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

 

[amitr29]

Aur news agar sach nikli tou?

I am not doubting the news but this email is fake for sure

 

[neogen]

I am not doubting the news but this email is fake for sure

Ek aur screenshot going around

 

[CARDBITRAGE]

Ek aur screenshot going around
View attachment 22306

Same guy after one month: Sorry sir! I got confused with another card. Thank you for using this card, you can redeem your points at 5:1.

 

[Deleted member 9785]

Ek aur screenshot going around
View attachment 22306

Insurance cum investment plans bhi aisi hi bechte hai - Na insurance milti hai and na investment bachti hai

 

[neogen]

Whether this news is true or false, we don't know yet.
But one thing for sure, out of fear and scare people will not spend 1L to achieve 25K milestone for a couple of months.

 

[Deleted member 9785]

Whether this news is true or false, we don't know yet.
But one thing for sure, out of fear and scare people will not spend 1L to achieve 25K milestone for a couple of months.

I have already started spending back on Infinia after reaching the 15 lac milestone for fees waiver over last 2 days. Best to avoid any more spending on axis

 

[Chaitanya-a]

Insurance cum investment plans bhi aisi hi bechte hai - Na insurance milti hai and na investment bachti hai

No ULIP has been harmed in this post.

 

[VijayflyRaven]

Whether this news is true or false, we don't know yet.
But one thing for sure, out of fear and scare people will not spend 1L to achieve 25K milestone for a couple of months.

I have frozen use of Magnus until this is cleared. Moved all points so far to Accor. They completed the transaction.

Went ahead and looked at my transactions and I can get perceived devaluation rate of Magnus easily with 3 or 4 cards. I even went ahead and applied for those cards.

 

[rohitb]

I have already started spending back on Infinia after reaching the 15 lac milestone for fees waiver over last 2 days. Best to avoid any more spending on axis

Bas itna paisa chahiye jeevan main .

 

[Vikash_Kumar]

Now as the news are spreading that "Magnus Changes goes in hold till further communication" and the management is taking some time to arrive at final decision.

It is high time for all the users here in TF community and their acquittances who hold Magnus card to stop spending using Magnus completely for next few days. I guess all the Magnus holders are smart enough to hold other credit cards as backup. Anyways whatever spent using Magnus will eventually results in penny's after few months. So why not boycott Magnus economically. With this small change, crores of Magnus spent will become lakhs and eventually thousands. If this will affect their business then Axis need to rethink & revise the card.

Signing petitions or spreading hate messages socially on twitter will have a little base as how Axis won't really find the genuinity of Magnus users. Anyone can sign petitions, no identity no restriction at all & social media has no face.

Devaluation is imminent it is bound to happen, Axis is not doing charity that all of us know. But the level of such rumored devaluation will murder the Magnus leaving only few users to renew. So why not stop using Magnus now. I had stopped spending, and returning to older 5% cards, the rewards will be otherwise given by devalued Magnus cards.

 

[purush]

I have frozen use of Magnus until this is cleared. Moved all points so far to Accor. They completed the transaction.

Went ahead and looked at my transactions and I can get perceived devaluation rate of Magnus easily with 3 or 4 cards. I even went ahead and applied for those cards.

what are the card you are talking about.

 

[kkk]

Now as the news are spreading that "Magnus Changes goes in hold till further communication" and the management is taking some time to arrive at final decision.

It is high time for all the users here in TF community and their acquittances who hold Magnus card to stop spending using Magnus completely for next few days. I guess all the Magnus holders are smart enough to hold other credit cards as backup. Anyways whatever spent using Magnus will eventually results in penny's after few months. So why not boycott Magnus economically. With this small change, crores of Magnus spent will become lakhs and eventually thousands. If this will affect their business then Axis need to rethink & revise the card.

Signing petitions or spreading hate messages socially on twitter will have a little base as how Axis won't really find the genuinity of Magnus users. Anyone can sign petitions, no identity no restriction at all & social media has no face.

Devaluation is imminent it is bound to happen, Axis is not doing charity that all of us know. But the level of such rumored devaluation will murder the Magnus leaving only few users to renew. So why not stop using Magnus now. I had stopped spending, and returning to older 5% cards, the rewards will be otherwise given by devalued Magnus cards.

