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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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just my two cents. while the point party that was given out earlier cannot be changed - instead of devaluing the whole thing, Axis should just place limits on accumulation per month, and accumulation/redemption per year going forward - capping both to a max amount. That will control the abusive behavior shown by some customers - but also maintain a healthy HNI card for the genuine people
 
Upvote 0 Downvote
I am really disturbed by this devalution and started looking for alternatives. Before that I did some calculation to understand the returns from this card. let me know your thoughts.
  • One spends 1 lakh every month. --> 25,000x12 = 3,00,000 from milestones
  • Base reward for 1 lakh spends --> 6000x12 = 72,000
  • Total edge rewards from above = 3,72,000
  • With max. redemption of 5,00,000 per year, only 1,28,000 can be accumulated from accelerated catagories.
  • With Travel edge giving 5x, most of grabdeals and edge rewards giving 5x. I am ssuming over accelerated points is at 5x. that would be a 30% (6% base +24% accelerated) reward rate. Since 6% is already considered in the base reward rate --> amount needed to accumulate 1,28,000 accelerated points is
    • 1,28,000/0.24 = 5,33,333 or 44% of actaul spends. (Since the time I got this card, I have spent about 40% - on an average on accelerated catagories)
  • Assuming Rs 0.2 per point, 5,00,000 point will be yield Rs1,00,000.
  • With 12 lakhs of annual spends, I will not be able to get fees wavier.
  • So effective returns is Rs88,100 or 88,100/12,00,000 i.e. 7.3%
  • If no spending in accelerated catagories but still hit 1 lakh per month. then the returns will be 3,72,00 points or Rs74,400-11900 (annual fees) i.e. 5.2%
  • In reality the returns will be between 5.2% to 7.3% plus all the non spend based benifits.
Still Magnus appear to be a good card. Let me know if I missed something. Before this devaultion this card was "Too good to be True"

Two things in my view that could have made this card better - Renewal benifit and no waiting for accelerated rewards.
 
Upvote 0 Downvote
bigbrain said:
I am really disturbed by this devalution and started looking for alternatives. Before that I did some calculation to understand the returns from this card. let me know your thoughts.
  • One spends 1 lakh every month. --> 25,000x12 = 3,00,000 from milestones
  • Base reward for 1 lakh spends --> 6000x12 = 72,000
  • Total edge rewards from above = 3,72,000
  • With max. redemption of 5,00,000 per year, only 1,28,000 can be accumulated from accelerated catagories.
  • With Travel edge giving 5x, most of grabdeals and edge rewards giving 5x. I am ssuming over accelerated points is at 5x. that would be a 30% (6% base +24% accelerated) reward rate. Since 6% is already considered in the base reward rate --> amount needed to accumulate 1,28,000 accelerated points is
    • 1,28,000/0.24 = 5,33,333 or 44% of actaul spends. (Since the time I got this card, I have spent about 40% - on an average on accelerated catagories)
  • Assuming Rs 0.2 per point, 5,00,000 point will be yield Rs1,00,000.
  • With 12 lakhs of annual spends, I will not be able to get fees wavier.
  • So effective returns is Rs88,100 or 88,100/12,00,000 i.e. 7.3%
  • If no spending in accelerated catagories but still hit 1 lakh per month. then the returns will be 3,72,00 points or Rs74,400-11900 (annual fees) i.e. 5.2%
  • In reality the returns will be between 5.2% to 7.3% plus all the non spend based benifits.
Still Magnus appear to be a good card. Let me know if I missed something. Before this devaultion this card was "Too good to be True"

Two things in my view that could have made this card better - Renewal benifit and no waiting for accelerated rewards.
Click to expand...
FYI ... IF devaluation is true than monthly milestone is 30000 ER
 
Upvote 0 Downvote
You’re missing a crucial point. Utility payments are excluded.

bigbrain said:
I am really disturbed by this devalution and started looking for alternatives. Before that I did some calculation to understand the returns from this card. let me know your thoughts.
  • One spends 1 lakh every month. --> 25,000x12 = 3,00,000 from milestones
  • Base reward for 1 lakh spends --> 6000x12 = 72,000
  • Total edge rewards from above = 3,72,000
  • With max. redemption of 5,00,000 per year, only 1,28,000 can be accumulated from accelerated catagories.
  • With Travel edge giving 5x, most of grabdeals and edge rewards giving 5x. I am ssuming over accelerated points is at 5x. that would be a 30% (6% base +24% accelerated) reward rate. Since 6% is already considered in the base reward rate --> amount needed to accumulate 1,28,000 accelerated points is
    • 1,28,000/0.24 = 5,33,333 or 44% of actaul spends. (Since the time I got this card, I have spent about 40% - on an average on accelerated catagories)
  • Assuming Rs 0.2 per point, 5,00,000 point will be yield Rs1,00,000.
  • With 12 lakhs of annual spends, I will not be able to get fees wavier.
  • So effective returns is Rs88,100 or 88,100/12,00,000 i.e. 7.3%
  • If no spending in accelerated catagories but still hit 1 lakh per month. then the returns will be 3,72,00 points or Rs74,400-11900 (annual fees) i.e. 5.2%
  • In reality the returns will be between 5.2% to 7.3% plus all the non spend based benifits.
Still Magnus appear to be a good card. Let me know if I missed something. Before this devaultion this card was "Too good to be True"

Two things in my view that could have made this card better - Renewal benifit and no waiting for accelerated rewards.
Click to expand...
 
Upvote 0 Downvote
bigbrain said:
I am really disturbed by this devalution and started looking for alternatives. Before that I did some calculation to understand the returns from this card. let me know your thoughts.
  • One spends 1 lakh every month. --> 25,000x12 = 3,00,000 from milestones
  • Base reward for 1 lakh spends --> 6000x12 = 72,000
  • Total edge rewards from above = 3,72,000
  • With max. redemption of 5,00,000 per year, only 1,28,000 can be accumulated from accelerated catagories.
  • With Travel edge giving 5x, most of grabdeals and edge rewards giving 5x. I am ssuming over accelerated points is at 5x. that would be a 30% (6% base +24% accelerated) reward rate. Since 6% is already considered in the base reward rate --> amount needed to accumulate 1,28,000 accelerated points is
    • 1,28,000/0.24 = 5,33,333 or 44% of actaul spends. (Since the time I got this card, I have spent about 40% - on an average on accelerated catagories)
  • Assuming Rs 0.2 per point, 5,00,000 point will be yield Rs1,00,000.
  • With 12 lakhs of annual spends, I will not be able to get fees wavier.
  • So effective returns is Rs88,100 or 88,100/12,00,000 i.e. 7.3%
  • If no spending in accelerated catagories but still hit 1 lakh per month. then the returns will be 3,72,00 points or Rs74,400-11900 (annual fees) i.e. 5.2%
  • In reality the returns will be between 5.2% to 7.3% plus all the non spend based benifits.
Still Magnus appear to be a good card. Let me know if I missed something. Before this devaultion this card was "Too good to be True"

Two things in my view that could have made this card better - Renewal benifit and no waiting for accelerated rewards.
Click to expand...

What you are missing is that there are many more exclusions now. Axis is flagging bharatnxt transactions and the reward rate is pathetic if you are not able to meet 1L milestone.
 
Upvote 0 Downvote
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