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

 

[vina]

Congrats!
what was the credit limit of your existing HDFC card?
Did you bump up your HDFC card spends in last 6 months before your fifth application?

Got the card today

 

[dominic1229]

Got the card today, limit 10L

Congrats bud. cheers!
are you okay with mastercard or will you try to get it changed to VISA variant?

 

[vina]

HDFC doesn't even guarantee Infinia With Imperia which requires 30L FD.I don't think we can get Infinia for a 10L FD.

check the post of @vina he had significant money in the HDFC Saving account and still HDFC did not offer him Infinia.I even asked in a branch willing to put 30L FD But the RM said not possible and this was for a new relationship for which these guys are always eager.

actually, you can get Infinia for 10L FD

they do offer that - they offered that to me last year; I already had Magnus, I told them to take a hike

 

[vina]

Is fd based Infinia LTF? And why is fd rate lower? Hdfc is offering 6.5% interest rate.

No, you got to pay fees etc.

 

[Anonymous ツ]

actually, you can get Infinia for 10L FD

they do offer that - they offered that to me last year; I already had Magnus, I told them to take a hike

is it FD based card which you got?

 

[vina]

Congrats bud. cheers!
are you okay with mastercard or will you try to get it changed to VISA variant?

Is there any advantage of one vs the other?

I don't care about Golf

 

[vina]

is it FD based card which you got?

No, I explained before - I closed all HDFC cards in December last year (after I think 5th rejection of Infinia; they told me I had to spend 7L+ within 6months on my existing Regalia or I could get card against FD - I didn't mention that before because I thought it was an unbelievably stupid offer, especially since I had Magnus; it may not be entirely stupid now); salary account remained HDFC. I just waited to 7 months (6 months should be enough), applied again with fingers crossed, but this time got the RM to do it for me.

 

[WhoU]

No, I explained before - I closed all HDFC cards in December last year (after I think 5th rejection of Infinia; they told me I had to spend 7L+ within 6months on my existing Regalia or I could get card against FD - I didn't mention that before because I thought it was an unbelievably stupid offer, especially since I had Magnus; it may not be entirely stupid now); salary account remained HDFC. I just waited to 7 months (6 months should be enough), applied again with fingers crossed, but this time got the RM to do it for me.

My RM is asking me for the same spends of 7L in 6M. I tried to explain them I have my spends on Magnus, but just wouldn’t listen.

 

[phagocyte536]

My first salary from magnus is a double salary.. sadly just one more salary after this..

 

[Walter White]

My RM is asking me for the same spends of 7L in 6M. I tried to explain them I have my spends on Magnus, but just wouldn’t listen.

Infinia ka ek time pe tha ki alag level ka card hai. Ab to ek above average card hai is time pe. Pata nhi kis baat ka attitude hai HDFC ko.

 

[WhoU]

Infinia ka ek time pe tha ki alag level ka card hai. Ab to ek above average card hai is time pe. Pata nhi kis baat ka attitude hai HDFC ko.

I know right. It’s only good because of the 5x on gyftr vouchers. I can definitely live without it, but ahh, just irritating that I have to stick to DCB’s 3x meanwhile.

 

[hrish88]

there is no charge for Burgundy; the charge is in the form of opporutnity cost (unless it is based on salary) - you get only savings interest on the 10Lakhs

Actually, you can get to Burgandy via the FD route. so no loss of interest there. also, you can maintain balance/relationship at the family level in multiple accounts.

Congrats on your Infinia.But isn't Magnus better now with 4.8% Base rate and gives the flexibility of not worrying about hitting a milestone? With Infinia you have to make sure to get those 15000 bonus points every month but with Magnus you can spend 5L in some months and 50K in others.

Now you will have more headaches as you need to do more calculations as you have 2 best cards in India 🙂

 

[vina]

Magnus is dead when you compare with Magnus prior to devaluation. However it is still the 2nd best card depending on person to person. If you are a Brugundy customer the best card is Magnus as it will be LTF with 5:4 transfer and non spend benefits. Gyftr keeps changing... tomorrow suddenly one might see higher rewards as well
Infinia is an All rounder card while Mangus is 2nd best. If someone has Infinia never forfeit it as it is the best card at zero cost

It doesn't matter whether Infinia is better if you can't get it.

