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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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Tosh said:
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.
Click to expand...
I have not used BharatNxt with Magnus as of now. However, I have spent for school fees Via Cred. I am not sure if I will get points now.
 
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VISHESH_BANSAL said:
Road ka naam hi bta deta itna explain kiya.
@Chaitanya-a Flight se wahi land karta sidha
Click to expand...

Chaitanya be like: (Lagta hai.....)

66etdg.jpg
 
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Walter White said:
Just had a word with Amitabh Chaudhary. He confirmed the card is being devalued. But, as a special gesture of goodwill, he is offering a 🇷🇺 to everyone who helped find loopholes in the card and helped them to make this decision of devaluing this card and reduce their losses. He also told me one will get a 🇷🇺 only if one personally takes responsibility for devaluation on Twitter. 😜
Click to expand...
Russian milegi 10:1 tab yahi log bhaagke redeem karege
 
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Deathsnatcher said:
They will get 31000x3=93000 ER = 18600 rs [6% cashback so be grateful and happy XD]
Click to expand...
Do you think 1 airmile or CV = Rs 1 to be practical? For example when I had to use those points to book vistara flight I had to pay like 7500 CV+ Rs 1100. If I booked directly via skyscanner I would have got for less than 4500. Similar goes for ITC green points. The practical value of the points is 40% less. So your 93000ER would be 18600 AirMiles = Rs 11100 approx. For 3L spend this is like 3.7% true reward rate.
If you see DCB or Infinia their reward rate is 3.33% and you can you it to book from cleartrip or Yatra or goibibo which is already cheap. But again by same logic if you would have directly booked yourself and not by smartly points redeem, you might would have got extra 10-15% discount. SO based on that logic, try practical value of 1 point of DCB or Infinia is 0.85 - 0.9 Rs. So effective reward rate would be around 2.8-3%
Now if you use 1L of genuine use case you may beat Ininfia or DCB surely but by slight margin. Otherwise reward rate of Magnus is just horrible for less than 1L.
Especially for Infinia, using multiplier for gyftr or flight would be lot more rewarding than using multipliers on Magnus (unless 1L limit is also crossed along with reward multiplier)
Now Infinia is practically free as they give 12500 points so you only lose GST and some devaluation of 10-15%of points themselves
With Magnus you pay 10K + GST for no renewal benefit. So unless you can really go out dinning each month and cross 1L every month, I don't see much worth of Magnus.
 
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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...
Sir
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...
Sir,

You are being rational now.
This is not allowed when we are drenched in emotion.
 
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