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

 

[bala.sakthi1983]

I got the magus card just few days back, if i request for cancel, then they will reverse my joining fees?

No way 🙂

 

[bala.sakthi1983]

While Devaluation was always expected, that it happened so soon is a shocker. Should we continue to hold or cancel the card when it's up for renewal?

Better cancel this card..

 

[Tirajat]

This doesn’t make any sense. Pdf is very clear in my view. 12 per 100 for spends upto 1.5 lakhs and 35 per 100 for spends above 1.5 lakhs..

Indeed! Here's the official clarification:

 

[Warlock27]

Do you have any other alternative card? i want to get atleast 3% return on my spends. Currently I'm holding Axis Magnus, ICICI APay, SBI simply save, SC Reward.

No longer I'm gonna use Magnus, I have no idea which one to use further? Any suggestions? @TechnoFino @vigo @Vikram7111 @amalbinu

I have a buttload of cards from almost all major banks except SBI, BOB, and AMEX. Unfortunately Magnus was my only premium card, my other cards aren't very rewarding(mostly basic LTF cards or sub-premium) but they take can take care of almost all the daily expenses.
I'm also looking for a premium alternative as well. After getting into miles and rewards game with Magnus, it's really hard to go back to plain old discounts and offers. ☹️

 

[bala.sakthi1983]

I have a buttload of cards from almost all major banks except SBI, BOB, and AMEX. Unfortunately Magnus was my only premium card, my other cards aren't very rewarding(mostly basic LTF cards or sub-premium) but they take can take care of almost all the daily expenses.
I'm also looking for a premium alternative as well. After getting into miles and rewards game with Magnus, it's really hard to go back to plain old discounts and offers. ☹️

Absolutely. Apart from Magnus, i got 1% return of other cards. usually i spend 1L to 1.5 L per month on Magnus and around 20 to 30k on other Life time Free credit cards. I really felt bad after seeing that Axis devaluation news.

Still I'm looking for close to Magnus.. Not sure how long it's gonna take..

 

[R!ppEr]

Absolutely. Apart from Magnus, i got 1% return of other cards. usually i spend 1L to 1.5 L per month on Magnus and around 20 to 30k on other Life time Free credit cards. I really felt bad after seeing that Axis devaluation news.

Still I'm looking for close to Magnus.. Not sure how long it's gonna take..

Apay card zindabad 😁🫡

 

[bala.sakthi1983]

Apay card zindabad 😁🫡

APay for amazon purchases which would earn you min 3% but offline spends .. 1%.. looking for milestone rewards as well.

 

[ALOAK]

With everything about Magnus in the air, what do you guys think of Citi Prestige as an alternative?
On paper, it looks to be simple and no bullshit card with 4% miles on domestic and 3.82% on international.
I'm eligible for a swap (as confirmed by Customer care) but I'm afraid to apply as I fear that Axis might F**k up CITI card in a year or two as well.

Count on it

 

[Ashutosh007]

Has anyone received any Gyftr bonus reward points in July / Aug? When will Axis send Gyftr bonus reward points? Very frustrating

 

[sahilgulati5]

Has anyone received any Gyftr bonus reward points in July / Aug? When will Axis send Gyftr bonus reward points? Very frustrating

NO i have not received anything in july. august has just started and i doubt they will send soon

 

[neo.puneet]

why would axis send accelerated awards before sept 1st 😂

 

[Googix]

Has anyone received any Gyftr bonus reward points in July / Aug? When will Axis send Gyftr bonus reward points? Very frustrating

They only promised to give milestones sooner. this will be credited in usual process.

 

[sahilgulati5]

They only promised to give milestones sooner. this will be credited in usual process.

I have not received for march. For april we should be expecting in this month

 

[WhoU]

April Gyftr ER was credited last month.

 

[Googix]

I have not received for march. For april we should be expecting in this month

Raise issue with Axis Pno

 

[kapsshah42]

Have initiated a transfer of some miles into krisflyer on 27 july but points still not received yet.Krisflyer account is verfied and have done a transfer earlier as well.What to do now?

 

[shuperman]

April Gyftr ER was credited last month.

is this true for all? can anyone also confirm?

 

[004archit]

is this true for all? can anyone also confirm?

Yes

 

[004archit]

Have initiated a transfer of some miles into krisflyer on 27 july but points still not received yet.Krisflyer account is verfied and have done a transfer earlier as well.What to do now?

Same case for me also

 

[sahilgulati5]

Raise issue with Axis Pno

Already did last week.. Still waiting Monday will mail again