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

 

[bugmenot]

Disclaimer: The screenshot is taken from Twitter and edited to hide a few numbers.

 

[CARDBITRAGE]

At least we won't be seeing those damn youtubers/influencers braying about the Magnus anymore. XD

 

[VijayflyRaven]

View attachment 22281

Disclaimer: The screenshot is taken from Twitter and edited to hide a few numbers.

I don’t know how they replied like this but they have to wait for official notification. Lot of details can change.

 

[neogen]

Seriously, this was a PDF weekend. Ab pdf ka full form kya hai, yeh mat discuss karna..

 

[CARDBITRAGE]

I don’t know how they replied like this but they have to wait for official notification. Lot of details can change.

The damage is already done. No point hiding under a bed. 🤣

 

[neogen]

The damage is already done. No point hiding under a bed. 🤣

Again, you are bringing the word "point".. wohi to khel Hua hai..

 

[Walter White]

Ab yahi sab b******i karo customers ka kaatne ke baad 🤣

 

[jack333]

Ab yahi sab b******i karo customers ka kaatne ke baad 🤣


View attachment 22282

Yeh soch rahe hai ki rajni fans ab bhi magnus le lenge 🤣

 

[anirban.choudhuryanirban.choudhury is verified member.]

Magnus changes on hold

 

[Walter White]

Magnus changes on hold

Sahi me? 🤣

Alag hi twists aa rahe hai story me

 

[sanju8486]

Magnus changes on hold

Source

 

[kkk]

Magnus changes on hold

Bhai Reserve on hold toh samajh aata hai. Magnus even after devaluation still would give >5%(if milestone is considered). reserver ka toh 1.5% return for 59k fees.

 

[Namans]

I don’t understand Axis Banks strategy here.
After spending so much money on acquiring customers by offering them such high rewards on Magnus, this huge devaluation will make people surrender their cards just as easily.
As a profit making company their strategy should’ve ideally been to devalue the card gradually so that the customers still stick with the bank (Especially after spending so much time and money for acquiring them).
While I completely understand the decision to devalue as these rewards could never be sustainable in the long run, such a drastic devaluation will make customers feel betrayed especially given that they were selling Magnus with these benefits as their main selling point by going to MNCs’ offices and setting up stalls.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Bhai Reserve on hold toh samajh aata hai. Magnus even after devaluation still would give >5%(if milestone is considered). reserver ka toh 1.5% return for 59k fees.

bhai hum toh postman hai
Idhar ka news udhar kr rh
News bnane wale toh Twitter me hai

 

[kkk]

bhai hum toh postman hai
Idhar ka news udhar kr rh
News bnane wale toh Twitter me hai

Haha. Fingers crossed ki Magnus jayda devalue na ho.

 

[Cardmarvel]

If I am managing Axis, I would devalue Magnus to 5:2 and Reserve to 5:3. That would keep everyone happy. I will bet my money of this. Let’s see 😊

 

[Walter White]

If I am managing Axis, I would devalue Magnus to 5:2 and Reserve to 5:3. That would keep everyone happy. I will bet my money of this. Let’s see 😊

Meanwhile Amitabh Chaudhary: Ek kaam kar tu hi meri naukri rakh le 😂

 

[Cardmarvel]

Meanwhile Amitabh Chaudhary: Ek kaam kar tu hi meri naukri rakh le 😂

Maybe I am Amitabh Chaudhary 🤣

 

[Walter White]

Maybe I am Amitabh Chaudhary 🤣

Agar tum hi hue Amitabh Chaudhary toh yaha dande se maarenge tumhe log. South Bombay me tumhara ghar hai na. Wahi pahuch ke maarenge. 😛

 

[4uziaul]

Axis is likely conducting a survey in collusion with their RATS, and based on the suggestions shared here, they will probably implement something in the next round of devaluation. 🤣