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

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bugmenot

bugmenot

TF Ace
-- 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


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


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

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

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
 

Attachments

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CD. said:
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
Click to expand...
We had life before Magnus and we will have one after Magnus. 😂
 
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CD. said:
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
Click to expand...
Insider news:
1) They were investigating who designed such card with such ridiculous benefits, including hefty commissions.. I understand they were paying to their agents ~4 to 5k per successful customer onboarding
2) While They were grappling with 1, they are now trying to figure who devalued the card, why it was devalued.

Further, Axis top bosses still don't have any clue on who are "They"
 
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amitr29 said:
Maybe Bosses and 'They' are part of this forum and are reading everything 😂 Maybe screenshots of this thread is being circulated on their WhatsApp group 😆
Click to expand...
They can use their MBA interns for this for the projects lol

Project Name : Scrape social media and youtube to find people who find hacks

The student who finds the most hacks wins and will get PPO as head of credit card division
 
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If they're making losses owing to their generous issuance and rewards, why don't they just replicate Infinia with a couple of distinct changes? Wouldn't that keep the card competitive and stop people from being disillusioned with the Axis brand? With that, no one would be enamoured with Infinia, end of story!
 
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ketz1981 said:
If they're making losses owing to their generous issuance and rewards, why don't they just replicate Infinia with a couple of distinct changes? Wouldn't that keep the card competitive and stop people from being disillusioned with the Axis brand? With that, no one would be enamored with Infinia, end of story!
Click to expand...
First let Axis figure who are "They". Its an existential question
 
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With everything said, the main problem is not the devaluation or the extent of it, it is this state of limbo that is giving rise to all this speculation and people losing sleep over it. Had Axis formally released the initial pdf and decisively announced the devaluation, people would be disappointed, hurled a few abuses, would talk about it for some time and moved on with life, maybe even continued with or come back to Axis after the initial shock and disappointment was over. It is this continued state of indecision and no clarification by Axis, either way, that has caused this issue to stretch for so long and Axis to lose reputation with each passing day. If everything was settled, people would move on and get over it. Problem is right now people are confused, don't know what to expect, and this lack of clarity is what is affecting people the most. Yes, it is just a credit card, nothing more, nothing less. But a lot of people were planning their entire finances and budgets and travel plans and what not around it and now, they don't know if they should move on or hold on. If they knew for sure, even in the worst case scenario, they would adapt and decide what to do, which, in the current scenario they can't, and hence this frustration and 114 page and running thread.
 
Upvote 0 Downvote
abhishek0882 said:
With everything said, the main problem is not the devaluation or the extent of it, it is this state of limbo that is giving rise to all this speculation and people losing sleep over it. Had Axis formally released the initial pdf and decisively announced the devaluation, people would be disappointed, hurled a few abuses, would talk about it for some time and moved on with life, maybe even continued with or come back to Axis after the initial shock and disappointment was over. It is this continued state of indecision and no clarification by Axis, either way, that has caused this issue to stretch for so long and Axis to lose reputation with each passing day. If everything was settled, people would move on and get over it. Problem is right now people are confused, don't know what to expect, and this lack of clarity is what is affecting people the most. Yes, it is just a credit card, nothing more, nothing less. But a lot of people were planning their entire finances and budgets and travel plans and what not around it and now, they don't know if they should move on or hold on. If they knew for sure, even in the worst case scenario, they would adapt and decide what to do, which, in the current scenario they can't, and hence this frustration and 114 page and running thread.
Click to expand...
Very well said.
Everyone is capable of dealing with the worst of news, even no longer being able to transfer at all. It would hurt - sure; but everyone moves on since we all knew the party wouldn’t last forever
Not knowing what tomorrow brings is causing more dissatisfaction
 
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Namans said:
Very well said.
Everyone is capable of dealing with the worst of news, even no longer being able to transfer at all. It would hurt - sure; but everyone moves on since we all knew the party wouldn’t last forever
Not knowing what tomorrow brings is causing more dissatisfaction
Click to expand...
axis never released devaluation notice officially, so why will they comment. Its the customers who speculated everything according to them!
 
Upvote 0 Downvote
abhishek0882 said:
With everything said, the main problem is not the devaluation or the extent of it, it is this state of limbo that is giving rise to all this speculation and people losing sleep over it. Had Axis formally released the initial pdf and decisively announced the devaluation, people would be disappointed, hurled a few abuses, would talk about it for some time and moved on with life, maybe even continued with or come back to Axis after the initial shock and disappointment was over. It is this continued state of indecision and no clarification by Axis, either way, that has caused this issue to stretch for so long and Axis to lose reputation with each passing day. If everything was settled, people would move on and get over it. Problem is right now people are confused, don't know what to expect, and this lack of clarity is what is affecting people the most. Yes, it is just a credit card, nothing more, nothing less. But a lot of people were planning their entire finances and budgets and travel plans and what not around it and now, they don't know if they should move on or hold on. If they knew for sure, even in the worst case scenario, they would adapt and decide what to do, which, in the current scenario they can't, and hence this frustration and 114 page and running thread.
Click to expand...
well if you think from Axis Banks' point of view, everyone will deal with the bad news by dumping the Magnus card, they obviously do not want that to happen, on the other hand, they don't care about us being confused
 
Upvote 0 Downvote
abhishek0882 said:
With everything said, the main problem is not the devaluation or the extent of it, it is this state of limbo that is giving rise to all this speculation and people losing sleep over it. Had Axis formally released the initial pdf and decisively announced the devaluation, people would be disappointed, hurled a few abuses, would talk about it for some time and moved on with life, maybe even continued with or come back to Axis after the initial shock and disappointment was over. It is this continued state of indecision and no clarification by Axis, either way, that has caused this issue to stretch for so long and Axis to lose reputation with each passing day. If everything was settled, people would move on and get over it. Problem is right now people are confused, don't know what to expect, and this lack of clarity is what is affecting people the most. Yes, it is just a credit card, nothing more, nothing less. But a lot of people were planning their entire finances and budgets and travel plans and what not around it and now, they don't know if they should move on or hold on. If they knew for sure, even in the worst case scenario, they would adapt and decide what to do, which, in the current scenario they can't, and hence this frustration and 114 page and running thread.
Click to expand...
Abhishek bhai zabardast hai. All of a sudden ayenge aur expert advice denge. Jis ke liye 114 page bane hai, Abhishek bhai ne kuch lines me hi apna kaam kar diye. 😅
 
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