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

 

[phagocyte536]

This is still not bad compared to the PDF. If one hits milestone, All 2X = 29.6% miles. 3X = 34.4% miles.

Even infinia is not nearby.

I don't mind if they continue like this for few months till the PDF becomes reality.

 

[phagocyte536]

It's important that the milestone remains at 25K ER for magnus to continue to stand out.. <1L spends don't seem attractive anymore especially that not everyone can make use of miles at the best value

 

[amitalpha]

when nothing is of 10X why even advertise till now?

 

[phagocyte536]

when nothing is of 10X why even advertise till now?

Technically some nonsense vouchers are at 10X

E-Gift Cards & Gift Vouchers | Amazing Discount Offers | Axis Bank

Edgerewards Home Page

www.gyftr.com

 

[phagocyte536]

Guys did traveledge explicitly mention 5X on their site banner before? I don't seem to find that anymore

 

[amitalpha]

Technically some nonsense vouchers are at 10X

E-Gift Cards & Gift Vouchers | Amazing Discount Offers | Axis Bank

Edgerewards Home Page

www.gyftr.com

Only one is

 

[phagocyte536]

Only one is

That's why they are advertising

 

[phagocyte536]

Guys did traveledge explicitly mention 5X on their site banner before? I don't seem to find that anymore

I feel it's gone..

 

[Warlock27]

Does anyone know if the Samsung Infinite ER are still working with Magnus?
I got mine approved today and will recieve it in a few days, now that all this devaluation stuff is in the air and axis is aware of some shit, I'm not sure if I should go ahead with the activation and get the welcome edge rewards. I do have some use for the card but I can live without it as well. Would really appreciate some advice here.

 

[MayankBamboria]

All these devaluations will only kill the Magnus Card and they will see a lot of card closures for sure. 10k + taxes for nothing.

 

[Warlock27]

I feel it's gone..

I think so too, even from Grabdeals page it now only mentions zero convenience fee. Shit Axis went really low with this.

 

[ppac18]

I think so too, even from Grabdeals page it now only mentions zero convenience fee. Shit Axis went really low with this.

Yeah it looks like they've declared all-out war against all of their customers, both the regular spenders and the rotator types.

 

[Consultant]

Spoke to Axis reps at the Mumbai airport today. As per them - devaluation has just been discussed internally and is not yet final. No formal communication has been sent to them from the bank. They are still selling it with the same old features.

 

[Consultant]

As usual, yes bank kiosk had 2 girls playing mobile games while everyone were at the axis bank kiosk.

 

[Cardmarvel]

Does anyone know if the Samsung Infinite ER are still working with Magnus?
I got mine approved today and will recieve it in a few days, now that all this devaluation stuff is in the air and axis is aware of some shit, I'm not sure if I should go ahead with the activation and get the welcome edge rewards. I do have some use for the card but I can live without it as well. Would really appreciate some advice here.

You won’t receive it for next two months. I haven’t when my card was delivered in early June

 

[Consultant]

Irrespective of what happens on 13th Aug, no1 is gonna wait and watch.
Everyone would be pulling our and transferring all points to not risk them. That said, I am glad Axis chose this BS strategy to test waters. Knowing that they can stoop to such low levels, the fear of devaluation is no more there.
So next deval won’t matter much if we are on guard.

 

[neogen]

Spoke to Axis reps at the Mumbai airport today. As per them - devaluation has just been discussed internally and is not yet final. No formal communication has been sent to them from the bank. They are still selling it with the same old features.

Means, they are in denial and are still trapping gullible customers.

My 2 cents, devaluation is inevitable. Axis has landed themselves in massive mess - seems their CC department is run by kids. They have no experience in product designing strategy, creating products and managing customer expectations.

Also, Axis kids are reading forum posts here and are further taking knee jerk actions.

 

[Cardmarvel]

This is still not bad compared to the PDF. If one hits milestone, All 2X = 29.6% miles. 3X = 34.4% miles.

Even infinia is not nearby.

But Infinia gives 15-20% consistently and quickly.

 

[V G]

Big problem with axis is delay in crediting ER. This devaluation news gave us a lesson that a bird in hand is more valuable than two in bush. Axis ER are in bush. Axis can anytime devalue our points value with 30 days notice whereas points are received in 120 days.

 

[thanix]

Guys did traveledge explicitly mention 5X on their site banner before? I don't seem to find that anymore

I believe it was 2x in some old TnC and later became 5x.