Axis Magnus Recent devaluation of Axis Magnus and Reserve. Further action for TF community?

[rahulsethi]

Update with the revised official devaluation, this call for action makes no sense now 🙏 Axis has played fair this time crediting all pending ER by Aug 10 including those from July month, giving everyone a chance to transfer at 5:4 one last time. My suggestion, go all in for Accor.

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Hello TF family,

We all are now aware of the recent devaluation of the Axis Magnus and Reserve cards. I am writing to you as a concerned Axis customer and member of the TF community, regarding what could be our next course of action. As we know the bank changed the transfer partner ratios significantly from 5:4 to 5:1, among other unfavorable alterations. I took the initiative to personally contact Axis priority customer care, and they confirmed that an official communication regarding these changes is scheduled for release on July 11.

While I understand that product features and terms are subject to change within the purview of the bank, I firmly believe that it is our right as customers to be adequately notified well in advance. In the case of Axis Magnus, for instance, the one-month notice provided is insufficient. According to the bank's process, points earned today are credited after a period of three months. Therefore, if I have made purchases today under the assumption that the earned points would be redeemable at a 5:4 transfer rate based on the existing contract, it is only reasonable and legally justified to expect a three-month advance notice for any policy changes, as the points are credited with a three-month delay. Failure to provide such notice constitutes a malpractice on Axis's part, and I am confident that Axis will be unable to justify this oversight if brought to the attention of the RBI Ombudsman.

Considering the above circumstances, I propose the following course of action to address this malpractice. First, it is essential to raise awareness about this issue within the TF community and other credit card forums. We should utilize platforms such as Twitter and other social media channels, tagging Axis and bringing attention to this matter. Secondly, once the official communication is received on July 11, I suggest writing an email to the customer care department, highlighting the procedural lapse and malpractice that has occurred. I anticipate that the response received will likely be a standard answer. Therefore, it is crucial to escalate the matter to the Principal Nodal Officer (PNO) of the bank and after one month, subsequently, if necessary, to the RBI Ombudsman. I firmly believe that either the Ombudsman will rule in our favor and ensure the transfer of our pending points at the rightful exchange rate, or the bank itself will be compelled to settle the matter. This negotiation process also presents an excellent opportunity to discuss the possibility of converting the Magnus card to a Lifetime Free (LTF) option.

In conclusion, I believe that united action and diligent pursuit of this matter will be instrumental in resolving the issues faced by customers affected by the devaluation of Axis Magnus and Reserve cards.

Rahul

 

[vina]

so move to infinia ?

Well the only reason I didn't already have Infinia (I applied in Jan too) was because they kept denying it. This time I have threatened the RM that I'll close all accounts if I don't get it, let's see what he does.

that said, I'm already close to the 15lakh threshold, so I don't think I'll cancel the Magnus. For regular shopping, flight bookings etc. Magnus with 5:4 (I already have Burgundy) beats Infinia. And once Axis gets rid of most of their Magnus customers (and for the rest the 25k per month milestone), I'm quite certain getting Vistara award flights will become considerably easier - last several months it has been very difficult.

I don't travel that much, and almost never internationally (and when I do, the employer pays), so Vistara is my main usecase unless some other domestiv airline starts offering flights for points.

 

[vina]

so move to infinia ?

to be honest, the reward rate for me had anyway gone from 5:4 to 5:1 - I was earning more points than I could use on flights/hotels and once that's out of the way, the only real usage was gift cards - which was 5:1 always.

Yes now milestone goes away and that's a shame. But then I'll move other spends to other cards and will now be able to use the points that I get fully. Not to say there is no loss, but I never made dreams of Europe vacation based on this card - for that kind of dreams I rely on my education and hard work (which anyway don't leave time for idiotic vacations). And only a fool would have thought that this could last. In fact I'm not sure even what is remaining (and what is on offer on Infinia) can last very long either.

 

[hrish88]

Not everyone has infinia.its a very hard card to get compared to Magnus..also isnt infinia have a cap of 15000 per month for accelerated reward points?so that's 180000 points per year + base points which are at 3.33%.

So for high spenders isn't magnus more rewarding even without burgandy as it doesn't have any cap

 

[vina]

Not everyone has infinia.its a very hard card to get compared to Magnus..also isnt infinia have a cap of 15000 per month for accelerated reward points?so that's 180000 points per year + base points which are at 3.33%.

So for high spenders isn't magnus more rewarding even without burgandy as it doesn't have any cap

well, it will depend on how and what you spend on

for Gyftr spends (Accelerated), to get to the cap of 15000 per month, you got to buy 1lakh worth of Amazon gift cards. There may be a few others that offer a bit better, but I don't think that's scalable. So basically - this is a very generous limit, the only reason it seem less generous is because with Milestone benefits Magnus was doing a lot better.

