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

 

[starstruck]

This is my first post on TechnoFino.

I'll be getting Magnus by tomorrow.

Is it even worth it now? I shop on Amazon mostly, and it now has 2x Gyftr rate, that translates to around ~4.8% return in miles. Even Amazon pay ICICI credit card gives 5% flat on shopping through Amazon.
Even HDFC Millennia now looks better than this. They could've kept at least 3x for sites like Amazon and Flipkart in Gyftr.

You can spend 1 lakh this month, get the bonus 25k ER and then convert with 5:4 before 1st Sep. After this, up to you to cancel or keep.

 

[Akash074]

If i Pay my LIC premium from magnus will it be calculated for monthly milestone?

 

[PavanPavan is verified member.]

If i Pay my LIC premium from magnus will it be calculated for monthly milestone?

Monthly milestone existed !! not now

 

[Deleted member 9785]

Oops! We ran into some problems.

www.technofino.in

 

[Akash074]

Monthly milestone existed !! not now

i want to use it to reach milestone for july month only so i can use next month

 

[PrabhuP]

i want to use it to reach milestone for july month only so i can use next month

Yes it will considered till Sept 1st.

 

[K.R]

Can Someone Rename the Thread as Axis Mango Card please 🙂

 

[sid16]

If i Pay my LIC premium from magnus will it be calculated for monthly milestone?

For the month July 2023, yes it will be calculated and you will get the 25000 bonus ER by 10th August which you can redeem against airmiles or hotel points in 5:4 ratio. For the month August 2023 also it will be calculated for monthly milestone but you will receive the same in 90 days, so probably by around November end or December first week. By then, the normal ratio for conversion is supposed to 5:2 assuming no further devaluation. If you have or get Bungundy, then it is possible to still get 5:4 in November/December, again assuming no further devaluation. Hope this helps.

 

[mr_vasanth]

This is my first post on TechnoFino.

I'll be getting Magnus by tomorrow.

Is it even worth it now? I shop on Amazon mostly, and it now has 2x Gyftr rate, that translates to around ~4.8% return in miles. Even Amazon pay ICICI credit card gives 5% flat on shopping through Amazon.
Even HDFC Millennia now looks better than this. They could've kept at least 3x for sites like Amazon and Flipkart in Gyftr.

Don't even activate it. It is useless now except for burgandy account holders.

 

[D7162]

Any news about other cards like Privilage/select/myzone ?

 

[ismail]

12500 with gst will become 14750..
so almost 15k with no benefit
how come AXIS is soo foolish to increase the annual fee along with clipping all benefits???

 

[Akash074]

For the month July 2023, yes it will be calculated and you will get the 25000 bonus ER by 10th August which you can redeem against airmiles or hotel points in 5:4 ratio. For the month August 2023 also it will be calculated for monthly milestone but you will receive the same in 90 days, so probably by around November end or December first week. By then, the normal ratio for conversion is supposed to 5:2 assuming no further devaluation. If you have or get Bungundy, then it is possible to still get 5:4 in November/December, again assuming no further devaluation. Hope this helps.

Yes that's why considering to pay this month so i can convert to miles next month at 5:4. Thank You.
Far from burgundy account. Got magnus in April only so trying to milk it as much as possible. Will earn almost 80k points in 4 months if i hit july milestone. Will use it till renewal then probably close it.
devaluing both gyftr and conversion ratio killed this card sadly.

 

[navam]

Accha chalta hoon, duaon mein yaad rakhna ~

I imagine the magnus card floating away and waving me good bye to this song.

 

[Abhishek012]

 

[palashdg]

12500 with gst will become 14750..
so almost 15k with no benefit
how come AXIS is soo foolish to increase the annual fee along with clipping all benefits???

Lol exactly. This was the stupidest decision! I get devaluing the card since i'm sure they're burning too much cash. And the devaluation was somewhat acceptable as well, but getting rid of the milestone benefit COMPLETELY and the renewal voucher(could have provided a half value voucher at least) was extremely silly on their part. Time for me to go back to my DCB now and not renew this Magnus card during the next cycle

 

[sid16]

Yes that's why considering to pay this month so i can convert to miles next month at 5:4. Thank You.
Far from burgundy account. Got magnus in April only so trying to milk it as much as possible. Will earn almost 80k points in 4 months if i hit july milestone. Will use it till renewal then probably close it.
devaluing both gyftr and conversion ratio killed this card sadly.

I got this card in this May! Will get 25k milestones for May, June, July and mostly also for August because government transactions are not included in rewards only from September. Then will see what happens September onwards. Will try every month for LTF.

 

[phildunphy]

Burgundy NRV is 30 lakhs. 10 lakhs only if you keep it in Savings and not in FD.

or salary 3L every month right?

 

[bigbrain]

Lol exactly. This was the stupidest decision! I get devaluing the card since i'm sure they're burning too much cash. And the devaluation was somewhat acceptable as well, but getting rid of the milestone benefit COMPLETELY and the renewal voucher(could have provided a half value voucher at least) was extremely silly on their part. Time for me to go back to my DCB now and not renew this Magnus card during the next cycle

If you have got the card before sept 1st. I think the annual fees is not changing.
The first point in the attachment just speaks about increase in fees only if you are onboarded after 1st sept.
Second point talk about 10k renewal benefit that exists for people onboarded before 1st sept.

 

[sid16]

This is my first post on TechnoFino.

I'll be getting Magnus by tomorrow.

Is it even worth it now? I shop on Amazon mostly, and it now has 2x Gyftr rate, that translates to around ~4.8% return in miles. Even Amazon pay ICICI credit card gives 5% flat on shopping through Amazon.
Even HDFC Millennia now looks better than this. They could've kept at least 3x for sites like Amazon and Flipkart in Gyftr.

Contrary to what people are saying, my answer is, Yes, take it.

Take the Tata Cliq voucher of Rs. 10000/=, so effectively your joining fees is waived with only GST Rs. 1800/= extra.

If possible, make Rs. 1 lakhs payment in this month using Magnus CC, so you will get 6000 ER and also 25000 ER by August 10th, so total of 31000 ER which will translate to 24800 air miles or hotel points (best option is Accor).

If you want, you can make further 1 lakhs payment using Magnus CC in August, you will also 6000 ER and also you will get 25000 ER in 90 days. The 6000 ER can again be converted to 4800 airmiles / hotel points, and the 25000 ER which you get after 90 days will have value of at least Rs. 5000/= as a cashback or 10000 airmiles / hotel points (5:2 ratio).

Use the 8 airport meet and greet services in your first year. Also, you can use the lounge access.

In May/June 2024, decide whether you want to continue with this card, else you can close it. You would have paid effectively just Rs. 1800/= of GST amount while getting much more value.

 

[sid16]

or salary 3L every month right?

If you have salary of 3L every month going into Axis, you can also apply for Magnus to become LTF. That's their criteria for LTF version of Magnus.