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

 

[chasni]

What abuse? Can't such a huge bank anticipate the obvious abuse? Should have tightened the screws where needed quickly at least.

Also devaluation was expected, just not to the extent where most paid users would simply leave the card. This is no good for us or axis. Axis burnt all the money to eventually lose all the customers and also the trust

DCB and Infinia also went through devaluation but it was gradual, piece by piece. Also devalued infinia >>>>>>> devalued magnus by miles. Gradual devaluation will help retain most of the customer case since nobody feels completely cheated.

All the milestone post may and accelerated ER won't even be credited by aug 12th, people spent that hoping to redeem at 5:4. Axis is essentially doing retrospective devaluation starting from May. IMO retrospective devaluation is 100% breach of trust.

I am not sure why everyone is talking about trust. Axis didn't take money from our bank accounts. We need to understand, reward points are benefits but they are not our right. Bank offers these to onboard new customers and eventually make money from people who use their cards. In all their TnC, they mention that they have the right to change their reward structure at any time. So, there is no surprise. It is our fault if we had started dreaming about business class tickets and free hotel stays on these reward points.

To be honest, all cards go through these stages. There was a time when Air India SBI Signature card used to provide hefty milestone rewards. I earned like more than 3lac air miles within a year but later it was gutted like Magnus. At that time, the number of people playing the miles game were limited. Still, it got devalued heavily.

So, there is no point in crying and shouting over what could have been or what could have Axis done better. We should move on.

Moral of the story: Don't make plans on something that you can't control.

 

[CARDBITRAGE]

Quick question.

1. I don't find option for axis bank card while paying tax.
2. If I have salary account and I pay advance taxed then can I inform my company and they don't deduct taxes? Is it possible?

1. You just choose "credit card" on the payment portal. Just like anywhere else when making payment online
2. Yes, but only if you also have income other than salary. Your company is liable to deduct the tax as TDS, so you can't pay advance tax on your own for just salaried income.

 

[smuff]

This thread is probably going to have highest number of comments in TF community. This shows popularity of magnus.

 

[CARDBITRAGE]

What abuse? Can't such a huge bank anticipate the obvious abuse? Should have tightened the screws where needed quickly at least.

Also devaluation was expected, just not to the extent where most paid users would simply leave the card. This is no good for us or axis. Axis burnt all the money to eventually lose all the customers and also the trust

DCB and Infinia also went through devaluation but it was gradual, piece by piece. Also devalued infinia >>>>>>> devalued magnus by miles. Gradual devaluation will help retain most of the customer case since nobody feels completely cheated.

All the milestone post may and accelerated ER won't even be credited by aug 12th, people spent that hoping to redeem at 5:4. Axis is essentially doing retrospective devaluation starting from May. IMO retrospective devaluation is 100% breach of trust.

I'm not going to argue about the obvious here. The abuse is very well-documented across various platforms. Axis was too ambitious with this one. The general thumb rule in any deval is to ease the blow. But Axis decided to absorb it until it no longer could. I'm guessing, the recent Audits didn't result in a lot of happy faces.
But yes, this is not a professional way to deal with things, and trust is something they will have to work on now. Again, this may trigger you, but Axis was never big on customer service. They do have some kickass products though. I hope the management in light of this, can redo by focusing on trustability and customer service.

 

[phagocyte536]

I am not sure why everyone is talking about trust. Axis didn't take money from our bank accounts. We need to understand, reward points are benefits but they are not our right. Bank offers these to onboard new customers and eventually make money from people who use their cards. In all their TnC, they mention that they have the right to change their reward structure at any time. So, there is no surprise. It is our fault if we had started dreaming about business class tickets and free hotel stays on these reward points.

To be honest, all cards go through these stages. There was a time when Air India SBI Signature card used to provide hefty milestone rewards. I earned like more than 3lac air miles within a year but later it was gutted like Magnus. At that time, the number of people playing the miles game were limited. Still, it got devalued heavily.

So, there is no point in crying and shouting over what could have been or what could have Axis done better. We should move on.

Moral of the story: Don't make plans on something that you can't control.

Thanks for the unnecessary lesson, i never said they can't technically do this. It's just that this steep devaluation hurts the bank and the customers alike. I've also gone through devaluation experience in other cards like infinia, but there was never a case of retrospective devaluation (magnus users will lose 5:4 for all may - july spends as they won't get credited before aug 12). So yes this is a breach of trust.

And of course we will move on, not like this is even worth fighting for. I had good experience with the Axis FK card. Prompt points credit and never did they miss anything. But this experience will make me think 10 times to associate with Axis in future

 

[navam]

It's a sad day for a lot of us, whether we had the magnus for a few months or an year, it held a special place in our hearts (and pockets)
It's time to put magnus to rest by sharing your best memory (a stay, a flight or even how u exploited the card).

For me it was an all expenses covered trip to Goa with my little one and wife, those 7 days of fun in the sun will be with me forever (specially since it saved over 2 lk)

You will be missed Magnus my friend with a rich dad (axis) whom we extorted immensely. 🥲🥲

 

[greenhorn]

i got my magnus 3 months ago, still waiting for my monthly milestone points to be credited.
and then this happens.

 

[phagocyte536]

I'm not going to argue about the obvious here. The abuse is very well-documented across various platforms. Axis was too ambitious with this one. The general thumb rule in any deval is to ease the blow. But Axis decided to absorb it until it no longer could. I'm guessing, the recent Audits didn't result in a lot of happy faces.
But yes, this is not a professional way to deal with things, and trust is something they will have to work on now. Again, this may trigger you, but Axis was never big on customer service. They do have some kickass products though. I hope the management in light of this, can redo by focusing on trustability and customer service.

