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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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rohitb said:
+1
I have made peace with it. I am only going to use it for 1lakh + some with focus on extracting as much as possible using gyftr .
Total returns would still be 30k + 6k + 14k(approx) approx 50k (considering 55-60% accelerated usage)
Which turns out to be 10k points / inr .
I am happy. May be not itni Khushi type happy but still happy.

Also first choice for ticket/hotel for less than 56250(or say 60k) in one go would now be infinia.
So some reshuffling.
Click to expand...
The biggest problem will be for those using snapay bharatnext just for 1l+ milestone which wont be possible now since it wont fetch any rewards
so for them it would be a lot of trouble and they are actually pissed ..lol
 
Upvote 0 Downvote
sourpai said:
6.2% return on a CC is not bad, it is quite good. Problem however is that it happens only when you cross 1L. This is difficult for most people.

On the other hand you have SBI Cashback / DCB which gives 5% and 3.33% unconstrained.
Click to expand...
Not everything comes without strained
if expenses are less why choose magnus?? there are many other cards with 5% and even 10% [axis airtel with capping] so many things comes at capping or strained.
its difficult to digest now 40k cash back from 1l spends to 10k cash back 🙂
 
Upvote 0 Downvote
Axis Bank itself facing internal problems. Neither customers nor staffs have less confidence in their management. Then this news of devaluation .....
As per the article
"While the bank publicly claims to welcome one and all, customers are filing record complaints, and staff are rushing to the exit door. When a bank makes tall claims in its annual report which are challenged by data in its own disclosures, it undermines confidence in the bank and its board of directors"
thewire.in

More Than a Third of the Axis Bank Staff Quit in FY2023, Reveals Annual Report

It is praiseworthy that Axis Bank plans to gradually increase female participation in its work force. What is less praiseworthy is that in the last three years, female staff attrition has been higher than male attrition.
thewire.in thewire.in
 
Upvote 0 Downvote
Vikash_Kumar said:
Axis Bank itself facing internal problems. Neither customers nor staffs have less confidence in their management. Then this news of devaluation .....
As per the article
"While the bank publicly claims to welcome one and all, customers are filing record complaints, and staff are rushing to the exit door. When a bank makes tall claims in its annual report which are challenged by data in its own disclosures, it undermines confidence in the bank and its board of directors"
thewire.in

More Than a Third of the Axis Bank Staff Quit in FY2023, Reveals Annual Report

It is praiseworthy that Axis Bank plans to gradually increase female participation in its work force. What is less praiseworthy is that in the last three years, female staff attrition has been higher than male attrition.
thewire.in thewire.in
Click to expand...
I can confirm as an ex axis employee this article is 100% true. I only applied for this job since they offered operations after I joined they do a 180 and give me sales. I immediately resigned because of this and this is the case for others too
 
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Deathsnatcher said:
This is why i dont understand why the hush so much...6% returns in Cc is amazing too
when there wasnt magnus around even 3% with infinia was hyped so much
Click to expand...
For me, it's a lot to do with no renewal benefits. 2 months of 1L spends will just go to recover the fees.

Let's see comparison to Infinia with 1L spends. Below 1L, Magnus doesn't stand anywhere now, so no point to compare. For infinia, I am considering 2.8% as 1x rate to take 15-20% flight discounts into account.

Normal spends excluding utilities: Magnus - 6.2% vs Infinia 2.8% (Hardly anything comes under this category for me), Maybe payzapp redgiraffe, if they haven't excluded it under utility.

Amazon pay voucher: Magnus - 8.6% and Infinia - 12.5%

ASV / Flipkart voucher: Magnus - 11% and Infinia - 14%

Myntra/Yatra voucher: Magnus - 17% and Infinia - 14%

Overall, at this point, I will say Infinia wins, as Magnus has too many exclusions now.

But then comes the miracle of Multibrand vouchers (assuming it will continue to work after 3 months), which multiples magnus points value by 1.7 times and makes it better than Infinia even without renewal Voucher. However, going by rumours, there is a fix coming soon for this as well.
 
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Harry1 said:
For me, it's a lot to do with no renewal benefits. 2 months of 1L spends will just go to recover the fees.

Let's see comparison to Infinia with 1L spends. Below 1L, Magnus doesn't stand anywhere now, so no point to compare. For infinia, I am considering 2.8% as 1x rate to take 15-20% flight discounts into account.

Normal spends excluding utilities: Magnus - 6.2% vs Infinia 2.8% (Hardly anything comes under this category for me), Maybe payzapp redgiraffe, if they haven't excluded it under utility.

Amazon pay voucher: Magnus - 8.6% and Infinia - 12.5%

ASV / Flipkart voucher: Magnus - 11% and Infinia - 14%

Myntra/Yatra voucher: Magnus - 17% and Infinia - 14%

Overall, at this point, I will say Infinia wins, as Magnus has too many exclusions now.

But then comes the miracle of Multibrand vouchers (assuming it will continue to work after 3 months), which multiples magnus points value by 1.7 times and makes it better than Infinia even without renewal Voucher. However, going by rumours, there is a fix coming soon for this as well.
Click to expand...
Reserve with hefty 59K price - can be beaten by even Tata Neu infinity 🤣
 
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For Infinia even if you don't reach milestone of 10L you still get 12.5K points. So effective fees is ~2.5K (GST component)

For Magnus, there is no such thing. You pay full 11,800 fees if you dont hit 15L
 
Last edited:
Upvote 0 Downvote
Harry1 said:
For me, it's a lot to do with no renewal benefits. 2 months of 1L spends will just go to recover the fees.

Let's see comparison to Infinia with 1L spends. Below 1L, Magnus doesn't stand anywhere now, so no point to compare. For infinia, I am considering 2.8% as 1x rate to take 15-20% flight discounts into account.

Normal spends excluding utilities: Magnus - 6.2% vs Infinia 2.8% (Hardly anything comes under this category for me), Maybe payzapp redgiraffe, if they haven't excluded it under utility.

Amazon pay voucher: Magnus - 8.6% and Infinia - 12.5%

ASV / Flipkart voucher: Magnus - 11% and Infinia - 14%

Myntra/Yatra voucher: Magnus - 17% and Infinia - 14%

Overall, at this point, I will say Infinia wins, as Magnus has too many exclusions now.

But then comes the miracle of Multibrand vouchers (assuming it will continue to work after 3 months), which multiples magnus points value by 1.7 times and makes it better than Infinia even without renewal Voucher. However, going by rumours, there is a fix coming soon for this as well.
Click to expand...
Exclusion exclusion kr kr ke Axis apne card ko hi exclude karwa dega logo ke portfolio se😂
 
Upvote 0 Downvote
CD. said:
Damn

Just bought gift voucher using hdfc infinia at gyftr. They are now taking around 1.3% transaction fee.

Instead of 10000 p paid 10140
Click to expand...
that processing fee is there for a long time on AGV. Buy ASV for a true 16.66% on infinia, which is mostly suffiecient for amazon shopping.
If one needs AGV, then with 1.3% fees lowers the discount to @ ~15%, which is still a great discount for billpay and other purposes which mostly have way lower discounts on any other cards.
 
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