To the extent one car direct spends to Gyftr on Infinia, it beats Magnus hands down now even with the 5:4 ratio. The other difference comes in travel expenses and non-gyftr spends (like insurance, school fees etc.) - now the issue there is on many big ticket general spends Infinia doesn't give you anything. At best you'll get 3.3% in travel discounts. Magnus will give you 4.8% on the same (with 5:4) in airline points. That's a 1.5% difference, not nothing but not that much either.

On travel earnings - I don't travel a lot, so with the results of the above a lot of my travel will be covered mostly by points anyway. But to the extent it isn't - Magnus again beats Infinia with 5x on Travel Edge which makes the reward 24 points for 100rupees spent (vs about 16.6 points for 100 rupees spent for Infinia) - this difference is significant indeed for those who travel sufficient that other points earned will not pay for most of it. This is for flight tickets though. Hotels, Infinia discounts are again much higher (although I have heard that smartbuy may not be the cheapest place for hotel bookings in the first place).


Now if you don't use the points for travel, and try to use it for anything else - Magnus is basically absolutely useless. It is now in reality a ++ version of Axis Vistara Infinite, that's about it. If you try to redeem points on anything but travel, the value drops 5x instantly. Infinia is also not great, but it a far better than useless. Value drops to half, which means on Gyftr you can make 8% discount on many useful things, and if you travel but use the points for non travel in future - again you make 8% or so on flights and 16% on hotels.
So although I would in general advise against using the points on anything but travel in either case - if you do so Magnus beats Infinia hands down. Especially because if you like Apple products or want to buy Gold jewellery for Tanishq - again very good conversion is available on Infinia.




So there you have it.

I'm probably going to get a free renewal on Magnus in September based on my spends, so I'll keep it (because, if it is free, why not). I have applied for Infinia and strongly hope to get it this time (though all bets off - so many applications must have gone in in the last few weeks)
I intend to use Magnus for big ticket spends that are still allowed on it, but not on Infinia. This will be sizable in my estimation - several lakhs a year. May also use it for travel, though I have sufficient points on Vistara to not bother for some time (I rarely stay in hotels).
Rest of the spends will move to Infinia (I think sufficient to not pay renewal fee on that either).

 

[hrish88]

well, it will depend on how and what you spend on

for Gyftr spends (Accelerated), to get to the cap of 15000 per month, you got to buy 1lakh worth of Amazon gift cards. There may be a few others that offer a bit better, but I don't think that's scalable. So basically - this is a very generous limit, the only reason it seem less generous is because with Milestone benefits Magnus was doing a lot better.

To the extent one car direct spends to Gyftr on Infinia, it beats Magnus hands down now even with the 5:4 ratio. The other difference comes in travel expenses and non-gyftr spends (like insurance, school fees etc.) - now the issue there is on many big ticket general spends Infinia doesn't give you anything. At best you'll get 3.3% in travel discounts. Magnus will give you 4.8% on the same (with 5:4) in airline points. That's a 1.5% difference, not nothing but not that much either.

On travel earnings - I don't travel a lot, so with the results of the above a lot of my travel will be covered mostly by points anyway. But to the extent it isn't - Magnus again beats Infinia with 5x on Travel Edge which makes the reward 24 points for 100rupees spent (vs about 16.6 points for 100 rupees spent for Infinia) - this difference is significant indeed for those who travel sufficient that other points earned will not pay for most of it. This is for flight tickets though. Hotels, Infinia discounts are again much higher (although I have heard that smartbuy may not be the cheapest place for hotel bookings in the first place).


Now if you don't use the points for travel, and try to use it for anything else - Magnus is basically absolutely useless. It is now in reality a ++ version of Axis Vistara Infinite, that's about it. If you try to redeem points on anything but travel, the value drops 5x instantly. Infinia is also not great, but it a far better than useless. Value drops to half, which means on Gyftr you can make 8% discount on many useful things, and if you travel but use the points for non travel in future - again you make 8% or so on flights and 16% on hotels.
So although I would in general advise against using the points on anything but travel in either case - if you do so Magnus beats Infinia hands down. Especially because if you like Apple products or want to buy Gold jewellery for Tanishq - again very good conversion is available on Infinia.




So there you have it.

I'm probably going to get a free renewal on Magnus in September based on my spends, so I'll keep it (because, if it is free, why not). I have applied for Infinia and strongly hope to get it this time (though all bets off - so many applications must have gone in in the last few weeks)
I intend to use Magnus for big ticket spends that are still allowed on it, but not on Infinia. This will be sizable in my estimation - several lakhs a year. May also use it for travel, though I have sufficient points on Vistara to not bother for some time (I rarely stay in hotels).
Rest of the spends will move to Infinia (I think sufficient to not pay renewal fee on that either).

oh that 15000 cap is for Gyftr.so there is no cap on flights and hotels booked via Infinia?i thought 15000 was including everything.

My point was since magnus give almost 3 times after 1.5L.so Magnus has the potential of being more rewarding for people spending 3-4 L.

I got Magnus this March with FYF.I will also continue next year as i have to pay 1180 which is not bad considering the benefit.Also I have burgundy account.I am using magnus mainly for travel only.rest of the redemptions is anyways useless.

