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

 

[Riva]

1 coin = 1 rs. Looks like it can be redeemed against any other voucher except maybe Amazon pay.

Ok.. thanks..

But, why is everyone after amazon pay!!

 

[Harry1]

wtf, so instead of 9.8% return now MB holders get 1% value back for Apay purchase?

Base 4.8% will be there.

 

[Harry1]

Ok.. thanks..

But, why is everyone after amazon pay!!

It's equivalent to cash. All bills can be paid without any convinience fee including 1L+ insurance payments.

Amazon is not giving discount to banks.

 

[Dragon_slayer]

Base 4.8% will be there.

So 5.8% return? Thats so stupid of them.

 

[Harry1]

So 5.8% return? Thats so stupid of them.

0.5% coins, so 5.3%.

The only competition they have is Infinia. Even DCB is about same 5-6%.

 

[sahilgulati5]

HAHA Axis ki jay ho!!

 

[drsel]

0.5% coins, so 5.3%.

The only competition they have is Infinia. Even DCB is about same 5-6%.

Infinia return is 13.71% in the form of air tickets, (best redemption option for Infinia points) when you buy 10000 Amazon pay on Smartbuy.

Cash value of this 13.71% will depend on the discount you normally get when buying air tickets.
I get 24% return on air tickets but others make get 10%

 

[bs77]

For me gyftr edgerewards died today.
Not gona use m4b there
Better to use homepage of gyftr for instant discount and base rp of Axis.

 

[Riva]

I do not see any discount on their main page as well..
Do they keep removing and adding it back?

 

[Harry1]

For me gyftr edgerewards died today.
Not gona use m4b there
Better to use homepage of gyftr for instant discount and base rp of Axis.

To be precise, I haven't done a single transaction in last 1 year on Gyftr Edge rewards. August 16, 2023 was last transaction. MB for me is now a once in a year card for 14% return on 1.5L+ spends.

 

[Dragon_slayer]

Considering 80% of my expenses from Magnus Burgundy card happens on Giftedge portal, this is done deal for me. I am going to close the card and stop all business with Axis if they don't revert these changes back.

 

[drsel]

Considering 80% of my expenses from Magnus Burgundy card happens on Giftedge portal, this is done deal for me. I am going to close the card and stop all business with Axis if they don't revert these changes back.

Devaluations are always permanent, they will not get reversed.

 

[Dragon_slayer]

Devaluations are always permanent, they will not get reversed.

This deval is magnitude higher than previous ones. On brands where we used to get 25% ROI, now will get 1-2%.

 

[Quiksilver27]

Considering 80% of my expenses from Magnus Burgundy card happens on Giftedge portal, this is done deal for me. I am going to close the card and stop all business with Axis if they don't revert these changes back.

 

[Harry1]

This deval is magnitude higher than previous ones. On brands where we used to get 25% ROI, now will get 1-2%.

With axis it has always been drastic changes.

Myntra with 10x and monthly milestone was 68% and was devalued to just 14% last year.

 

[Dragon_slayer]

With axis it has always been drastic changes.

Myntra with 10x and monthly milestone was 68% and was devalued to just 14% last year.

Well, the card was being sold for 12K back then, now its sold for 36K and still requires 30L FD or 10L deposit. Its a different game now

 

[Riva]

Axis is giving Anniversary gift from gyftr to all!! Sept'23 was the previous huge deva and now Set'24 is this!!

 

[Harry1]

Well, the card was being sold for 12K back then, now its sold for 36K and still requires 30L FD or 10L deposit. Its a different game now

Right, if u r paying that much fee and keeping AMB just for that.

For me, it's LTF and I was anyway maintaining AMB since much before. So, this was a free thing for me. In fact, earlier I had a paid magnus and now a free MB.

They have added fee just to avoid issuing it. They r losing lot of money with this card and don't want more customers.

 

[navam]

Wow this is another big deval... I hope this gyftr coin non sense doesn't spread to HDFC...

I think it's my fault... i jinxed it When @SSV posted he won't be active much... I said something like come back when axis does the next Deval...

 

[drsel]

With axis it has always been drastic changes.

Myntra with 10x and monthly milestone was 68% and was devalued to just 14% last year.

Who remembers 40x points on Marks and Spencer long ago?