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

 

[hemant89]

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

Some people may find blaming influencers as wrong thinking but I also think that Influencers are creating more issues. Nowadays, every other person tries to present themselves as an expert. One plus point is more information is more accessible to the public but it also leads to an increase in bad decisions also made by people. Influencers now create videos to reach their milestone of followers.

 

[rogerthat]

One good thing about all these influencers is that they tempt people to spend on credit cards. And when inexperienced and indisciplined people start using credit cards what inevitably happens is that they start overspending and will not be able to pay off their full monthly dues turning into revolvers and interest payers. This is good news for real CC enthusiasts who pay off their balances every month as it will fund our rewards 🙂

 

[hemant89]

One good thing about all these influencers is that they tempt people to spend on credit cards. And when inexperienced and indisciplined people start using credit cards what inevitably happens is that they start overspending and will not be able to pay off their full monthly dues turning into revolvers and interest payers. This is good news for real CC enthusiasts who pay off their balances every month as it will fund our rewards 🙂

But in the long term won't it affect negatively? As due to indisciplined people bad debts will increase, which will increase the burden on banks and in turn banks will reduce the rewards to cover up those losses and the real users will become part of the collateral damage.

 

[neogen]

But in the long term won't it affect negatively? As due to indisciplined people bad debts will increase, which will increase the burden on banks and in turn banks will reduce the rewards to cover up those losses and the real users will become part of the collateral damage.

The person who pays their CC bills on time are the worst category users in eyes of banks. Banks don't make enough out of MDR and annual fee..

 

[mojo_jojo123]

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

lets shut up these mint people .. they are killing all cards

 

[mojo_jojo123]

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 .

where are you spending so much bro

 

[Sharjeelshaikh]

Yeh lo

 

[mojo_jojo123]

can we all short Axis share as people did in US for gamestop ?

 

[Sharjeelshaikh]

can we all short Axis share as people did in US for gamestop ?

Hum chindi log hai kitna karlege short market all time high pe hai is wave mei chaddi bhi nahi bachegi apni

 

[vina]

Ye ** pehle koi Mint ko India mai ban karwao

🤣 in my fifth application for Infinia they finally approved it 🤣🤣🤣 now I know why

 

[vina]

Yeh lo

 

[bigbrain]

The person who pays their CC bills on time are the worst category users in eyes of banks. Banks don't make enough out of MDR and annual fee..

Bank needs all kind of people. People who pay off help in maintaining a healthy balance.
People who don’t pay and pay high interest. - high risk high returns.
People who convert high spending to emi. - Medium risk medium risk.
People who pay off all outstanding- low risk and low returns.

Just like we divide our investments in debt, equities, bonds, gold etc.

Bank cannot perform well without all type of assets.

 

[vina]

The person who pays their CC bills on time are the worst category users in eyes of banks. Banks don't make enough out of MDR and annual fee..

Bank needs all kind of people. People who pay off help in maintaining a healthy balance.
People who don’t pay and pay high interest. - high risk high returns.
People who convert high spending to emi. - Medium risk medium risk.
People who pay off all outstanding- low risk and low returns.

Just like we divide our investments in debt, equities, bonds, gold etc.

Bank cannot perform well without all type of assets.

@neogen, this is a popular myth. while it is true that banks don't make enough from MDR and annual fee, they make very substantial sums - so much so that at least in the developed world and in a low cost-of-funds scenario, that more or less covers cost of those customers except for super-high-reward programs. In developed world you wont find any equivalent of Infinia, Magnus, DCB (and frankly even their lesser cousins).

There is another thing these customers (who form the vast majority of customers) do - they provide the volume that the banks then use to drive up fees and discounts in their negotiations with retailers and merchants. HDFC has Infinia and other banks struggle, in part because HDFC also has the largest card network in India (both by card members and value of transactions in aggregate). HDFC also has some of the richest customers who spend more - so the value of HDFC is higher for most merchants of goods and services and HDFC can demand higher discounts to pass along as a result.



I would just say this - if those customers were the worst, they wouldn't be the ones for whom card approval is a foregone conclusion.

 

[VGisHere]

I haven’t got ERP for transactions done in this month.
Normally, the 1x ERP used to get credited within one day of transaction getting settled. But, in my case, it’s been 3 days now and no ERP have been credited!

Nor have I yet received milestone ERP for May/June (I guess those will be credited by 31st July)!

Anyone else in same boat?

 

[Shadow747]

I haven’t got ERP for transactions done in this month.
Normally, the 1x ERP used to get credited within one day of transaction getting settled. But, in my case, it’s been 3 days now and no ERP have been credited!

Nor have I yet received milestone ERP for May/June (I guess those will be credited by 31st July)!

Anyone else in same boat?

no points have been credited after 19th july for transactions. I think it's a weekly scheduling.

 

[dominic1229]

🤣 in my fifth application for Infinia they finally approved it 🤣🤣🤣 now I know why

Congrats!
what was the credit limit of your existing HDFC card?
Did you bump up your HDFC card spends in last 6 months before your fifth application?

 

[Ravana_88]

where are you spending so much bro

40% of these spends are on Gyftr ( Myntra / Amazon / Swiggy / Zomato / Other Partners ) ,20% on flight since I travel for work every month and rest normal spends . Also, I got the add-on card early due to which all the household spends were done from this card only .

 

[kapoorsanyam]

@neogen, this is a popular myth. while it is true that banks don't make enough from MDR and annual fee, they make very substantial sums - so much so that at least in the developed world and in a low cost-of-funds scenario, that more or less covers cost of those customers except for super-high-reward programs. In developed world you wont find any equivalent of Infinia, Magnus, DCB (and frankly even their lesser cousins).

There is another thing these customers (who form the vast majority of customers) do - they provide the volume that the banks then use to drive up fees and discounts in their negotiations with retailers and merchants. HDFC has Infinia and other banks struggle, in part because HDFC also has the largest card network in India (both by card members and value of transactions in aggregate). HDFC also has some of the richest customers who spend more - so the value of HDFC is higher for most merchants of goods and services and HDFC can demand higher discounts to pass along as a result.



I would just say this - if those customers were the worst, they wouldn't be the ones for whom card approval is a foregone conclusion.

completely agree

 

[NOOBY]

🤣 in my fifth application for Infinia they finally approved it 🤣🤣🤣 now I know why

Bhai, apne comment ko edit karke mere quote mai se 2nd word delete kardo...

Naye mods ko shayad vo word pasand nahi aaya isliye mera comment hi delete kar diya 🤣

 

[CardTox]

Guys, i have 18,745 rewards so far under Magnus edge reward. Guide me how can i make most effective use of those points as of now? I will be going to Chennai to Delhi in the end of August, can it be used for any sort of flight booking for two passengers?