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

 

[vina]

I think, Copy paste kiya hoga.
Kisi dusre forum ka maal idhar chipka diya hoga🤣

I did copy paste the amex analysis from another group https://www.technofino.in/community...lped-in-non-traditional-way.15010/post-277662 - I had written that post

as for the rest of what you are writing, get you head out of your ass man, typing is hardly a big deal

 

[Sharjeelshaikh]

I applied for Infinia today. May or may not get it. HDFC had rejected my application at least 3 times in the past (after inviting me by email to apply - go figure !) so last year I gave up the regalia I had - I had stopped using it 4 years ago after I got ICICI Amazon and Axis Flipkart cards (I didn't know a lot about Smartbuy, and the deals like Prime Day that's going on now give significant discounts in any case; which we all forget in "card analysis")

Anyway. Yesterday somebody wrote that Amex Platinum (and even Gold) may be better than Magnus if we assume that the rumored Magnus devaluation PDF circulating widely is real. So I did some calculations yesterday (I'll assume the PDF was real, and hence not talk about point conversions at all):

On Amex:

the best reward it seems one can get on Amex is via Reward Multiplier - and that gives max 5x (Platinum and Gold cards). for Platinum that comes to 5 points per Rs. 40 spent.

However the value of the reward points is at best rs 7/18 each when converted to Amazon etc. (7000 rupees worth, for 18000 points). so one gets about 4.86% reward rate when converted to Amazon

with Magnus there are plenty of options on the equivalent of Reward Multiplier (gyftr platform) - so one can get 5x there too, but I'll keep it at 3x. So for 200rs spent, one can get 36 ER points. for those 200 rupees spent, if milestone is reached, one gets another 50 points, making a total of 86 points. for Rs. 200

This is equivalent to 86/5 = 16.3 rupees worth of amazon vouchers (for rs 200) - or a reward rate of about 8.15%

obviously there are several caveats - you need to get to the milestone on Magnus, and Platinum has a few other benefits in addition. However Platinum costs a ton. Gold costs less but the return is 4/5th that of Platinum (and additional benefits a lot fewer).

So for those who don't particularly spend on travel too much and can meet milestones most months of the year, Magnus still clearly beats Amex cards. Not the least because if you only beat the milestone every month, then the return is 6% guaranteed on nearly everything (including retail spends) - you can't do reward multipliers on nearly everything.


I also calculated for Infinia (obviously, I applied today)
For Infinia:

Again, I'll ignore travel at first. Many of us don't travel that much, nor do we enjoy eating at five stars outside of a couple of birthdays a year; but more on that later.

If one can spend significant amounts every month, then the best way to do it is through Gyftr gift cards. Assuming I could do that with Infinia, the RP conversion in many cases came 5x (in very few cases 10x, but one can't spend too much there except for travel. e.g. one such case in SONYliv) - in other words you get 25 RP for 150rupees spent. I'll ignore other discounts for now because (I checked a few cases) the overall numbers didn't look very different between this and Magnus.

Now converting to Amazon (and many other) gift coupons, you can get 0.5 rupees per RP - in other words reward rate of about 12.5rupees per 150 rupees spent or about 8.3% . There were discounts on gyftr that were a bit higher than those for Magnus. I would say there is an additional difference of between 0 and 1%. For spending on Apple and Tanishq you get better on Infinia - I personally don't do either (I don't like Apple), but Tanishq long term gold value is a lot higher, about 1.35x higher than converting to Amazon. So Infinia will beat by about 2-3% if you convert a lot of points to Tanishq. The issue of course is you got to spend a third of that money out of your own pocket, and I'm guessing (I don't know) if you pay by this route, you forego any other discounts Tanishq may be given at the time. I would say 2-3% additional nevertheless.

The real kicker though is travel : on travel on Infinia now it is possible to spend RPs at nearly 2x the above numbers and also earn 50RP per 150rupees on hotel spends and 25RP per rupee on flights - the latter is similar to gyftr, but the former is double of Magnus (a bit less than double actually; you get about 2% more on Magnus for travel than for other spends) in points recovery.

I wont go into the details - on travel Infinia is better by anywhere between 2x to 4x. For most people it'll be about 2x to 3x for travel.


And so while Amex doesn't, Infinia does seem to beat Magnus hands down.

But one other thing remains - as long as one is spending slightly above 1lakh in the aggregate in a calendar month, Magnus returns a minimum of 6% even on the expenses that are not done through Gyftr (or reward mutliplier) coupons or travel. Infinia does, at best (i.e. if RPs are used 100% for travel) 3.5% there. Given that most people will spend nearly half of the money in that kind of spends, I don't think the non-travel difference is in favour on Infinia. I think on aggregate Infinia would still be better for most people, but not far better.


I'm applying for Infinia because in many months (though not most) I go very significantly above 1lakh in expenses. And in such months the incremental reward on Magnus will now suck (and really bad at that). so the plan is - first 1lakh on Magnus, rest on Infinia; and all travel on Infinia going forward.

that is, if the Infinia application is approved in the first place of course.

