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]

I have been following this thread since the beginning. I recently got normal paid magnus in nov last year, after its devaluation in sep 23 and recently another devaluation in apr 24. I have plan to close my magnus before nxt renewal. Unless the bank revaluate this card and add more features, which is very unlikely.

I just want to know, users here with magnus for burgundy, they have to park 10L in their saving, and they got paid card or ltf magnus with 5:4 redeem ratio, correct ? So basically thats around 80k fees in interest money per year. How that can make sense to anyone, i am unable to understand.

A lot of things that are happening in the world right now do not make sense. The Ukraine war, whatever Elon Musk is doing and Magnus for Burgundy.

You are absolutely correct in thinking that it does not make sense, because it does not. Adding the Rs.35400 you need to shell out in the form of annual fees for the M4B, the total cost of holding the card works out to be around one lakh per year right now. Imagine, Rs.1 lakh per annum for a base reward rate of 4.8% with conditional lounge access and no perks whatsoever! 🤣 Pay Rs.5000 and you get the Atlas with base 4% or pay Rs.12500 and get Inifinia with base RR of 3.3% and a ton of benefits including Smartbuy!

It get better. To recoup this annual fees of around a lakh a year you would need to spend at least Rs.1,60,000 every month (or 19 lakhs a year) to just recoup the annual fees! Absolutely insane to think that you need to first spend 20 lakhs to even start earning on the card! Boggles the mind.

Just put that 10L in a HDFC FD, arm-twist your RM for a non-secured Infinia and live happily ever after.

 

[PrinceHeart]

A lot of things that are happening in the world right now do not make sense. The Ukraine war, whatever Elon Musk is doing and Magnus for Burgundy.

You are absolutely correct in thinking that it does not make sense, because it does not. Adding the Rs.35400 you need to shell out in the form of annual fees for the M4B, the annual fees of the card works out to be around one lakh right now. Imagine, a Rs.1 lakh per annum card with conditional lounge access and no kinds of perks whatsoever! 🤣 They are charging a lakh for a base reward rate of 4.8%? Pay Rs.5000 and you get the Atlas with base 4% or pay Rs.12500 and get Inifinia with base RR of 3.3% and a ton of benefits including Smartbuy!

It is incredible when you think about it, you need to spend at least Rs.1,60,000 every month (or 19 lakhs a year) to just recoup the annual fees! Dumb to think that you need to spend 20 lakhs to even start earning on the card. Boggles the mind.

Just put that 10L in a HDFC FD, arm-twist your RM for a non-secured Infinia and live happily ever after.

Elon was just looking for panipuri and then just before his flight someone got him haldiram panipuri pack and craving was gone. So he cancelled his flight to india. He was going to take selfie with dolly chaiwala as well. Guess he have to wait.

M4b is 35400 annual charge. And @7.85 fd pa, for 10L will be 78500. So people are actually paying 1,13,900 for this card just for the 5:4 reward ratio ? Damm !! Hats off to these guys here.

M&G was the only good thing that was of use to me. I used it twice already. The manager send a porter saying, if you need anything just tell the porter and he will take care of it. No priority checkin, no priority security, no priority boarding, only good thing was that the immigration exit was thru diplomat counter, and was done in less than 1 min. Now they removed that from my normal magnus after recent devaluation. I dont see any use for this cc anymore.

Need mrcc now, seems good reward system from time to time.

Was offered dcb against fd, but i got normal emeralde, so i did not opt for that.

 

[hrish88]

M4b is 35400 annual charge. And @7.85 fd pa, for 10L will be 78500. So people are actually paying 1,13,900 for this card just for the 5:4 reward ratio ? Damm !! Hats off to these guys here.

I dont think most people here have taken this card on paid basis.it was offered LTF(as long as the status is maintained ) to most of the folks.

This card is mainly taken by 2 sets of people

1)those who were anyways maintaining burgundy with axis, for them its a no-brainer to get this card as its LTF.

2)those who had lots of points 4-5L,to convert their points at 5:4,so these guys have put up funds temporarily and let go the 4% interest temporarily.

 

[CVR]

I have been following this thread since the beginning. I recently got normal paid magnus in nov last year, after its devaluation in sep 23 and recently another devaluation in apr 24. I have plan to close my magnus before nxt renewal. Unless the bank revaluate this card and add more features, which is very unlikely.

I just want to know, users here with magnus for burgundy, they have to park 10L in their saving, and they got paid card or ltf magnus with 5:4 redeem ratio, correct ? So basically thats around 80k fees in interest money per year. How that can make sense to anyone, i am unable to understand.

