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

---

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

 

[Deathsnatcher]

+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.

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

 

[Deathsnatcher]

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.

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

 

[Dr-green69]

The product that is hit hard is Reserve. No milestone. 1.5% reward rate. No priority pass in India. Only segregation and revaluation will redeem Reserve.

I truly believe there will be revaluation after dust settles

 

[CMGCMG is verified member.]

I truly believe there will be revaluation after dust settles

I do believe this. But only after they bring in segregation or a new edge category.

 

[Deleted member 9785]

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

 

[ALOAK]

Reading this content from 2 pages it has gone 50 pages baap rahe

 

[Dr-green69]

Reading this content from 2 pages it has gone 50 pages baap rahe

Axis ne magnus peppermint ki tarah diya tha to ye to hoga hi na

 

[Vikash_Kumar]

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"

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

 

[Deleted member 9785]

 

[MusicalMind]

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"

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

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

 

[Harry1]

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

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.

 

[D7162]

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

6% return for above 1 Lakh
For below - its 1.2% - Previously, atleast they were giving renewal benefits now its good for those who either can spend more than a lakh or can hit 15lakh a year

 

[D7162]

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.

Reserve with hefty 59K price - can be beaten by even Tata Neu infinity

 

[Harry1]

Reserve with hefty 59K price - can be beaten by even Tata Neu infinity

Reserve is completely waste without any milestone benefits.

 

[sourpai]

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

 

[Chaitanya-a]

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.

Exclusion exclusion kr kr ke Axis apne card ko hi exclude karwa dega logo ke portfolio se

 

[Venky]

happy 1000 posts.

 

[JimCarrey]

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

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.

 

[WhoU]

For Infinia even if you don't reach milestone of 10L you still get 10K 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

Fees for infinia is 12.5k + gst. And you get 12.5k points if fees are not paid.

 

[Sharjeelshaikh]

This has become a National Issue now Trending in most searches on Google . I suggest we form a committee and meet Finance Minister and Amit Shah