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

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rahulsethi

rahulsethi

TF Ace
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
 
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rahulsethi said:
At this rate no one is gonna transfer it's as good as there are no transfer partners, actually it now makes no business sense for transfer partners to continue with axis edge rewards program because no one is actually gonna use them. Business viability of transfer partners stem from the fact they provide higher benefit than statement credit which is not the case with Axis ER now.
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But axis Magnus ER can’t be used as statement credit ?
Correct me if I am wrong here .
A 5:1 transfer rate is still better than Infinia and DCB owing to the fact the earning rate is higher in Axis
Reward rate still is of 6% which is still better than its peers
 
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anirban.choudhury said:
But axis Magnus ER can’t be used as statement credit ?
Correct me if I am wrong here .
A 5:1 transfer rate is still better than Infinia and DCB owing to the fact the earning rate is higher in Axis
Reward rate still is of 6% which is still better than its peers
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Whether Magnus makes sense or not depends on where your spending will lie. As you are aware a lot of people used Magnus for govt trans. Can't do that now. But if you are someone who will be hitting that 1L milestone, then it still makes sense to hold for diversity in transfer partners.
 
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To all those defending Axis bank citing T&C fine print. I reiterate Geeta karam kar fal ki chinta nhi. We have redress channels and atleast I will take it all the way to RBI Ombudsman and pressurize bank through forums, social media and my B school alumni network many of whom are in Axis leadership positions. If not a resolution I might and mostly will win a good bargain out of this like getting my Magnus LTF for example. So my 2 cents no harm escalating it and voicing your dissent and a good practice always would have been a 3 month advance notice. Also, this comes from someone whose every single penny spent on Magnus comes from legit spends, i myself don't advocate rotating money illegaly on credit cards to exploit rewards.
 
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CARDBITRAGE said:
Whether Magnus makes sense or not depends on where your spending will lie. As you are aware a lot of people used Magnus for govt trans. Can't do that now. But if you are someone who will be hitting that 1L milestone, then it still makes sense to hold for diversity in transfer partners.
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Exactly like I have 4 lakhs spend on ULIP each year which I do quarterly so 4 months with 1 lakh spends straightaway and Axis is one of the few banks that still rewards insurance spends. So even at rough 6 pc return now it's a natural choice for my insurance spends.
 
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rahulsethi said:
Exactly like I have 4 lakhs spend on ULIP each year which I do quarterly so 4 months with 1 lakh spends straightaway and Axis is one of the few banks that still rewards insurance spends. So even at rough 6 pc return now it's a natural choice for my insurance spends.
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What is the XIRR you getting on ULIPs? Maybe you should focus on it more than cards first. UNSOLICITED ADVICE

 
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rahulsethi said:
To all those defending Axis bank citing T&C fine print. I reiterate Geeta karam kar fal ki chinta nhi. We have redress channels and atleast I will take it all the way to RBI Ombudsman and pressurize bank through forums, social media and my B school alumni network many of whom are in Axis leadership positions. If not a resolution I might and mostly will win a good bargain out of this like getting my Magnus LTF for example. So my 2 cents no harm escalating it and voicing your dissent and a good practice always would have been a 3 month advance notice. Also, this comes from someone whose every single penny spent on Magnus comes from legit spends, i myself don't advocate rotating money illegaly on credit cards to exploit rewards.
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I agree.. Log pata nhi kyu bavaal kar rhe hai.. are bhai jyada se jyada wo mana kar denge.. unko bolne do k wo as per rules kar rhe hai aur 0.2 value hi de rhe hai etc.. bank ka reply ham kyo de rhe hai abhi se? Apna to bas 5-10 min lagega mail daalne me.. aisa ho to chatgpt ko bol dena acha draft karne k liye
TheGambler said:
Just look at the SBI cards. Cashback was retrospectively debited by SBI of already credited and utilised RP/cashback in last feb-march, nobody was able to do a thing.
Move on.
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Thats complete different case - they announced that now they will not credit cb or points for offer period and somehow their system gave points, they reversed it. Its like taking reserve loophole point reversed. In genuine case - SBI wrongly deducted points in my card, and after complaining to PNO, they reversed same
 
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rahulsethi said:
To all those defending Axis bank citing T&C fine print. I reiterate Geeta karam kar fal ki chinta nhi. We have redress channels and atleast I will take it all the way to RBI Ombudsman and pressurize bank through forums, social media and my B school alumni network many of whom are in Axis leadership positions. If not a resolution I might and mostly will win a good bargain out of this like getting my Magnus LTF for example. So my 2 cents no harm escalating it and voicing your dissent and a good practice always would have been a 3 month advance notice. Also, this comes from someone whose every single penny spent on Magnus comes from legit spends, i myself don't advocate rotating money illegaly on credit cards to exploit rewards.
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Just out of curiousity
On what grounds will you file a Ombudsman complain ?
 
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neogen said:
I do have LTF Infinia.. still Neucard is worth the hassle?
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You can take it for UPI payments (RuPay version) which gives 1.5%. The downside is that you can utilise the Neu Coins earned to only buy Tata stuff, that too on their horrible Tata Neu super app which is a nightmare to use. Worth the hassle? No.
 
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neogen said:
On grounds that Axis has been fixing loopholes that in turns causes mental harassment to people as they can't game the system anymore l.🤪
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FYI I never gamed it, my only grudge is the notice is not adequate even for honest card members like me and there are many like me. And it's our purview what we choose to do with our time and where do we take our business. So if you don't wanna take it up by all means don't do, but don't chide those who choose to. I just gave a way to take it up, how successful it will be will vary individual to individual. If you don't wanna pursue it don't by all means but don't dissuade others
 
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FYI like few are defending Axis here even my friends from B school who are in Axis leadership even they won't like that 😅 are you guys on Axis payroll? And speaking of taking business elsewhere I can very happily do that have 30 active credit cards with some good ones like DCB LTF and Amex cards soon to be upgraded to Infinia Metal.
 
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rogerthat said:
You can take it for UPI payments (RuPay version) which gives 1.5%. The downside is that you can utilise the Neu Coins earned to only buy Tata stuff, that too on their horrible Tata Neu super app which is a nightmare to use. Worth the hassle? No.
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Not necessarily on neu app
You can directly use coins on croma, bb, tata cliq and even can use for air Asia flights as well

As per my opinion, card is great, gives 5% cashback on bill payment, 1.5% everywhere, and if you use it from neu app, you can get best value
 
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