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

 

[Abhishek012]

It's a tata bye bye to Magnus from my end! A financial institution can't be THIS reckless with their products!

Why ? there is no devaluation on magnus card. It was a kind of negative promotion.

Now more people will apply for magnus card.

 

[Rohan]

Thought of getting this card but need to look for better alternate cards.

 

[rohitnsync]

Why ? there is no devaluation on magnus card. It was a kind of negative promotion.

Now more people will apply for magnus card.

"There is no devaluation on magnus card" is not an entirely correct statement. The decision of devaluation is currently on hold. If they have not devalued the card, they have certainly not ruled it out either. As they say, the most precious thing in the world is trust, and they've lost mine for sure.

 

[eatpepsi]

I have completed my July milestone spending on Magnus, and have stopped using it more.
Moved all my expenses to Infinia now, I am just hoping the Airmiles transfer isn't devalued till I get my last point and have transferred it ... can't rely on a card with flimsy & temporary reward value ...
even if it is less I just want to be sure that I am getting what I was promised when spending ... i don't want to be cheated later ... for me, axis has lost its trust.

 

[Abhishek012]

"There is no devaluation on magnus card" is not an entirely correct statement. The decision of devaluation is currently on hold. If they have not devalued the card, they have certainly not ruled it out either. As they say, the most precious thing in the world is trust, and they've lost mine for sure.

Here many people told HDFC Infinia CC will also get devalue before Diwali.

If we will think so much then we have to stop using credit card.

Currently, no devaluation on magnus card. Enjoy it while it lasts.

 

[BR_Groot]

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.

That's really nice. I have HDFC salary account since 2009. started with HDFC cashback cc in 2009, was upgraded to regalia and finally in 2019 got Infinia LTF after decade of relationship with HDFC. This is the normal Infinia and not the metal edition.

 

[S.S.]

Here many people told HDFC Infinia CC will also get devalue before Diwali.

If we will think so much then we have to stop using credit card.

Currently, no devaluation on magnus card. Enjoy it while it lasts.

But the question is should we apply for new magnus? Or just use existing.

 

[Abhishek012]

But the question is should we apply for new magnus? Or just use existing.

If Magnus will get devalue at 5:1 then It will still be the best credit card, if you complete 1 lakh monthly milestone.

 

[sanju8486]

Here many people told HDFC Infinia CC will also get devalue before Diwali.

If we will think so much then we have to stop using credit card.

Currently, no devaluation on magnus card. Enjoy it while it lasts.

Who says there's no devaluation...

Giftedge is devaluated
Grabdeals is devaluated
Many merchants excluded from milestone and reward points..

These were the major source of earning accelerated reward points..

Devaluation is already going on there in phases ..

 

[sanju8486]

If Magnus will get devalue at 5:1 then It will still be the best credit card, if you complete 1 lakh monthly milestone.

Disagree, SBI Cashback card with annual fee of 1000 would be better than this 10000 fee card...

SBI Cashback provides pure CB. Without any gimmick of reward points nd all...

 

[Abhishek012]

Who says there's no devaluation...

Giftedge is devaluated
Grabdeals is devaluated
Many merchants excluded from milestone and reward points..

These were the major source of earning accelerated reward points..

Devaluation is already going on there in phases ..

There is no direct link Magnus card with Giftedge and Grabdeals.

Axis will again increase the rewards on festival season.

 

[sanju8486]

There is no direct link Magnus card with Giftedge and Grabdeals.

Axis will again increase the rewards on festival season.

And at that time it will devaluate it's redemption ratio from 5:4 to 5:2 or 5:1 may be even..

I don't trust Axis anyway now ..

They inhaled Reserve with 50k fee and that was their most premium card..

Can't expect much now...

 

[sanju8486]

There is no direct link Magnus card with Giftedge and Grabdeals.

Axis will again increase the rewards on festival season.

Who were the people using giftedge or grabdeals then ?

Was it flipkart axis/ace or Neo ?

Magnus/reserve/select/privilege.. all have been devaluated recently leaving magnus seeing the adamant behaviour of masses ... So they did this grabdeals and giftedge devaluation.. Devaluation is imminent for Magnus..sooner or later ...

It's going...

P.S :- Haven't got grabdeals ever... Very bad tracking system of Axis.. Acha hua they devaluated it..

Giftedge kia tha.. that's smooth..and devaluation was imminent for this in any way.. either in terms of earning or redemption...

Anyways bhai.. Good Night...

 

[mr_vasanth]

Who says there's no devaluation...

Giftedge is devaluated
Grabdeals is devaluated
Many merchants excluded from milestone and reward points..

These were the major source of earning accelerated reward points..

Devaluation is already going on there in phases ..

Which merchant is excluded ? I have 1.2 lakhs of tax payment to be done. Will I earn reward point or no with magnus for tax payment ?

 

[MilesMax]

Disagree, SBI Cashback card with annual fee of 1000 would be better than this 10000 fee card...

SBI Cashback provides pure CB. Without any gimmick of reward points nd all...

Are you comparing an entry level SBI card to a Super premium card and telling an entry level card is better?
Magnus was not just about points/miles etc.
Here are the other few features of Magnus that makes it one of the best all round super premium card.

1. Priority pass with unlimited usage + 8 guest
2. Meet & greet service
3. Eazydiner prime + 40% off + 50% off
4. 5 times BOGO BMS
5. 5x on traveledge

SBI cashback card doesn't come even a little close to this one.

 

[Abhishek012]

Which merchant is excluded ? I have 1.2 lakhs of tax payment to be done. Will I earn reward point or no with magnus for tax payment ?

Only wallet and rent payment is excluded. You will get reward point on magnus for tax payment

Also use Snapay app and do Axis magnus credit card to bank transfer at just 1.18% and complete your monthly 1 lakh milestone benefit.

 

[mr_vasanth]

Only wallet and rent payment is excluded. You will get reward point on magnus for tax payment

Also use Snapay app and do Axis magnus credit card to bank transfer at just 1.18% and complete your monthly 1 lakh milestone benefit.

Thanks for the response. Do you or anyone know whether Axis Ace is still giving 2% cashback on tax payment ? I have already achieved 1L target (scooter purchase) on magnus for July 2023 and hence looking for other card options for tax payment. I am thinking b/w Axis Ace and IDFC wealth for tax payment. I have 1.2L tax due. Can someone help please ?

 

[neogen]

Why am I getting this feeling Magnus has already been officially devalued.. however it seems Axis forgot to upload the pdf on their site.

 

[Trust Me]

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"

The problem with Axis is that they are apparently just a collection of such "They"s who seemingly have no functioning communication channels amongst themselves, -- the right hand not knowing what the left hand does! The bosses (starting from the BMs all the way up) don't seem to have any clue whatsoever on who is doing what, and what are the deliverables in what time frame. This has got to be amongst the most unprofessionally run private companies that I've ever experienced anywhere!

I believe they should be more aptly named "As is Bank" instead!


" "As is" denotes that the seller is selling, and the buyer is buying an item in whatever condition it presently exists, and that the buyer is accepting the item "with all faults", whether or not immediately apparent." -- Wikipedia

 

[VijayflyRaven]

You can't say it as official document as it was leaked link as well
For official you can direct go from website rather than specific link

If a document is put on official domain, it is official. They removed it and so it is officially gone now. Let’s enjoy the party for now