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

---

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

---

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

---

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

---

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

 

[manas_rock]

It is axis business and they devalued it accordingly.

But, axis will not get my business now.
I will pay tax using some other card- which I am still trying to find.

 

[anirban.choudhuryanirban.choudhury is verified member.]

I can take a personal loan and pay tax. Or, I may have money to buy a home- but use that money to pay tax- and instead take a home loan to buy a home.

Money is fungible.
Whether I use it for paying tax or buying an airline ticket- it is none of axis business.

Yes
But they are not restricting you to pay tax using their cc , they are just restricting the reward points
Which seems valid because banks mostly give rewards on spends from which they are earning something
When you buy a plane , the plane company / merchant pays certain commission to bank for facilitating the transaction and bank gives a part of that commission to you as rewards
May be the commission that they are getting from government payment is too meagre and they can’t really share it with you , as there operational cost is not allowing them
To do so

 

[Deleted member 9785]

Tax payment is a spend. And you are absolutely right. I don't see what's wrong with being rewarded for tax payments. For those who are saying otherwise, I'm sure you would've done the same thing if you had the provision to pay advance tax. Besides, it's not illegal or unethical.

Let me give an idea. One can pay substantial advance tax now for 2024-25 and get immediate reward points at 6% and transfer them at current ratios. Also hit 15 lac milestone for free renewal. I have done just that today

 

[Deleted member 9785]

But, axis will not get my business now.
I will pay tax using some other card- which I am still trying to find.

Arey bhai thats what they want - Remove all loss making cc geeks

 

[thanix]

It’s expectations! We all were sold for the returns in the past. When it vanishes, there will be disappointment. There will be another new card and we will jump ship.

Now credit card applications will carry this disclaimer in bold -

Credit card rewards are subject to market risk. Past performance doesn't guarantee future rewards 😕

Who knows there may even be a risk meter like for mutual funds 😜

 

[Zarieal]

Just checked Vistara app offers for Axis Edge Rewards. They have changed it to Flat 5:1 for Axis cards rather than category segregation (Eg HNI, Affluent, others). The Vistara website still shows the old conversion ratios though.

 

[magneto]

I have confirmed with customer care and yes everything mentioned in the leak is true and TATA CLiQ is discontinued and the ratio changes to 5:1 for all partners and 10:1 for Accor and this is effective from 12th August, 2023. Finally Diwali khatam hui 😭😔

 

[neogen]

Finally, I took courage and called up Axis.. enquired couple of other issues and later asked on this change in rewards ratio, terms etc.. to which I was told "they aren't aware on any such upcoming changes in Magnus TnC"

Interesting 🤔

 

[Walter White]

Arey bhai thats what they want - Remove all loss making cc geeks

A person who manages his/her expenses well and pays bills on time will always be a loss to the bank. MDR hardly compensates for the offers/points that bank gives. 😛

Reminds me of this:

 

[CARDBITRAGE]

Arey bhai thats what they want - Remove all loss making cc geeks

CC market and stock market are similar in a way. Someone always loses in order for someone to win, otherwise, it just won't work. In the case of Magnus, everyone was just winning. Money rotation was openly being discussed and done. It's crazy how Axis let it run for this long. As many have already expressed, this is what happens if they aggressively try to gain a customer base. Quality over quantity should have been exercised at least when it comes to their HNI cards. What's funny is, at one point it was easier to get Magnus than their Ace CC.
I'm not against C2C as some people do have genuine high spends but may miss the criteria by a small fraction. But they should've issued their super premium cards only to those who have possession of a super premium/premium card from other banks. You know, most banks don't even consider ICICI Apay cards for their premium/super premium portfolio. In fact, any card that is too liberal with LE should not be considered for C2C. HDFC diligently follows this and is very careful to who they issue their super premium cards.
Maybe they thought they could trap folks making unnecessary spends into debt, but now in hindsight, they realise how wrong they were.
Now Axis should get their ducks in a row and come up with a more sound strategy.

 

[ask10]

Just called up the customer service team and they told me that the reward points will also be capped to 2 lakh per calendar month.

 

[neogen]

CC market and stock market are similar in a way. Someone always loses in order for someone to win, otherwise, it just won't work. In the case of Magnus, everyone was just winning. Money rotation was openly being discussed and done. It's crazy how Axis let it run for this long. As many have already expressed, this is what happens if they aggressively try to gain a customer base. Quality over quantity should have been exercised at least when it comes to their HNI cards. What's funny is, at one point it was easier to get Magnus than their Ace CC.
I'm not against C2C as some people do have genuine high spends but may miss the criteria by a small fraction. But they should've issued their super premium cards only to those who have possession of a super premium/premium card from other banks. You know, most banks don't even consider ICICI Apay cards for their premium/super premium portfolio. In fact, any card that is too liberal with LE should not be considered for C2C. HDFC diligently follows this and is very careful with who they issue their super premium cards.
Now Axis should get their ducks in a row and come up with a more sound strategy.