1) most (90%+) would have LTF MB card not the 30k fees paid one
2) lot of people (like me) are burgundy due to salary account. so haven’t done anything, just lucky that my company always had salary account with axis
3) now comes people keeping 10L in savings. obviously for these people there is cost but your calculation assumes people otherwise keep zero in savings account. lot of people otherwise also keep 2-4 lakh easily in savings for emi payments, cc bill payments.. actually it is also not uncommon to keep 5lakh+ in savings in normal course of time as emergency funds..
4) i am not sure how many have done this as i didn’t had to do it due to salary burgundy.. easiest way to have burgundy was to buy any nifty index fund via Axis Bank of 30 lakh (fulfilling trv criteria)… cost of regular vs direct plan in index fund is 10 bps which means annual opportunity cost of only Rs.3000! Again assuming people have equity investments of 30 lakhs.

i think everyone has done their math and no one is dumb to give free money to Axis.

 

[PrinceHeart]

1) most (90%+) would have LTF MB card not the 30k fees paid one
2) lot of people (like me) are burgundy due to salary account. so haven’t done anything, just lucky that my company always had salary account with axis
3) now comes people keeping 10L in savings. obviously for these people there is cost but your calculation assumes people otherwise keep zero in savings account. lot of people otherwise also keep 2-4 lakh easily in savings for emi payments, cc bill payments.. actually it is also not uncommon to keep 5lakh+ in savings in normal course of time as emergency funds..
4) i am not sure how many have done this as i didn’t had to do it due to salary burgundy.. easiest way to have burgundy was to buy any nifty index fund via Axis Bank of 30 lakh (fulfilling trv criteria)… cost of regular vs direct plan in index fund is 10 bps which means annual opportunity cost of only Rs.3000! Again assuming people have equity investments of 30 lakhs.

i think everyone has done their math and no one is dumb to give free money to Axis.

Yeah, this make more sense. I too have few lakhs in different banks for bills and emergencies. But i keep them as smart FDs (forgot the exact name), can take out anytime.

 

[khaitan.rajesh29]

1) most (90%+) would have LTF MB card not the 30k fees paid one
2) lot of people (like me) are burgundy due to salary account. so haven’t done anything, just lucky that my company always had salary account with axis
3) now comes people keeping 10L in savings. obviously for these people there is cost but your calculation assumes people otherwise keep zero in savings account. lot of people otherwise also keep 2-4 lakh easily in savings for emi payments, cc bill payments.. actually it is also not uncommon to keep 5lakh+ in savings in normal course of time as emergency funds..
4) i am not sure how many have done this as i didn’t had to do it due to salary burgundy.. easiest way to have burgundy was to buy any nifty index fund via Axis Bank of 30 lakh (fulfilling trv criteria)… cost of regular vs direct plan in index fund is 10 bps which means annual opportunity cost of only Rs.3000! Again assuming people have equity investments of 30 lakhs.

i think everyone has done their math and no one is dumb to give free money to Axis.

Can we keep Rs 30 lacs in Index fund? Will that meet the criteria or Rs 30 lacs was only for FD. If you consider investments in demat, the requirement is of 1 cr as per my understanding. Please correct me if I am wrong.

 

[CVR]

Can we keep Rs 30 lacs in Index fund? Will that meet the criteria or Rs 30 lacs was only for FD. If you consider investments in demat, the requirement is of 1 cr as per my understanding. Please correct me if I am wrong.

Requirement was TRV and not FD. Even mutual funds are counted as TRV like FD. Demat is different (only transaction income for bank unlike in MF bank earns fee to total amount irrespective of transactions) so that specifically has 1 crore requirement. Infact if one keeps 5 crore in demat he/she gets Burgundy Private. Nothing required in savings or FD in that case.

 

[khaitan.rajesh29]

Has anyone booked tickets from Traveledge recently. When I am entering the travellers details, it is asking me to proceed to payment. When I click on proceed to payment it is straight away sending OTP. Its not letting me enter Burgundy Magnus CC manually. I also have Reserve and Atlas CC. I dont want that payment is deducted from any other mode like debit card. Is the OTP just for validation and then I will get to enter CC in next page.

 

[sahilgulati5]

Has anyone booked tickets from Traveledge recently. When I am entering the travellers details, it is asking me to proceed to payment. When I click on proceed to payment it is straight away sending OTP. Its not letting me enter Burgundy Magnus CC manually. I also have Reserve and Atlas CC. I dont want that payment is deducted from any other mode like debit card. Is the OTP just for validation and then I will get to enter CC in next page.

Have u saved any card in traveledge?

 

[Ramakgmc]

Hi, how to track 3 monthly spending for lounge access? Is it running 3 months/ calendar months or statement cycle 3 months?

 

[Riva]

Hey TF team, so this happened yesterday for my Magnus and I am wondering if this is happened with anyone else and if anything can be done about it to get the points reversed.

