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

 

[Slayer]

Till then what will people discuss? Who dunit?

Ho jayega dada

 

[miles_guy]

I Usually prefer that. Good for flights to Europe

Can anyone tell what are cons of transferring ER points to Miles on Qatar Airways?

 

[Pra]

Whats the Latest update on magnus?
Please anyone share the axis announcement link

 

[Eye of AjayEye of Ajay is verified member.]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

 

[supperman]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

That's a dangerous game.

 

[Anonymous ツ]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

Kya matlb Reserve abhi tak devalue nhi hua?

 

[j_s]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

This is a stupid strategy.

 

[hungryPanda]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

It could be true as 1 year comes to end next month for introduction of Airmiles with axis.

I am quite sure though that whoever prepared the 5:1 version would have been high.

Atleast expecting 5:3 for some partners and 5:2 for demand partners.

 

[rogerthat]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

Hehehe if this is true it nails my theory that the entire Axis management is incredibly stupid.

 

[Slayer]

Hehehe if this is true it nails my theory that the entire Axis management is incredibly stupid.

Surprisingly Axis Securities is doing quite well

 

[rogerthat]

Surprisingly Axis Securities is doing quite well

Atleast the credit card division. Well, banking too. Let's say retail banking.

 

[Thomas244]

They CAn reduce milestone 25000 to 15000. There was a poll here also will people cancel their Magnus if it’s devalued. All this looks like axis testing public perception

 

[SSV]

This is a stupid strategy.

Its not called strategy... it is called INCOMPETENCE

 

[CVR]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

So what did the guy tell you about what's happening next? Given the reaction by cc holders they will continue with devaluation or not?

 

[SSV]

New twist to the story not sure about it myself but was told about this by a VP level guy. Just a disclaimer I am a banker myself but in commercial space and not with Axis.

The leak was made by Axis to test the waters and prepair the general public. It was decided to keep the stand wrt the leaked document as their agreement with several partners is coming up for review next month. Sadly the public did not much like what was served and the top brass came to know only after a day post publication in several news sites. In the mean time no direction for review/hold was ever given and the PDFs were released in Axis server space waiting for emails to be sent with the links embedded but as fate would have it every mass mail has to be approved before hand and this was only ever done for the flipkart card.

Any doc/pdf on bank servers is not technically a rule/por till it is signed off by the top brass.

If it has to go by any professional standards. there is no need to test the waters...
Every tom , dick and harry knows that there will be massive disappointment if you withdraw all the major benefits at once.
Basically they don't have a proper game plan.. Its all knee ,jerk reactions...

 

[SSV]

Axis's plan is like this:

Step 1) Okay, guys lets capture the big chunk of CC market this season, lets us provide unbelievable features and rewards to all CC maket segments and inundate the market with CCs everywhere by collaborating with different partners at a huge cost..
Step 2) Towards the end of the season, okay guys , it is costing us too much and the partner agreements are coming up for renewal , so let us slash everything. Do they not know in advance that their partners agreements will be coming up for renewal and can they not forecast costs invloced??

Is this the plan??
Is this sustainable in the market long term? Is this the way to run a big bank after capturing the well renowned CITI bank??

 

[yolosingh]

Yes it's called your credit card. It will stay nice and warm and safe there till you need to move it to your favourable program.

And you're saying that in the Magnus Deval thread

 

[Slayer]

And you're saying that in the Magnus Deval thread

Which didn't happen till now

 

[NikTravelEnthusiast]

Day starts with checking updates on TF forum.

Throughout day we wait for official PDF on banks website. Mixed with lot of speculation, theories, humour, rumours etc..

The day ends by conclusion that atleast for today there is no devaluation..

Last few days has been like this...

 

[Sharjeelshaikh]

Infact I'm still not happy with magnus ratio it should be 1:10 for accor and 4:5 for others .....jai ho