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

 

[rogerthat]

Same vr0 same

But what's your goto if not Magnus

Looks like the only really other option that makes sense is Infinia which HDFC won't give me (believe me, I've tried). I am expecting someone else to launch a product to fill the Magnus hole before the year is out. Until then its SC Ultimate.

 

[Slayer]

Looks like the only really other option that makes sense is Infinia which HDFC won't give me (believe me, I've tried). I am expecting someone else to launch a product to fill the Magnus hole before the year is out. Until then its SC Ultimate.

I think Amex Plat Travel+Reserve+Gold Charge+MRCC is the goto but offline spends would be tricky

 

[rogerthat]

I think Amex Plat Travel+Reserve+Gold Charge+MRCC is the goto but offline spends would be tricky

Yeah. I would actually take only the Amex Plat Charge and cancel everything else (except a fuel card maybe) if only Amex were accepted like Visa.

 

[rogerthat]

15 lakhs spending - 90k EP
Even if you hit 1L milestone benefit - 3 lakh EP
Total 3.9 lakhs EP - 78K miles
10K renewal waiver - total 88K return on 15 lakhs
Effective return - 5.87% only.

96k points from regular spends + milestone 300k + around 1L accelerated points which come from Gyftr, Grabdeals, Traveledge etc. and additional points from Select, IOCL card etc. that the person might hold. Actually it might turn out to be more than that.

 

[Consultant]

Magnus & Reserve devaluation is confirmed news - effective 14th August as confirmed by Customer care.
Moving my next transaction to Infinia. !! Sadly.

 

[captaintorchtm]

Its business

 

[Avid_snake]

The easiest way to get low spenders out was to increase the cap to 1.25L/ month of genuine transactions - no wallets, no fuel, no emi, no govt. And also removal of renewal benefits of 10k.
For low spenders, that should have been enough.

Actually what was hurting Axis was the transfer ratio. You cant sustain credit card business by giving 24% returns however genuine the spends maybe. Right now on 1L, if the milestone benefit is increased to 30k, then it is a 7.2% return which is still in manageable range. Closer to 8-9% if using Gyftr etc. Anything higher than that is not a sustainable business model.

They could have done this in batches by bringing it down to 5:2 first and then reducing further. But Axis decided to stop the bleeding at once.

 

[Consultant]

Magnus proves to still be decent even if you spend < 15L annually.

Consider 6 months of milestone benefits achieved Annually - 6*25000 = 1.5L points
30k of Multiplier purchases (minimum/ month) from Gyftr, Travel Edge = 30k/200 * 12 * 5 = 9000/ m = 1.08L points Annually **
** Considering only 5x transactions of vouchers. 10k Amazon Pay, 10k Amazon Shopping, 5k Swiggy, 5k Anything else. Excluding any 10x options out there.
Average Spend for Annual year = 10L - 3.6L (Of multiplier already calculated) = 6.4 L = 38.4k points
For a 10L spend you end up getting = 2.96L points = 2.4 L of Club ITC green points.

You also end up paying 10k renewal fee.

This is the bare minimum possible. Is it worth it ? = Now that is subjective basis your lifestyle. Considering Flights are gone, that is a big blow. Not many would want to stay in ITC/ Marriott for no reason just to use the points.
BOGO, 8 Meet and Greet, Lounge access is additional.

What's extremely bad (sad) is - Reserve is completely hit. No1 would be paying 60k fee, for only Club ITC & Marriott benefits.

 

[Slayer]

Actually what was hurting Axis was the transfer ratio. You cant sustain credit card business by giving 24% returns however genuine the spends maybe. Right now on 1L, if the milestone benefit is increased to 30k, then it is a 7.2% return which is still in manageable range. Closer to 8-9% if using Gyftr etc. Anything higher than that is not a sustainable business model.

They could have done this in batches by bringing it down to 5:2 first and then reducing further. But Axis decided to stop the bleeding at once.

Sales oriented BFSI orgs work in a very knee jerk manner

Aag lag gayi hai firebrigade ko bulao abhi ekdum

 

[Consultant]

Actually what was hurting Axis was the transfer ratio. You cant sustain credit card business by giving 24% returns however genuine the spends maybe. Right now on 1L, if the milestone benefit is increased to 30k, then it is a 7.2% return which is still in manageable range. Closer to 8-9% if using Gyftr etc. Anything higher than that is not a sustainable business model.

They could have done this in batches by bringing it down to 5:2 first and then reducing further. But Axis decided to stop the bleeding at once.

Even if they increase the Milestone benefits to 30k, point is options of use. People do not have airline benefits here, what will they do of it. ?

 

[Deleted member 5552]

Good news for Magnus card holders, I wish many good news like this may come their way every month 👍

 

[Deleted member 9785]

Magnus proves to still be decent even if you spend < 15L annually.

