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

 

[bing1309]

So whoever got m4b now is not really LTF.. right?
It’s only fee waived off based on burgundy status

Yes its an conditional LTF
the main reason given as LTF here is who has large points transfer close burgundy and move out. or who knows burgundy magnus value hold AQB and be with us.

 

[SSV]

Yes its an conditional LTF
the main reason given as LTF here is who has large points transfer close burgundy and move out. or who knows burgundy magnus value hold AQB and be with us.

Okay please keep it simple..
So it’s not real LTF… okay we got agreement until here..

Now case 2)

After this offer is closed:
I have opened a burgundy account and met the true burgundy status for say 3 months and eligible for 5:4 Magnus card and want to take that card , how much I need to pay fo that 5:4 card and assuming I maintain burgundy status for the next 20 years , what is my annual fee?

 

[bing1309]

Okay please keep it simple..
So it’s not real LTF… okay we got agreement until here..

Now case 2)

After this offer is closed:
I have opened a burgundy account and met the true burgundy status for say 3 months and eligible for 5:4 Magnus card and want to take that card , how much I need to pay fo that 5:4 card and assuming I maintain burgundy status for the next 20 years , what is my annual fee?

35k for now joining and renewal. next year renewal prices will go up or stay the same as per credit card demand

 

[H2O]

35k for now joining and renewal. next year renewal prices will go up or stay the same as per credit card demand

You bro works for Axis?

 

[SSV]

35k for now joining and renewal. next year renewal prices will go up or stay the same as per credit card demand

So what you are saying is inspite of maintaining 10l in sb account, to maintain m4b cc, we need to pay 35 K renewal fee in this case?
This is where I am saying market will decide it’s fate
My guess it will be doomed if this is the case

 

[bing1309]

So what you are saying is inspite of maintaining 10l in sb account, to maintain m4b cc, we need to pay 35 K renewal fee in this case?
This is where I am saying market will decide it’s fate
My guess it will be doomed if this is the case

yup that's what product manager said.

 

[bing1309]

You bro works for Axis?

Nope I am a customer in Axis just went through all of these questions etc with them

 

[H2O]

nope I am a customer in Axis just went through all of these questions etc with them

Okay cool.. 3

 

[SSV]

Nope I am a customer in Axis just went through all of these questions etc with them

okay.. some other points to discuss:

1) It is actually not LTF the customers are fighting for before the supposed offer ends.. Its only a conditional LTF... we agreed on this..

2) what is the gurantee that ,say after 6 months , AXIS won't come up and say no need of joining and renewal fee for 5:4 card as long as you maitain true burgundy status... ( which is effectively the same situation as of now).. in my view more likely...

No -one in right mind will maitain 10L SB balnce and pay 35K JF and AF for 5:4 card .. this is my view.. I am not the Market but I am part of the Market .

Thats is why in my initial post I said market will decide M4B fate...

It is just too complicated product and AXIS keeps chaning the goalpost while the game is still on, and no guarantee that it wont do it again in the future...

My point here is: whatever this conditional LTF( but being marketed as LTF) offer period ending and all that crap is just a marketing ploy...
In one/two year's time everything will be reveraled.. They just made abig mess.. and its taking hell a lot of time to clean this mess.....
Done for the night on this topic ...

 

[bing1309]

So what you are saying is inspite of maintaining 10l in sb account, to maintain m4b cc, we need to pay 35 K renewal fee in this case?
This is where I am saying market will decide it’s fate
My guess it will be doomed if this is the case

actually

okay.. some other points to discuss:

1) It is actually not LTF the customers are fighting for before the supposed offer ends.. Its only a conditional LTF... we agreed on this..

2) what is the gurantee that ,say after 6 months , AXIS won't come up and say no need of joining and renewal fee for 5:4 card as long as you maitain true burgundy status... ( which is effectively the same situation as of now).. in my view more likely...

No -one in right mind will maitain 10L SB balnce and pay 35K JF and AF for 5:4 card .. this is my view.. I am not the Market but I am part of the Market .

Thats is why in my initial post I said market will decide M4B fate...

It is just too complicated product and AXIS keeps chaning T& Cs and no guarantee that it wont do it in the future...

1. yes, that is the reason I am least bothered if I can get it I will or else bye-bye to the card.
2. yes we are seeing that with NEO MyZONE Indian oil etc cards so we dont know when what will happen,

for some yes not possible for some yes as long as transactions come and go out of accounts in lakhs no issues
market fate first Axis cards are great slowly capping downgrade etc is common on all cards so when an offer is thrown take it use and leave it
The T&C issue is there but they have good flexibility in card upgrades and hold 3 cards which is something that stands out. every bank has there own issues so just have to see

 

[vine]

I think so .. its a general rule for all ERs.

