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

 

[WhoU]

How are you guys getting Infinia upgrade offer? Do you have good amount of spends on your existing HDFC card?

 

[NikhilTravelLover]

Wow man that is some offer... Is it paid/FYF? What card do you hold now? How long has been your relationship with HDFC and what is the nature of it?

It's been more than 6 yrs with HDFC.I did very minimal spends for first 4-5 years.

But major change happened in last 20 months. After joining my first job, oopened salary accounts with HDFC, upgraded to preferred then eventually Imperia(prectically its not much usefull).I incresed my spends on CC. Got handsome limit increase offers at regular invervals.
Converted paid millenia to LTF regalia. Few attempts were made to get upgrade to DCB or Infinia. Got rejected straight away.

But today glad to see an upgrade offer. TF community guides also helped me alot.
I am indeed obliged to all the members, moderators and creators of TF comminity.

 

[NikhilTravelLover]

I

It will be first year free as always

Then if I am not wrong, I will also not get 12500 rewards points of first year, correct?

 

[Sharjeelshaikh]

It's been more than 6 yrs with HDFC.I did very minimal spends for first 4-5 years.

But major change happened in last 20 months. After joining my first job, oopened salary accounts with HDFC, upgraded to preferred then eventually Imperia(prectically its not much usefull).I incresed my spends on CC. Got handsome limit increase offers at regular invervals.
Converted paid millenia to LTF regalia. Few attempts were made to get upgrade to DCB or Infinia. Got rejected straight away.

But today glad to see an upgrade offer. TF community guides also helped me alot.
I am indeed obliged to all the members, moderators and creators of TF comminity.

Accha phir kya hua

 

[ADITYA1904]

Then if I am not wrong, I will also not get 12500 rewards points of first year, correct?

Yes you wont get points…

 

[phagocyte536]

Who has got Infinia Metal as LTF?

I know people who have Infinia Metal LTF.

 

[hysteriadoc]

I know people who have Infinia Metal LTF.

Infinia Metal LTF is a useless thing. BTW, which CC in India gives 10000 RPs for Rs. 10000 + Gst whose value is 1 RP = 1 Rs, much more if converted to partner miles. Even if we spend Rs. 10000 on Smartbuy 10X partner such as Hotel & IGP we get 3300 RPs. I would never touch the annual spend waiver on Infinia. Itne saste points kon deta hai ?

 

[thedator]

Infinia Metal LTF is a useless thing. BTW, which CC in India gives 10000 RPs for Rs. 10000 + Gst whose value is 1 RP = 1 Rs, much more if converted to partner miles. Even if we spend Rs. 10000 on Smartbuy 10X partner such as Hotel & IGP we get 3300 RPs. I would never touch the annual spend waiver on Infinia. Itne saste points kon deta hai ?

But isnt this Credit Card FOMO at the highest. Almost all premium cards do this / used to do this. DCB, SCU etc.

Even Ultra Premium lifestyle cards such as Amex Plat in US make up for the fees with various vouchers etc.

Nothing wrong with paid cards, I myself have many.

TL;DR:
Banks ko ideas mat do yaar

 

[aggarwal]

Leaving out the airmiles as it is not for everyone

Magnus will be more like DCB. Both of them are 10k fee cards. DCB renewal benefits are a lot watered down. No points given in both for welcome and renewal.

DCB gets 1000 vouchers for 80k spend. Magnus 25k points is equal to 5k vouchers at 1L spend.

HDFC has already excluded government services from points and have cap for everything per day and per month, even for groceries.

DCB gives 1.6% for voucher redemption only. And the pathetic acceptance of diners will make one cry.

The area it scores is airmiles conversion at 1:1 and so Magnus has to stay at 5:4 with no further devaluation on redemption.

DCB also gives 3.3 % regular rewars while axis 1.2% . So at 80000 spend, DCB is 3.3+1.3 = 4.6% Magnus 1.2+ 5 = 6.2%

 

[Ashutosh007]

Has anyone received bonus points in the month of July? mostly I received them by the 15th, but nothing has been credited for July.

 

[yolosingh]

When do you get the accelerated points on gyfter / grab deals? I haven't received bonus points of April yet, which was the first month. It says within 120 days, but does it come exactly after 120 days?

 

[thanix]

DCB also gives 3.3 % regular rewars while axis 1.2% . So at 80000 spend, DCB is 3.3+1.3 = 4.6% Magnus 1.2+ 5 = 6.2%

No, I am talking about vouchers here. Each DCB point can be converted to 0.5 Rs value voucher only. So reward rate for voucher is 1.6 whereas it is 1.2 for Magnus. So Magnus is comparable to DCB at fee range and for low spends, say less than 80K per month.

 

[grshnehete]

When do you get the accelerated points on gyfter / grab deals? I haven't received bonus points of April yet, which was the first month. It says within 120 days, but does it come exactly after 120 days?

For April, in my case, some of the accelerated points have been credited, some are not

 

[grshnehete]

Has anyone received bonus points in the month of July? mostly I received them by the 15th, but nothing has been credited for July.

I guess it comes in last week based on previous 1-2 months data

 

[phagocyte536]

Infinia Metal LTF is a useless thing. BTW, which CC in India gives 10000 RPs for Rs. 10000 + Gst whose value is 1 RP = 1 Rs, much more if converted to partner miles. Even if we spend Rs. 10000 on Smartbuy 10X partner such as Hotel & IGP we get 3300 RPs. I would never touch the annual spend waiver on Infinia. Itne saste points kon deta hai ?

Man the assumptions that everyone can milk miles > 1.Rs per mile and also that everyone has the travel requirements. I will anyday take LTF if given an opportunity.

 

[d3rvish]

I believe Axis is deliberately rejecting Accor transfers now. I had initiated one on 10th, received a failed email yesterday.
Have been able to previously transfer to the same ID multiple times.

Additionally they have push the points refund timeline to 20 days, so you can't even reinitiate the transfer.

Any solution for this?

This just happened to me as well. @shushansh did you get your points back yet?

 

[MilesMax]

Just tell me when you have initiated the transfers? Was it on 10th July after 8AM? If no then you would have received it.

Yes, 10th July 5.30pm to Accor. Got it in 2days.
Got In Progress email for my Recent ITC transfer too. ITC points are generally credited on Friday, so I'll get it this friday.

 

[MilesMax]

I believe Axis is deliberately rejecting Accor transfers now. I had initiated one on 10th, received a failed email yesterday.
Have been able to previously transfer to the same ID multiple times.

I had no issues. My transfer was successful. Initiated on July 10th 5.30pm. That was my second transfer this month.
Maybe you are one of the unlucky ones.

 

[Karthik24]

Yes, 10th July 5.30pm to Accor. Got it in 2days.
Got In Progress email for my Recent ITC transfer too. ITC points are generally credited on Friday, so I'll get it this friday.

My transfer took 4 to 5 days to process it for accor

 

[Deleted member 9785]

My 2 cents based on the drama of last two weeks

1) Axis team is clueless and nobody can predict the extent of devaluation. But, gyftr and grabdeal devaluation has already happened
2) Maybe they calculating the extent of cash burn after these two devaluation and the reduction in gamification of spends
3) Probably based on the latest cash burn rates, they will decide how much conversion ratio to decide and milestone benefits too

All in all this is a show of complete incompetence and forecasting for card team at Axis.

But people are also now spending too much time on this topic. This is just a credit card which has lost its sheen and will continue

Lets focus on our lives . Only cc influencers are making money with all this interactions and high attention. Even they dont have anything worthwile to share anymore and acting like headless chickens