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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

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-- 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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With regards to devaluation, I’ve always liked Amazon Pay card. Offered as a LTF card 5 years back, still retains all the benefits it started with and for users like me who were using it extensively ( my most online spends are on Amazon) it was decent enough until I got to know about Magnus.
 
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kapoorsanyam said:
With regards to devaluation, I’ve always liked Amazon Pay card. Offered as a LTF card 5 years back, still retains all the benefits it started with and for users like me who were using it extensively ( my most online spends are on Amazon) it was decent enough until I got to know about Magnus.
Click to expand...
1) they patched loopholes in time (was giving 5% on gc)
2) they blocked users who earned more than 10k rewards by stating business transactions
 
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D7162 said:
So officially ace is highest reward giving card now from axis ??
Click to expand...
Other axis card holders to ace users
hum-bhi-pele-gaye-the-tum-bhi-pele-jaoge-Mirzapur-Memes.jpg
 
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kapoorsanyam said:
Give me any logical answer to why someone would spend 50k on reserve credit card

Users will get 50k reward points which in best case scenario translate to 10-15k rupees if let’s say used very precisely. Where does one earn back rest of 44k (35+ 9k gst) from, adding the fact that they have excluded most of the transactions which would be of high transaction amount : utilities and govt txns ? I simply can’t understand the logic behind this move. The product managers at Axis must really be dumb I guess.

If someone can really explain, I’m very eager to listen the use case here
Click to expand...
I can't find any logic in what Axis is doing at all. What I can guess is
  1. Axis bit off more than they can chew with the Citi acquisition with its high-demanding HNI and premium customers.
  2. Axis then revamped their credit card portfolio with new designs and launched premium cards to attract and retain said Citi customers.
  3. They then acted like the typical Indian private bank by offering said cards to everyone they could find or not to meet "targets".
  4. Now they are bleeding badly with Magnus and Reserve and are running around blindly in panic mode trying this and that to fix the situation.
  5. They are now ending up losing both Citi customers and their premium card customers and management is making surprised Pikachu faces.
The only logical conclusion is that every single person on the Axis Bank management team is incredibly stupid. They are so far up their corporate ***** that that they have lost all touch of reality. Every single management meme can now be applied to them. They somehow expect people to keep a 60k card because idk they like the design or something? Are they even living in the real world??
 
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himanshu15 said:
Instead of Magnus devaluation got the message for flipkart axis devaluation message 🤣
First thought got the message for magnus but checked it was for my flipkart axis bank!
Click to expand...
Are they crazy even after closing the fk card and I received NOC for it after this they have sent devaluation email. Ware wah kya log hai
 

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