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

 

[Wealth is my birth right!]

atleast use it before next renewal for BOGO offer on BMS

Magnus card anniversary is at October and I spend 13l so far
Yes whatever possible we will use
Lounge and bogo

 

[V G]

I will close before renewal for sure.

 

[The_Beast]

Look for cards with spend based/milestone benefits. Keep multiple of them if your tax spends are high.

The thing is many cards don't count government transactions in reward calculations. Magnus did. Don't know if other bank's card offer rewards on these transactions

 

[mr_vasanth]

atleast use it before next renewal for BOGO offer on BMS

For BOGO movie tickets the LTF IDFC Wealth works well in paytm

 

[venkateshr]

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 👍

I have a feeling that threats may not work since they have onboarded a lot of customers + the Citi acq. and hence even if some people leave they would be ok. I believe though many look at value prop and may have misused the card also, there are many like me in the camp who after doing some calculations can conclude that it is now a more level playing field with other premium bank cards. The people who may have been rotating or using this extensively for business may be impacted. I'll continue till such time there is a value in which I earn the RPs at lets say less than 60p per rupee spent. These are my views only. I'm sure many others may have a different perspective as mind is always anchored around the last high that was there (like the highest price of a stock in the market)

 

[captaintorchtm]

Magnus card anniversary is at October and I spend 13l so far
Yes whatever possible we will use
Lounge and bogo

Don't forget Eazydiner birthday offer + per month offer, airport concierge etc, cancel 1 month before the next renewal and milk this card.

 

[CCUser_1999]

I have a feeling that threats may not work since they have onboarded a lot of customers + the Citi acq. and hence even if some people leave they would be ok. I believe though many look at value prop and may have misused the card also, there are many like me in the camp who after doing some calculations can conclude that it is now a more level playing field with other premium bank cards. The people who may have been rotating or using this extensively for business may be impacted. I'll continue till such time there is a value in which I earn the RPs at lets say less than 60p per rupee spent. These are my views only. I'm sure many others may have a different perspective as mind is always anchored around the last high that was there (like the highest price of a stock in the market)

There is no point of any threat. I don't think anyone can make bank change their decision. I am sure 100 scenarios would have been run in closed board rooms before the decision was taken. No one is going to close before renewal. Many of us may still continue (including me 🤢) the card as it still is most rewarding card for 1 Lakh spend (even excluding the confirmed news of 30K points🙂). So net net even if there is movement of customers, it is going to be gradual over 1 year or so. Don't forget some might decide to move to Reserve as well).
Only thing which we can do is to decide for oneself if we want to keep the card and how to distribute our spends among other options.

 

[bigbrain]

There is no point of any threat. I don't think anyone can make bank change their decision. I am sure 100 scenarios would have been run in closed board rooms before the decision was taken. No one is going to close before renewal. Many of us may still continue (including me 🤢) the card as it still is most rewarding card for 1 Lakh spend (even excluding the confirmed news of 30K points🙂). So net net even if there is movement of customers, it is not going tto be gradual over 1 year or so. Don't forget some might decide to move to Reserve as well).
Only thing which we can do is to decide for oneself if we want to keep the card and how to distribute our spends among other options.

One of the screenshots I saw showed 60 points for every Rs200 spent for first 2lakhs of cumulative spends. This probably means they are splitting each point into 5. So conversion ratio will effective be same. But milestone benefit will reduce by a big margin which kind of make sense when you have such highly rewarding credit card.

 

[HN74]

One of the screenshots I saw showed 60 points for every Rs200 spent for first 2lakhs of cumulative spends. This probably means they are splitting each point into 5. So conversion ratio will effective be same. But milestone benefit will reduce by a big margin which kind of make sense when you have such highly rewarding credit card.

That is for travel edge. It was always 5x. They just added a monthly cap.

 

[CARDBITRAGE]

The thing is many cards don't count government transactions in reward calculations. Magnus did. Don't know if other bank's card offer rewards on these transactions

Exactly. I’m also on the lookout now.

 

[bigbrain]

That is for travel edge. It was always 5x. They just added a monthly cap.

oh yeah!! saw it again now.

 

[rogerthat]

The thing is many cards don't count government transactions in reward calculations. Magnus did. Don't know if other bank's card offer rewards on these transactions

As far as I know, Amex Gold charge has no restrictions. SC Smart (online upto 50000) and SC Ultimate give 2% (no limit).

 

[Walter White]

As far as I know, Amex Gold charge has no restrictions. SC Smart (online upto 50000) and SC Ultimate give 2% (no limit).

Even SBI has none (except CB card)

 

[Harry1]

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

Did u read properly? It clearly says 5:1.

Except 30k monthly points thing (which is mostly typo) , all are same as this thread.

 

[rajat30]

There is no point of any threat. I don't think anyone can make bank change their decision. I am sure 100 scenarios would have been run in closed board rooms before the decision was taken. No one is going to close before renewal. Many of us may still continue (including me 🤢) the card as it still is most rewarding card for 1 Lakh spend (even excluding the confirmed news of 30K points🙂). So net net even if there is movement of customers, it is going to be gradual over 1 year or so. Don't forget some might decide to move to Reserve as well).
Only thing which we can do is to decide for oneself if we want to keep the card and how to distribute our spends among other options.

This is a fair point. Also in my case, unless HDFC approves Infinia, I still find this useful because it offers good non-spend based benefits like EasyDiner, lounges, etc. Got this recently, so have time before making a call on cancellation, and a lot can change on the CC front in this time.

 

[manas_rock]

As far as I know, Amex Gold charge has no restrictions. SC Smart (online upto 50000) and SC Ultimate give 2% (no limit).

Bhai, I have to pay 1 crore in advance tax every year, from this year.
Please share how to best utilise this.
till now, i was doing this thru 3 magnus cards

 

[SuperKnight]

It seems that Axis is actively promoting Magnus at the moment, and the significant devaluation of the product doesn't appear logical. However, it is possible to anticipate a gradual devaluation in the upcoming months. If the current news is indeed accurate, it would undoubtedly lead to disappointment among customers who have already acquired Magnus recently. It is unlikely that any bank would desire such a situation.

They have not changed anything what they are advertising
1. 25k extra edgerewards on 1Lakh spend
2. Transfer to miles / hotels

Just things are overly devalued 😒

 

[Zulu]

I think after losing huge user base, Magnus will be LTF under Alumni offer 😜😜

 

[CCUser_1999]

This is an amazing social experiment by Axis to show how short term our memory is in terms of additional benefits. We still remember the devaluation of DCB but we forget that this benefit (point conversion) in Axis is even newer than DCB devaluation.
Now news of reduction in conversion ratio and removal of renewal benefit has become such a big factor in decision to continue the card, that we forgot that this benefit was introduced less than a year back. So all of us, who had card from before Aug 2022,the only change which we need to ponder is the removal of renewal benefit. Nothing else changes.

 

[Walter White]

Bhai, I have to pay 1 crore in advance tax every year, from this year.
Please share how to best utilise this.
till now, i was doing this thru 3 magnus cards

For advance tax, you'll have to stick to a card on Visa/MC/Rupay network.