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 9785]

Reserve should've been spared. This will erode trust of HNIs from Axis for sure. 50k fee card is uncommon between masses. It is specifically for HNIs.

10k is still acceptable. Although shock of 75% devaluation is pretty discouraging for its loyal customers.

Reserve will be HNI if there is criterion of ITR is followed diligently like infinia

 

[Deleted member 9785]

People dug their own grave by using loopholes like reissuing credit card and getting additional tata cliq vouchers. Also, 5:4 ratio was surreal and everyone knew party will not last for long. This was bound to happen. And if this news is fake for now, this will be a reality soon.

Anything, which comes so much into limelight will get devalued eventually. I feel DCB and Infinia are next in line. People are queing up for these cards and writing to Grievance cell. Eventually, bank will think that even if we reduce benefits slightly, there will be demand. They will also ease onboarding norms and once people are in, reduce benefits.

DCB is already devalued after alumni offer. Only infinia stands

 

[CMGCMG is verified member.]

Reserve should've been spared. This will erode trust of HNIs from Axis for sure. 50k fee card is uncommon between masses. It is specifically for HNIs.

10k is still acceptable. Although shock of 75% devaluation is pretty discouraging for its loyal customers.

Magnus with 10k is still great. 86.4k INR for 12L spends. If you manage to use it for 15L with milestones and multipliers, this will be great at 8% reward rate. No such thing exists for reserve.

 

[VijayflyRaven]

Is it your tax or someone else’s? If it is yours, your income is very high and this devaluation is immaterial.

but my spend is primarily on tax paymeny only.

 

[CMGCMG is verified member.]

DCB is already devalued after alumni offer. Only infinia stands

Hdfc started devaluing infinia after giving everyone infinia as an upgrade during the Rbi ban. If they have plans for infinia reserve, it will be devalued further. Good thing is that they maintained 1RP = 1INR for a very long time. Regalia started with. 75p but then later devalued to 50p

 

[manas_rock]

Is it your tax or someone else’s? If it is yours, your income is very high and this devaluation is immaterial.

my tax. yes, income is high. but I travel on economy if I use my own money.
with these cards, I was getting business class tickets for free.

 

[amitr29]

my tax. yes, income is high. but I travel on economy if I use my own money.
with these cards, I was getting business class tickets for free.

Why Not Vistara Infinite then? You get lot of free business class. Also, Vistara has decent points redemption

 

[manas_rock]

Why Not Vistara Infinite then? You get lot of free business class. Also, Vistara has decent points redemption

Yes, I have 2 vistara infinite too, and Infinia too.
But vistara infinite gives rewards only till 20 lakh spend (10 lakh on each card).
My spend is 1 cr per year.

 

[manas_rock]

Yes, I have 2 vistara infinite too, and Infinia too.
But vistara infinite gives rewards only till 20 lakh spend (10 lakh on each card).
My spend is 1 cr per year.

also, govt payment is a genuine spend.

Why are people saying tax payment is not a genuine spend?

one has to pay 0.5% extra as well as surcharge.

 

[CMGCMG is verified member.]

also, govt payment is a genuine spend.

Why are people saying tax payment is not a genuine spend?

one has to pay 0.5% extra as well as surcharge.

Maybe because you are paying tax by borrowing from someone?

 

[Anonymous ツ]

my tax. yes, income is high. but I travel on economy if I use my own money.
with these cards, I was getting business class tickets for free.

People who are paying 1Cr tax (own) per year are thinking about getting free tickets using credit cards.

 

[Heehaahee]

Jugadu never ends

 

[mojo_jojo123]

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
View attachment 22084

mint published the magnus benefit for just their publicity at the cost of all magnus users in India .. we all have to suffer now .. this card is shit now. .

 

[Deleted member 11974]

MSN

www.msn.com

yeh cardmaven to apne forum mein hai na?

 

[Venky]

People who are paying 1Cr tax (own) per year are thinking about getting free tickets using credit cards.

Boond-boond se hi sagar banta hai bhai.

 

[neogen]

mint published the magnus benefit for just their publicity at the cost of all magnus users in India .. we all have to suffer now .. this card is shit now. .

It would be nice to see the comparison with other CCs after this devaluation. My guess, it would still be better.

 

[captaintorchtm]

also, govt payment is a genuine spend.

Why are people saying tax payment is not a genuine spend?

one has to pay 0.5% extra as well as surcharge.

Dont worry, those spends are still allowed. You can still pay nps/income tax etc using credit cards

 

[NikTravelEnthusiast]

It does is what I feel. The biggest attraction of the card was the transfer rate. The best way to push low spenders out was to reduce transfer rates. Ultra high spenders will still get 1L miles for 16L spends which more than decent. Nobody would mind paying 10k a year if they can spend 5L on the card to get return tickets to Singapore for two. That was simply not sustainable with the volume of sales Magnus was doing.

Believe me, I am a product manager/marketer and this is exactly what I would've done to restore my product position in the market.

I agree. But this sort of mismanagement is not expected from such big company.

I am a genuine spender. Would not mind to pay 10k fees. But because of Axis mismanagement, other peaple like me who spends genuine, will suffer. And once faith is broken, many people(like you mentioned-the high spenders) will also move out. Then Axis will be left with nothing.

I feel, Axis can still manage the situation, and prevent Magnus from being a disaster.

 

[mojo_jojo123]

Dont worry, those spends are still allowed. You can still pay nps/income tax etc using credit cards

will we get points for them ? and included in milestone

 

[captaintorchtm]

will we get points for them ? and included in milestone

No. Thats bank:s policy and they have every right to include/exclude it.