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

 

[thanix]

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.

I read that travel edge booking is only rewarding till 2L as per leaked document.

But this earning cap would have been a better option. Example - 10k for gift edge, 10k from travel edge and 5k from grab deals. So 25k accelerated reward points max per month.

25k milestone benefits after exclusion of government services etc.

Redemption of 5L points cap is also fine.

Customer stickiness would have been better with this rather than redemption change, just my opinion.

 

[Chaitanya-a]

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. 🤣

Bro I literally found Axis CC agents on Airport stopping everyone & selling Magnus saying "Sir Magnus lelo. Sir aap bhi Magnus lelo" like sabzi mandi two days ago.

 

[neogen]

Even if the application got declined from backend , agents used to get it approved .

This killed the card to be honest😡

 

[4uziaul]

Bro I literally found Axis CC agents on Airport stopping everyone & selling Magnus saying "Sir Magnus lelo. Sir aap bhi Magnus lelo" like sabzi mandi two days ago.

Last new year ke time agar main bhi airport pe banwa leta toh LTF yeh FYF toh pakka mil jata lekin mera toh ek hi sapna hai jo abhi tak na pura hua 😭😢 aur us chakkar main apply nahi kiya airport pe 🤣

 

[CC-Muncher]

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. 🤣

Also when everyone was getting at airport kiosks, it became suspicious about devaluations

 

[neogen]

Also when everyone was getting at airport kiosks, it became suspicious about devaluations

That too FYF without asking 🤣

 

[Deleted member 16965]

One of my friend was trying for Axis credit cards from past 1 year but Axis declined all of his applications nearly 10-12 in last 1 year. He went to the branch and there Axis credit agent assured him that he will 100% approve his Magnus card application even after so many rejections. My friend got Magnus card approved within a week of applying.

 

[Chaitanya-a]

One of my friend was trying for Axis credit cards from past 1 year but Axis declined all of his applications nearly 10-12 in last 1 year. He went to the branch and there Axis credit agent assured him that he will 100% approve his Magnus card application even after so many rejections. My friend got Magnus card approved within a week of applying.

I think this was happening because ppl from backend were somewhat involved in it. Otherwise application can't get past rejection from underwriter. It was all intentional and known to higher management. Maybe they wanted to increase userbase.

 

[Walter White]

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. 🤣

Lagta hai unka @VISHESH_BANSAL se saath accha experience nhi raha hoga.

Use LTF MyZone bhi de diya upar se Swiggy aur Axis dono ko loot liya. Uske baad se strict ho gye vo. 😂

 

[Deleted member 16965]

I think this was happening because ppl from backend were somewhat involved in it. Otherwise application can't get past rejection from underwriter. It was all intentional.

Yes and also it seems to be that Axis was giving much better commissions on Magnus card approvals to credit card agents. So it was a win-win situation for both agents and customers.

 

[neogen]

I think this was happening because ppl from backend were somewhat involved in it. Otherwise application can't get past rejection from underwriter. It was all intentional.

Influencers, agents and unscrupulous customers made a deadly cocktail that finally resulted in this debacle. Gajar aur Mooli finally udta teer ban gaye

 

[Walter White]

Yahi hota tha Magnus ke saath 😄

 

[4uziaul]

Yahi hota tha Magnus ke saath 😄
View attachment 22160

Edit: Magnus le lo Reserve le lo 🤣

 

[VISHESH_BANSAL]

Yahi hota tha Magnus ke saath 😄
View attachment 22160

Tomato ki photo dalte khuch premium le rahe hai waali feeling bhi aati 🤣

 

[CARDBITRAGE]

What a shit show. I honestly thought Axis was going to dethrone HDFC. After this fiasco, I'm sure top management must be fumbling to undo this mess. Whoever leaked the devaluation is a legend! Saved so many people from taking the leap towards Magnus/Reserve. My cousin was going to sign up for the Axis Trifecta based on my recommendation. This would've gone south for me if the news came any later. We met yesterday and had a great laugh about how things unravelled and also drank to the death of the glorious Magnus. 🤣

 

[4uziaul]

Tomato ki photo dalte premium waali feeling bhi aati 🤣

Are mirchi ki daalne aur sahi feeling aati 🤣

Jalne wali 🤣

 

[neogen]

Tomato ki photo dalte premium waali feeling bhi aati 🤣

Mooli ya gajar jyada theek is samay ke context mein 🥕🌶️

 

[Oscar]

Tomato ki photo dalte premium waali feeling bhi aati 🤣

Then it becomes Reserve 😉

 

[ᏰᏋᎥᏁᎶᎥᏁፈᎧᎶ]

vegetables relevance.

 

[4uziaul]

What a shit show. I honestly thought Axis was going to dethrone HDFC. After this fiasco, I'm sure top management must be fumbling to undo this mess. Whoever leaked the devaluation is a legend! Saved so many people from taking the leap towards Magnus/Reserve. My cousin was going to sign up for the Axis Trifecta based on my recommendation. This would've gone south for me if the news came any later. We met yesterday and had a great laugh about how things unravelled and also drank to the death of the glorious Magnus. 🤣

The one who leaked it: Axis Bank's MD is preparing a special Bamboo for special treatment. 🤣