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

 

[CCUser_1999]

With the limits of usage per month in Inifinia or DCB how is this any better even against a devalued Axis getting 25k extra edge rewards per month. I'm not clear on this. are there any other benefits in Infinia or DCB that I'm missing?

Upto 1 lakh per month, Magnus still holds good. But any spend below or above 1 lakh is absolutely trash now.

 

[venkateshr]

quick question. Apart from the 10k renewal benefit - what changes for someone who has Magnus & Reserve both?

He will get 6k + 25k for milestone benefit, which can be transferred at 5:4 right since the person owns reserve?

So, only the 10k renewal fee is the challenge. Correct?

Axis does not have a system (at least not currently) where your ERs earned are segregated basis the card used. So till such time these ERs cumulate under one umbrella it is very likely that a ratio for Magnus will be the same for Reserve also. Hence all the so-called HNI cards in Axis like Select, Magnus and Reserve may get the same transfer ratio (that's my understanding)

 

[yashawant.basu]

Those who hold magnus/reserve like if u gonna discontinue or dislike if u want to continue after deval

 

[punpher]

Guys please check grabdeals aswell. All partners has been capped to maximum 5x.

Party over

 

[Consultant]

It’s a perspective. Even reserve ratio can be considered as a benchmark. There is no communication around reserve yet right?

Axis does not have a system (at least not currently) where your ERs earned are segregated basis the card used. So till such time these ERs cumulate under one umbrella it is very likely that a ratio for Magnus will be the same for Reserve also. Hence all the so-called HNI cards in Axis like Select, Magnus and Reserve may get the same transfer ratio (that's my understanding)

 

[Anonymous ツ]

Look at this tweet guys. Everybody is sharing something new.

It says new Milestone benefits will be 30k ER points on spend of 1 lac per month 😂😂

 

[Wealth is my birth right!]

Look at this tweet guys. Everybody is sharing something new.

It says new Milestone benefits will be 30k ER points on spend of 1 lac per month 😂😂

Lol
More demand to Magnus card again

 

[Anonymous ツ]

Lol
More demand to Magnus card again

There is nothing mentioned like decrease in conversion rate for magnus in this tweet.

 

[CCUser_1999]

Look at this tweet guys. Everybody is sharing something new.

It says new Milestone benefits will be 30k ER points on spend of 1 lac per month 😂😂

New twist in story... 🙂

Another very official looking document.... I guess I shall also make something and share... If nothing else I will get some followers on Twitter.... 🙂

 

[captaintorchtm]

New twist in story... 🙂

Another very official looking document.... I guess I shall also make something and share... If nothing else I will get some followers on Twitter.... 🙂

Lets make something like 1L bonus points for 2L spend in a month, Fully paid Maldives trip on spending 20L, we can edit anything

 

[amitr29]

quick question. Apart from the 10k renewal benefit - what changes for someone who has Magnus & Reserve both?

He will get 6k + 25k for milestone benefit, which can be transferred at 5:4 right since the person owns reserve?

So, only the 10k renewal fee is the challenge. Correct?

Reserve is also devalued.. It's 5:1 conversion now

 

[captaintorchtm]

Jokes apart, i guess bank is leaking different stories to see the response and final deval can be something entirely different.

Lets make something like 1L bonus points for 2L spend in a month, Fully paid Maldives trip on spending 20L, we can edit anything

 

[CCUser_1999]

Jokes apart, i guess bank is leaking different stories to see the response and final deval can be something entirely different.

I don't think its bank. Bank will never test like this. Koi sabki firki le raha hai!!!

This might be fastest thread to have so many posts!!!

 

[bigbrain]

New twist in story... 🙂

Another very official looking document.... I guess I shall also make something and share... If nothing else I will get some followers on Twitter.... 🙂

This looks like what Jupiter did recently. They converted 1J to 5J and devalued each jewel to ₹0.2

 

[CARDBITRAGE]

Axis is probably sweating rn. I wonder how much market share loss they will sustain in the days after the devaluation.

 

[Anonymous ツ]

Also 1 🇷🇺 for every 6000 spent 😛

Eveything is temporary but 🇷🇺 for 6k is permanant.

 

[Wealth is my birth right!]

Jokes apart, i guess bank is leaking different stories to see the response and final deval can be something entirely different.

So I now express my views to Axis bank that if Magnus card devalued as per leaked pdf then I close card and move fully to Amex
Let’s all threat axis bank 👍

 

[Anonymous ツ]

So I now express my views to Axis bank that if Magnus card devalued as per leaked pdf then I close card and move fully to Amex
Let’s all threat axis bank 👍

atleast use it before next renewal for BOGO offer on BMS

 

[hari99]

Me too got my 2nd Magnus just today (8th July) and 1st one was delivered on 4th July 😂 First one was cancelled by them due to 3 card policy. Later I converted existing myzone to Magnus.

View attachment 22042

I got it 2 months back and waiting for first mile stone rewards rewards to be credited 🤣🤣

 

[hari99]

atleast use it before next renewal for BOGO offer on BMS

Good Move