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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

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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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Ajai Singh said:
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.
Click to expand...
That is an outright mindless and dopey strategy. They have no idea the impact this going to have on them, and the relationships they are going to tarnish. Who in their right mind runs petty experiments like that? You guys would have heard the quote, "Think twice before taking any decision." But our friends at Axis don't even bother to think once, especially when it comes to something extremely critical. Are the guys at Axis even qualified for the job? This is probably the most distasteful experience so far pertaining to the card industry. These twats didn't even acknowledge that the revisions on some of the cards have been temporarily revoked. There is no effin unison in their card unit. Each person has a different thing to say, on different days. They should own up to their crap and do what they set out to do and at the least keep their customers appraised on what the hell their intent is. This is definitely not a good look for Axis, and the utterly disgraceful way of dealing with the situation makes me question whether Axis has what it takes to even handle HNI customers. The top management definitely needs an award for being this blind to let this run this long. It's like they gave a wild card to some rando crass individual and gave them freedom to do whatever the hell they want, without keeping any checks and balances. They definitely need to take a page out of HDFC's book on how to develop, launch and facilitate the functioning of a product. If they keep at this bloody complacency, they are going to lose all their credibility and I can see them trickle down to the lower end of the market quite easily. They need to get their act together now, make the hard call and circle up the fools behind this mess. Damn! What a casual way to run a division that brings home around 10k CR in revenue.
 
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CARDBITRAGE said:
That is an outright mindless and dopey strategy. They have no idea the impact this going to have on them, and the relationships they are going to tarnish. Who in their right mind runs petty experiments like that? You guys would have heard the quote, "Think twice before taking any decision." But our friends at Axis don't even bother to think once, especially when it comes to something extremely critical. Are the guys at Axis even qualified for the job? This is probably the most distasteful experience so far pertaining to the card industry. These twats didn't even acknowledge that the revisions on some of the cards have been temporarily revoked. There is no effin unison in their card unit. Each person has a different thing to say, on different days. They should own up to their crap and do what they set out to do and at the least keep their customers appraised on what the hell their intent is. This is definitely not a good look for Axis, and the utterly disgraceful way of dealing with the situation makes me question whether Axis has what it takes to even handle HNI customers. The top management definitely needs an award for being this blind to let this run this long. It's like they gave a wild card to some rando crass individual and gave them freedom to do whatever the hell they want, without keeping any checks and balances. They definitely need to take a page out of HDFC's book on how to develop, launch and facilitate the functioning of a product. If they keep at this bloody complacency, they are going to lose all their credibility and I can see them trickle down to the lower end of the market quite easily. They need to get their act together now, make the hard call and circle up the fools behind this mess. Damn! What a casual way to run a division that brings home around 10k CR in revenue.
Click to expand...
They literally bought the book from CITI and still couldn't follow it.
 
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Saarthak Parihar said:
Can you tell how would you do your spends? Like what spends on what card that you're holding currently. I'd have to get a few cards after the Magnus fiasco.
Click to expand...
I will move my utility to tata Neu card which is 5%. Government spends can go to SC smart. Any payment that can be made using Amazon (like big basket, other gift cards, shopping, utility payments, insurance, etc on SBI cashback.
These two categories are excluded in Magnus if devaluation is true.
 
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Talked to Burgundy cc at around 9 PM. She said that they have been given confirmation on Magnus devaluation w e f 12th August. No info on Reserve deval as of yet. But half the time these cc people dont know whats going on so guessing will be on until it is made official.
 
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