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

 

[PavanPavan is verified member.]

@vaibhav111 @ashwink @Rkr

++ Locking the thread

 

[004archit]

Jiski income 10Cr hai vo chindi rewards points ke liye dimag kharab nahi karega

Bhai reward point me kya dimag karab karna hai, normal credit card use karo aur transfer karo that’s it.

 

[RkrRkr is verified member.]

++ Locking the thread

I have Merged with existing one..🤪

 

[Sharjeelshaikh]

10L SB main bhi rakhein tab bhi based on usage math is in favor, but still generalize karna hai based on apna opinion . Theek hai maalik. Seh lenge thoda sa.
View attachment 28430

Point yeh hai jis bank ne apne customer ka C kata hai overnight aur usse bada reserve walo ka uske yeh lollipop kaise le sakte ho

 

[Saarthak Parihar]

Do you keep more than 10L in account? Many who have 10+L still didn't get this mail.

No.. I've maintained NRV for over 8-9 months now.

 

[Saarthak Parihar]

Does this mean that Magnus is LTF for Burgundy customers and as long as they maintain that relationship?

That's exactly what my RM told me. I confirmed with him and he said that the card will be delivered once I give the green flag after 1st September. Once the second e-mail comes in I'll be able to do that.

 

[Saarthak Parihar]

How come axis going to send this mail without a magnus user? Am talking about the usecase of existing burgundy+magnus only.

You're right. Only the Burgundy account holders that have mentained NRV and hold magnus are getting this email.

 

[Saarthak Parihar]

I also didn't get any mail. I have magnus and now am burgundy as well since last few weeks

Contact your RM he'll escalate the matter. Also, make sure that you've maintained NRV.

 

[rohitb]

J

Point yeh hai jis bank ne apne customer ka C kata hai overnight aur usse bada reserve walo ka uske yeh lollipop kaise le sakte ho

Ab Tak milti hai sahi hai, uske baad ise ditch kar denge. Dil kya lagana.

 

[rohitb]

Contact your RM he'll escalate the matter. Also, make sure that you've maintained NRV.

SB balance is maintained since the day account opened a few weeks back.

 

[rogerthat]

I can't understand why people are parking 10L in a savings account to get Magnus even at 5:4 transfer rate.

Some banks are offering like 7.35% interest on FDs currently (up to 8% if senior citizen). You would have to spend Rs.2.25 lakhs on the Magnus+Burgundy card every month (excluding TE/GE/GD, government, utilities, rent, fuel, wallet, etc.) to match this 7.35% rate of return.

Per month 150,000/200*12=7200 ER, 75000/200*35=13125 ER, Total=20,325 ER x 0.8=16,260 miles which makes it 195120 miles on 27 lakh spends annually giving a 7.26% return, or maybe 7.7% if you consider the saved annual fees.

And interest is cash and definite while ERPs are not. Axis being Axis can decide to even do away with miles transfer tomorrow.

Correct me if I am wrong or I have missed anything?

 

[sharad131]

I can't understand why people are parking 10L in a savings account to get Magnus even at 5:4 transfer rate.

Some banks are offering like 7.35% interest on FDs currently (up to 8% if senior citizen). You would have to spend Rs.2.25 lakhs on the Magnus+Burgundy card every month (excluding TE/GE/GD, government, utilities, rent, fuel, wallet, etc.) to match this 7.35% rate of return.

Per month 150,000/200*12=7200 ER, 75000/200*35=13125 ER, Total=20,325 ER x 0.8=16,260 miles which makes it 195120 miles on 27 lakh spends annually giving a 7.26% return, or maybe 7.7% if you consider the saved annual fees.

And interest is cash and definite while ERPs are not. Axis being Axis can decide to even do away with miles transfer tomorrow.

Correct me if I am wrong or I have missed anything?

Magnus + Burgundy looks like a honey trap to me. I have another year free on Magnus (as crossed the 15L threshold) and will continue with that but will prefer to spend on Infinia now.

 

[SM24]

I can't understand why people are parking 10L in a savings account to get Magnus even at 5:4 transfer rate.

Some banks are offering like 7.35% interest on FDs currently (up to 8% if senior citizen). You would have to spend Rs.2.25 lakhs on the Magnus+Burgundy card every month (excluding TE/GE/GD, government, utilities, rent, fuel, wallet, etc.) to match this 7.35% rate of return.