I never use tap and pay, but yesterday I activated tap and pay on Magnus via the app and asked the cashier at 7Eleven to tap for a payment of around 800 INR. Since tap and pay doesn't require pin the cashier did not show me the POS screen and went ahead and tapped the card. Instead of the card getting charged, 3900+ ER points were debited from my balance and INR 1 was charged to my Magnus card.

I only realised it 5 minutes later after I left the shop when I got an email from axis saying that iv redeemed 3900+ odd points and then I went back to speak to the cashier.

The cashier says that he followed normal protocol for tap and pay and did not do anything extra or select any option to pay by points. The POS machine was by PineLabs and he said he will make a complain but I don't think they will do anything.

So my question is, what is the issue here? I think the cashier has made a mistake or doesn't know what he did or is there a setting to disable payment by ER on the app or website? I don't think it's possible to have the points reversed now, but if anyone had done it pls let me know.

Thanks..

 

[sahilgulati5]

Hey TF team, so this happened yesterday for my Magnus and I am wondering if this is happened with anyone else and if anything can be done about it to get the points reversed.

I never use tap and pay, but yesterday I activated tap and pay on Magnus via the app and asked the cashier at 7Eleven to tap for a payment of around 800 INR. Since tap and pay doesn't require pin the cashier did not show me the POS screen and went ahead and tapped the card. Instead of the card getting charged, 3900+ ER points were debited from my balance and INR 1 was charged to my Magnus card.

I only realised it 5 minutes later after I left the shop when I got an email from axis saying that iv redeemed 3900+ odd points and then I went back to speak to the cashier.

The cashier says that he followed normal protocol for tap and pay and did not do anything extra or select any option to pay by points. The POS machine was by PineLabs and he said he will make a complain but I don't think they will do anything.

So my question is, what is the issue here? I think the cashier has made a mistake or doesn't know what he did or is there a setting to disable payment by ER on the app or website? I don't think it's possible to have the points reversed now, but if anyone had done it pls let me know.

Thanks..

u should have call the customer care the very moment and raised a request.. If it's not 24hrs from the trans time I would suggest you raise a request with cc team immediately.

 

[Riva]

u should have call the customer care the very moment and raised a request.. If it's not 24hrs from the trans time I would suggest you raise a request with cc team immediately.

I was in hurry yesterday and had to go out with family and had family waiting so didn't want to make a bigger scene at the store. It is still not 24 hrs from transaction time. But later tht evening I was searching online, and found an axis post that says in such cases where ERs have been used at payment, reversals cannot be done. I will contact them now and let's see what they say.

 

[Riva]

Update.. so I contacted axis customer care and he said that the merchants have an option to choose if the payments are to be done via points or cash and in this case points may have been set as default if the cashier did not do anything additional at the terminal. He also said that I would need to ask the merchant to cancel the transaction and pay again by card, but that would not guarantee a reversal of ER points since customer care can only take the request to have it reversed and the back end team would decide if it needs or should be done. Customer can end up paying and loosing the ER points.

So in short.. never use Tap and Pay as there are always chances that points may get deducted instead of cash. Also since there is no pin required, the cashier doesn't show you the POS and just taps the card.

 

[archit120]

Update.. so I contacted axis customer care and he said that the merchants have an option to choose if the payments are to be done via points or cash and in this case points may have been set as default if the cashier did not do anything additional at the terminal. He also said that I would need to ask the merchant to cancel the transaction and pay again by card, but that would not guarantee a reversal of ER points since customer care can only take the request to have it reversed and the back end team would decide if it needs or should be done. Customer can end up paying and loosing the ER points.

So in short.. never use Tap and Pay as there are always chances that points may get deducted instead of cash. Also since there is no pin required, the cashier doesn't show you the POS and just taps the card.

Or, just ask to see the pos before you tap. It's so much more convenient for smaller transactions

 

[Riva]

Or, just ask to see the pos before you tap. It's so much more convenient for smaller transactions

right..that was my whole point in activating tap to pay. Its convenient for smaller transactions.

So how does it work? so if points are used, will the pos will show a charge for 1 rs before the tap? or they enter the total bill amount, then you tap your card on the pos and cashier will then select the mode of payment (points or cash)? What amount or option shows after the tap?

 

[sahilgulati5]

its better to never activate tap n pay.. As lots of fraud happen in this tap n pay method

 

[Riva]

its better to never activate tap n pay.. As lots of fraud happen in this tap n pay method

Totally agree..
This is the first time ever I decided to use tap and pay..

 

[Ramakgmc]

Hi, how to track 3 monthly spending for lounge access? Is it running 3 months/ calendar months or statement cycle 3 months?

Hi. Requesting someone to post an answer. Thanks

 

[sourpai]

Hi. Requesting someone to post an answer. Thanks

There is no clear way to track this as of now. You will need to call customer care. Hopefully they will bring something on the app itself in future