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

 

[Walter White]

What about myzone

LTF hai toh rakh lo for occasional bank offers.

 

[Abhishek012]

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[bigbrain]

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

I understand that it will be 11,800. Unless Axis has not worded properly.

 

[PapaSierra]

I understand that it will be 11,800. Unless Axis has not worded properly.

For customers onboarded before 1 Sep 2023, the next renewal will be 10000+ GST.

The renewal post that will be Rs 12500 + GST.

 

[Sharjeelshaikh]

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.

Same.here

 

[VGisHere]

A quick question,

Till 31st August, the conversion stands at 5:4 , right?
Or is it already made 5:2?

Given the Burgundy thing of availing 5:4 conversion!
Little confused about the same!

 

[rogerthat]

I wonder what deal the existing Citi Prestige customers will get from Axis. They are now redeeming points to miles at 1:4 ratio. I am sure they will jump in joy when Axis offers them Magnus at nearly the same fee with 5:2 redemption! 😆

 

[padmanabhamb]

A quick question,

Till 31st August, the conversion stands at 5:4 , right?
Or is it already made 5:2?

Given the Burgundy thing of availing 5:4 conversion!
Little confused about the same!

I am seeing 5:4 conversion now. I hope new conditions apply from Sep 1st

 

[Deleted member 11974]

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

11800 if card renwes before 1st september 2024
after that if card renews then 14750

 

[anirban.choudhuryanirban.choudhury is verified member.]

11800 if card renwes before 1st september 2024
after that if card renews then 14750

For customers onboarded before 1st September 2023
Charges will remain 10k
And customers getting card after 1st September new fees would be 12.5k
10k should remain life long

 

[VGisHere]

For customers onboarded before 1st September 2023
Charges will remain 10k
And customers getting card after 1st September new fees would be 12.5k
10k should remain life long

10k would remain life long.
But the card would probably not see 2024 by nearly half the folks! 😜 🤣

 

[rj_arora]

For customers onboarded before 1st September 2023
Charges will remain 10k
And customers getting card after 1st September new fees would be 12.5k
10k should remain life long

But no 10K benefit for renewals?

 

[captaintorchtm]

It's the right time for Amex to re-start the referral program.

 

[Deleted member 11974]

For customers onboarded before 1st September 2023
Charges will remain 10k
And customers getting card after 1st September new fees would be 12.5k
10k should remain life long

is it that 10k would remain lifelong because they mentioned that after september 2024 fees would become 12500

 

[Deleted member 11974]

But no 10K benefit for renewals?

no

 

[Venky]

@BestBanker please suggest Amex to expand to tier-2 cities. 🥲🥲
A whole wide market has just opened up for MRCC/Plat travel/Gold/Plat charge🥹

 

[chasni]

Even Axis doesn't have the answer to question: Why should I renew Magnus if there is no renewal benefit?

The answer in the FAQ doesn't even touch upon the question.

 

[manumaniac]

Was about to apply for Magnus last month. Somehow did not and this news came up.
Will continue to use my Infinia plastic. Applying for DCB for my wife using the Institution offer now. Using Tata Neu for all UPI uses.
For the people asking how to pay govt related payments, I just paid personal tax using UPI via tata Neu. Went through! Minimum 1.5% earn here atleast.

 

[bigbrain]

I had requested for upgrading my regalia to dcb and got rejected.
I have 800+ cibil score, 2lakh salary, good spend in hdfc (till beginning of the year before getting Magnus). 10 lakh limit on regalia. I wonder what I should to get DCB.

Any suggestions people? If not which card should I switch too from Magnus and Reserve. Can’t find anything interesting!! I spend about a lakh per month on credit cards. No govt spends. And utilities are done via amazon pay.

Other main cards I am using are Amex MRCC and HDFC TATA neu Infinity for upi.

 

[anirban.choudhuryanirban.choudhury is verified member.]

is it that 10k would remain lifelong because they mentioned that after september 2024 fees would become 12500

I think they only mentioned about fee waiver criteria which would change to 25 lakhs for customers onboarded before 1st September but noting about fees.

Anyways Magnus fees doesn't affect me anymore 😀