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

 

[thanix]

they did, they protected the existing customers and are giving the accelerated rewards points befor the miles transfer devaluation hits ... so not so bad for present users.... but future is not so great ...

I thought they are giving the milestone benefits only before devaluation. Are they giving the Gyft edge accelerated reward points also before the 90 day and 120 days? I didn't know it.

 

[hrish88]

AS far as my understanding existing card members will still be paying 11800 renewal fee.only the new members have to pay 12500 plus gst.

what about renewal benefits.?is it gone for everyone or only for customers from September

 

[rahulrai]

Sorry to hear. This is the classic case of 'dead on arrival' in cards if you are looking at air miles and paid card.

Cards I'm currently using are:
1. Tata Neu Infinity Rupay (for UPI)
2. HDFC Millennia (For spends of 20K via Smartbuy + 20K from specified Merchants + Offline Transactions)
3. Amazon Pay ICIC (I use this when I exhaust accelerated spends on Millennia)
4. SC Digismart Credit Card (for 20% Discount each month on Myntra upto Rs. 700)
5. Axis Ace for Utility Bill payments.

I was getting Magnus to replace these cards except Tata Neu Infinity. Can you guys suggest any other credit card? My spends average around 75K through credit cards (Excluding Rent and Wallet Loads)

 

[starstruck]

AS far as my understanding existing card members will still be paying 11800 renewal fee.only the new members have to pay 12500 plus gst.

what about renewal benefits.?is it gone for everyone or only for customers from September

For customers onboarded before 1st September 2023, annual fee waiver will be applicable on cumulative spends of INR 15,00,000 in preceding card anniversary year. However, for such customers, on card anniversary dates after 1st September 2024, fee waiver will be applicable on cumulative spends of INR 25,00,000 in preceding card anniversary year.

 

[K.R]

Iam still saying foreget about these devaluati

So the Twitter trending and change.org petition didn't worked?? Sad!!!

It worked..They added more devaluations 🙂

 

[vinrey287]

I have completed this months milestone. Have another travel booking for 90k that I had planned to do it in Aug with travel date of Nov. Is there any point in doing it now considering I may not be able to get Aug milestone with 5:4?

 

[R!ppEr]

nice ploy by axis to get few burgundy accounts 😀

 

[amitr29]

I have completed this months milestone. Have another travel booking for 90k that I had planned to do it in Aug with travel date of Nov. Is there any point in doing it now considering I may not be able to get Aug milestone with 5:4?

Definitely, do it now

 

[theneerex]

42L pa

Is this gross salary or net salary?

When I say gross, I just mean the cash component without any ESOPs/RSUs.

 

[Deleted member 11974]

can somebody send pno email id?

 

[Deleted member 11974]

My post is a warning and hope people don't fall for Burgundy account creation due to this transfer ratio. There is too much FOMO going on.

Axis savings bank interest rate is 3% for below 50L. It is just 2% post tax at 30% slab.
And they should have that much spending power.

Axis exactly expects those two set of people you mentioned to be living the 'Magnus' life. But they will soon realise they are smart in first place to reach there and know their options 😁

credits to @thanix

 

[funatlearn]

I hope everyone who gets Magnus after today thinks twice before activating it

I am still waiting my salary credit to apply for magnus Ltf. All my previous attempts at getting axis cc have failed.( They rejected 4-5 times)

 

[Wealth is my birth right!]

Those who got Magnus card BharTnxt and payabhi letters seeking clarification don’t revert
Card will be auto cancelled lol

 

[thanix]

Cards I'm currently using are:
1. Tata Neu Infinity Rupay (for UPI)
2. HDFC Millennia (For spends of 20K via Smartbuy + 20K from specified Merchants + Offline Transactions)
3. Amazon Pay ICIC (I use this when I exhaust accelerated spends on Millennia)
4. SC Digismart Credit Card (for 20% Discount each month on Myntra upto Rs. 700)
5. Axis Ace for Utility Bill payments.

I was getting Magnus to replace these cards except Tata Neu Infinity. Can you guys suggest any other credit card? My spends average around 75K through credit cards (Excluding Rent and Wallet Loads)

It will depend on the fee paid also. Are all these cards free or paid? And most of them seem cashback cards and you want to move to miles and points redemption??

 

[akf]

I thought they are giving the milestone benefits only before devaluation. Are they giving the Gyft edge accelerated reward points also before the 90 day and 120 days? I didn't know it.

Sorry, I am also trying to find this. Are they giving the accelerated rewards also by 10th August ?

 

[NikTravelEnthusiast]

Magnus became the worst card of my portfolio.

Itna kharab devaluation kon karta hai yaar...

 

[VijayflyRaven]

Meanwhile

Anything you say will be used against you in the court of Axis! 😂

 

[thanix]

Sorry, I am also trying to find this. Are they giving the accelerated rewards also by 10th August ?

The mail I received talks about only milestone benefits of 25000 points and does not talk about gift edge accelerated reward points.

 

[rahulrai]

It will depend on the fee paid also. Are all these cards free or paid? And most of them seem cashback cards and you want to move to miles and points redemption??

Most of my cards are free. I'm fine with miles and points if I get better value in return than cashback.

 

[VijayflyRaven]

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.

Look at it after tax. After tax,
Yearly interest of 10L at 3.5% = 24.5k
Yearly interest if 10L FD @ 7% = 49k

So net money lost = 24.5k.
Rewards = ???

If greater than 24.5k, then go for it.