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

---

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

---

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

---

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

---

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

 

[D7162]

This thread went from
Deval 1 is end of axis, they screwed us --> yay our voices matter and Axis is on the backfoot --> wtf axis don't listen to us deval 1 was better than deval 2.

🍿😎 Can't wait for the next twist!

It was
Deval 1 - i will cancel card
then few days - ok will use Gyftr and card is still better
then Gyftr Deval
Card is still better
Deval 2 (final) I will now cancel
then after - ok magnus is still better if i use travel edge and 2 lakh spend etc etc

Somehow axis know people will stick to the card anyhow. By reading this long 150+ pages, you can know people not only starts accepting but they start justifying axis and somehow convincing their own self (not others) that this card is still better and will renew it

 

[Crusader4Credit]

Any charges after degrading like burgundy debit card charge etc?

Nopes. No charges. Liberty has 25K Min balance. I actually prefer it as it gives Delight debit card (paid @ 1500+tax)

 

[ishanmontella]

Anyone got clarity if Axis is gonna give the pending accelerated rewards as well before 1st Sept ?

This is already discussed. Accelerated rewards will be credited within 90-120 days (no change here). Only the milestone spends till July, will be credited by 10th August.

 

[Himanshu Rathi]

HDFC INFINIA devaluation soon. One more article from the MINT 💀 💀 🤣

 

[akf]

This is already discussed. Accelerated rewards will be credited within 90-120 days (no change here). Only the milestone spends till July, will be credited by 10th August.

Thanks for this ! I was planning me transfer based on this, will revise now.
Atleast we should get May Accelerated points before the deval goes in.

 

[004archit]

We can get the 5x UPTO 5000 and 5% Cashback UPTO 1000 both when we do 2 transaction one for point and one for cashback?
Both we can get, with the same card?

 

[aggarwal]

HDFC INFINIA devaluation soon.View attachment 23753 One more article from the MINT 💀 💀 🤣

Looks like Mint is new Barkha.. National Panauti...

 

[ismail]

i dont have infinia.. so waiting to watch fun if happens

 

[MilesMax]

Does anyone know what is this for?
Are they telling that if we open a Burgundy Account, we'll get 5k voucher?

 

[hemant89]

HDFC INFINIA devaluation soon. One more article from the MINT 💀 💀 🤣

 

[vina]

Anyone got clarity if Axis is gonna give the pending accelerated rewards as well before 1st Sept ?

Some people asked by email and they replied that it'll be on regular schedule

 

[vina]

See about Accor points

Unless used for stays, the value drops

n after - ok magnus is still better if i use travel edge and 2 lakh spend etc etc

Somehow axis know people will stick to the card anyhow. By reading this long 150+ pages, you can know people not only starts accepting but they start justifying axis and somehow convincing their own self (not others) that this card is still better and will renew it

 

[hemant89]

Just out of curiosity, with all these major devaluations happening is there a chance that Rupay can come up with some premium card offering!! Just a thought!!

 

[vina]

Just out of curiosity, with all these major devaluations happening is there a chance that Rupay can come up with some premium card offering!! Just a thought!!

Rupay can't come up with any premium offer, MDC charges are way too small for that; and Rupay mandates UPI linkage - banks actually lose money on that

 

[vina]

Just out of curiosity, with all these major devaluations happening is there a chance that Rupay can come up with some premium card offering!! Just a thought!!

In fact, with UPI (and Rupay) the future will go more and more towards nearly no card discounts. MDR rates are the biggest way banks make money from prime customers.

The other way is via platforms like smatbuy and travel edge - those are effectively e-commerce sites (even if smartbuy takes you to the Flipkart site, the Flipkart page maintains a cookie) which put the burden of discounts back on the retailer. So far retailers are giving additional discounts, but this will not last. Amazon dropped already and I suspect only the retailers that don't already give discounts on their own platforms will remain (which means Flipkart will drop too)

Amazon gives 5% on it's icici card because that it passes along to the retailer. Same with many affinity cards and banks, and same with discounts that you get via banks' own e-commerce platforms.


Travel and especially hotels, have some of the highest marketing costs. Even in season as high as 40% discounts are very common amongst second tier hotels (3 stars and non-chain), and off season is basically bulk market. Airlines also have traditionally given discounts to booking partners and those are getting passed along mainly, but if you travel mainly Indigo then that's also not much (I think it is basically 0; I sometimes find tickets cheaper on Indigo's own site than any other). Magnus anyway didn't indulge anyone other than Vistara on domestic route and I haven't experience Infinia (and didn't use smartbuy when I had regalia) so no idea about that one - but if they have Indigo, it can't last very long.


Fundamentally (and I think vast majority or people understand it; there are very few spewing bullshit like "you can't trust Axis" or any other bank because of devaluations - these guys surely think the world owes them something they never earned) - the "rewards" you get are either loss leaders from marketing budget, or discounts the banks are getting from the retailers. Usually a combination of both.


These things will last on high margin items, but not on the rest - they have to go away.

 

[hemant89]

In fact, with UPI (and Rupay) the future will go more and more towards nearly no card discounts. MDR rates are the biggest way banks make money from prime customers.