Consider 6 months of milestone benefits achieved Annually - 6*25000 = 1.5L points
30k of Multiplier purchases (minimum/ month) from Gyftr, Travel Edge = 30k/200 * 12 * 5 = 9000/ m = 1.08L points Annually **
** Considering only 5x transactions of vouchers. 10k Amazon Pay, 10k Amazon Shopping, 5k Swiggy, 5k Anything else. Excluding any 10x options out there.
Average Spend for Annual year = 10L - 3.6L (Of multiplier already calculated) = 6.4 L = 38.4k points
For a 10L spend you end up getting = 2.96L points = 2.4 L of Club ITC green points.

You also end up paying 10k renewal fee.

This is the bare minimum possible. Is it worth it ? = Now that is subjective basis your lifestyle. Considering Flights are gone, that is a big blow. Not many would want to stay in ITC/ Marriott for no reason just to use the points.
BOGO, 8 Meet and Greet, Lounge access is additional.

What's extremely bad (sad) is - Reserve is completely hit. No1 would be paying 60k fee, for only Club ITC & Marriott benefits.

How

2.96L points = 2.4 L of Club ITC green points. ????

 

[Avid_snake]

Even if they increase the Milestone benefits to 30k, point is options of use. People do not have airline benefits here, what will they do of it. ?

At 5:1 it is 1.2% base and 6% on milestone. So 7.2% returns in the worst case. So better than other cards if you can hit the milestone

 

[Consultant]

How

Club ITC still works on 5:4 ratio, as confirmed by the Customer care.

 

[Deleted member 9785]

Club ITC still works on 5:4 ratio, as confirmed by the Customer care.

That is great but i doubt as on pdf it sais 5:1 or all partners. I really dont think ITC can me immune from it

 

[Consultant]

All airline partners** . In hotels only Accor is hit.

Where have they written all partners for stay?

That is great but i doubt as on pdf it sais 5:1 or all partners. I really dont think ITC can me immune from it

 

[Avid_snake]

All airline partners** . In hotels only Accor is hit.

Where have they written all partners for stay?

It says across airlines and hotels. I guess all hotels other than Accor also goes to 5:1

 

[anirban.choudhuryanirban.choudhury is verified member.]

It says across airlines and hotels. I guess all hotels other than Accor also goes to 5:1

Yes all hotels except acccort at 5:1 only Accor at 10:1

 

[sankar7000]

i 20K ka amazon pay

Magnus proves to still be decent even if you spend < 15L annually.

Consider 6 months of milestone benefits achieved Annually - 6*25000 = 1.5L points
30k of Multiplier purchases (minimum/ month) from Gyftr, Travel Edge = 30k/200 * 12 * 5 = 9000/ m = 1.08L points Annually **
** Considering only 5x transactions of vouchers. 10k Amazon Pay, 10k Amazon Shopping, 5k Swiggy, 5k Anything else. Excluding any 10x options out there.
Average Spend for Annual year = 10L - 3.6L (Of multiplier already calculated) = 6.4 L = 38.4k points
For a 10L spend you end up getting = 2.96L points = 2.4 L of Club ITC green points.

You also end up paying 10k renewal fee.

This is the bare minimum possible. Is it worth it ? = Now that is subjective basis your lifestyle. Considering Flights are gone, that is a big blow. Not many would want to stay in ITC/ Marriott for no reason just to use the points.
BOGO, 8 Meet and Greet, Lounge access is additional.

What's extremely bad (sad) is - Reserve is completely hit. No1 would be paying 60k fee, for only Club ITC & Marriott benefits.

How will you achieve 1 lakh spends when you know that utilities & govt payments, wallets, fuel, rent are excluded?

 

[sankar7000]

Magnus proves to still be decent even if you spend < 15L annually.

Consider 6 months of milestone benefits achieved Annually - 6*25000 = 1.5L points
30k of Multiplier purchases (minimum/ month) from Gyftr, Travel Edge = 30k/200 * 12 * 5 = 9000/ m = 1.08L points Annually **
** Considering only 5x transactions of vouchers. 10k Amazon Pay, 10k Amazon Shopping, 5k Swiggy, 5k Anything else. Excluding any 10x options out there.
Average Spend for Annual year = 10L - 3.6L (Of multiplier already calculated) = 6.4 L = 38.4k points
For a 10L spend you end up getting = 2.96L points = 2.4 L of Club ITC green points.

You also end up paying 10k renewal fee.

This is the bare minimum possible. Is it worth it ? = Now that is subjective basis your lifestyle. Considering Flights are gone, that is a big blow. Not many would want to stay in ITC/ Marriott for no reason just to use the points.
BOGO, 8 Meet and Greet, Lounge access is additional.

What's extremely bad (sad) is - Reserve is completely hit. No1 would be paying 60k fee, for only Club ITC & Marriott benefits.

Also if I have INFINIA, Is there any reason to buy vouchers et al using Magnus? Any reason why I should spend in Magnus if I hold Infinia? I cannot think of any one reason.... Please advise