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

[bugmenot]

-- 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

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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

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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

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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

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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

 

[neogen]

Congratulations.. we have reached 100 pages !

What have we achieved till now? baba ji ka ......🔔

 

[sankar7000]

nted and that the devaluation of the axis credit card portfoli

Hello All!

Bonus edge reward options have dropped for Gift Edge (Axis' Gyftr).

Amazon Pay GV dropped to 2x.
Swiggy dropped from 5x to 3x.
PVR dropped from 10x to 5x.

However, I didn't notice any reduction in Gyftr for HDFC or AmEx.

Not seeing much point in buying vouchers from Axis Gyftr!

Just for my understanding, for Amazon pay voucher of 1000, we get 60 base points and 120 accelerated points totally 180 points or is it we get 60 base points and 60 accelerated points = 120 points overall.Please confrim

 

[thanix]

Each day I wake up asking whether the patient (Axis magnus) admitted over weekend is still alive or not?

We see it going to ICU and coming back to have hope but some other vitals go bad.

Meanwhile, next bed patients death announced only to be withdrawn.

Now even if the patient survives, he will forever be in coma 😂

 

[neogen]

Each day I wake up asking whether the patient (Axis magnus) admitted over weekend is still alive or not?

We see it going to ICU and coming back to have hope but some other vitals go bad.

Meanwhile, next bed patients death announced only to be withdrawn.

Now even if the patient survives, he will forever be in coma 😂

Also, at times the patient goes missing from the bed.

Bhootiya hospital wala scene ho raha hai

 

[visvin]

Had anyone noticed that Axis has reduced Giftedge earning for all Voucher significantly. For e.g ASV is 2x from 5x, MMT is 3x from 10x.

 

[Rahul92]

Even after all these changes , if monthly milestone of 25k remains , it's still 6.2% return ( at least ). Isn't it something ?

 

[ishanmontella]

Had anyone noticed that Axis has reduced Giftedge earning for all Voucher significantly. For e.g ASV is 2x from 5x, MMT is 3x from 10x.

Go to page 97, 98. Already discussed

 

[V G]

Instead of reducing transfer ratio, Axis should focus on restrictions on ER distribution. Too much ER is being distributed by axis via Grab Deals and Gyftr. This devaluation will not hurt much people holding magnus. This is my view. What you guys think?

 

[varunchopra]

Hi Everyone
I had transferred my edgerewards to Krisflyer 4 days back.How long does it take to reflect in Krisflyer account.

 

[Chaitanya-a]

Irrespective of what happens on 13th Aug, no1 is gonna wait and watch.
Everyone would be pulling our and transferring all points to not risk them. That said, I am glad Axis chose this BS strategy to test waters. Knowing that they can stoop to such low levels, the fear of devaluation is no more there.
So next deval won’t matter much if we are on guard.

Actually now they can't fix 13th Aug as effective date since RBI has mandated that banks should give atleast 1 month notice period before any changes. So whenever they'll make the notice public, customers have another 1 month after that.

 

[Harry1]

Lol My major spends were on Amazon, ASV and Flipkart vouchers. This devaluation affects me more than anything else.

And worst part is they didn't give even 30 days notice for this. I had plans to buy some this weekend.

 

[Thomas244]

Lol My major spends were on Amazon, ASV and Flipkart vouchers. This devaluation affects me more than anything else.

And worst part is they didn't give even 30 days notice for this. I had plans to buy some this weekend.

It’s ok by the time u got 3X or 5x points 120 days we don’t know what it will be valued. So no point in thinking we shud have stocked vouchers. At present we shud wait till a clear picture is obtained and then do transactions. The whole point is consistency if we do transactions.

 

[Himanshu Rathi]

Axis has done the Following changes by now ---->
1) Axis Gyftr most vouchers at 2X, 3X, 5X.
2) Axis Grab Deals capped at 5X.

With these changes, a 5:4 ratio seems to be fair as many brand vouchers are available at 7.5-10% discount outside which are categorized in 3X on Axis Gyftr.
Even If the ratio is kept at 5:4, it would be difficult for Axis as 3X Edge rewards will give 14.6% Airmiles while outside purchases would give a 10% discount and 4.8% Airmiles. A smart person would mostly choose discounts over equal Airmiles/ loyalty points until and unless it's Accor points ( 1 point equivalent to Rs 1.8).

Note- Accor Points are considered with a 5:4 Transfer Ratio. Do let me know if my calculations are wrong.

 

[Slayer]

With these changes, a 5:4 ratio seems to be fair as many brand vouchers are available at 7.5-10% discount outside which are categorized in 3X on Axis Gyftr.
Even If the ratio is kept at 5:4, it would be difficult for Axis as 3X Edge rewards will give 14.6% Airmiles while outside purchases would give a 10% discount and 4.8% Airmiles. A smart person would mostly choose discounts over equal Airmiles/ loyalty points until and unless it's Accor points ( 1 point equivalent to Rs 1.8).

Agreed but some brands were hit hard like Flopkart and ASV goin to 2X and not even 3X

 

[Himanshu Rathi]

Agreed but some brands were hit hard like Flopkart and ASV goin to 2X and not eveStill

I think 2X is also good for Amazon and Flipkart as there are hardly any discounts for these vouchers outside, Mostly capped at 2-4%.

 

[visvin]

Go to page 97, 98. Already discussed

👍
I think TravelEdge is now 1x. Didn't see mention of 5x anywhere.

 

[Cardmarvel]

I think 2X is also good for Amazon and Flipkart as there are hardly any discounts for these vouchers outside, Mostly capped at 2-4%.

Infinia gives you 17% on Amazon vouchers.

 

[Harry1]

It’s ok by the time u got 3X or 5x points 120 days we don’t know what it will be valued. So no point in thinking we shud have stocked vouchers. At present we shud wait till a clear picture is obtained and then do transactions. The whole point is consistency if we do transactions.

For me, the leaked devaluation was not huge, as I value miles at 0.5-0.6 rs and Multibrand voucher at 5:2 were still an option, so points value was going down only by 30% or so for me.

But this just makes it unusable for me. I have some tax payments this month, so I will still be able to reach milestone this month. But definitely not in next month.

 

[VijayflyRaven]

E

Only purchase gift vouchers and achieve milestone from Magnus card . I think in this we received 10 to 15 % return

even gyftr rates have changed now. I see Amazon SV is only 2X now.

 

[dominic1229]

Just for my understanding, for Amazon pay voucher of 1000, we get 60 base points and 120 accelerated points totally 180 points or is it we get 60 base points and 60 accelerated points = 120 points overall.Please confrim

2x means 2x total. so for Amazon Pay GV of 1000, you will get 60 in few days and bonus 60 in few months (i think 90-120 days).
Similarly, for Swiggy voucher of 1000, you will 60 in few days and 120 in 90-120 days.