The other way is via platforms like smatbuy and travel edge - those are effectively e-commerce sites (even if smartbuy takes you to the Flipkart site, the Flipkart page maintains a cookie) which put the burden of discounts back on the retailer. So far retailers are giving additional discounts, but this will not last. Amazon dropped already and I suspect only the retailers that don't already give discounts on their own platforms will remain (which means Flipkart will drop too)

Amazon gives 5% on it's icici card because that it passes along to the retailer. Same with many affinity cards and banks, and same with discounts that you get via banks' own e-commerce platforms.


Travel and especially hotels, have some of the highest marketing costs. Even in season as high as 40% discounts are very common amongst second tier hotels (3 stars and non-chain), and off season is basically bulk market. Airlines also have traditionally given discounts to booking partners and those are getting passed along mainly, but if you travel mainly Indigo then that's also not much (I think it is basically 0; I sometimes find tickets cheaper on Indigo's own site than any other). Magnus anyway didn't indulge anyone other than Vistara on domestic route and I haven't experience Infinia (and didn't use smartbuy when I had regalia) so no idea about that one - but if they have Indigo, it can't last very long.


Fundamentally (and I think vast majority or people understand it; there are very few spewing bullshit like "you can't trust Axis" or any other bank because of devaluations - these guys surely think the world owes them something they never earned) - the "rewards" you get are either loss leaders from marketing budget, or discounts the banks are getting from the retailers. Usually a combination of both.


These things will last on high margin items, but not on the rest - they have to go away.

Thanks for the detailed explanation. It makes sense, any business will let go of any loss-making product or try to reduce losses. I am curious if some other bank will try to capture this opportunity and come up with a new product to get new customers. This year is a devaluation year for major bank's credit cards, I think people are feeling the pain of that.

 

[NikTravelEnthusiast]

My plan.

Year 2022- Get a job. Build my salary account slips.Do a good research on credit card.
Year 2023-
First quarter- apply for numerous credit cards.Build my portfolio. Gather rewards point.
Second quarter-Build a strategy to use rewards. See all day dreams about how I will enjoy holidays overseas.
Third quarter- Oops , plans seems to failing, everything is getting devalued.
Fourth quarter- Close maximum credit cards.
Year 2024- Spend year long in 'Pagal Khana' with first of it's kind known affected persons suffering from 'Travel Phobia'. 🤪🤪

 

[Avatar Aang]

Is Insurance payment considered for Monthly milestone of 25000 ER?

 

[hrish88]

In fact, with UPI (and Rupay) the future will go more and more towards nearly no card discounts. MDR rates are the biggest way banks make money from prime customers.

The other way is via platforms like smatbuy and travel edge - those are effectively e-commerce sites (even if smartbuy takes you to the Flipkart site, the Flipkart page maintains a cookie) which put the burden of discounts back on the retailer. So far retailers are giving additional discounts, but this will not last. Amazon dropped already and I suspect only the retailers that don't already give discounts on their own platforms will remain (which means Flipkart will drop too)

Amazon gives 5% on it's icici card because that it passes along to the retailer. Same with many affinity cards and banks, and same with discounts that you get via banks' own e-commerce platforms.


Travel and especially hotels, have some of the highest marketing costs. Even in season as high as 40% discounts are very common amongst second tier hotels (3 stars and non-chain), and off season is basically bulk market. Airlines also have traditionally given discounts to booking partners and those are getting passed along mainly, but if you travel mainly Indigo then that's also not much (I think it is basically 0; I sometimes find tickets cheaper on Indigo's own site than any other). Magnus anyway didn't indulge anyone other than Vistara on domestic route and I haven't experience Infinia (and didn't use smartbuy when I had regalia) so no idea about that one - but if they have Indigo, it can't last very long.


Fundamentally (and I think vast majority or people understand it; there are very few spewing bullshit like "you can't trust Axis" or any other bank because of devaluations - these guys surely think the world owes them something they never earned) - the "rewards" you get are either loss leaders from marketing budget, or discounts the banks are getting from the retailers. Usually a combination of both.


These things will last on high margin items, but not on the rest - they have to go away.

There is a quote in the movie dark knight "You Either Die A Hero Or Live Long Enough To See Yourself Become The Villain" that's what happened with Magnus.

Card is so rewarding even if someone receives it today can fetch a value 50K+ on spending 1lac on gyftr/travel edge of end of this month by paying a effective fee of 1800(11800-10000[tata cliq]).

Also I dont understand if bank earns 2-3.5% in MDR and May 3-4% in interest and late fees. How can we expect a return of 10/20/30% on credit card spending that is simply unrealistic?

In the past credit card rewards enthusiast community were few and closed group circles. Banks used to turn a blind eye. But now with the rise of these influencers they became the main culprit of getting all the cards devalued.on Instagram every second finfluencer was making reels about Magnus

 

[Ravana_88]

I got LTF DCB in Jan 2020 which gave me 13% points overall on spend of 9 L in 2020 . In 2021 , this reduced to 10% on spend of 13 L and in 2022 ( till Sep'22 ), this further reduced to 7% on spend of 13 L due to further devaluation of Gfytr .

I started using magnus from Oct'22 and till date, points received are 38% on spend of 13 L . If I multiply 38% by 0.8 for apple to apple comparison with DCB , still it comes to 30% which is very good and is getting used in Vistara / ITC / Accor . I will use Magnus in Aug'23 and Sep'23 to qualify for the free card renewal and have also applied for Inifinia Metal upgrade now which is FYF as per the form that I filled. Now, all my spends from Oct'23 will go to Infinia . I thought of taking Amex trio but too much effort there .

Good Bye Axis . Welcome back HDFC .