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

 

[VijayflyRaven]

Flipkart axis - 1.5%,
tata neu 1.5% for general, 5% on bill payment
Even idfc millenia will be better

And also consider 10k annual fees as well

Tata Neu is unfortunately not cash equivalent. They still don’t allow us to use Neu coins for bill payments or third party payments. Big basket is good enough but long term we lose the 5% (tata neu)+ 1.5% (any credit card) + 1% (debit card bill pay) on the cashback value (if it was equivalent to cash) compounding if we use this.

 

[rohitb]

Sometimes we get 80% return rate too. Example: 5x Amazon + Big basket + Tata Neu + Debit card payment for credit card + Milestone 1L + Accor redemption

For every 100 spent, 6 reward points x 5 + 25 x 4/5 *1.8 = 79 + 5% for Tata Neu + 1% for debit card + 2.5% instant discount = 87%

Ek do aur chain main add kar do to ye ho jaayega .

 

[mr_vasanth]

Sometimes we get 80% return rate too. Example: 5x Amazon + Big basket + Tata Neu + Debit card payment for credit card + Milestone 1L + Accor redemption

For every 100 spent, 6 reward points x 5 + 25 x 4/5 *1.8 = 79 + 5% for Tata Neu + 1% for debit card + 2.5% instant discount = 87%

I can understand rest of the math except the part 25 x 4/5 *1.8. Can you please explain or DM what it is ?

 

[rohitb]

Kaafi lamba chala gaya Magnus wala scene. Magnus ko bhi apni ex ki tarah bhul jao, 2 peg lagao aur move on karo. 🤣

Bas daaru peeke call karne ke jaise kahin doosre card pe itne manufactured spend na kar dena.
Peeke call main bhi pele jaate the , ismein bhi pele jaaoge.

 

[VijayflyRaven]

I can understand rest of the math except the part 25 x 4/5 *1.8. Can you please explain or DM what it is ?

25 Is points we get for milestone spending 1 lakh (25k for 1 lakh means 25 points for 100 rupees). Conversion rate now is 5:4 which means multiply by 4 and divide by 5.

₹1.8 is the value we get for each Accor points.

 

[rohitb]

Just spoke to premium customer care to check for annual spend target achievement. She confirmed the changes and told will get SMS and mail tomorrow. Not sure what to believe 😒

 

[D7162]

long term we lose the 5% (tata neu)+ 1.5% (any credit card) + 1% (debit card bill pay) on the cashback value (if it was equivalent to cash) compounding if we use this.

Please explain this calculation

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And I am using neu card heavily and i never find coins are too extra

You can't use for bill but you can use for croma/tata cliq/bb/Westside/AirAsia/1mg - and this should cover most expenses

 

[kkk]

Which card gives unlimited base 1.2% cash rate (without milestone and cash equivalent like Amazon GC or statement credit and for offline and online) and charges less than 10k?

Axis ace I believe but it is hard to get if outside Google ecosystem. Infinia is hard to get. SC ultimate is not cash equivalent. If we don’t have anything, then 1.2% is not bad.

Axis flipkart as well.

 

[jack333]

White Cheer leaders ka prabhand walter bhai karge

Woh @Abhishek012 bhai karenge. Rupay card se Russian dancer bulayenge 🤣

 

[V G]

It seems Axis and Cheq are brothers. Both devalue the rewards very fast. I just used Cheq for just for one month and then Cheq lost trust. Axis seems to be going the same way.

 

[ALOAK]

Ab Magnus ki kya zaroorat. Ab toh apna private jet leke jayenge. Thank you Mrs. Johnson. 😘😂

@VISHESH_BANSAL @Chaitanya-a 🤣

 

[kkk]

It seems Axis and Cheq are brothers. Both devalue the rewards very fast. I just used Cheq for just for one month and then Cheq lost trust. Axis seems to be going the same way.

I milked Cheq. Got Amazon vouchers worth 24k.

 

[Anonymous ツ]

I milked Cheq. Got Amazon vouchers worth 24k.

Income Tax Department wants to know your location.

 

[rogerthat]

Which card gives unlimited base 1.2% cash rate (without milestone and cash equivalent like Amazon GC or statement credit and for offline and online) and charges less than 10k?

Axis ace I believe but it is hard to get if outside Google ecosystem. Infinia is hard to get. SC ultimate is not cash equivalent. If we don’t have anything, then 1.2% is not bad.

