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

 

[edm]

if axis had given 5:3 magnus would be still better than infinia

 

[rogerthat]

Anyone thought what will happen about the 25K milestone of August? Will it be available to be redeemed for 5:4 or not?

An additional variable in the equation no one has thought about. I think it will be at current rates whatever it is for the holder's card.

 

[rogerthat]

1) Will be as per your normal Magnus, so should be 5:2.
2) Should be 5:1 for ER points. Magnus Burgandy should be 5:4, but we have to wait for official word on this from Axis.

Actually for point 2 these would be 5:4 for Magnus Burgundy and for the other cards their individually published rates. I found this on the Travel Edge page. It still does not mention if points will be pooled to the highest card variant.

 

[drsel]

1) Will be as per your normal Magnus, so should be 5:2.
2) Should be 5:1 for ER points. Magnus Burgandy should be 5:4, but we have to wait for official word on this from Axis.

Are you saying that if we keep 10 lakhs idle in a Burgundy savings account & obtain a Magnus Burgundy card,
Then our other Axis cards will get half of what we would get, had we kept a plain Magnus?

 

[rogerthat]

Are you saying that if we keep 10 lakhs idle in a Burgundy savings account & obtain a Magnus Burgundy card,
Then our other Axis cards will get half of what we would get, had we kept a plain Magnus?

Or you can take another plain Magnus to get 5:2 for your other Axis cards

 

[drsel]

Actually for point 2 these would be 5:4 for Magnus Burgundy and for the other cards their individually published rates. I found this on the Travel Edge page. It still does not mention if points will be pooled to the highest card variant.

View attachment 29872

Considering the past generosity of Axis, I honestly feel it will be pooled with the highest variant, whether plain Magnus or Magnus Burgundy/Burgundy private.

Because in the past, Edge points of all cards in the portfolio were combined into the same pool with Magnus edge points for 5:4 ratio

 

[drsel]

Or you can take another plain Magnus to get 5:2 for your other Axis cards

But the existing plain Magnus card will get deactivated once they issue the Magnus Burgundy card.

And even if you apply for another plain Magnus card, they will not give it to you when you have a Magnus Burgundy card

 

[rogerthat]

But the existing plain Magnus card will get deactivated once they issue the Magnus Burgundy card.

And even if you apply for another plain Magnus card, they will not give it to you when you have a Magnus Burgundy card

I was joking, yeah that would not be possible technically.

 

[drsel]

I don't think any other credit card in the history of credit cards in India has generated so much of interest and discussion.

 

[drsel]

Axis is doing to other credit cards what Jio did to other telecom players when they launched Jio with 9 months unlimited free calls and 9 months unlimited free internet data.

I mean who will even think of applying for a credit card from RBL, ICICI, IndusInd, Kotak, etc when they have so many fantastic cards available from Axis.
Even HDFC cards cannot compete (other than Infinia)

 

[Harry1]

Axis is doing to other credit cards what Jio did to other telecom players when they launched Jio with 9 months unlimited free calls and 9 months unlimited free internet data.

I mean who will even think of applying for a credit card from RBL, ICICI, IndusInd, Kotak, etc when they have so many fantastic cards available from Axis.
Even HDFC cards cannot compete (other than Infinia)

Why r u concerned so much about other card points? Why will u use other cards when u have magnus in first place.

 

[rogerthat]

Axis is doing to other credit cards what Jio did to other telecom players when they launched Jio with 9 months unlimited free calls and 9 months unlimited free internet data.

I mean who will even think of applying for a credit card from RBL, ICICI, IndusInd, Kotak, etc when they have so many fantastic cards available from Axis.
Even HDFC cards cannot compete (other than Infinia)

TBF this is not a Jio strategy but this has been a Reliance family business policy and strategy since inception.

Source: Have worked for them. Those old enough to remember the 501 phone and later R-Com, PCOs, Reliance petrol pumps etc. will know.

 

[UKJ]

Has anyone received activation or communication from Axis about terms of 5:4 conversion with Burgundy? It was supposed to happen in 3rd week as per some recent posts.

 

[Harry1]

Has anyone received activation or communication from Axis about terms of 5:4 conversion with Burgundy? It was supposed to happen in 3rd week as per some recent posts.

It keeps getting postponed. Latest news is September end.

 

[UKJ]

It keeps getting postponed. Latest news is September end.

Till then the points are stuck. And might be stuck for even longer if there is a process of change of cards, which may drag for some more weeks.

 

[luxveritate]

Do we get 5000 edge point if we open a new Burgundy account now ? I am thinking of opening a burgandy account for Magnus now. My concern is should i open now or wait till we.

 

[MilesMax]

Do we get 5000 edge point if we open a new Burgundy account now ? I am thinking of opening a burgandy account for Magnus now. My concern is should i open now or wait till we.

There is no such thing. You don't get 5000 edge points.
I think you are referring to the very first Devaluation doc of Magnus. It was a bit vague. It says you'll get Rs.5000 worth of benefits. We don't know what that is. Very unlikely that it would be edge points.

 

[Harry1]

There is no such thing. You don't get 5000 edge points.
I think you are referring to the very first Devaluation doc of Magnus. It was a bit vague. It says you'll get Rs.5000 worth of benefits. We don't know what that is. Very unlikely that it would be edge points.

Not sure if he is talking about that. But regarding mgtc, it is clearly written as welcome benefit of Magnus burgundy.

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/terms-and-conditions-for-welcome-benefit.pdf

 

[luxveritate]

There is no such thing. You don't get 5000 edge points.
I think you are referring to the very first Devaluation doc of Magnus. It was a bit vague. It says you'll get Rs.5000 worth of benefits. We don't know what that is. Very unlikely that it would be edge points.

Exactly im taking about that devaluation letter. Thanks for the reply. Do let me know your thoughts should i open burgandy now or should wait for further announcement !

 

[R!ppEr]

man people actually opening burgundy accounts for a credit card, its amazing! no wonder axis shares zoomed past 1k