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

 

[vina]

Axis customer care is denying the changes. Just yesterday i recieved this card & today this devaluation email & sms. I am jinxed. I immediately called customer care & they are denying any changes. They are saying "Even hough I have recieved communication from Axis, we have no official confirmation regarding the same and the doesnt reflect on the website. So, nothing is officially confirmed." They seem to be lying blatantly.

you can return the card and not pay the fees

 

[vina]

Unless we use for travel edge, this card is not worth keeping for 12k. Gyftr is no longer rewarding

travel edge will also fetch you less value than Infinia

 

[vina]

Time to get DCB and not wait for hdfc to provide Infinia. Any other cards to get rather than DCB?

Amex Gold

 

[vina]

I think the changes are meant to offload customers and keep only the cream customers. Because at the current customer base, it is unsustainable for Axis to keep giving this reward. Moreover, they can't cancel cards of non-cream customers without any genuine reason so this is the only way to offload them.

yep, and come September or October, they can announce a new card for premium customers with an "option" for premium customers to move into that card

that said, this is now barely below Reserve in benefits. So what can they do which will not make Reserve look like the joke it has been?

 

[vina]

As per the TNC , ER’s are still not segregated
So if you have Reserve , you can earn milestone in Magnus and redeem as per Reserve rate

reserve rate is now 5:2

that also got devalued today

 

[gurbina]

reserve rate is now 5:2

that also got devalued today

Do we tell him the rest?
Reserve just booked a trip on the Titan

I think maybe Axis should have gotten rid of Magnus if it was such a lemon, but they literally set the house on fire.

Tragic end for Reserve which given the benefits it was a good value proposition compared to products like AMEX Plat which was the closest thing to it. It wasn't a bad card at all, but seems like they became collateral damage. Now it just isn't worth it, you don't even have to spend much time or effort to conclude that it isn't worth it anymore.

Same goes for all people who had cards other than Magnus/Reserve as Gyftr and GrabDeals got devalued for everyone.

It is pretty funny, it is like Elon just took charge

To their benefit you could have abused Gyftr, GrabDeals, business expenses and money rotation with any other card in their lineup even tho it wouldn't be worth the effort, time and hassle to do it

 

[xiddy]

I don't think the ratio changed immediately. I tried doing a transfer and there was a banner on top stating that the changes will take place from 1st September.

 

[vinrey287]

travel edge will also fetch you less value than Infinia

Don't have it..

 

[ALOAK]

very true!

True

 

[ALOAK]

Ration to change from 5:4 to 5:2 from 1st Sept 2023 I saw an article and the full article is pasted in another thread Magnus and reserve devaluation

 

[vinrey287]

I think it's still a good card for 11.8k fees if u can use bookmyshow 5 times every month. And travel edge 2-3 times in a year.

But after paying the renewal fees ,we don't know if it will be devalued again by the time we plan to book on Travel edge

 

[aniruddhaadhe]

Can we add multiple partners in Travel edge till 1sep or its applied with immediate effect?

 

[ketz1981]

Got the card in Feb and milked enough points for 2 return tickets to Singapore (onward was business class).

Currently at 12 lakhs annual spends so will target the annual charges waiver and continue for another year to see if they revive the card after weeding out customers who no longer want it.

Points wise, redeemed 1 lakh for United miles yesterday as I am uncertain of next travel destination (United miles do not expire and taxes are low). Am entitled to 25k x 4 bonus points for Apr - Jul that I'll also transfer to United after Aug 10.

 

[neogen]

Can some help explain applicability and maths of 35ER per 200 INR beyond 1.5L spend on Magnus CC?

 

[Cardmarvel]

Can some help explain applicability and maths of 35ER beyond 1.5L spend on Magnus CC?

It means you get slightly better rewarded for higher spends

 

[neogen]

It means you get slightly better rewarded for higher spends

Hypothetically, if I spend 2L in a month, how much ER I would be getting? 35000 or 9K+ 8.75K?

 

[ishanmontella]

Hypothetically, if I spend 2L in a month, how much ER I would be getting? 35000 or 9K+ 8.75K?

9k+8.75k

 

[neogen]

9k+8.75k

Then this Magnus has become an utter useless card.

I got this in Feb23 end, for each of the month Mar, Apr, May, June and Jul, I have achieved the milestone spend. Got ER for Mar and Apr. Hopefully, should get for remaining 3 months as well. Thereafter, it's natural death for Magnus.. Forget about renewing, there is no point in spending even a paisa on this card anymore.

Back to Infinia.

 

[Walter White]

Hypothetically, if I spend 2L in a month, how much ER I would be getting? 35000 or 9K+ 8.75K?

The thing is, how will you manage to reach that spends without getting flagged. Axis is flagging accounts left, right and center for no reason. And not to forget the long list of exclusions.

 

[neogen]

The thing is, how will you manage to reach that spends without getting flagged. Axis is flagging accounts left, right and center for no reason. And not to forget the long list of exclusions.

My total yearly spend on CC is ~35 L. All are normal, genuine and not even a paisa in the list of exclusions.