• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

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

Apply For Lifetime Free IDFC First Credit Card
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
 

Attachments

Last edited:
Apply For LTF AU LIT Credit Card
Sort by date Sort by votes
Zarieal said:
Jo reserve walo ka sagaa naa ho paya woh magnus walo ka kaise hoga? Apun to yeh edge points saath ke saath khali karta jayega... Inn Axis walo ka kuch bharosa nahi Magnus walo ko 12 August tak ka time hi naa de....
Click to expand...
Mostly axis will credit all pending ER for milestone for Magnus
Before devaluation goes live
 
Upvote 0 Downvote
dekho-yeh-zinda-hai.jpg

came back to this thread after 2 days to check about Magnus
 
Upvote 0 Downvote
My take on the whole devaluation fiasco (for Magnus)

- As many have pointed and that the devaluation of the axis credit card portfolio has begun, yes the devaluation is imminent (Magnus), but the way it is being played out is something that is debatable. Both the parties to an extent have dirt on their hands, though some more than the others, at least in each individual’s view. I personally fall into the category of putting the fault on the bank.
- Yes, expecting a value of 20%+ for a long term was very naïve of us users (though this is not what bank pays for it out of their pocket in any case, see below for justification). Furthermore, users exploiting the loopholes was not “ethical” (not discussing if it is justified. It’s a different topic altogether).
- I believe it’s the bank and its employees at fault because of how they are have played out in past and how they are still trying to cover up by sweeping it under the rug and making amends.
- Yes, I do agree as a profit making business entity, banks have liberty to amend and modify the bonuses and or points earning at their discretion and free will. However, for this, they should give at least 140 day period notice (in this case of Axis, 120 days for bonuses and an additional 20 odd days in case transfer gets rejected or due to the volume of transfers) so that users are able to get the points they are entitled to while making sure their services are not down. Users have directed the spending on their card based on the value they would be receiving. If they would have known about this earlier, they would have used other payment methods.

Hence as a saving grace, they should accept, acknowledge and own their mistake, man up to take responsibility and make sure that the users are able to accumulate pending points and bonuses and redeem / transfer them at the original ratio at the time of expense, until the new system / ratio comes into effect. Once that period is over, its upto the bank to set the conversation ratio as 0:5 or rather charge user a percentage of fee for using their services, leaving users with a choice if they wish to continue and put up with the bank or look for new service provider in the open market.

The solution should always be focused on making things right and not to breaking them. Indian banks (perhaps because of our governing central bank, RBI) are at forefront when it comes to tech, payments, etc. However, they are still at a very nascent phase when it comes to credit cards and their offerings. For example, in US users generally receive a signup bonus on applying for a new card. T prevent users from exploiting this, Chase in this case has come up with classic 5/24 rule. They didn’t stop giving bonuses or reduce the conversion rate overnight.

Background to my comments:

- Actual cost of points and miles purchased by the bank is much lower than what we as users realise or perceive. They pay only a fraction of it as they buy / contract them in bulk. This is because the sale of these miles from the actual service provider (Hotels & Airlines) to the banks is kind of a pre-determined confirmed revenue. It generates revenue even without selling the actual services (until the award seats have been booked using that currency).
- Further, these miles and points cost the service provider / creator next to nothing. These can be create out of thin air and sold to increase their revenue. Well, again these is always a chance of devaluation (inflation just like in economy) if done in excess.
- There is almost always an excess inventory (airline and hotel work on a certain occupancy level for costing and breakeven purposes) and hence couple of award seats on an aircraft or reward redemption on hotel room don’t actually costs anything in terms of revenue or opportunity loss. Additionally, for award redemption on airlines, the taxes and fees are to be paid by passenger. Moreover, most airlines pass all of part of the fuel surcharge on award booking to the passenger.
- Infact, its more of a marketing strategy for the airlines and hotels, as someone who has travelled for “free” (which actually is not) may boast and brag about it to friends & family and on social media.
- In US, the 3 major airlines’ reward program is more valuable (market capitalisation) than the actual airline itself.

What I feel has further happened with Magnus / Reserve is that, since the card started grabbing attention, credit card enthusiasts have got their hands on the card. Being financially literate, they prevented Axis from making money through penalties and interest (joining fees and merchant charges are negligible).

The actual genuine users have suffered here just because the party is coming to an end earlier than expected and Axis crediting points (bonuses) after the devaluation has come into effect.
 
Upvote 0 Downvote
phagocyte536 said:
File is uploaded in axis domain.. genuine 100%. But they can still do a U turn (hopeful me)

I have FK and MyZone. Got message only for FK . Did anyone get message for myzone?
Click to expand...
All these documents and links are genuine.

However, it seems Axis has created these documents in extreme hurry. These documents were created on 7th July at around 345PM (Friday evening). Interestingly, magnus document was leaked on 8th july.. shows how vulnerable Axis systems are and seems their card department is being run by novices.

Also, they didn't even change the file title, it reads on all documents - "Updated_Myntra_Offer" 🤣 🤣 🤔
image_2023-07-13_075109342.png
 
Upvote 0 Downvote
neogen said:
All these documents and links are genuine.

However, it seems Axis has created these documents in extreme hurry. These documents were created on 7th July at around 345PM (Friday evening). Interestingly, magnus document was leaked on 8th july.. shows how vulnerable Axis systems are and seems their card department is being run by novices.

Also, they didn't even change the file title, it reads on all documents - "Updated_Myntra_Offer" 🤣 🤣 🤔
View attachment 22563
Click to expand...
Iss Akansha Rao ko doondho. Yahi batayegi kab kya final hoga😂😂😂
 
Upvote 0 Downvote
You must log in or register to reply here.

Similar threads

sleepysurya
  • Question Question
Axis Devaluation w.e.f September 1st 2023 - Links for different cards
Replies
4
Views
2K
Shrinit Padwal
Shrinit Padwal
TechnoFino
  • Sticky
  • Question Question
Wiki Axis Bank Brutal Devaluation of Atlas/Reserve/M4B/Vistara/Samsung/Flipkart/Ace/Airtel/Myzone/IOCL & Other Credit Cards
80 81 82
Replies
2K
Views
76K
newinnov
N
captaintorchtm
  • Question Question
Axis - Multiple cards devaluation thread. (Reserve, Select, FK, Privilege, myzone)
5 6 7
Replies
124
Views
13K
bugmenot
bugmenot
bugmenot
  • Question Question
No CV points and milestone benefits on rent payment/wallet load using Axis Bank Vistara Credit Cards w.e.f 1st June 2023
2
Replies
28
Views
4K
drsel
drsel
tryabp
  • Question Question
RBL Credit Cards Devaluation W.E.F. October 09, 2023
Replies
9
Views
3K
cc_dc_explorer
cc_dc_explorer
Back
Top