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

 

[neogen]

Seems after all the loopholes and related fiasco, Axis top management has decided to kill the Magnus card. Especially after that Mint news. Wo mint wale ki class Lena Banta hai.

 

[VijayflyRaven]

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.

Assume we redeem for Amazon GC, spending 8 lakhs gets us 48k and 12k for card fees still nets us 36k. If another card can get us 36k or more we will jump ship.

 

[CMGCMG is verified member.]

Assume we redeem for Amazon GC, spending 8 lakhs gets us 48k and 12k for card fees still nets us 36k. If another card can get us 36k or more we will jump ship.

Spending 8L will get you 57,600 minimum with 1L spend per month. They have increased the bonus from 25k to 30k. So 1L spend will give 36k points.

 

[manas_rock]

Spending 8L will get you 57,600 minimum with 1L spend per month. They have increased the bonus from 25k to 30k. So 1L spend will give 36k points.

My spend was on paying taxes. they stopped govt transactions.
Tax payment is around 1 cr every yr.
card is useless now.

 

[Deleted member 9785]

Reality of travel geeks on axis points

:

 

[captaintorchtm]

Spending 8L will get you 57,600 minimum with 1L spend per month. They have increased the bonus from 25k to 30k. So 1L spend will give 36k points.

For those who are not in the miles and points game, this card is worth it for luxury and lifestyle.

 

[VijayflyRaven]

Spending 8L will get you 57,600 minimum with 1L spend per month. They have increased the bonus from 25k to 30k. So 1L spend will give 36k points.

We have to wait for official news on the increase in milestone rewards. Could be a typo.

 

[Indian]

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.

Even renewal benefit also we just close the card on customer care end of the year and apply through customer care upgrade route with welcome benefit also when we close this high end card there must be retention offer so renewal benefit we need not think seriously

 

[Deleted member 9785]

My spend was on paying taxes. they stopped govt transactions.
Tax payment is around 1 cr every yr.
card is useless now.

dude you should use meet greet.

 

[WhoU]

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.

But it is difficult to cover milestone without utility/government for many. People are relying on payzapp/income tax/nps to fulfill their milestones.

5:4 to 5:1 is not the only devaluation. If it were the only case, many would still hold it.

 

[captaintorchtm]

My spend was on paying taxes. they stopped govt transactions.
Tax payment is around 1 cr every yr.
card is useless now.

bro if you are paying 1cr tax every year, you must be a billionaire and you must be dining in Good restaurants and having meeting in top restaurants, use eazydiner 40% off up to 1000 twice every month, and a birthday 3k discount is well worth it for you. 🤓

 

[VijayflyRaven]

F

My spend was on paying taxes. they stopped govt transactions.
Tax payment is around 1 cr every yr.
card is useless now.

For 1 crore tax , you need multiple cards anyway. There are still a few cards which can give you cashback.

 

[captaintorchtm]

But it is difficult to cover milestone without utility/government for many. People are relying on payzapp/income tax/nps to fulfill their milestones.

5:4 to 5:1 is not the only devaluation. If it were the only case, many would still hold it.

This card is not for those spends then, people with only those spends can close the card. relying on payzapp/IT/nps is forced spending on the card for me.

 

[Deleted member 9785]

Meet and greet for 8 visits costs axis around 16,000 rs.
This has also burnt them badly. Ordinary income people getting VIP treatment at airports

 

[Anonymous ツ]

bro if you are paying 1cr tax every year, you must be a billionaire and you must be dining in Good restaurants and having meeting in top restaurants, use eazydiner 40% off up to 1000 twice every month, and a birthday 3k discount is well worth it for you. 🤓

He might also be a CA who is filing ITR for/advanced tax for his clients.

 

[VijayflyRaven]

bro if you are paying 1cr tax every year, you must be a billionaire and you must be dining in Good restaurants and having meeting in top restaurants, use eazydiner 40% off up to 1000 twice every month, and a birthday 3k discount is well worth it for you. 🤓

3 crores income nets around 1 crore tax. With 2 crores net income, definitely he needs many super premium cards and this devaluation is insignificant for him.

 

[VijayflyRaven]

E

He might also be a CA who is filing ITR for/advanced tax for his clients.

Then it makes sense to exclude these loopholes.

 

[captaintorchtm]

He might also be a CA who is filing ITR for/advanced tax for his clients.

then thats not the legal and personal spend. It's not allowed to do such transactions. One more reason for deval.

 

[Akshay9512]

Lets trend a boycott for Mint News!

Seems after all the loopholes and related fiasco, Axis top management has decided to kill the Magnus card. Especially after that Mint news. Wo mint wale ki class Lena Banta hai.

 

[Sharjeelshaikh]

Magnus users trying to transfer the points and travel edge crashed

Janata Jo meme samjha nahi lagta