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

 

[bhatt83hemang]

Any change is Atlas? Should we shift to atlas.

 

[Walter White]

Any change is Atlas? Should we shift to atlas.

Not for the time being. But you can never be sure when it comes to Axis.

 

[Deathsnatcher]

Yes but that's not the fulcrum of this card it's conversion ratio and milestone and gyftr.now it's dead

how is gyftr dead
i cant see anything mentioning it? M i missing something

 

[akf]

Do we still have meet and greet ?
They didn't mention anything about accelerated points - would they be credited earlier as well ?

 

[Indian]

Yes but that's not the fulcrum of this card it's conversion ratio and milestone and gyftr.now it's dead

Yes! So we should expect other cards devaluation also as mentioned in the thread, I request to check @bugmenot

 

[varunchopra]

For April they default credit is July , so may be not mentioned , here I want to confirm meet and greet still applicable or not

So we will receive April May and June Milestone rewards at one go by July end.

 

[captaintorchtm]

Jinko worth lag rha apna apna dekhlo

Credit https://twitter.com/credofly

 

[varunchopra]

Jinko worth lag rha apna apna dekhlo

Credit https://twitter.com/credofly

I will continue with DCB and add Vistar Infinite

 

[rohitb]

I just hope HDFC doesn't use this as an excuse for another Infinia devaluation :'(

 

[Sharjeelshaikh]

how is gyftr dead
i cant see anything mentioning it? M i missing something

Heavily devalued

 

[amitr29]

Important point:

Till when will they transfer in 5:4 ratio? Not clearly mentioned in the PDF

 

[captaintorchtm]

I will continue with DCB and add Vistar Infinite

good choice. let me tell you what you can do with the fees of magnus. get sbi vistara prime, axis Vistara signature and idfc Vistara. you get 3 tickets, 4 upgrade vouchers, CV points, and on spending 4.5L (1.5L on each 3 cards) 3 extra tickets.
all these 3 cards will cost you around 13k with gst. even if you don't spend anything you get 3 premium economy tickets.

 

[vina]

 

[vina]

Do we still have meet and greet ?
They didn't mention anything about accelerated points - would they be credited earlier as well ?

yes non milestone and non points - no change

 

[bigbrain]

Isn’t the annual fee increase for people who are on boarded after 1st Sept. For people with magnus already should be charged 10k only.

 

[_ayush]

I talked with customer care. They said that there would be a new milestone benefit from Sept 1. On 1.5 lakh spend we will get 26000 ER.

 

[BhaiyaJi]

RIP

 

[amitr29]

I talked with customer care. They said that there would be a new milestone benefit from Sept 1. On 1.5 lakh spend we will get 26000 ER.

Then why these a*s h*l*s didn't mention in the PDF? They are lying just to avoid cancellations

 

[jsj]

I have burgundy account. Yet this magnus offering is shit, going to use Infinia for no bull shit spends.

I have lost all trust in Axis.

And please don't even think of opening a burgundy with 10L balance:

Yearly interest on 10L savings at 3.5% = Rs 35000
Yearly interest on 10L FD @ 7% = Rs 70000

Don't keep 10L lying around in savings bank because you're losing more than what any credit card can give you in terms of returns.

Will use this money for applying in IPO. your calculations might not be true for everyone.

 

[basant]

Now , people not feeling that bad.
Axis mentally prepared us before