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

 

[ishanmontella]

Guys is Travel edge 5x gone too?

 

[Walter White]

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 🙂

Jab SBI randomly T&C bina inform kare change kar deta hai aur bolta hai naya file hamesha se exist karta tha, Axis se toh koi hope nhi hai. 😂

 

[amitr29]

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 🙂

I have never said they will give 10x and I know for sure that they will Not give 10x. I am more surprised that they changed multiplier during the day, ideally they should have done from next day i.e effective 12:00 Am

I am just highlighting the stupidity of Axis credit card team.

 

[jdsouza81]

ER rewards transferred to Accor on July 10 still not credited in Accor. Anyone else facing similar issue?

 

[D7162]

Does anyone know if the Samsung Infinite ER are still working with Magnus?
I got mine approved today and will recieve it in a few days, now that all this devaluation stuff is in the air and axis is aware of some shit, I'm not sure if I should go ahead with the activation and get the welcome edge rewards. I do have some use for the card but I can live without it as well. Would really appreciate some advice here.

You should try
In worst case also, you will get 0.2 value so your 6k will be returned so nothing to lose here

 

[D7162]

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

I questioned this few weeks back and i was told 5X is feature of magnus not of travel edge so it's going to remain 5x until Deval announced

 

[dinersblackpro]

The problem I have faced with Turkish's Miles&Smiles is lack of reward seats on partner airlines. Additionally, it is cumbersome to search for partner availability since there is no calendar view, neither weekly nor monthly. Availability on United does not appear when searching on the Turkish website.
How does one find availability on Turkish?

I transferred some miles from Axis to Turkish on Monday (10th July) - still have not got them on my Turkish FFP account. Lots of "experts" have posted that it takes 1-2 days, so I want to just tell them that it does not!

 

[basant]

After mass magnus closure, imagine india's metal trash stock. 🙂🙂. Would be then sold as axis metal playing cards by kabadiwala😜😜😜

 

[CARDBITRAGE]

Whatever return you are losing in Axis' cards, you can make up for it by investing in SBI cards. XD

 

[Venky]

I transferred some miles from Axis to Turkish on Monday (10th July) - still have not got them on my Turkish FFP account. Lots of "experts" have posted that it takes 1-2 days, so I want to just tell them that it does not!

For you it didn’t it seems but since the Deval saga has begun, I’ve transferred twice and it got credited in my M&S account in two days.
Almost everyone is facing some kind of delay in their points being credited. Be it Accor or Turkish.

 

[Vikash_Kumar]

I consider Axis devaluating reward points on Giftedge and Grabdeals as a whole better step as it will stop manufactured spends of lot of Resellers who earn commission in CASH by selling these brand vouchers. I know quite a lot people. They encash money in lieu of vouchers from Offline Brand sales person (e.g Shoppers stop). Now this will only deeply affect resellers and now only genuine spenders will achieve 1L milestone in Magnus. I consider it's better way rather devaluing air mile conversion.

 

[Walter White]

After mass magnus closure, imagine india's metal trash stock. 🙂🙂. Would be then sold as axis metal playing cards by kabadiwala😜😜😜

Coaster ki tarah use kar lena 😂

 

[dj2006]

I transferred some miles from Axis to Turkish on Monday (10th July) - still have not got them on my Turkish FFP account. Lots of "experts" have posted that it takes 1-2 days, so I want to just tell them that it does not!

For me they took more then 2 weeks last month.

 

[miles_guy]

Where do we see traveledge devaluation? I couldn't find anything.

 

[Himanshu Rathi]

I feel bad for the whole Axis Bank Magnus team in charge now.
We all are bashing the Axis Bank team for this devaluation but the real blame is on the Axis Bank team who introduced such a highly lucrative reward rate on this card.
For example,
Marks & Spencer gave 45X edge rewards.
On spends of 2400 on M&S you would get a total of 6480 Edge Rewards which converted at a 5:4 ratio on CV would give 5184 CV points.
5000 CV points = BOM---> DEL economy ticket.

Finally on spends of Rs.2400 also you would get -->
1) Products worth 2400
2) BOM---> DEL economy ticket with India's best Airline AIR VISTARA which generally costs around Rs.4200

I think that Axis Team planned 45X rewards with their general ratio of 5:1. The main reason behind this would be the LACK OF SEGREGATION OF EDGE REWARDS earned via different routes.

Magnus Team at that time would be so focused on Customer Acquisition that they forget to think about the Future of this Card.

Conclusion --->

I think these changes by Axis show a profitable Business strategy by their management ( It's not an investment advice 😉) . The hatred that Axis is facing is just because of its previous decisions that gave us an unbelievable reward rate & perks and now they are devaluing them from unbelievable to an excellent reward rate.

Magnus Card was meant for HNI customers and Axis did plan well for them by implying 1 Lac Milestone but the Customers out-smarted Axis.
Magnus is still an excellent reward rate card with high perks considering it does not change its 5:4 ratio after all other devaluations on Gyftr, Grab Deals.

I also feel bad for Other CC holders of Axis as I personally think that Axis gave rewards to Magnus cardholders from the earnings of other cards which MAY HAVE IMPACTED AND led to the DEVALUATION OF OTHER CARDS.

 

[ADITYA1904]

Sa

ER rewards transferred to Accor on July 10 still not credited in Accor. Anyone else facing similar issue?

Same here

 

[phagocyte536]

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.

Not if You can hit milestone

 

[WhoU]

ER rewards transferred to Accor on July 10 still not credited in Accor. Anyone else facing similar issue?

Yeah facing the same 🙁

 

[V G]

After Gyftr and Grab deals devaluation, Axis now should assess the impact of these changes before any other devaluation.

 

[Harry1]

With Gyftr devaluation, I am like, bring it on (the leaked devaluations). And leave no reason for keeping the card😂.