For a high and heavy spender who spends more than 12 lakhs a year using credit cards and is looking at earning good rewards from it, there are not many rewarding cards in India right now. And all things considered (availability, acceptability, redemption) Magnus is still the best. The other options come with limitations or difficulties. Let us not consider the ultra-premium cards.

• HDFC Infinia is notoriously hard to get. I am sure that most Magnus customers (who don't already have an Infinia) wouldn't be able to get it.
• HDFC DCB - I don't even understand why DCB is considered an alternative. Diners is not accepted even at 60% of places compared to Visa. Even online. The restrictions on the card and redemption is another thing.
• SC Ultimate - Reduced rewards on certain categories is a problem, rewards redemption is an even bigger problem.
• IDFC First Wealth gives nearly nothing on offline spends. It is a good card otherwise but it would not replace Magnus.
• Axis ACE does give unlimited 2% cashback but it comes with a long list of exempted categories, most of which give rewards when used with Magnus. Same goes for SBI Cashback that gives 5%.

If you are confident on spending at least 1L a month every month with a total of 15 lakhs a year Magnus is still the best card in the market giving 7%-8% clean return. Magnus Maximus occurs when you can rack up 5L points which can translate to 1L miles. With this there are loopholes and tricks anymore. It is straightforward and clean now.

 

[kkk]

Income Tax Department wants to know your location.

Yeah sure. I have genuine spends. I can show all of it.

 

[VijayflyRaven]

Please explain this calculation

----
And I am using neu card heavily and i never find coins are too extra

You can't use for bill but you can use for croma/tata cliq/bb/Westside/AirAsia/1mg - and this should cover most expenses

If you use credit card instead of Neu coins to buy, you get above rewards (5% + card % + billpay %) which can be as high as 9%. Alternatively if you use Neucoins, you get nothing. So long term, if you get cashback in statement instead of neucoins, we earn more. Cash is king. Compounding works with higher tenure and value.

To give an example:
Scenario A: I get cash back as statement credit. Now I buy Amazon SV with 5% statement credit. Now I buy big basket GC with 2.5% discount. I use this and buy on Tata Neu with 5% discount. Now I pay credit card bill and get 1%. Total savings is 13.5%.

Scenario B:
I get cash back as Neu coins. I buy on Tata neu. I get 0% for this.

Over time, this becomes huge.

 

[phagocyte536]

If you use credit card instead of Neu coins to buy, you get above rewards (5% + card % + billpay %) which can be as high as 9%. Alternatively if you use Neucoins, you get nothing. So long term, if you get cashback in statement instead of neucoins, we earn more. Cash is king. Compounding works with higher tenure and value.

To give an example:
Scenario A: I get cash back as statement credit. Now I buy Amazon SV with 5% statement credit. Now I buy big basket GC with 2.5% discount. I use this and buy on Tata Neu with 5% discount. Now I pay credit card bill and get 1%. Total savings is 13.5%.

Scenario B:
I get cash back as Neu coins. I buy on Tata neu. I get 0% for this.

Over time, this becomes huge.

This is the exact difference that makes FK Axis spends(even after excluding supercoins) on FK better than Apay spends on Amazon

 

[bonheur]

If you use credit card instead of Neu coins to buy, you get above rewards (5% + card % + billpay %) which can be as high as 9%. Alternatively if you use Neucoins, you get nothing. So long term, if you get cashback in statement instead of neucoins, we earn more. Cash is king. Compounding works with higher tenure and value.

Very heavily depends on case to case basis and the transaction amount in question. Up front discount with Neucoins is better than spending extra and getting a fraction of that value back as cashback/rewards. E.g. I use my Infinity card mostly only for UPI and collect enough coins to buy myself a bottle of great coffee from BigBasket every other month or so at fantastic discounts. It's totally worth it!

 

[VijayflyRaven]

Very heavily depends on case to case basis and the transaction amount in question. Up front discount with Neucoins is better than spending extra and getting a fraction of that value back as cashback/rewards. E.g. I use my Infinity card mostly only for UPI and collect enough coins to buy myself a bottle of great coffee from BigBasket every other month or so. It's totally worth it!

Point is, if you are given a choice between ₹100 as cash statement credit and ₹100 as Neu coins, then always take cash.

It applies for ₹100 or ₹1000 or ₹10k.

 

[jack333]

It seems Axis and Cheq are brothers. Both devalue the rewards very fast. I just used Cheq for just for one month and then Cheq lost trust. Axis seems to be going the same way.

I think cheq new beforehand about devaluation. It was giving 1.5% cheq coins on axis 🤣