Well, The devaluation is now official. After 10 long days of rumour mongering where everyone was wishing and praying that the news of devaluation isn’t real. We now finally have the official communication from axis and well the devaluation, It is real and how.
I think it’s safe to say that the rumour/fake PDF had sent shock waves across the credit card fraternity and took everyone by surprise and come to think of it, it’s becoming certain by the minute that it was an exercise executed by axis bank to soften the blow for when the devaluation actually hit us and the ever so loved Magnus.
Honestly, the strategy of Axis has worked like a charm so much so that it has successfully divided the community. Some are praising the card as it’s now going to be a truly HNI card as they are putting it while some are still critical of the devaluation. In those fake pdf’s there was no tinkering with the monthly milestone and just the transfer ratios were drastically reduced and we all lost our shit. And now axis has taken away that one feature of the monthly milestone and people aren’t really that affected by it. I think axis hired a brilliant psychologist to deliver this body blow of a devaluation in a subtle manner.
In my opinion, whichever side you are on the devaluation, One thing is for sure and I think I speak for everyone; we will never see a Magnus or Magnus like card ever from any financial institution. I hope and pray that I am wrong but it’s safe to say that there never was and never will be another Magnus.
Nevertheless, it was the grandest party on earth where everyone was high on rewards and it still is but the curtains are coming down on 1st September.
The question on everyone’s mind right now is what after 1st September. Well, the harsh reality is we go back to mediocre rewards and it’s going to be a real effort now to extract around 10% returns. I know 10% sounds fabulous but only if axis can erase our memories of the 80%+ rewards redemption rate. Coming to the burgundy account work around provided by axis, there’s a big question mark on it given axis bank’s competence. There were so many loopholes around when the system was simple. Now they are about to create 2 sets of customers from the existing Magnus customers. 1 half will redeem at 5:2 and the other half at 5:4 (those who go for the burgundy). Given axis’s history where lower end card rewards could be redeemed at 5:4 if the same customer held a hni card raises serious concerns about axis’s ability to successfully segregate customers of one credit card into 2 redemption ratios. To top that 12 er on 200 till 1.5 L and 35 er on 200 over 1.5 L and the never ending list of exclusions and if that’s not all the fee has been revised and they have created 2 sets of customers here as well. One already onboarded ie existing customers and one’s that will be onboarded after 1st September 2023. The old ones will be streamlined after 1st September 2024 with the new fee structure. It all sounds simple but I am sure the developers at axis are having nightmares just thinking about their workloads in the coming months leading to 01st September 2023.
To sum up there is so much going on with Magnus that it makes sense to just sit on the sidelines and watch it all go down. Many will close the card, some will go the burgundy way and some will stay put. I think it will take some time even after 1st September for the dust to settle.
Meanwhile, kudos to axis for crediting April milestone yesterday and providing dates for May June and July milestone points credit. Lastly, I will deeply miss Magnus, we all knew someday it will all be taken away and that day is now upon us.
Adios! Magnus, You will go down as the best credit card in the world. You were a LEGEND!!!
I think it’s safe to say that the rumour/fake PDF had sent shock waves across the credit card fraternity and took everyone by surprise and come to think of it, it’s becoming certain by the minute that it was an exercise executed by axis bank to soften the blow for when the devaluation actually hit us and the ever so loved Magnus.
Honestly, the strategy of Axis has worked like a charm so much so that it has successfully divided the community. Some are praising the card as it’s now going to be a truly HNI card as they are putting it while some are still critical of the devaluation. In those fake pdf’s there was no tinkering with the monthly milestone and just the transfer ratios were drastically reduced and we all lost our shit. And now axis has taken away that one feature of the monthly milestone and people aren’t really that affected by it. I think axis hired a brilliant psychologist to deliver this body blow of a devaluation in a subtle manner.
In my opinion, whichever side you are on the devaluation, One thing is for sure and I think I speak for everyone; we will never see a Magnus or Magnus like card ever from any financial institution. I hope and pray that I am wrong but it’s safe to say that there never was and never will be another Magnus.
Nevertheless, it was the grandest party on earth where everyone was high on rewards and it still is but the curtains are coming down on 1st September.
The question on everyone’s mind right now is what after 1st September. Well, the harsh reality is we go back to mediocre rewards and it’s going to be a real effort now to extract around 10% returns. I know 10% sounds fabulous but only if axis can erase our memories of the 80%+ rewards redemption rate. Coming to the burgundy account work around provided by axis, there’s a big question mark on it given axis bank’s competence. There were so many loopholes around when the system was simple. Now they are about to create 2 sets of customers from the existing Magnus customers. 1 half will redeem at 5:2 and the other half at 5:4 (those who go for the burgundy). Given axis’s history where lower end card rewards could be redeemed at 5:4 if the same customer held a hni card raises serious concerns about axis’s ability to successfully segregate customers of one credit card into 2 redemption ratios. To top that 12 er on 200 till 1.5 L and 35 er on 200 over 1.5 L and the never ending list of exclusions and if that’s not all the fee has been revised and they have created 2 sets of customers here as well. One already onboarded ie existing customers and one’s that will be onboarded after 1st September 2023. The old ones will be streamlined after 1st September 2024 with the new fee structure. It all sounds simple but I am sure the developers at axis are having nightmares just thinking about their workloads in the coming months leading to 01st September 2023.
To sum up there is so much going on with Magnus that it makes sense to just sit on the sidelines and watch it all go down. Many will close the card, some will go the burgundy way and some will stay put. I think it will take some time even after 1st September for the dust to settle.
Meanwhile, kudos to axis for crediting April milestone yesterday and providing dates for May June and July milestone points credit. Lastly, I will deeply miss Magnus, we all knew someday it will all be taken away and that day is now upon us.
Adios! Magnus, You will go down as the best credit card in the world. You were a LEGEND!!!
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