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

 

[sky_walker_rules]

"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.

the credit card company is not bound to retain high rewards & spend from their pocket to make all happy. if one doesn't like they can move to another card.

 

[abhishek0882]

axis never released devaluation notice officially, so why will they comment. Its the customers who speculated everything according to them!

If the company's reputation is being impacted significantly due to speculation, and it causes dissatisfaction among its customers, should it not try to comment and clear the air, to save its reputation and to clear the confusion of its customers? Even if it did not do anything, if it is being accused of doing so and it is impacting its reputation, should it not clarify? Unless of course if it does not care about its reputation, its customers and loss of business.

 

[navam]

What if - this is all a marketing scheme, people who have been generally clueless about CC's and benefits (e.g. my sister) started asking about rewards and magnus etc.
It's been buzzing for quite some time must be good for publicity 😉

 

[gurbina]

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

Sounds like you're talking about the Ministry of Finance

 

[abhishek0882]

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

People will and are dumping the card anyways as they are losing trust. Look at the discussions here. At the very least they are moving spends to other cards. And if Axis does not care about their customers or their confusion, just shows they don't care about their business because when they lose these customers, they lose business. And not just cc business, many may consider shifting other banking relationship with them as well given this experience. Plus bad word of mouth for new customers, especially premium customers for whom quality and consistency of service and commitment is of utmost importance.

 

[abhishek0882]

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. 😅

Kya karein sir, I am not so regular on the platform, time nahi mil pata. When I do come, and whatever I am able to read (definitely couldn't read all 114 pages), when I feel compelled enough to comment I do. Expert to I am definitely not, but just like all non-experts, love to give out expert advice 😛 . Kaam to kya hi kar diye, frustration nikale hain bas 🤣.

 

[abhishek0882]

no devaluation on magnus card

😵

 

[abhishek0882]

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.

This I totally agree to. Enjoy it while it lasts and don't fuss too much about it.

 

[abhishek0882]

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.

This is so true. Apart from the spend based rewards, the non-spend based rewards on the Magnus is really good and there's no deval or rumours there and hopefully they stay as it is. (Oops, hope no one from Axis heard that 😱)

 

[abhishek0882]

the credit card company is not bound to retain high rewards & spend from their pocket to make all happy. if one doesn't like they can move to another card.

Agreed. The only expectation is that they are clear in their communication.

 

[gurbina]

Well since Gyftr has been mostly devalued to 2x-3x for all the useful merchants, and Grab Deals too to max 5x for good merchants I no longer believe there's a good reason for Axis to devalue the transfer rate to 5:1.

Only an idiot would go all the way across the board devaluing everything.

For sure and easily this is 70%+ devaluation on Gyftr and GeabDeals for most useful merchants in both.

For redemption going from 5:4 to 5:1 would be 75% devaluation.

Along with the excluded transactions would be a huge devaluation. Before they had left Gyftr/GeabDeals alone but now they devalued those quietly and they have kept their mouth shut about the transfer rates.

Intuition and speculation would say they will not change transfer rates. But again Axis is a bit random and clueless, but crossing fingers they leave it as it is.

The biggest losses for sure were those buying gold on gift cards and then selling it.

 

[varunchopra]

I have transferred all my edge rewards to Krisflyer.Assuming that Axis will give 30 days time for any changes,we can expect any change to be applicable in September.Till that time hopefully Axis will transfer all the points on time.Last time they credited milestone rewards on 28 th June.

 

[ramsharma]

Update: Transferred ~50k points and got credited within 2 days to krisflyer.

 

[VijayflyRaven]

Before the rumour, it took just 2 days for transfer to Accor. Immediately after rumour, it took 3 days to transfer. I did a transfer on 12th which is during the mid week of rumour and no credit as of today.

I wonder what happens at the tail end of the rumour cycle?

 

[CARDBITRAGE]

This is so true. Apart from the spend based rewards, the non-spend based rewards on the Magnus is really good and there's no deval or rumours there and hopefully they stay as it is. (Oops, hope no one from Axis heard that 😱)

Priority pass usage domestically is going to be severely restricted. That's the word going around.

 

[abhishek0882]

Priority pass usage domestically is going to be severely restricted. That's the word going around.

Apart from having to carry 2 cards (Magnus+PP), does it significantly remove access to a number of lounges? I mean, Are the same lounges as earlier not accessible between the Magnus and PP, after the changes? Since there are only a few airports I travel from, have not been following this closely. My impression was that lounge coverage remains the same, maybe not with just the Magnus or PP individually, but through the combination.

 

[Sharjeelshaikh]

Priority pass usage domestically is going to be severely restricted. That's the word going around.

No worries use magnus for access

 

[shushansh]

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

nope, will probably take it's sweet time of 20 days

 

[CARDBITRAGE]

Apart from having to carry 2 cards (Magnus+PP), does it significantly remove access to a number of lounges? I mean, Are the same lounges as earlier not accessible between the Magnus and PP, after the changes? Since there are only a few airports I travel from, have not been following this closely. My impression was that lounge coverage remains the same, maybe not with just the Magnus or PP individually, but through the combination.

Magnus will only work in select domestic terminals within India but covers most major Indian Airports. No complimentary visits to international terminal lounges through any Axis cards now. Lounge list accessible through your Axis card-> List
PP with the Magnus and Reserve be used anywhere within India(domestic & international terminals). Soon only select lounges would be complimentary. The rest would be chargeable. At least that's the rumour floating around. We should wait for an official announcement regarding the same.
The SS with a list of lounges(Unofficial Reserve Deval) that can be accessed within India has been posted by the OP here.

 

[Sharjeelshaikh]

Magnus will only work in select domestic terminals within India but covers most major Indian Airports. No international terminal lounges through any Axis cards now. Lounge list accessible through your Axis card-> List
PP could be used anywhere within India(domestic & international terminals). Now only select lounges would be complimentary. The rest would be chargeable. At least that's the rumour floating around. We should wait for an official announcement regarding the same.
The SS with a list of lounges(Unofficial Reserve Deval) that can be accessed within India has been posted by the OP here.

Magnus works all.major airports .but people used to exploit pp with complimentary visit for guests while within India that has been plugged