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

 

[rohitb]

Russian milegi 10:1 tab yahi log bhaagke redeem karege

 

[rohitb]

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.

It goes other way as well.
I booked a india to Europe business class for 45k points + 5k one way
At that time the flight rate was 1.4L one way.

 

[T2A]

It goes other way as well.
I booked a india to Europe business class for 45k points + 5k one way
At that time the flight rate was 1.4L one way.

Which airlines ?

 

[Walter White]

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.

There are cases. Got return fares to Europe at 61k miles. The same flights costed around 112k INR return

 

[flyinghighonCC]

I also received my Magnus card today - what a shame given the devaluation.
If I don't activate the card, do I still need to pay 10k fee? I saw in some other thread that once the card is shipped, they add the annual fee in the first statement, will that happen even if I dont activate the card?

Well My magnus was on the way but now wont activate it😂 who would pay 10k fees with 5:1 conversion ratio

 

[rogerthat]

There are cases. Got return fares to Europe at 61k miles. The same flights costed around 112k INR return

Right now the return rate from Kerala to Germany on Emirates is 65k miles per person.

 

[004archit]

Right now the return rate from Kerala to Germany on Emirates is 65k miles per person.

best airline partner for Europe trip?

 

[rogerthat]

best airline partner for Europe trip?

If you are looking at redeeming Edge Rewards the best option is Star Alliance members (Lufthansa/Swiss/United/Air India) though miles rates might differ for each. Lufthansa is Vistara partner too you can book using CV points (though I don't know the rates). Else you can try One World Qatar Airways which is a bit more expensive in terms of miles but service is far better.

 

[rohitb]

Which airlines ?

Air india through avianca (DCB points were transferred that time)

 

[rohitb]

best airline partner for Europe trip?

Use miles and smiles - Turkish to book from any alliance partner(AI) - best ratio 30k for business

 

[ALOAK]

I also received my Magnus card today - what a shame given the devaluation.
If I don't activate the card, do I still need to pay 10k fee? I saw in some other thread that once the card is shipped, they add the annual fee in the first statement, will that happen even if I dont activate the card?

Axis before they send card the annual fee will be showing on your app. Once you activate it you have yo pay. We'll this was my case.

 

[ALOAK]

For any axis card. I don't have magb

Axis before they send card the annual fee will be showing on your app. Once you activate it you have yo pay. We'll this was my case.

For any axis card they apply before receiving anticipating you would use it.

 

[Himanshu Rathi]

I also received my Magnus card today - what a shame given the devaluation.
If I don't activate the card, do I still need to pay 10k fee? I saw in some other thread that once the card is shipped, they add the annual fee in the first statement, will that happen even if I dont activate the card?

If you do not activate your card you don't need to pay fees. You can also waive off fees even if its activated just make sure you haven't done any transaction on that card.

 

[thanix]

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.

You have to add one other scenario when 1L spend is not achieved. I ran that calculation -

If per month spend is 75K, it is 4500 base points. Assume you spend 50k out of 75k in accelerated reward points, it will fetch 12000 points. So in a year, one will get 2L points max. This will translate to 40k miles/points for 9L spend. This is comparable to DCB points.

This will be the most common scenario and
Spend assumed is normal without rent, government services and money rotation.

I guess some cashback cards can beat this if only cashback is needed or if miles are important Atlas or Amex is the way to go.

Or use it as lifestyle card without points mining.

 

[Walter White]

I also received my Magnus card today - what a shame given the devaluation.
If I don't activate the card, do I still need to pay 10k fee? I saw in some other thread that once the card is shipped, they add the annual fee in the first statement, will that happen even if I dont activate the card?

Mat karna activate ab ise. Ab metal card se bottle opener banana. Peete time bhi yaad ayega ki isi card se kitne sapne dekhe the jo ab toot gaye. 😛

 

[Sharjeelshaikh]

Just spoke with axis guy who got me the card they are in discussion with management which is why official communication by mail hasn't been dispatched about devaluation.possible some changes would be made and devaluation is less brutal.pakki khabar 13 July ko ya uske baad ayegi

 

[vijaypathak077]

I have close to 1.05 lacs points. I am not planning to travel. Can I redeem it against cash? Is it even possible?

 

[bigbrain]

Sir

Sir,

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

I was emotional yesterday. Getting over it today.

 

[amitr29]

Just spoke with axis guy who got me the card they are in discussion with management which is why official communication by mail hasn't been dispatched about devaluation.possible some changes would be made and devaluation is less brutal.pakki khabar 13 July ko ya uske baad ayegi

I have worked with banks for 15 years. Beleive me nobody listens to Sales executives. They are never part of any discussions.

Also, sales team is informed last of changes. Even clients know before them 😂 They are told ab yeh hai, ja bech kaise bhi and given Bamboo if target not achieved

Good thing is these sales executives will start valuing client. Abhi to demand is more than supply, thanks to Magnus, Reserve, DCB and Infinia. I have called 5 HDFC sales guys in last 15 days, no one is bothered to call back or reply to messages.

 

[Walter White]

Is se yaad aaya aj bhi inke agent phone kar rhe the ki Magnus lelo. 🤣

I have worked with banks for 15 years. Beleive me nobody listens to Sales executives. They are never part of any discussions.

Also, sales team is informed last of changes. Even clients know before them 😂 They are told ab yeh hai, ja bech kaise bhi and given Bamboo if target not achieved

Good thing is these sales executives will start valuing client. Abhi to demand is more than supply, thanks to Magnus, Reserve, DCB and Infinia. I have called 5 HDFC sales guys in last 15 days, no one is bothered to call back or reply to messages.