If the abuse is so piblicly available, axis team should have the brains to stop it 😅 They have all the transaction data, they can ask the user to prove transactions are not commercial/rotation. The bank was just lazy and happy that more customers poured in, until one day it wasn't happy.

Reg Axis customer service not being great, which desi bank's is? Most of them are crap incl HDFC. It's about picking the less crappier one off the hopeless bunch.

Citi is the only bank that had great customer service in my experience.(haven't tried other foreign ones)

 

[bonheur]

magnus users will lose 5:4 for all may - july spends as they won't get credited before aug 12

They could still redeem themselves by honouring all outstanding rewards up to the day this change comes into effect, but of course that’s just wishful thinking.

 

[chasni]

Thanks for the unnecessary lesson, i never said they can't technically do this. It's just that this steep devaluation hurts the bank and the customers alike. I've also gone through devaluation experience in other cards like infinia, but there was never a case of retrospective devaluation (magnus users will lose 5:4 for all may - july spends as they won't get credited before aug 12). So yes this is a breach of trust.

And of course we will move on, not like this is even worth fighting for. I had good experience with the Axis FK card. Prompt points credit and never did they miss anything. But this experience will make me think 10 times to associate with Axis in future

My lesson is unnecessary that I can I agree. But your judgemental statement is uncalled for too.

steep devaluation hurts the bank and the customers alike

Don't you think that they would have calculated the risks involved? or we are the first ones thinking about it?

People will continue to take cards from Axis same as people are taking cards from other banks who have devalued their card in the past. If it is your personal resolve that you will not make any new relationship with Axis then I respect your decision.

 

[Hisoka]

It's a sad day for a lot of us, whether we had the magnus for a few months or an year, it held a special place in our hearts (and pockets)
It's time to put magnus to rest by sharing your best memory (a stay, a flight or even how u exploited the card).

For me it was an all expenses covered trip to Goa with my little one and wife, those 7 days of fun in the sun will be with me forever (specially since it saved over 1.5 lk)

You will be missed Magnus my friend with a rich dad (axis) whom we extorted immensely. 🥲🥲

My dream was to travel in business class at least once. And until last year I never thought I’d do that because of insane prices and it was‘t value for money if you’re travelling in a domestic airline.

Magnus helped me gathering enough points to book a premium economy ticket and then upgrading it using the voucher provided by Vistara Signature, another fav card of mine. Combining these, I was able to book a business class from Delhi to Bangalore for just Rs.800. I’m really excited for my first ever business class flight next month!

Also, meet and greet provided by Axis bank treats you like a Richie rich kid 😂

 

[phagocyte536]

They could still redeem themselves by honouring all outstanding rewards up to the day this change comes into effect, but of course that’s just wishful thinking.

I have 0 hope 🙂 this bank is run by jokers ego can't think of edge cases when designing a product or revising it

 

[phagocyte536]

My lesson is unnecessary that I can I agree. But your judgemental statement is uncalled for too.

Don't you think that they would have calculated the risks involved? or we are the first ones thinking about it?

People will continue to take cards from Axis same as people are taking cards from other banks who have devalued their card in the past. If it is your personal resolve that you will not make any new relationship with Axis then I respect your decision.

Yes people will still take their cards if they are attractive. But I'm sure we will think twice before taking any premium service that will offer 5-10% extra benefit than competitors - just because the amount of unpredictability + poor backend systems + poor customer support. We all took magnus despite knowing that there are serious issues with the way the bank works because the rewards were insane and incomparable. In future i don't see such rewarding card coming up from axis as this was a bad experiment even from their own lens (the steep devaluation says it)

 

[akshayhs]

Is this news official and not photo edited?

 

[navam]

A

Is this news official and not photo edited?

At this point it's more or less conformed via various sources.

 

[CARDBITRAGE]

Yes people will still take their cards if they are attractive. But I'm sure we will think twice before taking any premium service that will offer 5-10% extra benefit than competitors - just because the amount of unpredictability + poor backend systems + poor customer support. We all took magnus despite knowing that there are serious issues with the way the bank works because the rewards were insane and incomparable. In future i don't see such rewarding card coming up from axis as this was a bad experiment even from their own lens (the steep devaluation says it)

Don't say we won't see another card like Magnus. For all we know, this might just be the start. The no of people with increasing discretionary income is steadily rising, and every banks wants to tap into that group.

 

[Chaitanya-a]

Is this news official and not photo edited?

News is still unofficial but it has almost been confirmed by the mail revert one person has received from premium care. They mentioned that they'll communicate this change on 12th July. Ratio of 5:1 is confirmed as well.

 

[phagocyte536]

News is still unofficial but it has almost been confirmed by the mail one person has got from premium care. They mentioned that they'll communicate this change on 12th July. Ratio of 5:1 is confirmed as well.

Even CC executives are confirming it to people who called

 

[CARDBITRAGE]

At this point it's more or less conformed via various sources.

Someone did put up an official mail addressing the revised transfer ratio

 

[akshayhs]

News is still unofficial but it has almost been confirmed by the mail revert one person has received from premium care. They mentioned that they'll communicate this change on 12th July. Ratio of 5:1 is confirmed as well.

Shouldn't the notice be out 3 months before changes are made? Or there is nothing like that?