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

 

[aggarwal]

Untill we are getting full meals and suddenly axis changed to quarter meals and it will take time to digest the change.

Is not digesting quarter meal easier as it is just one fourth to digest than full meal

 

[bonheur]

I have 55k pending accelerated GyfTR rewards on May, June, July spends. Axis has not committed to post these before Sept1. Can we raise a concerted voice for this?

Requesting @TechnoFino 's help on this.

Same boat, lots of points from Gyftr are pending for me as well. So far they are playing nice with milestone reward credits, I hope they do the same even for accelerated rewards from GVs.

 

[jchandra49]

After Sep 1, if I accumulate 2 lakh points, and before transferring the points, if I open a burgundy account for 5:4 transfer ratio, transfer the points and if I close the account after 1 month. is it a good idea?

 

[live_and_let_live]

After Sep 1, if I accumulate 2 lakh points, and before transferring the points, if I open a burgundy account for 5:4 transfer ratio, transfer the points and if I close the account after 1 month. is it a good idea?

Very good idea. !

 

[ishanmontella]

After Sep 1, if I accumulate 2 lakh points, and before transferring the points, if I open a burgundy account for 5:4 transfer ratio, transfer the points and if I close the account after 1 month. is it a good idea?

The fact that the revised tnc’s mention “time bound offering”, may mean that you won’t be able to pull this off after a few months from 1st September 2023.

“Time bound” may mean a) you would need to decide for the Burgundy account asap
or/and b) 5:4 offer even after obtaining Burgundy might be time bound.

Wait for further details from Axis on this.

 

[CARDBITRAGE]

The fact that the revised tnc’s mention “time bound offering”, may mean that you won’t be able to pull this off after a few months from 1st September 2023.

“Time bound” may mean a) you would need to decide for the Burgundy account asap
or/and b) 5:4 offer even after obtaining Burgundy might be time bound.

Wait for further details from Axis on this.

You must hand it to them for them the ambiguity here. They have intentionally been careful with their words. I sense they mean the latter, "5:4 offer even after obtaining Burgundy might be time bound." Because otherwise, it would defeat the purpose of holding a Burgandy private account with them. XD

 

[punpher]

 

[mojo_jojo123]

if we do now gyftr transaction will we get accelerated reward points before devaluation ?

 

[mojo_jojo123]

now I think axis should atleaset change back gyftr accelerated ratio to same as earlier ..elese magnus is as good as junk or SBI cashback CC which gives flat 5% on most spends.

 

[vina]

now I think axis should atleaset change back gyftr accelerated ratio to same as earlier ..elese magnus is as good as junk or SBI cashback CC which gives flat 5% on most spends.

I was checking my Vistara points when another thought crossed my mind

Vistara is going to merge with Air India early next year. If the Club Vistara program is devalued after that (nobody I have heard converted his ER points to Spicejet for example), then basically the while Magnus reward structure is toast for anyone trying to use points through that route

 

[sanju8486]

View attachment 23683

That's sad and Bad..

People done transactions anticipating value of reward points...

Very Bad By Axis on this point .

 

[phagocyte536]

if we do now gyftr transaction will we get accelerated reward points before devaluation ?

Don't even expect

 

[mojo_jojo123]

Is it good to open Burgundy account now or post Sep 1st when Axis comes out of new rule ?

 

[vina]

Is it good to open Burgundy account now or post Sep 1st when Axis comes out of new rule ?

Wait till they come

There may be some incentives

At the very least they seem to have a 5000 rupee incentive

 

[vina]

now I think axis should atleaset change back gyftr accelerated ratio to same as earlier ..elese magnus is as good as junk or SBI cashback CC which gives flat 5% on most spends.

No it is not 😂

SBI gives cash back, not miles

I mean they are nice, but I don't want to stay in a 5 star most of the time, the value over 3 star isn't that much for me. And I don't need to fly Vistara all the time, and can't even do that given their limited network.

Flexibility has it's own value



On the other hand on Magnus you can get ER points on insurance payments, groceries and medicine at neighbourhood stores and the like.


If I get Infinia, I have no particular intention to use Magnus where Infinia is an option

 

[kapoorsanyam]

I was checking my Vistara points when another thought crossed my mind

Vistara is going to merge with Air India early next year. If the Club Vistara program is devalued after that (nobody I have heard converted his ER points to Spicejet for example), then basically the while Magnus reward structure is toast for anyone trying to use points through that route

Can you please elaborate? Thanks

 

[mojo_jojo123]

What I am trying to say is that overall we see we can squeeze ~5% from magnus in new rules with so much uncertainty in miles redemption ratio / availability .. so isn't sbi cashback is good which gives 5% in cash.

 

[vina]

Can you please elaborate? Thanks

Sometime around March next year Air India, Vistara and Air Asia will merge into one company - called Air India from then on. Right now all of these three airlines are running their own loyalty programs. It is not clear how the merged entity will run it.

At least for Air India - the loyalty program is not valued much.

I had checked whether to trasfer points to Spicejet earlier. Many issues there - first of all the airline is perennially at the brink of bankruptcy. But also, I couldn't see a way to book flights using points. The value of those points isn't much.


So basically, there is a risk that by March next yea Vistara is out (or diluted to very low), and once that happens, there won't be a domestic airline to use the ER points even with 5:4


At least for me (and there will be others I'm sure) - there isn't much value in international airlines - I don't see much value in beaches on Maldives when I haven't spent time at Pondicherry and Gokarna (lack of time both me, wife and kids). That only leaves hotels in India and the places we usually go to usually have KSTDC guest houses and jungle lodges, not ITC 5 stars (or even 3 stars) usually.

So if Vistara actually dilutes itself (nothing to do with Axis), Magnus turns useless from that act alone - the only redemption option for people like me (for most of the points) will be 5:1 conversion to gift vouchers, or 1.2% on regular spends and 2.4% on Gyftr Amazon (3.6% on Swiggy).

 

[kapoorsanyam]

Sometime around March next year Air India, Vistara and Air Asia will merge into one company - called Air India from then on. Right now all of these three airlines are running their own loyalty programs. It is not clear how the merged entity will run it.

At least for Air India - the loyalty program is not valued much.

I had checked whether to trasfer points to Spicejet earlier. Many issues there - first of all the airline is perennially at the brink of bankruptcy. But also, I couldn't see a way to book flights using points. The value of those points isn't much.


So basically, there is a risk that by March next yea Vistara is out (or diluted to very low), and once that happens, there won't be a domestic airline to use the ER points even with 5:4


At least for me (and there will be others I'm sure) - there isn't much value in international airlines - I don't see much value in beaches on Maldives when I haven't spent time at Pondicherry and Gokarna (lack of time both me, wife and kids). That only leaves hotels in India and the places we usually go to usually have KSTDC guest houses and jungle lodges, not ITC 5 stars (or even 3 stars) usually.

So if Vistara actually dilutes itself (nothing to do with Axis), Magnus turns useless from that act alone - the only redemption option for people like me (for most of the points) will be 5:1 conversion to gift vouchers, or 1.2% on regular spends and 2.4% on Gyftr Amazon (3.6% on Swiggy).

Thanks !!

 

[sharad131]

158 pages, and it seems most of dust has settled now 🙂
Now it is the time to move on and spare yourself from time which was going in maintaining those axis magnus excel sheets 🙂