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

 

[rishabk27775]

Any update on magnus burgundy?

 

[rishabk27775]

When they will launch this new card?

 

[kalratush]

It’s pathetic from axis, been over 20 days since the initial email and there’s been zero updates or communication from their end.

 

[MayankBamboria]

I have used the card for more than 5 lac this month, just now i spoke to customer care as the point credited was not 35 per 200 but 12 edge Per 200. So the customer executive mentioned that we need to wait 45 days to credit the balance points. I refer the T & C which doesn’t mentioned about the 45 days waiting time.

Are they considering rent payment upto 50k, for 35/200 after 1.5 lakh total or not, in pdf they released, it is not clear.

 

[drsel]

I deposited 5 lacs into my existing Axis savings account, but I am keeping my Burgundy application on hold because 5 lakhs is not enough.
They want me to have 10 lacs before applying for Burgundy.
and since nobody in the whole world has received this burgundy 5:4 ratio,
I will wait till people start getting it and then deposit another 5 lakhs and then reapply for Burgundy

 

[drsel]

Are they considering rent payment upto 50k, for 35/200 after 1.5 lakh total or not, in pdf they released, it is not clear.

Rent payment will be considered for 35 on 200 spend over 1.5 lacs, but Traveledge, giftedge, Grabdeals are not considered.

35 on 200 is applicable on--
Total spend in the month
less Traveledge spend
less Giftedge spend
less Grabdeals spend
less 1.5 lakhs on regular spends excluding above 3 categories.

So it is very difficult to get 35 points on 200 after all these deductions

 

[drsel]

So if you spend 5 lacs in a calendar month
2 lacs on Traveledge (max spend for best value)
16666 on Grabdeals 5X (max spend for max 5000 points using Magnus)
1.33 lacs Giftedge
1.50 lacs other spends( including 50000 rent)

Then you don't qualify for 35 points on 200, even though you spent 5 lacs in the calendar month

 

[CVR]

When they will launch this new card?

emailed pno. they say “shortly” without any specific timeline

 

[CVR]

So if you spend 5 lacs in a calendar month
2 lacs on Traveledge (max spend for best value)
16666 on Grabdeals 5X (max spend for max 5000 points using Magnus)
1.33 lacs Giftedge
1.50 lacs other spends( including 50000 rent)

Then you don't qualify for 35 points on 200, even though you spent 5 lacs in the calendar month

why will u spend 1.33 lacs on giftedge.. this scenario of high spending (above 1.5 lakhs) will be once or twice in a year when u pay kids school fees or buy international tickets for family or buy lot of electronics for your house..

 

[drsel]

why will u spend 1.33 lacs on giftedge.. this scenario of high spending (above 1.5 lakhs) will be once or twice in a year when u pay kids school fees or buy international tickets for family or buy lot of electronics for your house..

International air tickets you can buy on Traveledge for 24% return.
Gift edge gives you 2x on Flipkart and Amazon, that is why I mentioned it.

 

[saumilmadani]

International air tickets you can buy on Traveledge for 24% return.
Gift edge gives you 2x on Flipkart and Amazon, that is why I mentioned it.

Why would you use 2x from giftedge when 35 points per 200 gives a better value. (Considering your flipkart/amazon spending is after 1.5L regular spends)

 

[Pawan_KS]

I deposited 5 lacs into my existing Axis savings account, but I am keeping my Burgundy application on hold because 5 lakhs is not enough.
They want me to have 10 lacs before applying for Burgundy.
and since nobody in the whole world has received this burgundy 5:4 ratio,
I will wait till people start getting it and then deposit another 5 lakhs and then reapply for Burgundy

You can open burgundy with initial funding of 5L. However AQB should be 10L

 

[drsel]

With Burgundy Magnus giving 24% return on Traveledge and 4.8% return on everything else including rent (with a few exceptions)

With Atlas giving 10% return on Traveledge, direct hotels and direct airlines and 4% return on everything else including rent;

I don't see the point in paying annual/renewal fees of any other super premium card like Stanchart Ultimate (less than 3% return), HDFC Infinia, HDFC Diners club Black, all paid regular, premium or super premium cards of Indusind, RBL, ICICI, SBI (except SBI cashback)

 

[jags123]

With Burgundy Magnus giving 24% return on Traveledge and 4.8% return on everything else including rent (with a few exceptions)

With Atlas giving 10% return on Traveledge, direct hotels and direct airlines and 4% return on everything else including rent;

I don't see the point in paying annual/renewal fees of any other super premium card like Stanchart Ultimate (less than 3% return), HDFC Infinia, HDFC Diners club Black, all paid regular, premium or super premium cards of Indusind, RBL, ICICI, SBI (except SBI cashback)

Again this is for a limited period of time. The figure will be back to 2.4% post that period. Evaluate accordingly

 

[drsel]

Thanks to Magnus, I have already CLOSED down many chargeable cards like Stanchart Ultimate, HDFC millennia, SBI Simply Click, etc and my CIBIL score started going up.

It was a nuisance to pay the annual fees and then phone customer care to reverse the annual fees and then spend that money on something or get a credit back to my bank.

But I am keeping all the free cards, even if I don't use them at all.
Sometimes that particular bank will offer a discount on Flipkart or Amazon, Cleartrip ,MakeMyTrip, etc

 

[UKJ]

Again this is for a limited period of time. The figure will be back to 2.4% post that period. Evaluate accordingly

It could be interpreted to mean that the "limited period offer" is to obtain Magnus LTF with Burgundy, and after that period expires then no more Magnus Burgundy cards will be offered.

Or, as is being suggested, it could mean that after the period expires, then the 5:4 will stop.

 

[Saarthak Parihar]

I have used the card for more than 5 lac this month, just now i spoke to customer care as the point credited was not 35 per 200 but 12 edge Per 200. So the customer executive mentioned that we need to wait 45 days to credit the balance points. I refer the T & C which doesn’t mentioned about the 45 days waiting time.

Same in my case. I've spent over 2 lakhs and I'm still getting 12 per 200. I was assuming there will be a credit of 35 points.

 

[drsel]

It could be interpreted to mean that the "limited period offer" is to obtain Magnus LTF with Burgundy, and after that period expires then no more Magnus Burgundy cards will be offered.

Or, as is being suggested, it could mean that after the period expires, then the 5:4 will stop.

I think the second option is more likely --that 5:4 ratio will ultimately stop, but it's no problem.
we will see when it happens

 

[Saarthak Parihar]

Thanks to Magnus, I have already CLOSED down many chargeable cards like Stanchart Ultimate, HDFC millennia, SBI Simply Click, etc and my CIBIL score started going up.

It was a nuisance to pay the annual fees and then phone customer care to reverse the annual fees and then spend that money on something or get a credit back to my bank

The total credit exposure plays an important role in CIBIL and how much limit a new issuer might give. It's a topic that isn't discussed much and I was told about this by an AMEX employee.

 

[Deleted member 11974]

Same in my case. I've spent over 2 lakhs and I'm still getting 12 per 200. I was assuming there will be a credit of 35 points.

this hasnt been implemented yet ig
redemption rate is also still at 5:2
internal servers haven't been updated