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

 

[Abhishek012]

If I do LIC payment in July, will it be counted towards 1 lac milestone?

Yes and from next month use SBI Cashback Credit Card and buy Amazon gv to get 5% Cashback, Use Amazon gv for your Insurance/LIC payment upto 1 lakh. 😀😀

 

[abhishek0882]

When did you make the rent payment? I made it on 2nd Jul but never got charged 1%+GST.

Yes. It started counting as rent payment since couple of days. Will not count.

I paid on 10th July!

 

[Walter White]

convert in axis vistara cards. more value for the money

Short term solution wo hi hai. After all, no one knows what will happen to Vistara.

 

[chasni]

I paid on 10th July!

When was the gst charged? I assume your bill has not been generated for the month?

 

[abhishek0882]

This was the first month I used Payzapp+Redgirraffe to pay my rent using Magnus. I had heard that this method was treated as insurance. Have already received the regular ER on the transaction. I saw that Axis has charged the 1%+GST on rent payment. Does that mean it is booked under rent and not insurance MCC? In that case it will not be counted towards monthly milestone for this month?

Sorry guys, my bad! This was charged last month when I had paid rent via CRED on 11th 'JUNE' and 1%+GST was charged on 18th June, not counted in milestone spend. This month have paid via PZ+RG on 10th and nothing charged as yet.
Sorry for creating any confusion.

 

[faltooAdmi]

You'll get 2 silver upgrade vouchers. I received one with Axis and other with SBI.

So if we take all 3 cards , we will get 4 vouchers (3 from silver + 1 additional from idfc) ??

 

[aloha12d]

Short term solution wo hi hai. After all, no one knows what will happen to Vistara.

You mean magnus ko ham Vistara mai convert karle. Is that easy, as in sirf call karke hojata hai kya. Sorry if its a noob question. new here. Also activated my card today morning(Should've waited)

 

[_ayush]

Yes and from next month use SBI Cashback Credit Card and buy Amazon gv to get 5% Cashback, Use Amazon gv for your Insurance/LIC payment upto 1 lakh. 😀😀

I thought we stopped receiving cashback for GVs. Is there any way we can still get it?

 

[deepak7]

Yes and from next month use SBI Cashback Credit Card and buy Amazon gv to get 5% Cashback, Use Amazon gv for your Insurance/LIC payment upto 1 lakh. 😀😀

So, I need to pay using my magnus card through Amazon Pay to be eligible for 1lac milestone benefit?

 

[aloha12d]

Will paying 1 lakh at a POS (Swipe) at TVS showroom count for the milestone?

 

[gurbina]

Will paying 1 lakh at a POS (Swipe) at TVS showroom count for the milestone?

Better get a receipt as well because paying 1L is very obvious.

 

[aloha12d]

Better get a receipt as well because paying 1L is very obvious.

Having a receipt is so that I can claim for the milestone or something else? I am actually also agreeing to pay the 2% fees, Assuming i would still be in +Ve with the milestone benfit.

 

[gurbina]

Having a receipt is so that I can claim for the milestone or something else? I am actually also agreeing to pay the 2% fees, Assuming i would still be in +Ve with the milestone benfit.

For when Axis comes asking for the dubious transaction and close your ER account, which might or might not happen. I guess it will come down to how often or regularly you do that. Nonetheless be prepared.

 

[aloha12d]

For when Axis comes asking for the dubious transaction and close your ER account, which might or might not happen. I guess it will come down to how often or regularly you do that. Nonetheless be prepared.

Thanks, Sure will keep a receipt.

 

[Walter White]

So if we take all 3 cards , we will get 4 vouchers (3 from silver + 1 additional from idfc) ??

Most likely yes.

 

[Walter White]

You mean magnus ko ham Vistara mai convert karle. Is that easy, as in sirf call karke hojata hai kya. Sorry if its a noob question. new here. Also activated my card today morning(Should've waited)

Downgrade hi toh kar rhe ho. Kyu mana karega Axis. 😅

 

[Aryan Malhotra]

I have Axis burgundy account and got LTF select card, is upgrading to magnus worth?

 

[basant]

Next year renewal fee would be 11800/- or 14750/-??

 

[j_s]

Funny, they think they improved their devaluation.

Reality: they made it way worse. The only difference is that now you'll salvage your milestone points before devaluation.

0. NEW-Milestone is GONE.
1. NEW-They devalued Gyftr and GeabDeals silently by 50-80% on useful brands. Also limited amounts you can buy vouchers and maxed Grab Deals from 10k monthly limit to 5k. This is new
2. NEW-Increases yearly fee to 12k++.
3. NEW-They've gone stupid with the annual fee waiver. 25L now.
4. NEW-Voucher on renewal GONE.
5. NEW-Decreased ER earnings up to 1.5L
6. Priority Pass useless within India, still can use your Magnus card to enter where available and accepted opposed to nearly any lounge under PP
7. ER transfer is now 5:2
8. While they increased ER earnings after 1.5L remember they are excluding a LOT of transactions now

Honestly before I thought it was bad but I'd still keep the card. Now I'm 1000% sure I will NOT use it. I'll shift my expenses and just use Magnus benefits like M&G and PP until it's time for renewal.

I'm always amazed how sometimes you think they can't get any dumber or sillier, but they can and they will! For Reserve they absolutely butchered it! Now it makes 0 sense to get that card.
As a matter of fact people holding Magnus and Reserve will cancel Reserve so they can avail the 5:4 benefit if they have Burgundy account

At least they've made it easier for customers to move out of Axis. Even their temporary offer is hilarious specially for Reserve holders where they need to keep 5Cr NRV for 5:4 TEMPORARILY. I almost fell off my chair laughing

Thank you for saying this. Someone should pin this post!!

 

[pranavcool]

What about myzone