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

 

[aijaz21ahmad]

Dear All,

Axis may have announced magnus devaluation by hugh margin.
From redemption ratio of 5:4 to 5:1

Very sad to hear that

 

[rohitb]

I truly believe there will be revaluation after dust settles

And I will be in line if returns are impressive .

 

[chasni]

Please read the other thread before posting.

 

[shuperman]

while the devaluation hurt me bad.. the fact that I am expected to get around 1L points by August end and they would be now redeemed to a far lesser rate than promised hurts me even more.. anyways life has to move on..

 

[amitr29]

Dear All,

Axis may have announced magnus devaluation by hugh margin.
From redemption ratio of 5:4 to 5:1

Very sad to hear that

Breaking News Bahut late ho sir ..Idhar 1 din mein 52 pages bhar gaye

 

[bonheur]

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

This has been the case for APay for several months now. Are you seeing this for GVs other than APay?

 

[rohitb]

Dear All,

Axis may have announced magnus devaluation by hugh margin.
From redemption ratio of 5:4 to 5:1

Very sad to hear that

Aapka sabun slow hai sir.

 

[rohitb]

while the devaluation hurt me bad.. the fact that I am expected to get around 1L points by August end and they would be now redeemed to a far lesser rate than promised hurts me even more.. anyways life has to move on..

You are not alone bro.

 

[WhoU]

There is a new card in market. Axis MAGNUS - this gives 25k milestone points on 1 lakh spends every month.

Reward redemption rate is 5:4 for airlines and hotels.

This card will definitely be a blockbuster card.

— Internet explorer

 

[neogen]

There is a new card in market. Axis MAGNUS - this gives 25k milestone points on 1 lakh spends every month.

Reward redemption rate is 5:4 for airlines and hotels.

This card will definitely be a blockbuster card.

— Internet explorer

Now stands busted

 

[rajat30]

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

 

[bigbrain]

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.

 

[realSP]

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.

FYI ... IF devaluation is true than monthly milestone is 30000 ER

 

[WhoU]

You’re missing a crucial point. Utility payments are excluded.

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.

 

[Deleted member 11974]

lo bhai koi to axis bank short karne ki baat kar raha tha 1.5% gira diya tumne mubarak ho
axis bank ko bohot nuksan pohocha paaye aap

 

[Tosh]

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.

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.

 

[Walter White]

lo bhai koi to axis bank short karne ki baat kar raha tha 1.5% gira diya tumne mubarak ho
axis bank ko bohot nuksan pohocha paaye aap

Aj almost saare banks hi thode down hai. Kaha hai vo jo Axis ko short karne wala tha.

 

[ALOAK]

Aj almost saare banks hi thode down hai. Kaha hai vo jo Axis ko short karne wala tha.

Lol

 

[Deleted member 11974]

Aj almost saare banks hi thode down hai. Kaha hai vo jo Axis ko short karne wala tha.

kya pata khud buy the dip karliya hoga doosro ko short karne bolke

 

[amajethia]

Just saw this in Twitter.