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

 

[VijayflyRaven]

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.

They have killed all type of customers with this all round devaluation.

It is gameover for Magnus. If they change or revoke the plan, it changes nothing. We lost trust now

 

[rogerthat]

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.

Congratulations on the 2000th post! 😊👏👏

 

[sankar7000]

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.

This means I need to close MAGNUS!!!

 

[VijayflyRaven]

This means I need to close MAGNUS!!!

Don’t close it. Use it for all features it offers but don’t spend money. Close it only before renewal month.

 

[Walter White]

This means I need to close MAGNUS!!!

Use it till the time they ask you to pay the annual fees.

 

[dominic1229]

We don't know if devaluation will happen on 12th aug or not. But, noticing the reduction of 33%-50% in Gyftr GV we can say that Stealth Devaluation has already begun. That's a major hit!!

 

[VijayflyRaven]

Axis is doing all the right things. But it must have been done in multiple phases. Doing everything now means people will see it and leave.

Imagine a frog getting in to a boiling water and it jumps off. If the same frog jumps in to a nice warm water and then slowly water begins to boil, frog won’t know.

 

[mojo_jojo123]

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.

yes now if they make 5:4 then I will literally burn this CC .. and make a video and post it

 

[sky_walker_rules]

Axis is doing all the right things. But it must have been done in multiple phases. Doing everything now means people will see it and leave.

Imagine a frog getting in to a boiling water and it jumps off. If the same frog jumps in to a nice warm water and then slowly water begins to boil, frog won’t know.

+1 axis is doing the right thing, a bank is not here for charity and to please people. if you don't like Magnus please move on.this gradual deval is fine than having direct 5:1 transfer

 

[amitr29]

They have done there maths basis data and reduced ER in cases where vouchers were majorly used just just to hit 100k milestone. Shopping brands are still at 5x bcoz those will be genuine purchases. Yesterday at 4:30 PM I bought lifestyle voucher at 10x and at 7:00 PM it was 3x 😆

Those thinking that airport guys or sales guys will accept devaluation reality are wrong. Sales guys want to milk the cow, as much as possible. They want to sell more magnus till the news is officially out.

 

[dominic1229]

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%.

Rs. 1000 worth of Amazon pay GV via Axis Magnus = 96 Airmiles/CV points
Rs. 1000 worth of Amazon pay GV via HDFC Infinia = 150 Airmiles/CV points

Infinia can now destroy Magnus by providing 56% more value than Magnus GV. Now, Infinia has pure dominance in terms of Gyftr GVs.

 

[mojo_jojo123]

They have done there maths basis data and reduced ER in cases where vouchers were majorly used just just to hit 100k milestone. Shopping brands are still at 5x bcoz those will be genuine purchases. Yesterday at 4:30 PM I bought lifestyle voucher at 10x and at 7:00 PM it was 3x 😆

Those thinking that airport guys or sales guys will accept devaluation reality are wrong. Sales guys want to milk the cow, as much as possible. They want to sell more magnus till the news is officially out.

do you think axis will honour 10x .. what if they give 3x . how will we prove them that it was 10x at the time of buying and not 3x ..

 

[mojo_jojo123]

Rs. 1000 worth of Amazon pay GV via Axis Magnus = 96 Airmiles/CV points
Rs. 1000 worth of Amazon pay GV via HDFC Infinia = 150 Airmiles/CV points

Infinia can now destroy Magnus by providing 56% more value than Magnus GV. Now, Infinia has pure dominance in terms of Gyftr GVs.

HDFC DCB is also good .. no fear of devaluation like axis

 

[amitr29]

do you think axis will honour 10x .. what if they give 3x . how will we prove them that it was 10x at the time of buying and not 3x ..

They will 100% Not honour 🤬

 

[ishanmontella]

They have done there maths basis data and reduced ER in cases where vouchers were majorly used just just to hit 100k milestone. Shopping brands are still at 5x bcoz those will be genuine purchases. Yesterday at 4:30 PM I bought lifestyle voucher at 10x and at 7:00 PM it was 3x 😆

Those thinking that airport guys or sales guys will accept devaluation reality are wrong. Sales guys want to milk the cow, as much as possible. They want to sell more magnus till the news is officially out.

When we buy any voucher from Gyftr, do we get any notification that the voucher purchased will fetch 3x/5x points?
I mean in your case, if Axis credits only 3x points after 120 days, what proof do you have to present to them that it should fetch 10x? Screenshots with date and time? 😀

 

[dominic1229]

HDFC DCB is also good .. no fear of devaluation like axis

I like DCB's reward rate but it is only good for people who got it LTF.
Welcome and renewal benefits of Paid Infinia and Magnus (current bonus without future deval) are way better than Paid DCB.

 

[bigbrain]

Rs. 1000 worth of Amazon pay GV via Axis Magnus = 96 Airmiles/CV points
Rs. 1000 worth of Amazon pay GV via HDFC Infinia = 150 Airmiles/CV points

Infinia can now destroy Magnus by providing 56% more value than Magnus GV. Now, Infinia has pure dominance in terms of Gyftr GVs.

Agreed. But if you hit 1lakh milestone then you effectively get another 50 airmiles. So comparable to Magnus.
Also I have got more than 15k to 20k points in bonus in a month on Magnus but infinia has restrictions on per day and per month. So need to calculate and spend on big purchases like tv or flight.

 

[raghav459]

Thi

This is really hilarious like they will end the all things in this week…🤐🤐🤐

All they are doing is making axis credit cards worth less and useless. So far after reducing grab deals accelerated 40x they moved to gyft edge.

 

[Cardmarvel]

They have done there maths basis data and reduced ER in cases where vouchers were majorly used just just to hit 100k milestone. Shopping brands are still at 5x bcoz those will be genuine purchases. Yesterday at 4:30 PM I bought lifestyle voucher at 10x and at 7:00 PM it was 3x 😆

Glad to know we still have folks who believe Axis will honour the 10x rate when it was devalued to 3x on the same day

 

[mojo_jojo123]

Glad to know we still have folks who believe Axis will honour the 10x rate when it was devalued to 3x on the same day

#axis bank bewafa hai