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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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shibili said:
Yes, they were keeping it secret until we lose the value of our points.
Click to expand...
I hope they will convert all existing edge points to Magnus Burgundy points. That way we still have chance at 5:4.

Now it says a different message.

Dear Customer, We are upgrading our services for a better experience. Therefore, reward redemption, in a few situation, are temporarily unavailable. They will resume very soon. We thank you for your patience.
 
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sahilgulati5 said:
New Rules for Magnus Effective Sept 1 2023

View attachment 28227
View attachment 28229

View attachment 28230
Click to expand...
You need to be a combination of a CA and a nuclear physicist to make sense of Axis' reward structure.

No insurance, rent, fuel, government, utilities, wallet, Traveledge/vouchers/grabdeals, even entertainment! Axis says Rs.30000 on groceries and Rs.145000 on shopping? What are they shopping for? Do they seriously expect people to achieve 2 lakhs spends every month on buying groceries and random other stuff? I mean, how much crap will you buy? Where do you keep all that?

I don't think anyone who has such spending power will be bothered to break their heads and dedicate time and effort at making all the convoluted calculations required to see if they meet milestones/thresholds and all that.

It boggles the mind that there is someone at Axis Bank who thinks this scheme is workable and is a good idea.
 
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rogerthat said:
You need to be a combination of a CA and a nuclear physicist to make sense of Axis' reward structure.

No insurance, rent, government, utilities, wallet, Traveledge/vouchers/grabdeals, even entertainment! Axis says Rs.30000 on groceries and Rs.145000 on shopping? What are they shopping for? Do they seriously expect people to achieve 2 lakhs spends every month on buying groceries and random other stuff? I mean, how much crap will you buy? Where do you keep all that?

I don't think anyone who has such spending power will be bothered to break their heads and dedicate time and effort at making all the convoluted calculations required to see if they meet milestones/thresholds and all that.

It boggles the mind that there is someone at Axis Bank who thinks this scheme was workable and a good idea.
Click to expand...
I feel Axis has been robbed by erstwhile magnus holders that's why they are coming with n no of T&C🤣
 
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rogerthat said:
You need to be a combination of a CA and a nuclear physicist to make sense of Axis' reward structure.

No insurance, rent, fuel, government, utilities, wallet, Traveledge/vouchers/grabdeals, even entertainment! Axis says Rs.30000 on groceries and Rs.145000 on shopping? What are they shopping for? Do they seriously expect people to achieve 2 lakhs spends every month on buying groceries and random other stuff? I mean, how much crap will you buy? Where do you keep all that?

I don't think anyone who has such spending power will be bothered to break their heads and dedicate time and effort at making all the convoluted calculations required to see if they meet milestones/thresholds and all that.

It boggles the mind that there is someone at Axis Bank who thinks this scheme is workable and is a good idea.
Click to expand...
I think the table in the pdf is a bit misleading. I think Entertainment and Insurance are still considered for accelerated points. At least that’s what the grey box beneath the table seems to indicate.
 
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Received this email just now:

"
Dear Customer,​
​
Thank you for banking with us.​
​
Further to our email of 21 July 2023, we are very pleased to share an update on the special offering on your MAGNUS Credit Card.​
​
We appreciate the Burgundy relationship that you have with Axis Bank; based on that, you are eligible to receive a new MAGNUS credit card, which will enable you to convert your EDGE REWARD Points, including all the accumulated ones, to partner miles / points at a ratio of 5 EDGE REWARD Points for 4 partner miles / points. To help you avail the same, we will be replacing your existing MAGNUS Credit Card with a new MAGNUS credit card, at no charge.​
​
You will also receive an email from us shortly, with further details, and how you can register your consent to avail the new MAGNUS Credit Card. Your existing MAGNUS Credit Card will then be upgraded, and all your existing EDGE REWARD Points will be transferred to the new MAGNUS Credit Card.​
​
To enable this smooth cutover, the redemptions of EDGE REWARD points on your existing MAGNUS Credit Card have been temporarily suspended, as we upgrade to this improved feature. Rest assured that all your points remain intact, and will shortly be available for conversion, in all your favourite categories.​
​
In case of any query(s), please contact our phone banking center at
1800 419 0065.​
​
Always open to help you.​
​
Regards,
Axis Bank Ltd."​
 
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Clearly, Axis has patched non-Magnus ERs conversion which could earlier happen at 5:4. Samsung Infinite ERs for instance will now be @5:2 and Magnus ERs will be a separate category with 5:4 conversion (for Burgundy customers). Relieved to see though, that all accumulated ERs will be eligible for 5:4 conversion.

Can't understand why the card needs to be replaced!
 
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