My suggestion - if you can get Burgundy (which means either via salary or by having 10L parked there), then go ahead and get Magnus. It is pretty good. I also suspect that they are trying to make sure a lot of their customers drop it before they restore some benefits (milestone wont come back I'm sure, but gyftr may improve) - I don't think they had any way of mass cancelling cards without inviting trouble from RBI, and while they could cancel for everyone and release a new card, I'm quite sure marketing expenses (and the fact that many of the customers who they do want wont apply) wouldn't really work out. I may be wrong of course. But if I'm right, it'll get closer to Infinia before the end of this year.
You'll lose opportunity cost of making additional about 50-70k in tax free interest (PPF etc.) if it is deposit based, however you should read the last part.


Now once you get Magnus, apply for Infinia also - if you get Infinia, you can keep Magnus or drop it, you decide. The first year fee they return anyway. But you need to figure whether with the measly return rate you can justify losing 50-70k in interest (number will be different for everyone). I might be able to justify it, but barely. If you get salary based Burgundy, then this isn't a problem anyway, I would say there is no cost to keeping Magnus.



If you can get Infinia without FD - of course you should go for it (and use Magnus for remaining year in places where Infinia doesn't give back much; throw it away in second year - it is useless once you had Infinia unless you are super rich; and actually even then).

Infinia with 10L FD deposit may still be worth it if that's all you have and you spend 1L per month on an average on the card (not even every month, like on Magnus) - the return in Vistara points will be easily 15% or even more. And those who can keep 10L sitting aroung in FD can probably use the flights (or their siblings can).

The issue is: "if that's all you have" - because you don't have to have only Infinia. Even ICICI Amazon card gives 5% all the time, and 10% six times a year on Amazon. HDFC Millenium - same. SBI Cashback - same. Why that matters is because there is a practical limit on how much you can make for a given spend on Infinia and with some planning you can still earn good rewards on other cards. The question is - can you make rewards worth about 50k more on Infinia than on other cards (and this will change for everyone) - because otherwise the 10L FD deposit is just stupid.

If you have noticed - 10L savings average monthly balanced based Burgundy is worse that Infinfia-FD stupid in the above no matter how you cut it. I simply wont recommend that.



Coming back to if you have to get Burgundy with a 10L savings monthly balance AND you can't get Infinia - well first you got to really ask yourself, why can't that 10L be in a FD account at HDFC (because that gets you Infinia). But let's say there is some reason that I can't figure at all - the returns are unlikely to be justifiable (you do lose 50k per year compared to PPF; any returns must first compensate that for you) for your situation in the light of the fact that there are plenty of cards that give about 5% returns on a number of expenses, and there is Stanchart Ultimate also.


If you Infinia gets rejected - I'll say screw Burgundy and screw Magnus then, move over to other cards.

 

[K.R]

Actually, you can get to Burgandy via the FD route. so no loss of interest there. also, you can maintain balance/relationship at the family level in multiple accounts.

Congrats on your Infinia.But isn't Magnus better now with 4.8% Base rate and gives the flexibility of not worrying about hitting a milestone? With Infinia you have to make sure to get those 15000 bonus points every month but with Magnus you can spend 5L in some months and 50K in others.

Now you will have more headaches as you need to do more calculations as you have 2 best cards in India 🙂

Brugundy via FD is 30 lacs and not 10 lacs 🙂

 

[ankurarora898]

my sister had 50L in fd's in hdfc last year and her rm denied she can't get her infinia.All you guys getting in 10L 🥲

 

[K.R]

It doesn't matter whether Infinia is better if you can't get it.

My suggestion - if you can get Burgundy (which means either via salary or by having 10L parked there), then go ahead and get Magnus. It is pretty good. I also suspect that they are trying to make sure a lot of their customers drop it before they restore some benefits (milestone wont come back I'm sure, but gyftr may improve) - I don't think they had any way of mass cancelling cards without inviting trouble from RBI, and while they could cancel for everyone and release a new card, I'm quite sure marketing expenses (and the fact that many of the customers who they do want wont apply) wouldn't really work out. I may be wrong of course. But if I'm right, it'll get closer to Infinia before the end of this year.
You'll lose opportunity cost of making additional about 50-70k in tax free interest (PPF etc.) if it is deposit based, however you should read the last part.


Now once you get Magnus, apply for Infinia also - if you get Infinia, you can keep Magnus or drop it, you decide. The first year fee they return anyway. But you need to figure whether with the measly return rate you can justify losing 50-70k in interest (number will be different for everyone). I might be able to justify it, but barely. If you get salary based Burgundy, then this isn't a problem anyway, I would say there is no cost to keeping Magnus.



