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

 

[Pawan_KS]

Thanks a lot... A quick question, to achieve an AQB of 10 Lakhs, Should I park 10 Lakhs for the whole quarter?

You can open salary account instead with 3lakh +

 

[mastfun]

You can open salary account instead with 3lakh +

They said my Company is not listed...

 

[mastfun]

Thanks a lot... A quick question, to achieve an AQB of 10 Lakhs, Should I park 10 Lakhs for the whole quarter?

If I park 10 Lakhs in IDFC, I can get more interest and use it for Magnus Annual Fee 😀

10,00,000 + 7% = 70,000 - 30% tax = 49000 ...

 

[drsel]

Thanks a lot... A quick question, to achieve an AQB of 10 Lakhs, Should I park 10 Lakhs for the whole quarter?

Yes that would be simpler and easier.
In case you don't want Burgundy later, then you can invest the amount

 

[unwind]

If I park 10 Lakhs in IDFC, I can get more interest and use it for Magnus Annual Fee 😀

IDFC Saving interest rate is 4% upto 10 lakhs..7% starts for 10 lakhs plus 😀

And axis also would pay you 3% so it's 1% gap. Post tax would be 0.7%

 

[svs_23]

If I park 10 Lakhs in IDFC, I can get more interest and use it for Magnus Annual Fee 😀

10,00,000 + 7% = 70,000 - 30% tax = 49000 ...

IDFC 7% is for the amount exceeding 10L.
Amount upto 10L will get only 4% no matter whether you have 10L or 50L in the account.

 

[mastfun]

IDFC 7% is for the amount exceeding 10L.
Amount upto 10L will get only 4% no matter whether you have 10L or 50L in the account.

Park 11 Lakhs or 10 Lakhs 25 Thousand 🙂

 

[unwind]

Park 11 Lakhs or 10 Lakhs 25 Thousand 🙂

You will only get 7% on the 25k in case you deposit 10.25 lakhs. And 4% for 10 lakhs.

 

[svs_23]

Park 11 Lakhs or 10 Lakhs 25 Thousand 🙂

To make it more clear, assuming you have 11 lakhs in IDFC account, you get 4% for 10L and 7% for 1L

 

[mastfun]

To make it more clear, assuming you have 11 lakhs in IDFC account, you get 4% for 10L and 7% for 1L

Ah Thanks a lot for the clarification

 

[drsel]

IDFC Saving interest rate is 4% upto 10 lakhs..7% starts for 10 lakhs plus 😀

And axis also would pay you 3% so it's 1% gap. Post tax would be 0.7%

He must be referring to a fixed deposit giving 7% per annum

 

[mastfun]

He must be referring to a fixed deposit giving 7% per annum

Even that would work out better:

 

[drsel]

For a fixed deposit giving 7.5% The lost interest would be 45000 compared to the axis burgandy saving account.
After tax the loss would be only 31500 so if your 5:4 conversion ratio gives at least 31500 more than 5:2 ratio, it makes sense to open Burgundy account and keep 10 lacs idle @3%

To get a difference of Rs. 31500 you need to have burgundy Magnus spends which get you 78750 edge points

 

[mastfun]

For a fixed deposit giving 7.5% The lost interest would be 45000 compared to the axis burgandy saving account.
After tax the loss would be only 31500 so if your 5:4 conversion ratio gives at least 31500 more than 5:2 ratio, it makes sense to open Burgundy account and keep 10 lacs idle @3%

You get a difference of Rs. 31500 you need to have spends which get you 78750 edge points

Makes sense ...

 

[drsel]

You need to have spends getting you minimum 78750 edge points in a year
2 lacs air tickets on Traveledge will give you 60000 points right away.
However the Traveledge ticket prices are 5% higher for international airfares

 

[drsel]

Now the main question is when you have Burgundy activated, what will be the conversion ratio for your other 3 cards in your portfolio like Samsung infinite, Select, Rewards, IOCL, etc?

 

[MilesMax]

Has anyone evaluated the Magnus vs Atlas recently post devaluation? It looks to me that Atlas has far higher return as compared to Magnus even with the Burgundy option. Could I be wrong? This was calculated for an annual spend of 15 lacs.

Magnus + burgundy is still 4.8% (post activation as per axis) vs Atlas at 4% base spend.
Only place where Atlas shines is direct booking on airline or hotel website where Atlas gets accelerated points and Magnus doesn't

 

[drsel]

Only place where Atlas shines is direct booking on airline or hotel website where Atlas gets accelerated points and Magnus doesn't

Atlas would be better ONLY if the airfare on Traveledge is much more than direct booking with the airline.
Because Magnus burgundy gives 24% return when booking flights on Traveledge.
This even beats HFDC Infinia hands down.

 

[MilesMax]

Thanks a lot... A quick question, to achieve an AQB of 10 Lakhs, Should I park 10 Lakhs for the whole quarter?

Not really. AQB should be 10L.

Technically AQB = sum of Balance at EOD for 90 days / 90

Eg: For 45 days you can have 5L and other 45 days you have 15L. AQB would be 10L.

We don't know how Axis calculates it. Better to check with the RM.

 

[Deleted member 11974]

Not really. AQB should be 10L.

Technically AQB = sum of Balance at EOD for 90 days / 90

Eg: For 45 days you can have 5L and other 45 days you have 15L. AQB would be 10L.

We don't know how Axis calculates it. Better to check with the RM.

AQB is the average of the daily overnight closing balance divide by the number of days In a quarter i:e 90 days
and yes as you mentioned weighted average is taken up for calculation