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

 

[Chaitanya-a]

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

RBI has allowed the minimum notice time of 30 days.

 

[rohitb]

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?

Use payment gateway option to pay via credit cards. I paid just today (self assessment and not advanced tax though, but it's same to axis)

 

[Zarieal]

Guys! It is what it is... No point complaining or suggesting Axis as to what went wrong. Would reckon that everyone has the last 1 month so they can maximize their spending and earn maximum points (and ofc convert simultaneously) before Axis puts the last nail in the coffin. New day new game

 

[Heehaahee]

Now will have to look for Sugar Mommy 😫

 

[ALOAK]

Lol, are Credit Cards are like crypto ponzi schemes?

Yes u can say most of insurance and cc are schemes.

 

[Deleted member 9785]

Just had a discussion in the morning with m friend in Axis (BM). He said people were having add on cards too and were even earning 3 lac points per month . There are people stuck with 9-10L+ accrued miles and outraging on social media

Further he said people have short memory in India. Politcians ke scam yad nai rakhte, axis ka devaluation kya cheez hai.

All will come back on a new card with decent rewards.

 

[Deleted member 9785]

 

[neogen]

Output of greed - if you ask for too much, you lose even that which you have.

 

[Deleted member 9785]

Output of greed - if you ask for too much, you lose even that which you have.

People were banking as Axis as their tour and travel operator for foreign tours that to almost free

 

[neogen]

People were banking as Axis as their tour and travel operator for foreign tours that to almost free

People were thinking that they could trick and game Axis, got themselves tricked and landed up in this situation.

It's really time for popcorn 🍿 🤣

 

[Tosh]

Me who doesn't have magnus watching this thread explode 🎥🍿

 

[ALOAK]

Me who doesn't have magnus watching this thread explode 🎥🍿

For me they kept rejecting for past 1.5yrs for Magnus not eligible or somewhere reason.

 

[neogen]

Me who doesn't have magnus watching this thread explode 🎥🍿

Me who has Magnus is also watching this thread explode 🎥 🍿 🍸

 

[neogen]

For me they kept rejecting for past 1.5yrs for Magnus not eligible or somewhere reason.

Happy now?

 

[VijayflyRaven]

Even for last 3 months, we will get over 6% rewards for redemption. Not too bad but not attractive as well. We have other options now.

 

[ALOAK]

Happy now?

Not sure it is happiness. I mainly use for luxury hotel stays to take my mom giving her experience of these hotels once a quarter and take her around she is 77. Although the luxurious life she had I can't match it with these luxury hotels . Am doing my bit as a son to mother. Since she is more travel freak and loves to see ancient places and once she just went to China honkkong and Macau along with her brother and sister when I never knew cuz I was working in another city. Now she wants to see Australia US not sure if aged will get tourist visa. I normally use Amex plat and smar earn for hotels and now plan to use amex on air india and until vistara is around i would use it for vistara. Have some ltf cards like idfc citi diners privilege apay one sbi vistara along with axis vistara infinite.

 

[iNokia]

People were thinking that they could trick and game Axis, got themselves tricked and landed up in this situation.

It's really time for popcorn 🍿 🤣

Banks ko underestimate karna toh @Abhishek012 ne hi sikhaya hai yahan sabko.

 

[ALOAK]

Why I was looking for Magnus is because of meet and greet for which I could have used for my mom. Myself don't give much abt meet and greet until it is urgent or delayed. But wanted to experience what it is like. Am not a big spender but I love flying and sometimes I fly continously to three different cities without stay. Land and again enter go to another city and again reneter same airport go to other city I keep a tab of fares when it is less book them. Else normally I drive cars for long distances.

 

[jitesh129_]

I am thinking to buy points from others

I am thinking to buy points from others @40paise.

How to buy/ sell points

 

[purush]

After Mint news , now here is the latest one from BT.

'The rewards were far from realistic,' say netizens amid buzz of devaluation of Axis Magnus credit card

'If Axis Magnus devaluation from 5:4 to 5:1 is true, then it is one of the biggest devaluations in the history of credit cards,' say netizens

www.businesstoday.in