Bhai,
Last question,
For the kind of spends less than 5L per annum, do you think Atlas better or M4B ?

 

[mastfun]

Bhai,
Last question,
For the kind of spends less than 5L per annum, do you think Atlas better or M4B ?

Just keep in mind that, Atlas is good if u travel more! Else it's not!

 

[SSV]

Bhai,
Last question,
For the kind of spends less than 5L per annum, do you think Atlas better or M4B ?

For you , as you need flight tickets, Atlas is better for that kind of spends

 

[Virgo]

EDGE REWARDS

edgerewards.axisbank.co.in

. . .

Thanks but this is not working for me. I have 372 MB points and overall 30k plus ER points. Placed an order through this portal and chose to pay by 372 points and balance amount by card. However, the points get deducted from the ER bucket of 30k and MB point balance of 372 remains as is. Am I missing something? I have 3 cards : Reserve, MB and Select

 

[Harry1]

Thanks but this is not working for me. I have 372 MB points and overall 30k plus ER points. Placed an order through this portal and chose to pay by 372 points and balance amount by card. However, the points get deducted from the ER bucket of 30k and MB point balance of 372 remains as is. Am I missing something? I have 3 cards : Reserve, MB and Select

First u need to understand how edge points and magnus burgundy calculation works. And then see ur edge reward history to know where those 372 points are coming from and how much u need to reduce in order to get it zero. Otherwise it won't work.

Axis Magnus - Rumor with burgundy axis magnus could be LTF (by Sep 2023 it should be official by axis i think you never know though)

Just received confirmation from bank officials that they will provide Magnus LTF for Burgundy customers from Sep 1st onwards

www.technofino.in

 

[SSV]

First u need to understand how edge points and magnus burgundy calculation works. And then see ur edge reward history to know where those 372 points are coming from and how much u need to reduce in order to get it zero. Otherwise it won't work.

In other words, we need to take a course on this subject which may be offered by Axis soon!! 😉

 

[shashankrt]

yup that's what product manager said.

Next time when you met the Product manager - please let him/her know that this is probably the worst credit card product made in the world. Its so confusing that even the bank employees dont know all the answers. My guess is.. unless they give serious joining benefits for MB with 35K fees.. this product will be dead on arrival.

 

[shashankrt]

okay.. some other points to discuss:

1) It is actually not LTF the customers are fighting for before the supposed offer ends.. Its only a conditional LTF... we agreed on this..

2) what is the gurantee that ,say after 6 months , AXIS won't come up and say no need of joining and renewal fee for 5:4 card as long as you maitain true burgundy status... ( which is effectively the same situation as of now).. in my view more likely...

No -one in right mind will maitain 10L SB balnce and pay 35K JF and AF for 5:4 card .. this is my view.. I am not the Market but I am part of the Market .

Thats is why in my initial post I said market will decide M4B fate...

It is just too complicated product and AXIS keeps chaning the goalpost while the game is still on, and no guarantee that it wont do it again in the future...

My point here is: whatever this conditional LTF( but being marketed as LTF) offer period ending and all that crap is just a marketing ploy...
In one/two year's time everything will be reveraled.. They just made abig mess.. and its taking hell a lot of time to clean this mess.....
Done for the night on this topic ...

Agree on all points. This product is a disaster in making and wont be surprised if RBI fines Axis for this mess. I have worked in investment banking and some of the most complex derivatives are simpler to understand than this mess from Axis.

 

[bing1309]

Next time when you met the Product manager - please let him/her know that this is probably the worst credit card product made in the world. Its so confusing that even the bank employees dont know all the answers. My guess is.. unless they give serious joining benefits for MB with 35K fees.. this product will be dead on arrival.

Already said. only thing they said as per 2024 market all banks will downgrade in future any change or benefits they will give depending on market conditions and competitions (with a lengthy explanations of examples where they give a benefit and from where they take you for a ride, of every banks credit cards offers and how they take in other methods)

 

[shashankrt]

Already said. only thing they said as per 2024 market all banks will downgrade in future any change or benefits they will give depending on market conditions and competitions (with a lengthy explanations of examples where they give a benefit and from where they take you for a ride, of every banks credit cards offers and how they take in other methods)

In that case the Product Manager seems to be delusional. Other banks are downgrading only their mid and low tier cards. Except normal exclusions most HNI cards - Infinia, SC ultimate, Amex Plat, Yes Private etc have maintained their core USP. Axis asking 35K for only 5:4 is really stupid and no one will pay for this garbage ! The whole point of Private banking is to reduce banking headaches and Axis seems to be doing exactly opposite !