I have Reserve and Magnus. Both going to be devalued
I will use and complete annual waiver milestone for this month and then stop if later, will move to HDFC DCB.

 

[S.S.]

I am pretty sure those who are claiming to have spoken to customer care and confirmed the devaluation, are faking. No customer support executive will confirm a rumour in his sane state of mind.

You are just in denial mode rn. Plz speak to burgundy support. Thegr8sahu speaks from experience, not lies.

 

[thedator]

I have frozen use of Magnus until this is cleared. Moved all points so far to Accor. They completed the transaction.

Went ahead and looked at my transactions and I can get perceived devaluation rate of Magnus easily with 3 or 4 cards. I even went ahead and applied for those cards.

Can you share which cards you applied?

 

[kkk]

You are just in denial mode rn. Plz speak to burgundy support. Thegr8sahu speaks from experience, not lies.

Why are we fighting among ourself. Whatever happens it will be communicated by Axis on mail. As of now we have not received. And there is life beyond credit card rewards. I have Magnus and Reserve and have earned good ER so far, now if they devaule so take it with a pinch and move on. Why so much halla gulla?

 

[Deleted member 9785]

You are just in denial mode rn. Plz speak to burgundy support. Thegr8sahu speaks from experience, not lies.

 

[CARDBITRAGE]

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

Looks like Axis may have put their devaluation plans on hold. Hope they are brewing up something more favourable. XD

 

[S.S.]

Why are we fighting among ourself. Whatever happens it will be communicated by Axis on mail. As of now we have not received. And there is life beyond credit card rewards. I have Magnus and Reserve and have earned good ER so far, now if they devaule so take it with a pinch and move on. Why so much halla gulla?

Its the people who got the card in last 3-4 months and who are yet to recieve the magnus rewards. Humare exotic vacations ke mungerilal ke sapne toot Gaye. Ab dukh to lagega heen. Isleeye kuch log denial mein ja rahe hein.

 

[Walter White]

Its the people who got the card in last 3-4 months and who are yet to recieve the magnus rewards. Humare exotic vacations ke mungerilal ke sapne toot Gaye. Ab dukh to lagega heen. Isleeye kuch log denial mein ja rahe hein.

Post Magnus devaluation:

Bangkok jaane wale ab Bodh Gaya jayenge
Madrid jaane wale ab Meerut jayenge
Paris jaane wale ab Patna jayenge
Aur London jaane wale ab Lucknow jayenge

Axis devalued Magnus to promote Tourism in India

 

[VijayflyRaven]

Now as the news are spreading that "Magnus Changes goes in hold till further communication" and the management is taking some time to arrive at final decision.

It is high time for all the users here in TF community and their acquittances who hold Magnus card to stop spending using Magnus completely for next few days. I guess all the Magnus holders are smart enough to hold other credit cards as backup. Anyways whatever spent using Magnus will eventually results in penny's after few months. So why not boycott Magnus economically. With this small change, crores of Magnus spent will become lakhs and eventually thousands. If this will affect their business then Axis need to rethink & revise the card.

Signing petitions or spreading hate messages socially on twitter will have a little base as how Axis won't really find the genuinity of Magnus users. Anyone can sign petitions, no identity no restriction at all & social media has no face.

Devaluation is imminent it is bound to happen, Axis is not doing charity that all of us know. But the level of such rumored devaluation will murder the Magnus leaving only few users to renew. So why not stop using Magnus now. I had stopped spending, and returning to older 5% cards, the rewards will be otherwise given by devalued Magnus cards.

Absolutely. I think everybody will do that. If they had only affected the rewards earning, then I would happily continue using it until the actual devaluation. However, they allege changes to the redemption which was the reason I used Magnus. With the 120 days delayed point accumulation, I would no longer use this card if my future value is lower. Imagine buying an ice cream for 200 rupees and after 2 hours under hot sun expect the same 200 rupees value for the ice cream. Changing the value of ER was very poor choice.

I am sure most users would have redeemed points and stopped using this card. The 5% cards along with cards that offer 2% utility / government spends are still there.