Well said. When I got Magnus on c2c basis against my Infinia with 18L limit, I was feeling a little privileged. Later, when I saw that people are getting magnus like gajar mooli (carrot and radish), I really got cheesed off. Especially, where certain agent(s) were providing consultancy and assuring them magnus.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Just called up the customer service team and they told me that the reward points will also be capped to 2 lakh per calendar month.

Customer care executive are not briefed
We should wait for official confirmation
Devaluation is legit

 

[CARDBITRAGE]

Just called up the customer service team and they told me that the reward points will also be capped to 2 lakh per calendar month.

2 lakh/month is nothing to complain about.

 

[rohitb]

Just called up the customer service team and they told me that the reward points will also be capped to 2 lakh per calendar month.

Isn't that reward points from gyftr or accelerated points.

 

[navam]

Finally, I took courage and called up Axis.. enquired couple of other issues and later asked on this change in rewards ratio, terms etc.. to which I was told "they aren't aware on any such upcoming changes in Magnus TnC"

Interesting 🤔

Customer care folks are quite confused as well, seems like not all of them have been updated on the changes yet, probably makes sense to wait a few days.

 

[manas_rock]

Let me give an idea. One can pay substantial advance tax now for 2024-25 and get immediate reward points at 6% and transfer them at current ratios. Also hit 15 lac milestone for free renewal. I have done just that today

I don't have much limit left. exhausted 100% limit in self assessment tax. bank account will get cash in few days.

 

[4uziaul]

CC market and stock market are similar in a way. Someone always loses in order for someone to win, otherwise, it just won't work. In the case of Magnus, everyone was just winning. Money rotation was openly being discussed and done. It's crazy how Axis let it run for this long. As many have already expressed, this is what happens if they aggressively try to gain a customer base. Quality over quantity should have been exercised at least when it comes to their HNI cards. What's funny is, at one point it was easier to get Magnus than their Ace CC.
I'm not against C2C as some people do have genuine high spends but may miss the criteria by a small fraction. But they should've issued their super premium cards only to those who have possession of a super premium/premium card from other banks. You know, most banks don't even consider ICICI Apay cards for their premium/super premium portfolio. In fact, any card that is too liberal with LE should not be considered for C2C. HDFC diligently follows this and is very careful with who they issue their super premium cards.
Now Axis should get their ducks in a row and come up with a more sound strategy.

I completely agree with you, and I actually mentioned the same thing a few days ago, although in a joking manner. It seems like Axis Bank is approving and distributing the Magnus card quite easily because they want people to chase the milestones, which in turn encourages manufactured spending. I have been trying to get the Airtel card since last year, but I've been rejected around 7-8 times specifically for that card. Out of frustration, I ended up getting the Magnus card, and to my surprise, it was approved. Interestingly, it was through C2C, and I have only paid the joining fees so far. I have no intention of using this card anyway. The only reason I got this card was because I thought it would be easier to get those entry-level cards, but it turned out to be the same story again as I was recently rejected for the IOCL LTF card. 🤣 The moral of the story is that Axis Bank was too lenient in issuing this card, and now it's being devalued. Even these so-called influencers and YouTubers also played a role. 🤣

 

[neogen]

Even these so-called influencers and YouTubers also played a role. 🤣

Along with, a few CC consultants and agents who were super helpful in getting Magnus for people. 🤣

 

[anirban.choudhuryanirban.choudhury is verified member.]

I completely agree with you, and I actually mentioned the same thing a few days ago, although in a joking manner. It seems like Axis Bank is approving and distributing the Magnus card quite easily because they want people to chase the milestones, which in turn encourages manufactured spending. I have been trying to get the Airtel card since last year, but I've been rejected around 7-8 times specifically for that card. Out of frustration, I ended up getting the Magnus card, and to my surprise, it was approved. Interestingly, it was through C2C, and I have only paid the joining fees so far. I have no intention of using this card anyway. The only reason I got this card was because I thought it would be easier to get those entry-level cards, but it turned out to be the same story again as I was recently rejected for the IOCL LTF card. 🤣 The moral of the story is that Axis Bank was too lenient in issuing this card, and now it's being devalued. Even these so-called influencers and YouTubers also played a role. 🤣

True
They indeed offered Magnus and Reserve leniently
Even if the application got declined from backend , agents used to get it approved .
A little stricter approach would have kept the game on for some more time