to praise Axis Bank for causing the necessary disruption in credit card industry, which was earlier dominated only by HDFC Bank. Also, now after many people will cancel their cards, there will be higher chances in the future for Axis Bank to bring attractive offers back to their cards. All these things are cyclical, so will be patient for the positive cycles to appear.
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I completely agree. I just got my Atlas yesterday. I have an M4B also. The only reason why I got Atlas was for tax payment. I'll make it before the devaluation kicks in and probably keep it until renewal time and one more year since I'm planning to hit at least gold in it this year anyway and even 2500 miles for renewal will be worth 9000 rupees in accord.

I have an infinia as well and despite that, even after the valuation, I find Magnus valuable. I hadn't signed up for Magnus when they launched the card since I've always found playing the airmiles game time consuming. By the time I figured out the 25000 points being given for 1L milestone, it was already Nov 2022 and even then I took the card not for playing the airmiles game but even at 20p valuation for gift card, it's worth 6% rewards compared to Infinia's 3.3% base reward rate. When the Sep 2023 devaluation hit, I was happy with whatever rewards I had accumulated and I wasn't bothered about doing anything with it immediately. Due to my relationship with Citi, I was offered M4B LTF and I took it and only after that I realized about Accor's point value and I instantly switched all my non smartbuy transactions to Magnus because of the attractive 8.64% value there and a potential upside to 25.2% post 1.5L spends per month on every eligible transaction. Another thing that I liked about Accor is that unlike miles transfer to airlines and having to book award flights much early for the limited options, there's no concept of award rooms for the points as such, so the headache is not there. As of now I'm using Infinia only for buying GVs for which Magnus offers only 2x and rest everything in Magnus. I'm not feeling the heat much in this devaluation since I was not dependent on this card for BMS BOGO or lounge access anyway. I understand that the scenario will be different for others and people who find the card valuable are silent and people who were using the card for these reasons are understandably upset and expressing it.

I don't have a reserve card and I find the devaluations there quite weird to be honest. I always felt that card was inferior to Magnus in many ways because of the inferior miles transfer ratio(without Burgundy private account) and no accelerated rewards. But after this devaluation, it seems way overpriced to me. Again, somebody else might be feeling differently from me similar to how I felt differently about Magnus from others.

Axis' way of doing these devaluations are understandably abrupt, however, their disruption and unimaginable rewards were also equally so.
 
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sid16 said:
Also, I would be one of the rare ones to praise Axis Bank for causing the necessary disruption in credit card industry, which was earlier dominated only by HDFC Bank. Also, now after many people will cancel their cards, there will be higher chances in the future for Axis Bank to bring attractive offers back to their cards. All these things are cyclical, so will be patient for the positive cycles to appear.
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The examples I gave were not personal, but examples I have seen here and at other forums. Just because both us have got what we wanted out of these cards and can exit them at a good point, doesn't change the disastrous handling of this situation from Axis.

Rather than a smart disruption, it feels more like those in charge massively miscalculated the costs of the reward structure and is now making a hasty retreat from it. Customers have benefitted and will move on, its a simply a loss for the bank after spending so much resources.
 
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sid16 said:
I am an older customer of Infinia compared to M4B. Atlas in fact is just 4 months old. I'm still happier with Atlas than with Infinia. Infinia didn't give any email to tell me that they were devaluing Accor conversion. They just put a random tickr on their portal and the devaluation just kicked in. Axis is doing what is needed by giving proper email, proper SMS, explaining the devaluation properly.

Atlas gave me 4 miles per Rs. 100 for advance tax payment, which is bonkers. Even though my journey will be really short with Atlas, I still have one month's time to hit platinum tier and get 7.5k miles before the devaluation hits. After that, I will cancel the Atlas card but will be happy with the rewards it gave me rather than being greedy that why are they not giving it for more years.

I am also sad about these devaluations, but keeping the understanding that credit card rewards are all "make hay while the sun shines", I prefer to not break a sweat. After all, this is not our primary source of income, it's just an add-on. 🙂

Also, I would be one of the rare ones to praise Axis Bank for causing the necessary disruption in credit card industry, which was earlier dominated only by HDFC Bank. Also, now after many people will cancel their cards, there will be higher chances in the future for Axis Bank to bring attractive offers back to their cards. All these things are cyclical, so will be patient for the positive cycles to appear.
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Absolutely loved your post. So true ! The true value of card is still intact and it gives awesome travel benefits. But people don't realise and just react
 
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DocFixIt said:
2 lakh on Flipkart within month ??
Better get sbi cashback card
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20 K!. That means Millennia won't give full value... Also Flipkart Axis has the no cost EMI options on Flipkart even if no other banks may ofer at a given point.
But at the same time, with no more great attraction for offline spends, not possible to get the fee waver, particularly as I have HDFC Tata Infinity which should be now the go to offline card I suppose. So I am wondering, any possibility to convert Flipkart Axis LTF? aftere this round of devaluation, they may not entertain such requests so soon after, but it may also be the time to strike. Don't want to risk it at this point though with a closure request. Any othere option I can try?
 
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Now that the dust has settled (and the initial shock/anger died down a little), I think I'll keep both my Axis card - Vistara Infinite & Magnus Burgundy.
Vistara I had renewed in Feb 2024 and retained the gold status, so no sense in closing now. If I manage to retain Gold status this year (looks a little difficult) I'll keep the card next year else mostly close before renewal.

Magnus Burgundy devaluation definitely pinched me, specially BookMyShow and reduction in M&G. I travel internationally 4-5 times a year and Mumbai airport is always crowded so M&G was a real boon. Really going to miss that big time and will keep a watch out on a card that fills that void.

Other than that not much has changed for me, I still easily spend more than 50k/month on the card so lounge access works for me and my wife. We also have Infinia/Yes Marquee as a worthy backup to cover our lounge access. The silver lining for me in the whole axis devaluation was making lounge access spend based. Having been to so many lounges all over the world, I had to say that some of the Indian lounges were looking worse than a railway platform. 1 more thing I secretly wish is for lounges to provide access after matching the card details with the passenger names (this does happen in a lot of international lounges).

Other than that, in spite of the all chaos with Axis, mathematically Magnus Burgundy is still the most rewarding card available. It's definitely not the most premium but rewarding. Before someone asks me is it worth keeping 10L with Axis for the card, let me just say that my thought process was the other way around. My requirement was to keep 10L as an emergency/backup fund in a bank which provides me premium & quick service. Luckily Axis branch is quite close to my house and my RM shows up at my place within mins of my call. Magnus Burgundy for me was a byproduct of this relationship so in spite of all these devaluations I'll keep the card and axis account for now.
 
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asahi said:
After this new devaluation, seriously how many of you guys are actually gonna close their cards. I hold 2 cards & i’m not closing any of them. They’re still good to me. Neo & Airtel.
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Closed IOCL yesterday.... After 22 mins long call... Senior tried to convince me for that iocl 🤣 ... She offered 2000 bonus points for not closing it.. i denied it and finally she closed it
 
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