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

 

[bonheur]

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

Again depends on whether you actually need to buy something or are forced to make a manufactured spend. Whatever anyone may say, I find Tata Neu cards to be super rewarding for my use cases because I anyway make genuine spends on their affiliated merchants (despite their shitty app).

 

[VijayflyRaven]

Again depends on whether you actually need to buy something or are forced to make a manufactured spend. Whatever anyone may say, I find Tata Neu cards to be super rewarding for my use cases because I anyway make genuine spends on their affiliated merchants (despite their shitty app).

The example I gave is genuine. Let’s say I buy groceries for any value. If you use statement credit cashback, you get 13% discount. If you use Neu coins to buy those same groceries, you get 0%.

Every time you use Neu coins or APAY cashback, you have an opportunity cost to it. Cash credit to statement is superior provided the value is same.
I like Tata pay giving me 5% for utility. Others give max 2%. Here, I would be ok with Tata Neu. But if value is same between tata Neu coins and statement credit, always go for cash.

 

[CARDBITRAGE]

Again depends on whether you actually need to buy something or are forced to make a manufactured spend. Whatever anyone may say, I find Tata Neu cards to be super rewarding for my use cases because I anyway make genuine spends on their affiliated merchants (despite their shitty app).

I agree. The tata house of brands is extensive, and I tend to spend offline at their stores. So a 5% return(Neu Infinity) on spends is pretty neat.

 

[bonheur]

The example I gave is genuine. Let’s say I buy groceries for any value. If you use statement credit cashback, you get 13% discount. If you use Neu coins to buy those same groceries, you get 0%.

Every time you use Neu coins or APAY cashback, you have an opportunity cost to it. Cash credit to statement is superior provided the value is same.
I like Tata pay giving me 5% for utility. Others give max 2%. Here, I would be ok with Tata Neu. But if value is same between tata Neu coins and statement credit, always go for cash.

I'm not against cashback and use SBI CB judiciously to get that consistent ~5% back. But like I said, I only use Tata Neu for UPI and (very rarely) in-store Tata spends, and there's nothing more rewarding for these specific categories.

 

[D7162]

The example I gave is genuine. Let’s say I buy groceries for any value. If you use statement credit cashback, you get 13% discount. If you use Neu coins to buy those same groceries, you get 0%.

Every time you use Neu coins or APAY cashback, you have an opportunity cost to it. Cash credit to statement is superior provided the value is same.
I like Tata pay giving me 5% for utility. Others give max 2%. Here, I would be ok with Tata Neu. But if value is same between tata Neu coins and statement credit, always go for cash.

You are missing main point

You earn 5% on card when spend on neu app (ofcourse not on neu coins)

 

[D7162]

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.

Card in question was here magnus and rate was 1.2% so one shouldn't consider amazon sv @5% credit

 

[jdsouza81]

Has anyone received regular ER points after July 7?

 

[Karthik24]

Initiated transfer of all points.. Hopefully it goes through without any issues

 

[ARV]

Has anyone received regular ER points after July 7?

No, last date was 6th

 

[thedator]

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!

Which coffee?

 

[manas_rock]

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.

I have got inifnia too. But it doesn't give any reward on income tax payments.
Pls suggest good cards for tax payment of 1 cr every year.

I don't have much problem with magnus devaluation- but it stopped tax payment 100%. Tax surcharge is 0.5% extra. And, I usually don't have cash in bank account. How will I pay taxes then?

 

[samba113]

Howmuch Axis will pay for ITC/Accor 1 mile?

 

[nikzcool]

Any update on the devaluation part?

Many twitter posts saying that the devaluation is on hold.

 

[nikzcool]

Best suggestion to park points?

Somewhere I can book for others also.
Have 4L+ points, new to the airmiles game.

 

[VijayflyRaven]

Card in question was here magnus and rate was 1.2% so one shouldn't consider amazon sv @5% credit

5x is still not removed for Magnus. So it is 6% for Magnus and May be 5% for cashback cards.

Gyftr is still not removed for Amazon SV. If they remove it, then yes we must consider 1.2%

 

[VijayflyRaven]

Best suggestion to park points?

Somewhere I can book for others also.
Have 4L+ points, new to the airmiles game.

Check Accor and ITC. They are easy to play with. Accor is easy to renew after 12 months with just a simple addition of few points.

 

[Walter White]

I have got inifnia too. But it doesn't give any reward on income tax payments.
Pls suggest good cards for tax payment of 1 cr every year.

I don't have much problem with magnus devaluation- but it stopped tax payment 100%. Tax surcharge is 0.5% extra. And, I usually don't have cash in bank account. How will I pay taxes then?

You'll have to go with SBI cards in this case. Go for SBI Aurum and SBI Vistara Prime. Anyway if you have 1 cr tax, you won't have to pay the renewal fee as you can easily spend 12L.

 

[rohitb]

Howmuch Axis will pay for ITC/Accor 1 mile?

It was mentioned somewhere in this thread. Iirc.

Axis Magnus - Has Airvistara been removed as a Transfer Partner?

Hi All, Just wanted to check if anyone has noticed this change in Transfer Partners for EdgeRewards. I wanted to add some CV POINTS to my account but unable to find it as a partner in the AxisMobile app. Any suggestions??

www.technofino.in

 

[VijayflyRaven]

Howmuch Axis will pay for ITC/Accor 1 mile?

Accor is ₹1.4 and ITC is 0.8 if my memory serves me right.

Note: ER converted to Accor and ITC. Don’t mistake for value of those partner points.

 

[thanix]

All those self certified CC experts are back singing kumbayas for IDFC vistara card in Twitter. Beware guys, don't rush to jump into fire from frying pan!!