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

 

[Deleted member 11974]

The only way to teach to a lesson to axis bank is through shorting the stock. The same thing happened in case of ganestock.

There also the hedge funds mis calculated the power of a community.

If all the techno fino members can jointly bring the stock down even by 2% it will send shock waves. Let's us see if we can pull something like gamestop.

Brother how much % of us invests there and how much % of Indians invest.
And moreover the financially illiterate people in the stock market will end up buying it

 

[NikTravelEnthusiast]

Jiske pass Magnus hai usme already sayad next year ka waiver meet krliya hoga 😀

Kyo bhai dukhti rag chedd rahe ho...

Hum wo logo me se hai jinki Magnus mileni ki khushi aur bade bade rewards collect karneka sapna, kuch hafte me hi toot gaya....

Felling disheartened by the move....

 

[rajat30]

Got Magnus last month only! Tomorrow only I was gonna make a Twitter thread on how good this card is and tada!
This is a terrible news! Absolutely terrible for genuine spenders. I had already completed my monthly milestone in the first month and already halfway through in the second.
Not renewing it next year if this turns out to be true.
Feels like I wasted my 12k rs and diligently spent so much on it, and worse - I called DCB and Infinia names in front of my HDFC Bank RM.

Time to get Amex!

twitter threads is part of the problem. too many on magnus already and they encourage overspending and wrong practices to hit milestone. just saying 😀

 

[Abhishek012]

Jaise Jaise din, ghante, minute, second gujar rahe hai.

Magnus devaluation ka news sach hota dekh raha hai.

Bas kuch he din ki duri hai. Jab woh sach sab k juban pe hoga.

Apne dil ki dharkane tham k baitho dosto. woh ghadi jald he aane wali hai.

Jo apne Biwi k sath honeymoon k sapne Maldives me dekh rahe the, ab woh honeymoon manali me he manana parega.

Jo pati-patni ab tak 2 bache k sapne dekh rahe the, ki Magnus ki kamayi se uske bache k tuition/school fees bharenge, lagta hai ab 1 he bache se kam chalana parega.

 

[Tocoliso]

Brother how much % of us invests there and how much % of Indians invest.
And moreover the financially illiterate people in the stock market will end up buying it

Same was said for the reddit forum for gamestop in US. If someone is not on stock market but is in pain can join the market without any time.... Thanks to digital platforms like Groww upstox etc.

I think we can create some buzz on this on twitter.

#ShortMagnus

 

[tdot]

The only way to teach to a lesson to axis bank is through shorting the stock. The same thing happened in case of ganestock.

There also the hedge funds mis calculated the power of a community.

If all the techno fino members can jointly bring the stock down even by 2% it will send shock waves. Let's us see if we can pull something like gamestop.

Lol least trigerred Magnus user right there.

Gamestop speculators were in the business of trading stocks Magnus users are not. idk how you came up with this idea though

 

[1RC]

the problem is opposite for HDFC though. They do not even offer infinia, when the income is met. They gatekeep the card a lot.
A middle group would be good for both cards, have a proper limit of salary/ITR but just use it diligently. Do not gatekeep like HDFC, but also do not open the floodgates like Axis did with c2c, that too on cards like APay which offers high limit to basically anyone.

Whats APay?

 

[MOHITM]

Saw this petition for Magnus, I have signed it. 278 people have done so far. Other's pls do -

Sign the Petition

Review the Proposed Devaluation of Axis Magnus, Reserve and Select credit card

www.change.org

 

[amitalpha]

Whats APay?

Amazon pay credit card

 

[ᏰᏋᎥᏁᎶᎥᏁፈᎧᎶ]

Whats APay?

AMAZON PAY.

 

[Walter White]

Jaise Jaise din, ghante, minute, second gujar rahe hai.

Magnus devaluation ka news sach hota dekh raha hai.

Bas kuch he din ki duri hai. Jab woh sach sab k juban pe hoga.

Apne dil ki dharkane tham k baitho dosto. woh ghadi jald he aane wali hai.

Jo apne Biwi k sath honeymoon k sapne Maldives me dekh rahe the, ab woh honeymoon manali me he manana paregi.

Jo pati-patni ab tak 2 bache k sapne dekh rahe the, ki Magnus ki kamayi se uske bache k tuition/school fees bharenge, lagta hai ab 1 he bache se kam chalana parega.

Heard ki kuch logo ne toh bache bhi isliye kiye the taaki Magnus se school fees bhar sake 😛

 

[1RC]

oh!! got it

Amazon pay credit card

 

[chasni]

The only way to teach to a lesson to axis bank is through shorting the stock. The same thing happened in case of ganestock.

There also the hedge funds mis calculated the power of a community.

If all the techno fino members can jointly bring the stock down even by 2% it will send shock waves. Let's us see if we can pull something like gamestop.

Reward de to loot lo aur na de to bhi loot lo. Waah re junta.

 

[1RC]

Someone needs to run a poll on how many folks will be renewing this card in the next cycle

Everyone I made a poll.

[Poll] Will you renew your Magnus/Reserve next cycle?

 

[Walter White]

The only way to teach to a lesson to axis bank is through shorting the stock. The same thing happened in case of ganestock.

There also the hedge funds mis calculated the power of a community.

If all the techno fino members can jointly bring the stock down even by 2% it will send shock waves. Let's us see if we can pull something like gamestop.

Axis ko Eli Lilly mat bana dena 😛

 

[amit]

Tata Neu will be the new Magnus,

 

[Harry13]

twitter threads is part of the problem. too many on magnus already and they encourage overspending and wrong practices to hit milestone. just saying 😀

Twitter threads is merely information sharing, the real problem is issuance. They are giving the card on C2C basis which is putting the card in wrong hands for exploitation. The criteria should have been strictly of ITR.

 

[1RC]

the problem is opposite for HDFC though. They do not even offer infinia, when the income is met. They gatekeep the card a lot.
A middle group would be good for both cards, have a proper limit of salary/ITR but just use it diligently. Do not gatekeep like HDFC, but also do not open the floodgates like Axis did with c2c, that too on cards like APay which offers high limit to basically anyone.

So ICICI Amazon pay card gives high credit limit? Is this true? I don;t have amazon pay card so I don't know. I am curious. How come they are ok to give unreasonable credit limits?

 

[amit]

So ICICI Amazon pay card gives high credit limit? Is this true? I don;t have amazon pay card so I don't know. I am curious. How come they are ok to give unreasonable credit limits?

they want you to default.

 

[ᏰᏋᎥᏁᎶᎥᏁፈᎧᎶ]

So ICICI Amazon pay card gives high credit limit? Is this true? I don;t have amazon pay card so I don't know. I am curious. How come they are ok to give unreasonable credit limits?

yes, gave 1.7L where onecard gave 15K lol