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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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I just now called customer care for both Magnus and Reserve. They said that there is no such update on your card and was asking me the source of such info. Rest assured me that the card works as-is as before, no devaluation.
Note: I called on Sunday as well, they confirmed me the devaluation.

Then i called the sales person who helped me get magnus. He said sir, aisa kuch bhi nai hai, bank apko notify karega aisa kuch hone se, aap tension mat lijiye.

Now my views: Axis who previously wanted to devalue, seeing the drop in the transactions have definitely revisited their strategy. I think now they shall come up with caps instead of straight away devaluating it.
 
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I came here to know whether the card is evaluated or not, because I’m tired of speculating on this topic. If you have the card, enjoy it. Hurrah! If not, live your life with Magnus until the sunset closes on Magnus. It will happen someday, unfortunately, but I hope it’s not this year.
 
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I had applied for Magnus couple of days back at airport.
The agent messaged me that the rumors are true and that he will call me with the changes. If I agree then only he will process the application.

But today he messages that the benefits of Magnus are same and he will process my application today.
Should i go ahead with the application or not ?
Currently I have DCB & SBI Vistara prime.
 
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faltooAdmi said:
I had applied for Magnus couple of days back at airport.
The agent messaged me that the rumors are true and that he will call me with the changes. If I agree then only he will process the application.

But today he messages that the benefits of Magnus are same and he will process my application today.
Should i go ahead with the application or not ?
Currently I have DCB & SBI Vistara prime.
Click to expand...
Maybe wait for a week and see
 
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Just met some Axis agents manning a counter in Vega City Mall, Bengaluru.

They said the devaluation is put on hold for now.
Until few days back they too apparently kept telling customers that devaluation is coming soon.

They showed me a message from their supervisor which said something like
‘Please tell customers Magnus benefits remain the same’.

It seems the roll back was because Reserve customers took up the matter with Axis.

S&M
 
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They might have put this on hold. It is a question of “when” they will devalue this. So take this as a learning and keep moving points to partner of choice. Also have a backup plan soon as this will eventually end for a few. The government and utility will be removed soon and that kills the card for me. So evaluate the possibilities and keep a backup plan.
 
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Ideally other than Travel edge, it is now risky to accumulate accelerated rewards which credit after 120days as we don't know when their value will be diminished.. I am planning to prioritize only spends with immediate edge points disbursement and avoid spends whose returns will be good only with accelerated rewards
 
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VijayflyRaven said:
They might have put this on hold. It is a question of “when” they will devalue this. So take this as a learning and keep moving points to partner of choice. Also have a backup plan soon as this will eventually end for a few. The government and utility will be removed soon and that kills the card for me. So evaluate the possibilities and keep a backup plan.
Click to expand...
Same here!
Got this card last month mainly for utility and government payments🥲
If you have any other card which rewards on such payments,please tell me too!
 
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