If you can get Infinia without FD - of course you should go for it (and use Magnus for remaining year in places where Infinia doesn't give back much; throw it away in second year - it is useless once you had Infinia unless you are super rich; and actually even then).

Infinia with 10L FD deposit may still be worth it if that's all you have and you spend 1L per month on an average on the card (not even every month, like on Magnus) - the return in Vistara points will be easily 15% or even more. And those who can keep 10L sitting aroung in FD can probably use the flights (or their siblings can).

The issue is: "if that's all you have" - because you don't have to have only Infinia. Even ICICI Amazon card gives 5% all the time, and 10% six times a year on Amazon. HDFC Millenium - same. SBI Cashback - same. Why that matters is because there is a practical limit on how much you can make for a given spend on Infinia and with some planning you can still earn good rewards on other cards. The question is - can you make rewards worth about 50k more on Infinia than on other cards (and this will change for everyone) - because otherwise the 10L FD deposit is just stupid.

If you have noticed - 10L savings average monthly balanced based Burgundy is worse that Infinfia-FD stupid in the above no matter how you cut it. I simply wont recommend that.



Coming back to if you have to get Burgundy with a 10L savings monthly balance AND you can't get Infinia - well first you got to really ask yourself, why can't that 10L be in a FD account at HDFC (because that gets you Infinia). But let's say there is some reason that I can't figure at all - the returns are unlikely to be justifiable (you do lose 50k per year compared to PPF; any returns must first compensate that for you) for your situation in the light of the fact that there are plenty of cards that give about 5% returns on a number of expenses, and there is Stanchart Ultimate also.


If you Infinia gets rejected - I'll say screw Burgundy and screw Magnus then, move over to other cards.

Sir I have both Infinia ( and Iam thankful to HDFC ) and Magnus and both are equally important for my pattern of spends. Also it is advisable to have 2 options as the benefits keep changing 🙂 I need one Atlas as it is almost free but I get additional Guest Lounge access for International ( for my son. Since its free for Atlas as I get equivalent miles for renewal benefit). My aim is not to make returns on spend etc. Its just that I do not want to waste extra money on some lifestyle benefits and and also want my net forex markup to be zero ( forex markup compensated by airmiles returns)

 

[vina]

Actually, you can get to Burgandy via the FD route. so no loss of interest there. also, you can maintain balance/relationship at the family level in multiple accounts.

Congrats on your Infinia.But isn't Magnus better now with 4.8% Base rate and gives the flexibility of not worrying about hitting a milestone? With Infinia you have to make sure to get those 15000 bonus points every month but with Magnus you can spend 5L in some months and 50K in others.

Now you will have more headaches as you need to do more calculations as you have 2 best cards in India 🙂

So I intend to use Gyftr, most expenses will not be 4.8%, they'll be higher on Infinia (At least for now, starting September; I fully intend to meet Magnus milestone next month). I intend to use my Magnus (no plans to cancel this year, and no plans to renew next year unless they change something) for now for travel and for insurance etc. where the Infinia returns are inferior at about 3.3% (though Magnus is only a little better, so I wont lose sleep over it)


I'm also not sure about how Infinia's 15000 points a month max works (and redemption quirks too) - no idea whether there will be other opportunities to use Magnus.

I foresee relatively little travel usage for Magnus even in that above scenario - most of my travel is flights, and I anticipate getting more than enough miles to cover a large part for it (though from Infinia this time 🤣 ). I'm absolutely sure I'm not renewing Magnus next year if they don't pay my fee back somehow (or if Infinia gets fu**ed, we will see).

 

[K.R]

June Milestone credited. My first salary from Magnus

Thanks for letting us know. Just checked and 50K credited 🙂

 

[vina]

Sir I have both Infinia ( and Iam thankful to HDFC ) and Magnus and both are equally important for my pattern of spends. Also it is advisable to have 2 options as the benefits keep changing 🙂 I need one Atlas as it is almost free but I get additional Guest Lounge access for International ( for my son. Since its free for Atlas as I get equivalent miles for renewal benefit). My aim is not to make returns on spend etc. Its just that I do not want to waste extra money on some lifestyle benefits and and also want my net forex markup to be zero ( forex markup compensated by airmiles returns)

Sir, I wasn't writing about you. I concurred with your post and was adding to it.

I concur with this post too 🙂 I apologise if I gave some wrong impression

 

[K.R]

Just to let everyone know what a gem card Magnus was.. I had spent equal amount in Infinia and Magnus in May & June months . Infinia has credited approximately 10K points and Magnus has credited 73K ( considering 5:4 its 58.5 K)