I don't think I will get Infinia in the near future as I closed my regalia last month only. Best of luck with your application.

 

[vina]

oh that 15000 cap is for Gyftr.so there is no cap on flights and hotels booked via Infinia?i thought 15000 was including everything.

My point was since magnus give almost 3 times after 1.5L.so Magnus has the potential of being more rewarding for people spending 3-4 L.

I got Magnus this March with FYF.I will also continue next year as i have to pay 1180 which is not bad considering the benefit.Also I have burgundy account.I am using magnus mainly for travel only.rest of the redemptions is anyways useless.

I don't think I will get Infinia in the near future as I closed my regalia last month only. Best of luck with your application.

thanks for the wishes.

how will you pay only 1180 next year?

the 15000 cap is for all accelerated rewards (regular rewards are outside that cap) I was saying it is hard to hit with Gyftr. But travel is different - you can hit that with one vacation booking easily.

Anyone spending over 1.5L with substantial travel will do better on Magnus. In fact people with heavy travel in general may do better on Magnus anyway.

 

[hrish88]

thanks for the wishes.

how will you pay only 1180 next year?

the 15000 cap is for all accelerated rewards (regular rewards are outside that cap) I was saying it is hard to hit with Gyftr. But travel is different - you can hit that with one vacation booking easily.

Anyone spending over 1.5L with substantial travel will do better on Magnus. In fact people with heavy travel in general may do better on Magnus anyway.

I got FYF with 10000 Tata Cliq Voucher.so next year even if i am paying 11800 its net 1800 (11800-10000[tata cliq]).

Its 1800 actually not 1180.

 

[ismail]

suddenly I feel Axis ATLAS card looks a good proposition to replace Magnus.. 2 Edge miles when converted is 4 miles on regular purchases and 10 miles(5EMs) on flight and hotels.
Maybe Axis forgot to devalue it

 

[Swastik]

Well the only reason I didn't already have Infinia (I applied in Jan too) was because they kept denying it. This time I have threatened the RM that I'll close all accounts if I don't get it, let's see what he does.

that said, I'm already close to the 15lakh threshold, so I don't think I'll cancel the Magnus. For regular shopping, flight bookings etc. Magnus with 5:4 (I already have Burgundy) beats Infinia. And once Axis gets rid of most of their Magnus customers (and for the rest the 25k per month milestone), I'm quite certain getting Vistara award flights will become considerably easier - last several months it has been very difficult.

I don't travel that much, and almost never internationally (and when I do, the employer pays), so Vistara is my main usecase unless some other domestiv airline starts offering flights for points.

With Idfc starting their vistara cards on top the already existing Sbi and Axis one's, you still might have a hard time finding award seats ,business class might be more available though ,not sure if it's worth the points

 

[Swastik]

I got FYF with 10000 Tata Cliq Voucher.so next year even if i am paying 11800 its net 1800 (11800-10000[tata cliq]).

Its 1800 actually not 1180.

Not Renewal benefits from next year ownwards

 

[vina]

suddenly I feel Axis ATLAS card looks a good proposition to replace Magnus.. 2 Edge miles when converted is 4 miles on regular purchases and 10 miles(5EMs) on flight and hotels.
Maybe Axis forgot to devalue it

Magnus with Burgundy gives to 4.8 miles

Of course then you got to have Burgundy. Also fees are higher

 

[vina]

With Idfc starting their vistara cards on top the already existing Sbi and Axis one's, you still might have a hard time finding award seats ,business class might be more available though ,not sure if it's worth the points

I'm not sure of that

See with Idfc etc. people can get at best one seat (and usually premium economy) per year without spending cash and may be 3 of they spent a lot of cash

Magnus was giving 4 seats per month to those who met milestone on Del blr sector (one of the most expensive in CV points)


Also, while i haven't applied for the more than one of these cards (I have Axis signature, may get infinite for the Gold membership, let's see), i believe once people start applying for all possible options (IDFC, SBI, axis, indusind), Vistara may start rejecting from their end too - people can't have multiple PAN numbers after all

 

[creditcardkakida]

Finally closed the magnus card today... Renewal was due in oct-nov but couldn't take the risk of 12500/- plus gst.. bas ab soch raha metal wale card me dhar lagwa ke emergency ke liye chaku banwa loon 🤣🤣

 

[satya]

Absolutely right

Absolutely with this devaluation of Magnus and a hefty fees of 12000 plus GST , I feel it is beginning of the fall of this card. Particularly without Greet and meet airport conceirge services this card becomes Absolutely useless and worthless. I am thinking of surrendering the card in 6 months before my next renewal
Comments please

 

[satya]

Finally closed the magnus card today... Renewal was due in oct-nov but couldn't take the risk of 12500/- plus gst.. bas ab soch raha metal wale card me dhar lagwa ke emergency ke liye chaku banwa loon 🤣🤣

Well done

Absolutely right

With the discontinued greet and meet service and other benefits it is the beginning of fall of Magnus
I plan to discontinue the card before my next renewal