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

 

[SwipeSavvy]

Anyone with only magnus can please check what is the conversion ratio showing to you and also added transfer partner ids are visible or not? Like Accor or vistara.

Only magnus
Linked ids gone. Got a popup saying please link ids again
Transfer ratio is 5:2

 

[ARV]

Today is friday and they want people to talk about them on weekends. Weekend fun

 

[rohitb]

Was ur account suspended till yesterday?

No.

 

[praveenojhapo]

Only magnus
Linked ids gone. Got a popup saying please link ids again
Transfer ratio is 5:2

Looks like your ER account is awaiting an "Update" to show 10:1 and 10:2 consistent with many other accounts that reported today.

 

[SwipeSavvy]

Looks like your ER account is awaiting an "Update" to show 10:1 and 10:2 consistent with many other accounts that reported today.

I sure as hope now the axis script guy left the bank.

 

[Vickymaster1010]

it's 3% up to 50 lacs for a savings account, you might be talking about FD

So even 10 lkhs burgandy saving il get only 3% ?

 

[chbhk619]

I have both Magnus and samsung infinite card and below are the issues am facing.
1. All existing partner IDs are delinked automatically.
2. Transfer ratio is 10:1 and 10:2 based on partner selected.
3. Unable to select some of the partners at all like ACCOR.

Anyone else facing similar issues?

 

[shashank08]

So even 10 lkhs burgandy saving il get only 3% ?

Yes.. keeping money idle in savings account is as good as eroding the value..

 

[Avatar Aang]

Non Burgundy have Magnus and IOCL. All ID's have been delinked. After linking Accor showing 5:2 transfer ratio

 

[drsel]

10:2 for India partners (Vistara, Spicejet, ITC, Air Asia) and 10:1 for International partners / all others. I only have a Magnus relationship with Axis.

This proves that plain Magnus and also Magnus with Burgundy are getting the same 10:1 conversion ratio for foreign partners.

Of course most people have already converted all points before 31st August so there are very few people left with points to check

 

[drsel]

Non Burgundy have Magnus and IOCL. All ID's have been delinked. After linking Accor showing 5:2 transfer ratio

Your mobile app is showing the correct ratio

 

[purush]

10 to 1 for me. What they are doing

 

[drsel]

I have both Magnus and samsung infinite card and below are the issues am facing.
1. All existing partner IDs are delinked automatically.
2. Transfer ratio is 10:1 and 10:2 based on partner selected.
3. Unable to select some of the partners at all like ACCOR.

Anyone else facing similar issues?

I linked my Accor membership ID today evening.
It got linked almost immediately and the membership no. is still showing.
All other partners are also clearly seen.
But I got only 16 points so I cannot check the conversion ratio

 

[hiteshgurnani14]

I have Magnus without Burgundy..
After clicking on T&C in Points/Miles Transfer, it is showing the old 5:4 ratio.. However, when I Link Member as previously added 1s are deleted it is reflecting 10:1 transfer ratio.. Did any1 queried with CC/RM on this issue..?

 

[CVR]

Wait for few days for system to update & settle.. as mentioned in pdf, it will be 5:4 for Burgundy and 5:2 for others

 

[Trust Me]

I sure as hope now the axis script guy left the bank.

On the contrary, only such guys are employed at Axis! My personal experience over two years.

 

[sahilgulati5]

I am also seeing 10:1 Ratio for all transfer partners and capping of 500000 ER mentioned

 

[drsel]

I am also seeing 10:1 Ratio for all transfer partners and capping of 500000 ER mentioned

On another thread it's reported that systems will get updated after 15 September for Magnus card holders with Burgundy account to get 5:4 conversion ratio

 

[sharad131]

All jumbled up!

 

[sahilgulati5]

On another thread it's reported that systems will get updated after 15 September for Magnus card holders with Burgundy account to get 5:4 conversion ratio

Its a Wait n Watch game now.. 1st someone said 11th sept now 15th sept