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.]

@ashwink please merge the thread

 

[violetevergarden]

Why create a new thread when you could have simply posted this on the Devaluation thread? @Rkr Do we need this thread. Too much of noise on the forum. Please take this down.

Most of the content there was how bad Magnus is and which card to switch to and what are alternative or how to dump points fast. My point is if all of this is true or not. There was too much "noise" in that thread itself. Once we get clarity about truth I will delete this thread permanently

 

[1RC]

It's interesting that they removed renewal benefits of 10k. This will discourage out a lot of existing card holder from renewing their account with Axis. It will no more be 10k+GST were one just has to recover GST.

 

[1RC]

@ashwink please merge the thread

Thank you!

 

[WhoU]

If this becomes official, let’s bombard them with card closure requests (except LTF holders - I envy you) after 4 months (by then we will get all our previous milestones)

I am sure all of us hold enough cards like DCB/Infinia or Amex or Sbi cashback which will have better reward rate than Magnus post devaluation.

If they convert our cards to LTF, we can keep it, else no point in spending 12k on this card anymore.

 

[1RC]

If this becomes official, let’s bombard them with card closure requests (except LTF holders - I envy you) after 4 months (by then we will get all our previous milestones)

I am sure all of us hold enough cards like DCB/Infinia or Amex or Sbi cashback which will have better reward rate than Magnus post devaluation.

If they convert our cards to LTF, we can keep it, else no point in spending 12k on this card anymore.

a 100%

a 1000%

I can already predict, a half of Magnus holders will cancel right before renewal in coming months.

 

[Avid_snake]

Your point totally makes sense but if it's like that why would someone use Axis Magnus if his/her spending would be below 1lac? Even UPI cards are offering upto 1.5% cashback and thus I think 5:3 ratio will be a much more practical ratio.

Ideally they want people who can spend close to 1L every month. Even 5:2 is enough to be better than most cards. So a 5:1 is lot more strict. But the 5X on grabdeals will still continue I guess and there the rewards increase so there are some occasions where consumers will use it even below 1L

 

[WhoU]

Ideally they want people who can spend close to 1L every month. Even 5:2 is enough to be better than most cards. So a 5:1 is lot more strict. But the 5X on grabdeals will still continue I guess and there the rewards increase so there are some occasions where consumers will use it even below 1L

With 5:1 reward ratio, who would even use those airline partners. We would just redeem for cash.

 

[1RC]

Any idea how this impacts 10x on EdgeRewards from GFTR?

 

[Anonymous ツ]

I just called axis regarding this devaluation nothing like that and they are also aware of this social media news of devaluation already thousands have called up. He said all benefits that were earlier remains same and they said axis will intimate if there are any changes or devaluation then that means the one sent on this forum is fake.

Are bhai jab tak official nhi aa jata mail tab tak vo kyu bolege ki ye sahi h.. unko apni job risk m daalni h kya

 

[Rana01]

Any idea how this impacts 10x on EdgeRewards from GFTR?

I dont think it will impact GFTR transactions, ER as a whole will get devalued.

 

[rogerthat]

Magnus devaluation is still understandable. Maybe they want only high-spending people who spend 15L+ per year to use it. Those people would still get a 6% return including milestone benefits.

However what does not make sense at all is Reserve devaluation. The card is now practically worthless in terms of rewards... Are they trying to make it a foreign-travel lifestyle card? If so, why would anyone take that one instead of Amex Platinum which is much more rewarding while having all or more benefits of Reserve? Let is not even talk about Amex concierge and customer support which is from another Universe altogether compared to Axis.

 

[venkateshr]

Thank god i haven't cancelled my Infinia when i received magnus 2 months back

Just asking. For Infinia isnt there a limit of 15k accumulation points in a month? Or is it unlimited. And for spends the reward rate is 3.33% only right - like DCB? In that case isn't Magnus at 6.2% a good card still? Just trying to understanding this

 

[mojo_jojo123]

which is the best place to transfer existing rewards before devaluation ?

 

[Deleted member 9785]

Magnus devaluation is still understandable. Maybe they want only high-spending people who spend 15L+ per year to use it. Those people would still get a 6% return including milestone benefits.

However what does not make sense at all is Reserve devaluation. The card is now practically worthless in terms of rewards... Are they trying to make it a foreign-travel lifestyle card? If so, why would anyone take that one instead of Amex Platinum which is much more rewarding while having all or more benefits of Reserve? Let is not even talk about Amex concierge and customer support which is from another Universe altogether compared to Axis.

de to re hai merc/bmw airport transfer and free hotel nights etc.

 

[anirban.choudhuryanirban.choudhury is verified member.]

I just called axis regarding this devaluation nothing like that and they are also aware of this social media news of devaluation already thousands have called up. He said all benefits that were earlier remains same and they said axis will intimate if there are any changes or devaluation then that means the one sent on this forum is fake.

The person who you have called is just a call centre agent
He will read out to you the same information which is available on their official website

 

[Deleted member 9785]

In reality in a efficient world our investments give around 7-8% in 1 year. Here we spend via cards on credit for a month and were getting 20,30,50,70% returns. Actually this ran for 1 year is itself a surprise. Companies generally very quickly close any such blunders which burn their pockets.

 

[Heehaahee]

Dont this is fake news from Axis itself as this only impacts existing magnus users and them in a negative way. Axis would never intentionally do that as that type of negative publicity is detrimental for them. And most would have now also transferred ER points to miles in speculation that's not good for them to loose their loyalty points

Whatever floats your boat

 

[WhoU]

which is the best place to transfer existing rewards before devaluation ?

Accor/vistara

 

[1RC]

I don't know about others here but seeing my fellow members like @abhishek0882 @anirban.choudhury @xywowowvw @rajneeshray etc, who have the "VIP Lounge" badge and access, I have applied for my access to using Magnus (before its no longer premium 😂)