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

 

[Deleted member 9785]

Iam still saying foreget about these devaluati

It worked..They added more devaluations 🙂

foolish act result in bad results

 

[CMGCMG is verified member.]

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

HDFC gives Infinia for 10L FD

 

[Deleted member 9785]

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

all points will be gone

 

[mr_vasanth]

BAD LUCK: Quick question. Correct me if I am wrong?

I activated my card Just Today Morning.

Intention: I wish to get to the monthly milsetone of 1 lakhs spend

Context: A friend is buying a scooter(TVS Jupiter) worth 88k, The Sales Team said, they would levy 2% charge(POS) if I pay using CC
However even if I pay the 2% Charge, and complete the 1L milestone by spending another 12k,Wouldn't I still be in profit considering my return rate is 6%?

Book TVS jupiter using their TVS online portal. We can pay the full ex-showroom price using credit card without any additional charge. I have bought my scooter using this way just this month using magnus.

 

[Deleted member 9785]

Iam still saying foreget about these devaluati

It worked..They added more devaluations 🙂

ab consultancy bhi gai and referrals bhi

 

[Harry1]

Good to see some benefits of burgundy account.

Though 11800 is still not worth without monthly milestone and renewal voucher. At least one of them is needed.

I will try to get it waived from my RM, but seems unlikely as she has never got anything done in my favour 😭.

My renewal is on 15th September only. Considering they are giving most of the points by August end, I will have option to convert them all by 15th September. So, paying 11800 just gives me more flexibility to choose transfer partner later on. But that doesn't seem a good option either.

Suppose I take 5:4 plan 1st September and then downgrade magnus on 5th September, will the 5:4 stay considering I still have the burgundy account? That will give me flexibility to choose transfer partner later on and also avoid annual fee.

 

[Deleted member 11974]

Good to see some benefits of burgundy account.

Though 11800 is still not worth without monthly milestone and renewal voucher. At least one of them is needed.

I will try to get it waived from my RM, but seems unlikely as she has never got anything done in my favour 😭.

My renewal is on 15th September only. Considering they are giving most of the points by August end, I will have option to convert them all by 15th September. So, paying 11800 just gives me more flexibility to choose transfer partner later on. But that doesn't seem a good option either.

Suppose I take 5:4 plan 1st September and then downgrade magnus on 5th September, will the 5:4 stay considering I still have the burgundy account? That will give me flexibility to choose transfer partner later on and also avoid annual fee.

if you maitnain 10L in burgundy they it will allow you to transfer at 5:4

 

[S.S.]

Haan sare log jo technofino ke sahare itna rp leeya hai, sab sumanta @TechnoFino & @RewardsAlert ke saath Thailand mein meet and greet karna chahiye. To say final good bye to magnus.

Phir agar mann kare to ek saath milke magnus jala ke video daal denge youtube pe. 😀

axis ka stock down hoga, phir dip pe khareed lenge axis equity 🙂 . Jate jate bhi magnus fayeda deke jaega.

 

[Harry1]

if you maitnain 10L in burgundy they it will allow you to transfer at 5:4

Even when my magnus is downgraded to my zone? Hope that works😃.

 

[thanix]

Even when my magnus is downgraded to my zone? Hope that works😃.

I think you need to own a HNI card for even 5:2 ratio. Else the redemption ratio is even worse I guess.

 

[vinrey287]

Definitely, do it now

Just did a math, if I do it next month it will be additional 25k point milestone which I can convert in 5:2 , so 10k miles.
If I do this month then Travel edge points base rate 5400 will be credited this month, so 4320 miles.
So loss of 10k and (4320-2160) if I do it this mth
Isn't it better to do it next mth? Or am I missing anything?

 

[thanix]

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

Check with HDFC to upgrade to Infinia or DCB. Compare it against Magnus and decide.

 

[navam]

Lol this thread isn't gonna die anytime soon is it?
Har kuch din mein axis ghee daal deta hai iss aag mein!

 

[VijayflyRaven]

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.

I talked to the customer care team lead. He says they are continuously monitoring TF forum and will consider all our feedbacks. Their team is actively considering 35k points for 1.5L spends if our forum members are not satisfied with this official proposal. It seems they have been asked to spend time on our forum to decide this asap and roll next update in 15 days. 😂
# Just for fun.

 

[hrish88]

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.

i understood that for fee waiver existing customers have to spend 15 lac.my question was different 10000 voucher on renewal discontinued for existing customers or only for those onboarding after sep 1st

 

[CARDBITRAGE]

Damn! Axis played us nasty. I might consider not keeping the card with the rewards restructuring. Up to 1.5L, we will be getting a meagre 2.4%! That is close to my average monthly spend. 🙁
And also a big hit from Grabdeal and Gyftr. I feel TravelEdge is next in the line of fire.
No renewal benefit and 25L fee waiver are too much, but it's sort of justified as it is a HNI card. The proposition of opening a Burgandy account seems attractive(for 5:4 conversion), but if you look closely, it is a timebound offer. So it will return to the normal 5:2 when Axis deems it.
PP domestic devaluation took away a lot of value.
Sadly, I must part ways with Axis Magnus after 1 Sep,2023.

 

[navam]

Ouch, yeh lo bache kuche sapne bhi tuut gaye

BREAKING NEWS

ACCOR IS IMMEDIATELY DEVALUED 😕

 

[Harry1]

BREAKING NEWS

ACCOR IS IMMEDIATELY DEVALUED 😕

Still see 5:4 in text as well as actual transfer in axis app.

 

[hrish88]

yeah even i just checked it

 

[hrish88]

This seems to be photoshopped as its showing 1:2 for atlas and 5:1 for Magnus,Reserve and Burgandy Private