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]

These two statements are apparently inconsistent. How can they make it very hard to leave when they offer you nothing?! Please elaborate.

Try closing a demat account.

 

[dominic1229]

These two statements are apparently inconsistent. How can they make it very hard to leave when they offer you nothing?! Please elaborate.

HDFC did make it very hard to leave for him by offering him Infinia but he ignored and still closed his card and account. And then they offered him nothing: And then after he closed his account, they offered him nothing by rejecting his Infinia request 4 times.

Does it seem more clear now?

 

[SM24]

Try closing a demat account.

I'm on the verge of this and moving to Axis.

Curious to know your experience !

 

[vikramsrit]

For example a 2% difference in reward rate between the cards, and paying 12500 plus taxes extra for Magnus (from next year) would mean I would need to spend another 7 lakhs or so on Magnus just to break even (vs using Infinia-only)

I'm not sure even the mental gymnastics will be worth the trouble

Going only by the spend based benefits, it may not be worth it if your overall spends are not high and most of them are non-travel based spends. But if you factor in the non-spend based benefits - BMS, M&G etc, I think renewing Magnus makes a lot of sense. And it makes complete sense if you have Burgundy relationship with them.

 

[MilesMax]

I have around 12-15L of spending per year. 40% of spending is on travel. (roughly 5 - 6 lakhs)

I would need to have one super-premium card for this to get the maximum benefit on point transfers.

Option 1: Get Burgundy by parking 10L in SB (3.5% interest)
Option 2: Get FD-based Infinia at 10L (6.5% interest)

30k difference. Also, it gets taxed at 30% so 20k difference.

Option 3: Get Atlas Card (10% reward rate for all travel spends but Magnus w/Burgundy is 24% for travel)
I would still need Magnus for the PP & M&G.

Don't like either option but no other choice. Mostly have to go with Burgundy till 5:4 then close the account and go to HDFC.

Any other options?

 

[varunchopra]

Axis has been delaying edge rewards credit post devaluation news.Even normal points are not posted in last week exception is the milestone rewards

 

[Warlock27]

Hey everyone, I'm recently being offered chaegeable ICICI Emeralde as an upgrade option to Platinum, what do you think of this card as an alternative?
I have no relationship with HDFC apart from a Tata Neu card I got few months back, I have no way to get DCB and/or Infinia at the moment.

 

[bengaltiger]

luckily I have just renewed 2 months back my magnus and got 10k TATA Cliq. I will be keeping it just magnus giving me 8 guest allowance for international lounge access.

If I get similar card I will move.

 

[Walter White]

Lol, what I found on Twitter: 🤣

 

[dominic1229]

Lol, what I found on Twitter: 🤣

Gajjab bro! 🤣 🤣🤣

 

[Vickymaster1010]

any agent here from mumbai who can open burgandy for me with 5 lakh aqb?

 

[Vickymaster1010]

will i get magnus fee if i open burgandy account?

 

[raghav101]

Lol, what I found on Twitter: 🤣

View attachment 24057

Nice 🤣🤣🤣

 

[SM24]

Lol, what I found on Twitter: 🤣

View attachment 24057

(unsuspecting) Kitty was a killer last word.

 

[Harry1]

I have around 12-15L of spending per year. 40% of spending is on travel. (roughly 5 - 6 lakhs)

I would need to have one super-premium card for this to get the maximum benefit on point transfers.

Option 1: Get Burgundy by parking 10L in SB (3.5% interest)
Option 2: Get FD-based Infinia at 10L (6.5% interest)

30k difference. Also, it gets taxed at 30% so 20k difference.

Option 3: Get Atlas Card (10% reward rate for all travel spends but Magnus w/Burgundy is 24% for travel)
I would still need Magnus for the PP & M&G.

Don't like either option but no other choice. Mostly have to go with Burgundy till 5:4 then close the account and go to HDFC.

Any other options?

Is fd based Infinia LTF? And why is fd rate lower? Hdfc is offering 6.5% interest rate.

 

[MilesMax]

Is fd based Infinia LTF? And why is fd rate lower? Hdfc is offering 6.5% interest rate.

I don't think so. Someone in the forum told me to try for FYF with FD.

I have mentioned 6.5% itself.

 

[Harry1]

I don't think so. Someone in the forum told me to try for FYF with FD.

I have mentioned 6.5% itself.

Lol, then no point of FD. FYF is easy if u have HDFC salary account.

 

[K.R]

Magnus is significantly diluted, but I fully intend to renew it and then use it this year. Next year is more than a year away.


The way I'm seeing it - there are still some every large offline expenses (car maintenance, insurance, school fees, airline travel) where rates are higher on Magnus than on Infinia if the Magnus points can be converted to airmiles (specifically Vistara) for me

The question is - are they so much higher that they justify paying another annual fee?


For example a 2% difference in reward rate between the cards, and paying 12500 plus taxes extra for Magnus (from next year) would mean I would need to spend another 7 lakhs or so on Magnus just to break even (vs using Infinia-only)

I'm not sure even the mental gymnastics will be worth the trouble

Magnus is dead when you compare with Magnus prior to devaluation. However it is still the 2nd best card depending on person to person. If you are a Brugundy customer the best card is Magnus as it will be LTF with 5:4 transfer and non spend benefits. Gyftr keeps changing... tomorrow suddenly one might see higher rewards as well
Infinia is an All rounder card while Mangus is 2nd best. If someone has Infinia never forfeit it as it is the best card at zero cost

 

[K.R]

will i get magnus fee if i open burgandy account?

Absolutely and its LTF.. provided you meet the Magnus Credit card requirements ..like 18 lakhs salary etc

 

[hrish88]

I don't think so. Someone in the forum told me to try for FYF with FD.

I have mentioned 6.5% itself.

HDFC doesn't even guarantee Infinia With Imperia which requires 30L FD.I don't think we can get Infinia for a 10L FD.

check the post of @vina he had significant money in the HDFC Saving account and still HDFC did not offer him Infinia.I even asked in a branch willing to put 30L FD But the RM said not possible and this was for a new relationship for which these guys are always eager.