Per month 150,000/200*12=7200 ER, 75000/200*35=13125 ER, Total=20,325 ER x 0.8=16,260 miles which makes it 195120 miles on 27 lakh spends annually giving a 7.26% return, or maybe 7.7% if you consider the saved annual fees.

And interest is cash and definite while ERPs are not. Axis being Axis can decide to even do away with miles transfer tomorrow.

Correct me if I am wrong or I have missed anything?

The calculations may change for folks already sitting on truckload of ERPs and who can derive 5-6x points value, maybe ?
(I derive such, once in a while).

Plus the Points and Miles (P&M) folks wudnt mostly be thinking real FD value vs P&M value, is my guess.

P&M is sort of an incomparable obsession🙂.

A major chunk of real money ‘valuers’ aren’t in the P&M game.

 

[MilesMax]

Magnus + Burgundy looks like a honey trap to me. I have another year free on Magnus (as crossed the 15L threshold) and will continue with that but will prefer to spend on Infinia now.

What would your plan have been if you didn't have Infinia? (And applying for Inifnia is not an option)
Where would you move your spending to?

 

[bonheur]

A major chunk of real money ‘valuers’ aren’t in the P&M game.

For that matter, the most real "money" is time, and anyone who values time is not in the P&M and rewards game. 😛

But chasing P&M is a very enjoyable game regardless!

 

[sahilgulati5]

I had transferred some ER points to Accor on 28th, but the transfer was not successful. Today they have credited back the points. I also transferred some points to Thai on 31st, which was successful. What should I do now? Will they transfer the Accor points at 5:4 as an exception as the problem was from their end.

no they wont

 

[navam]

Magnus + Burgundy looks like a honey trap to me. I have another year free on Magnus (as crossed the 15L threshold) and will continue with that but will prefer to spend on Infinia now.

On the exact same boat as you and reached the same conclusion.

What would your plan have been if you didn't have Infinia? (And applying for Inifnia is not an option)
Where would you move your spending to?

Depends on what else you got? Just look up comparisons between your card vs magnus non burgundy (plenty of threads here only) and choose the one you feel gives you best value.

 

[navam]

For that matter, the most real "money" is time, and anyone who values time is not in the P&M and rewards game. 😛

But chasing P&M is a very enjoyable game regardless!

Nasha hai baba, Nasha. Jo Khushi points se book Kare gaye trip mein hoti hai woh kahin aur nahi milti 😉

 

[MilesMax]

I can't understand why people are parking 10L in a savings account to get Magnus even at 5:4 transfer rate.

Some banks are offering like 7.35% interest on FDs currently (up to 8% if senior citizen). You would have to spend Rs.2.25 lakhs on the Magnus+Burgundy card every month (excluding TE/GE/GD, government, utilities, rent, fuel, wallet, etc.) to match this 7.35% rate of return.

Per month 150,000/200*12=7200 ER, 75000/200*35=13125 ER, Total=20,325 ER x 0.8=16,260 miles which makes it 195120 miles on 27 lakh spends annually giving a 7.26% return, or maybe 7.7% if you consider the saved annual fees.

And interest is cash and definite while ERPs are not. Axis being Axis can decide to even do away with miles transfer tomorrow.

Correct me if I am wrong or I have missed anything?

What you are calculating is the lowest possible ERs for the spends.
What if someone spends them smartly by utilizing the TravelEdge at 5x, Gyftr 5x, etc? It could be a 15% return or more.

Also, you are valuing ER at 0.8. That might not be the case for all. for Accor it's valued at 1.44, for Business class ticket redemption it can go up to 2 also.

If your spending only fetches your base rewards then it's probably not worth it.

 

[hrish88]

What you are calculating is the lowest possible ERs for the spends.
What if someone spends them smartly by utilizing the TravelEdge at 5x, Gyftr 5x, etc? It could be a 15% return or more.

Also, you are valuing ER at 0.8. That might not be the case for all. for Accor it's valued at 1.44, for Business class ticket redemption it can go up to 2 also.

If your spending only fetches your base rewards then it's probably not worth it.

Also the difference is 4% and not 7.5% because you will get interest in a savings account also.so one has to lose 40-45k in interest if he decides to put 10L in savings vs 10L in FD. Also, 10L savings is not the only way. people can get burgundy via 30L TRV also.

Anyways it depends on the individual.its not always about saving money sometimes its about aspirations also.for someone targeting high-end Marriot property costing 15L for 5 nights in Maldives this card is more important than getting 45K more in interest.