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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

bugmenot

TF Legend
-- 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



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



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


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


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
 

Attachments

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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?
yeah kinda. starts low but gives high limits from what I've seen in a couple of months. And not too high I guess, but Magnus needed like only 3L 😆
 
Points gets credited in 3 to 4 months but changing point redemption conditions with just one month notice. This is malpractice by Axis bank. This can be even challenged in court. After receiving official communication, we need to escalate this malpractice by Axis to the level of RBI Ombudsman. Very high chances that we will win as it is clear that Axis is deceiving customers.

I spent today thinking I will get 5:4 ratio but even before points are credited, this ratio gets changed. This is clearly a malpractice. Axis will have to credit all pending points including milestone before devaluation. Else, I am going to escalate this malpractice.
 
This news now seems to be true. Apparently the Mint news triggered some internal review at axis on possible leakage. Wait for some derail to come out during next week
20230709_062733.jpg
 
Points gets credited in 3 to 4 months but changing point redemption conditions with just one month notice. This is malpractice by Axis bank. This can be even challenged in court. After receiving official communication, we need to escalate this malpractice by Axis to the level of RBI Ombudsman. Very high chances that we will win as it is clear that Axis is deceiving customers.

I spent today thinking I will get 5:4 ratio but even before points are credited, this ratio gets changed. This is clearly a malpractice. Axis will have to credit all pending points including milestone before devaluation. Else, I am going to escalate this malpractice.
less likely that rbi will take action. RBI is too technical, it will ask you which rule is violated.
this is more of a consumer court thing.
 
We're unable to log into the Travel Edge portal too now? Assuming a lot of people must've started transferring yesterday, which either crashed their system, or hit some sort of points transfer limit (speculation).

Hoping the system comes back on soon. Wasted a lot of time thinking through what to do with my currently accumulated points. Will be a shame if Axis doesn't allow transfer due to technical issues before August 12.
 
We're unable to log into the Travel Edge portal too now? Assuming a lot of people must've started transferring yesterday, which either crashed their system, or hit some sort of points transfer limit (speculation).

Hoping the system comes back on soon. Wasted a lot of time thinking through what to do with my currently accumulated points. Will be a shame if Axis doesn't allow transfer due to technical issues before August 12.
Mai kal raat. Ko hi jhadu maar dia acount pe
 
We're unable to log into the Travel Edge portal too now? Assuming a lot of people must've started transferring yesterday, which either crashed their system, or hit some sort of points transfer limit (speculation).

Hoping the system comes back on soon. Wasted a lot of time thinking through what to do with my currently accumulated points. Will be a shame if Axis doesn't allow transfer due to technical issues before August 12.
This is something unexpected. How can they stop us from transferring points?
 
The reward structure of Magus was unrealistic. After the devaluation one should expect a reward rate of 7 to 10%. How ever there are cheaper cards that will reward you with the same rate. Not getting any benefits for renewals is another big blow.
 
My thoughts about the blame game, the blame game is useless.
There are many people complaining about rotation, Manufactured spending, and raising petitions, They are also responsible, they also made a business out of Magnus. They are also charging for Points redemption, award flight redemptions, and many more consultancy, They have only promoted Magnus and behaved like the god of Magnus to get all these consultancies from their followers. Their life was dependent on Magnus.
Everyone is to be blamed for this deval happening, Manufactured spending, rotations, promotions by twitter furus, news media, points consultants, loophole exploiters, and deval is supposed to happen for all the cards. This deval affected only those who heavily depended on Magnus for their life, Showing off luxury life, and feeling like above everyone, Mr. Know everything.

My thoughts on how Axis could have prevented this,
I think Axis just gave this card away with the C2C eligibility and existing card limit eligibility, and some lenient criteria on salary. Only if the axis has given this card based on strict salary/ITR and credit history, the outcome would have been different.

PS- I only got this card last month being influenced by lucrative threads on Twitter and similar social media. Though I was eligible for Magnus for the last 1 year, I only got this card recently after being influenced by SM over the past 6 months. And from those observations, I'm putting my thoughts here.
 
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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
Beleive me Axis can do anything. I am a Burgundy account holder and was made to cry for Magnus and Reserve card. Hold Vistara Infinite for last 5 years. Their customer care agent says I am eligible for an upgrade but due to technical reasons cannot upgrade. This has been happening for 3 months. Their Nodal officer sends email saying we cannot do anything about it 😡
 
My thoughts about the blame game, the blame game is useless.
There are many people complaining about rotation, Manufactured spending, and raising petitions, They are also responsible, they also made a business out of Magnus. They are also charging for Points redemption, award flight redemptions, and many more consultancy, They have only promoted Magnus and behaved like the god of Magnus to get all these consultancies from their followers. Their life was dependent on Magnus.
Everyone is to be blamed for this deval happening, Manufactured spending, rotations, promotions by twitter furus, news media, points consultants, loophole exploiters, and deval is supposed to happen for all the cards. This deval affected only those who heavily depended on Magnus for their life, Showing off luxury life, and feeling like above everyone, Mr. Know everything.

My thoughts on how Axis could have prevented this,
I think Axis just gave this card away with the C2C eligibility and existing card limit eligibility, and some lenient criteria on salary. Only if the axis has given this card based on strict salary/ITR and credit history, the outcome would have been different.
True people made a big business out of it which is now in danger. This can be discussed here - https://www.technofino.in/community...use-miles-is-this-business-sustainable.13602/

I had predicted this few months back. Big accounts only care about themselves and making money.
 
C
The reward structure of Magus was unrealistic. After the devaluation one should expect a reward rate of 7 to 10%. How ever there are cheaper cards that will reward you with the same rate. Not getting any benefits for renewals is another big blow.
Citi prestige is better that Reserve now. Fees of 20k and 10 k voucher with 2500 miles. Each miles when converted to airlines is 4 Airmiles.
Much better than Reserve
 
My thoughts about the blame game, the blame game is useless.
There are many people complaining about rotation, Manufactured spending, and raising petitions, They are also responsible, they also made a business out of Magnus. They are also charging for Points redemption, award flight redemptions, and many more consultancy, They have only promoted Magnus and behaved like the god of Magnus to get all these consultancies from their followers. Their life was dependent on Magnus.
Everyone is to be blamed for this deval happening, Manufactured spending, rotations, promotions by twitter furus, news media, points consultants, loophole exploiters, and deval is supposed to happen for all the cards. This deval affected only those who heavily depended on Magnus for their life, Showing off luxury life, and feeling like above everyone, Mr. Know everything.

My thoughts on how Axis could have prevented this,
I think Axis just gave this card away with the C2C eligibility and existing card limit eligibility, and some lenient criteria on salary. Only if the axis has given this card based on strict salary/ITR and credit history, the outcome would have been different.

PS- I only got this card last month being influenced by lucrative threads on Twitter and similar social media. Though I was eligible for Magnus for the last 1 year, I only got this card recently after being influenced by SM over the past 6 months. And from those observations, I'm putting my thoughts here.
How would it matter if card was on C2C basis I got one and repay all my spends on time.infinia is invite only and that too has been downgraded
 
How would it matter if card was on C2C basis I got one and repay all my spends on time.infinia is invite only and that too has been downgraded
Without C2C there would have been less Magnus in the market, hence wouldn’t have impacted Axis much to continue the previous reward structure for longer time.
 
Without C2C there would have been less Magnus in the market, hence wouldn’t have impacted Axis much to continue the previous reward structure for longer time.
It is but understood a 5 lc C2C customer is hni which is their target audience so axis did not falter here .but PPL have got even without C2C with income as low as 6 lac pa as per itr
 
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