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

 

[Venky]

As I said, knowing Axis they can simply stop the transfer of points stating technical glitches and exactly that happened. lets hope the points I transferred already does get credited to the partners FFP.

 

[Deleted member 9785]

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.

HNI cards meant people with high income. Here axis foolishly diluted this and started focusing on existing 4 lac limit which cards like amazon pay give to people with low income too.

 

[sky_walker_rules]

RIP Magnus, it was a good journey, and thanks everyone(directly/indirectly) for helping on this card ...time to just move on like anything else we do 🙂

 

[Sharjeelshaikh]

HNI cards meant people with high income. Here axis foolishly diluted this and started focusing on existing 4 lac limit which cards like amazon pay give to people with low income too.

As long as people pay their dues ontime should not be an impediment as people usually don't declare high income on itr.my guess is is social media influencers have done the damage also money rotating and manufacture spends

 

[jade]

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

HNI cards meant people with high income. Here axis foolishly diluted this and started focusing on existing 4 lac limit which cards like amazon pay give to people with low income too.

Yes, lot of people have cards with limit of 4 lac and more And not all are HNI

 

[captaintorchtm]

HNI cards meant people with high income. Here axis foolishly diluted this and started focusing on existing 4 lac limit which cards like amazon pay give to people with low income too.

Exactly, and I said deval will happen for all the cards but not like this directly from 5:4 to 5:1, with strict rules and less crowd, it could have been 5:3 or 5:2 and also they could have given 5k tata cliq or something on renewal, like this devaluation in small trenches instead of directly 75%.

 

[Sharjeelshaikh]

Exactly, and I said deval will happen for all the cards but not like this directly from 5:4 to 5:1, with strict rules and less crowd, it could have been 5:3 or 5:2 and also they could have given 5k tata cliq or something on renewal, like this devaluation in small trenches instead of directly 75%.

My Jet Airways 120000 miles went bust had to settle with small tv and mixer grinder a cool95%devaluation

 

[Deleted member 9785]

As I said, knowing Axis they can simply stop the transfer of points stating technical glitches and exactly that happened. lets hope the points I transferred already does get credited to the partners FFP. View attachment 22089

OMG are other also facing this issue

 

[captaintorchtm]

As long as people pay their dues ontime should not be an impediment as people usually don't declare high income on itr.my guess is is social media influencers have done the damage also money rotating and manufacture spends

If so then the criteria would have been different for C2C like Infinia where they are asking for around 8-10L existing limit. even dcb has 5L limit requirement

 

[Karthik24]

Omg.. need to transfer my points... need to transfer all my points. Thinking about Accor or ITC.. any suggestion guys?

 

[Sharjeelshaikh]

If so then the criteria would have been different for C2C like Infinia where they are asking for around 8-10L existing limit. even dcb has 5L limit requirement

From axis point of view they wanted to challenge infinia so they let loose the criteria which is a fair business practice or strategy as long as customer payback on time.even high income as per itr customer have abused the magnus ER system.

 

[Venky]

Omg.. need to transfer my points... need to transfer all my points. Thinking about Accor or ITC.. any suggestion guys?

The question is How are you going to do that?

 

[Karthik24]

The question is How are you going to do that?

I mean once the portal is up..

 

[Deleted member 9785]

From axis point of view they wanted to challenge infinia so they let loose the criteria which is a fair business practice or strategy as long as customer payback on time.even high income as per itr customer have abused the magnus ER system.

Infinia target is to get high income earners in the fold to sell their products and services. Axis did the opposite by getting low income people also due to C2C criterion instead of ITR where they cant make money from selling products and services and also offered too high rewards

Stupid strategists

 

[Venky]

OMG are other also facing this issue

This will definitely be sorted before the devaluation hits. Mostly everyones transferring points at once because of which it crashed. There is just one last thread that I am scared of. As so many people are gonna redeem the miles, just hope they don’t somehow increase the miles requirements for all the bookings. 🥲

 

[Deleted member 9785]

This will definitely be sorted before the devaluation hits. Mostly everyones transferring points at once because of which it crashed. There is just one last thread that I am scared of. As so many people are gonna redeem the miles, just hope they don’t somehow increase the miles requirements for all the bookings. 🥲

Best to plan vacations early and book

 

[VijayflyRaven]

They won’t block for one month. When they release the block, we can do it. It seems lot of people are encashing and that is why we see this error.

The question is How are you going to do that?

 

[Venky]

They won’t block for one month. When they release the block, we can do it. It seems lot of people are encashing and that is why we see this error.

Yes. When I transferred yesterday around 4 it was still working.

 

[captaintorchtm]

From axis point of view they wanted to challenge infinia so they let loose the criteria which is a fair business practice or strategy as long as customer payback on time.even high income as per itr customer have abused the magnus ER system.

Agree. So this fair business practice which led to extreme devaluation gonna bite them soon.

 

[captaintorchtm]

They should give something for renewal like even 5K tata cliq or some other benefits with Edge rewards.
it may be worth it for some, considering Eazydiner, airport concierge and lounge, movie tickets, and hitting milestones for 2 months (convert 50k points to cash) would pay for the card. I don't understand this reaction from social media influencers and fururs.