Mai SBI metro card Leni ki soch Raha hu wahan milna saath mein latak te hue jayege aur saare ER ka vishleshan karege

 

[Walter White]

Mai SBI metro card Leni ki soch Raha hu wahan milna saath mein latak te hue jayege aur saare ER ka vishleshan karege

SBI ka NCMC card lelo. Phir har city ki metro me ek hi card use karke latak te hue jaoge. 😛

 

[Cardmarvel]

They will not remove 25k monthly milestone
They are going to change transfer rate to 5:1 / 5:2 from 5:4

My bet is still on

https://www.technofino.in/community/threads/devaluation-w-e-f-12th-aug-2023.14935/post-270534

 

[Cardmarvel]

Btw Axis has suddenly got better in crediting regular rewards. My rewards for July 13th txn are already credited

 

[vina]

They will not remove 25k monthly milestone
They are going to change transfer rate to 5:1 / 5:2 from 5:4

if they go to 5:2 without removing milestone benefit - the card is nearly as good as Infinia (except perhaps for hotel stays)

 

[Namans]

So is Magnus devalued?
Is the transfer ratio changed for Magnus as well?

 

[pprakash11]

So is Magnus devalued?
Is the transfer ratio changed for Magnus as well?

Not yet

 

[ankurarora898]

It will be patched. UPI was also patched after a long long time.

If someone wants to avoid rotation, Idfc seems to have 2.5% rate for debit card. It might be another option to avoid rotation.

yaar pehle rbl ka signature+ lena pd gaya 1% liye,ab ye 2.5% wala kaunsa hai idfc ka 🤣😩

 

[V G]

Transfer ratio 5:4 should remain same else it will affect past transactions. If axis removes milestone in future, many would be okay with this change (no happy, of course) as this change will affect only future transactions. What do you think guys?

 

[MagnusExplorer]

Axis Gyftr Amazon voucher monthly limit is now 20k only

 

[Ashutosh007]

Transfer ratio 5:4 should remain same else it will affect past transactions. If axis removes milestone in future, many would be okay with this change (no happy, of course) as this change will affect only future transactions. What do you think guys?

agree, changing the transfer ratio will be like devaluing a currency, no one will trust them again, it's extremely stupid! If they wanted to devalue the card, they should have simply discontinued the milestone benefit. Plus everyone who is currently using the card will continue using it since 4.8% is still better than Infinia's 3.3%

 

[Slayer]

Axis Gyftr Amazon voucher monthly limit is now 20k only

It was 10k previously and now it's 20k
Not understanding the only part

 

[Cardmarvel]

agree, changing the transfer ratio will be like devaluing a currency, no one will trust them again, it's extremely stupid! If they wanted to devalue the card, they should have simply discontinued the milestone benefit. Plus everyone who is currently using the card will continue using it since 4.8% is still better than Infinia's 3.3%

You don’t see the difference between Infinia’s 3.3% and Magnus’s 4.8%? You’re assuming that miles and hotel points are valued at Rs 1 each. That’s probably true only for Accor. But Infinia’s 1 point can be easily converted into Rs 1

 

[Wealth is my birth right!]

Transfer ratio 5:4 should remain same else it will affect past transactions. If axis removes milestone in future, many would be okay with this change (no happy, of course) as this change will affect only future transactions. What do you think guys?

yes at least till oct 5:4 won’t get changed
Else its a cheat game we spend 1l and wait for 90days and if 5:1 only possible then Axis bank won’t gain trust in the market

 

[thedator]

You don’t see the difference between Infinia’s 3.3% and Magnus’s 4.8%? You’re assuming that miles and hotel points are valued at Rs 1 each. That’s probably true only for Accor. But Infinia’s 1 point can be easily converted into Rs 1

Yeah, its not something that everyone gets apparently. Guess the 4.8% figure going around is causing this.

Its equivalent to the times when everyone thought all loyalty points have equal value.

 

[Ashutosh007]

You don’t see the difference between Infinia’s 3.3% and Magnus’s 4.8%? You’re assuming that miles and hotel points are valued at Rs 1 each. That’s probably true only for Accor. But Infinia’s 1 point can be easily converted into Rs 1

Yeh actually true, I have been using Infinia for the last 2 years and it's a fantastic card, the service level is no comparison to Axis, plus points can very easily be converted into gold, travel, or Apple products. So I guess after this devaluation Infinia it is.

 

[supperman]

It will be patched. UPI was also patched after a long long time.

If someone wants to avoid rotation, Idfc seems to have 2.5% rate for debit card. It might be another option to avoid rotation.

What's this about 2.5% with IDFC Debit card, please?

 

[VijayflyRaven]

What's this about 2.5% with IDFC Debit card, please?

Idfc has started rewards program for debit card. Check the thread under debit card.

 

[thanix]

Transfer ratio 5:4 should remain same else it will affect past transactions. If axis removes milestone in future, many would be okay with this change (no happy, of course) as this change will affect only future transactions. What do you think guys?

I will be okay if milestone points go away for my spend pattern. It will help avoid the guilt spending or FOMO.

But redemption ratio reduction will be actual devaluation for me and significant one which may make Magnus go away on renewal.