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

 

[ᏰᏋᎥᏁᎶᎥᏁፈᎧᎶ]

So with gyftr and 25 k milestone gone. What's the reward rate of this card?

thenga!

 

[rogerthat]

So with gyftr and 25 k milestone gone. What's the reward rate of this card?

Around 2.2% on normal usage when used for miles transfer.

 

[Deathsnatcher]

So with gyftr and 25 k milestone gone. What's the reward rate of this card?

how is gyftr is removed? accelerated reward is stillt there.

 

[bugmenot]

First post is updated with revised Magnus T&C PDF and gist of it.

 

[chasni]

Most of us thought Axis would remove one or two among the many benefits of the card. Instead they removed all benefits on the card! They stripped the card clean to the bone!

• Removed 25K milestone bonus
• Increased annual fees
• Cancelled renewal benefit
• Increased fee waiver condition
• Reduced the transfer ratio to 5:2
• Introduced capping for miles transfer
• Removed rewards of Govt and Utilities

It is now completely useless! The card for normal use now gives a benefit of around 2.2%. Bloody SBI Prime is now better rewarding than this overblown piece of fake metal. Amazing work Axis! Go to hell!

I mostly will be closing the card very soon not even waiting until renewal.

I think the changes are meant to offload customers and keep only the cream customers. Because at the current customer base, it is unsustainable for Axis to keep giving this reward. Moreover, they can't cancel cards of non-cream customers without any genuine reason so this is the only way to offload them.

 

[kapoorsanyam]

So with gyftr and 25 k milestone gone. What's the reward rate of this card?

Where is mentioned about gyftr gone ?

 

[rohit3887]

Just looking at positives with 35 reward point per 200 after 1.5L ..will 5x voucher give us 175 rewards points ?

 

[Zarieal]

I think this is GOLD. Burgundy Account + Magnus combination is a killer. They continue to give 5:4 on that (Just a 25k bonus on 1L milestone is removed). However, upto first 1.5L spends, you get 12 ER per 200 spent which is like 6% ER rate or 4.8% Partner Reward rate. Post 1.5 Lakh, its 35 ER per 200, making it 17.5% ER rate or 14% Partner Reward rate (WHICH IS INSANEEEE). Annual capping was required but still 5L ER to 4L Partner points is very generous. What a comeback by Axis. Awesome structuring.

 

[rogerthat]

I think the changes are meant to offload customers and keep only the cream customers. Because at the current customer base, it is unsustainable for Axis to keep giving this reward. Moreover, they can't cancel cards of non-cream customers without any genuine reason so this is the only way to offload them.

I don't think even HNI customers will keep this card. They will have Infinia, Amex Platinum etc. And if at all they want Axis, they will take Reserve.

 

[bigbrain]

What about April month's milestone benfit? 25k?

 

[S.S.]

Just looking at positives with 35 reward point per 200 after 1.5L ..will 5x voucher give us 175 rewards points ?

Not sure what is left @ 5x which is useful

 

[CMGCMG is verified member.]

I think this is GOLD. Burgundy Account + Magnus combination is a killer. They continue to give 5:4 on that (Just a 25k bonus on 1L milestone is removed). However, upto first 1.5L spends, you get 12 ER per 200 spent which is like 6% ER rate or 4.8% Partner Reward rate. Post 1.5 Lakh, its 35 ER per 200, making it 17.5% ER rate or 14% Partner Reward rate (WHICH IS INSANEEEE). Annual capping was required but still 5L ER to 4L Partner points is very generous. What a comeback by Axis. Awesome structuring.

This is a time bound offer. Probably for onboarding new Burgundy customers for few months.

 

[Sharjeelshaikh]

It's been more than 120 days and I haven't yet received Gyftr accelerated points for some vouchers. Is anyone dealing with the same situation?

Ys

 

[CC-Muncher]

I don't think even HNI customers will keep this card. They will have Infinia, Amex Platinum etc. And if at all they want Axis, they will take Reserve.

Burgundy plus magnus is the best option, even better than infinia

 

[Zarieal]

This is a time bound offer. Probably for onboarding new Burgundy customers for few months.

Yes promoting Burgundy account openings.. A good way for marketing. But cheers to people who already have a Burgundy account with them with Magnus.

 

[hysteriadoc]

"as long as the card is active". WTF !

 

[chasni]

I don't think even HNI customers will keep this card. They will have Infinia, Amex Platinum etc. And if at all they want Axis, they will take Reserve.

It is more about removing non-cream than keeping HNI.

 

[MayankBamboria]

Kindly share once someone is done with it.

So who is creating the template to cancel the card?

 

[swipesmart]

Hi,

Got message from Axis Bank :

The terms and conditions on your Axis Bank Credit Card no. XX1234 will be revised w.e.f. 1st September 2023. For details, visit Axbk.in/UpJIQp1TBAu.

Attaching pdf for the same.

 

[MayankBamboria]

It is basically dead now. So .. 💀

View attachment 23341

"as long as the card is active". WTF !