Time for Prestige renewal - what would you do?

[PiperatGatesofDawn]

So the dilemma - my Prestige Card is up for renewal shortly. Right now the only thing going for them is there fantastically awesome support, my 6 unlimited priority passes for my family & me which thanks to Covid is seeing significantly less but not 0 usage and my 15-20 year association with them.

Still have to be practical and the ~25k renewal is a lot of money. If they still had their Asia wide airport transfer service I would still continue with them because I could recover the cost of the card from only that!

I already have the Reserve, Magnus and Infinite cards. So down the road I'm guessing Prestige will be mapped to either the Reserve or Magnus card. Question is how soon!

So what do I do? Do I renew or cancel?

 

[Wealth is my birth right!]

So the dilemma - my Prestige Card is up for renewal shortly. Right now the only thing going for them is there fantastically awesome support, my 6 unlimited priority passes for my family & me which thanks to Covid is seeing significantly less but not 0 usage and my 15-20 year association with them.

Still have to be practical and the ~25k renewal is a lot of money. If they still had their Asia wide airport transfer service I would still continue with them because I could recover the cost of the card from only that!

I already have the Reserve, Magnus and Infinite cards. So down the road I'm guessing Prestige will be mapped to either the Reserve or Magnus card. Question is how soon!

So what do I do? Do I renew or cancel?

Post citi Axis bank card merger I suggest to close prestige since u already hold top hni cards of axis

 

[sm123]

Have the same question. Is it worthwhile keeping Citi Prestige as the renewal fees is ~INR 25K. Have quite a few points on the card, if I close what would be the best transfer option?

 

[Deleted member 11974]

the best part of prestige is transfer option is at the ration of 1:1 which is better than axis hni cards

 

[PiperatGatesofDawn]

the best part of prestige is transfer option is at the ration of 1:1 which is better than axis hni cards

The transfer ratio of Prestige is 1:4... but how is that better than Axis? Magnus gives 4.8% and Reserve gives 6%. Prestige gives 4% and is super restrictive in terms of MCC codes/categories.

 

[thanix]

The transfer ratio of Prestige is 1:4... but how is that better than Axis? Magnus gives 4.8% and Reserve gives 6%. Prestige gives 4% and is super restrictive in terms of MCC codes/categories.

Original post is from May. Did you renew or closed it? Is Axis renewing it or giving their equivalent cards upon renewal?

 

[PiperatGatesofDawn]

Original post is from May. Did you renew or closed it? Is Axis renewing it or giving their equivalent cards upon renewal?

Renewed it but for sentimental reasons mainly. I get marginal additional value from it. I'm not sure but I don't know if the card will migrate before March/April next year.

 

[Deleted member 11974]

The transfer ratio of Prestige is 1:4... but how is that better than Axis? Magnus gives 4.8% and Reserve gives 6%. Prestige gives 4% and is super restrictive in terms of MCC codes/categories.

not talking about reward rate
transfer rate of magnus is 5:4 which might become 5:1
reserve it has been confirmed
prestige transfer rate is at 1:1 afaik

 

[amitr29]

not talking about reward rate
transfer rate of magnus is 5:4 which might become 5:1
reserve it has been confirmed
prestige transfer rate is at 1:1 afaik

Prestige transfer rate is 4 miles for 1 reward points. If someone doing transaction of 50k

Assuming Magnus at 3x - 0.06x50000x3 = 9000. If it's 5:4 then its better i.e 7200 transfer points otherwise it's just 1800

Prestige - 0.01x5000 = 500, which is 2000 miles.

So, it all depends on Axis Magnus devaluation. As we know Grabdeals and Gyftr already substantially devalued.

 

[Deleted member 11974]

so prestige base reward points i 1%
on a spend of 50k-0.01*50000=500 which is 2000 miles
on magnus
on a spend of 50k -0.06*50000=3000 miles
which on 5:1 conversion would become 600 miles
i dont understand why did you calculate 3x

 

[amitr29]

so prestige base reward points i 1%
on a spend of 50k-0.01*50000=500 which is 2000 miles
on magnus
on a spend of 50k -0.06*50000=3000 miles
which on 5:1 conversion would become 600 miles
i dont understand why did you calculate 3x

Assuming even if you use Gyftr and get 3x.. Best possible scenario taken

 

[PiperatGatesofDawn]

not talking about reward rate
transfer rate of magnus is 5:4 which might become 5:1
reserve it has been confirmed
prestige transfer rate is at 1:1 afaik

You are unnecessarily causing me to panic. Did you fall into a coma this last week? Seeing your comments on Grabdeals & Reserve had me panicking.

No devaluation is happening right now on any Axis Card except Flipkart. Everything is on hold.

Also you're very wrong about the transfer rate. With Prestige you earn 1 Point / Rs. 100 spent. And 1 point = 4 airmiles. So 1:4.

Also how does transfer rate matter. Why would I care about that. I care about the reward rate.

 

[D7162]

reserve it has been confirmed

NOTHING YET

 

[Deleted member 11974]

NOTHING YET

somebody shared a pdf for reserve
was it fake?

 

[Deleted member 11974]

Assuming even if you use Gyftr and get 3x.. Best possible scenario taken

this is the best case scenario
but if it is not
then my calcultion stands correct if devluation happens

 

[Deleted member 11974]

You are unnecessarily causing me to panic. Did you fall into a coma this last week? Seeing your comments on Grabdeals & Reserve had me panicking.

No devaluation is happening right now on any Axis Card except Flipkart. Everything is on hold.

Also you're very wrong about the transfer rate. With Prestige you earn 1 Point / Rs. 100 spent. And 1 point = 4 airmiles. So 1:4.

Also how does transfer rate matter. Why would I care about that. I care about the reward rate.

yes i was wrong about prestige transfer rate
but my calculation stands correct if devaluation happens on magnus

 

[PiperatGatesofDawn]

somebody shared a pdf for reserve
was it fake?

They had uploaded the pdf T&C document to the public Axis Bank website. They had not made any changes to the Reserve webpage. And very shortly after that removed that pdf. So as far as we are concerned it's BAU with impending doom in the horizon.

 

[Akashgore10]

They had uploaded the pdf T&C document to the public Axis Bank website. They had not made any changes to the Reserve webpage. And very shortly after that removed that pdf. So as far as we are concerned it's BAU with impending doom in the horizon.

yeah true, the devaluation is coming, just a matter of time..in that scenario, prestige wins hands down

 

[PiperatGatesofDawn]

yeah true, the devaluation is coming, just a matter of time..in that scenario, prestige wins hands down

yes i was wrong about prestige transfer rate
but my calculation stands correct if devaluation happens on magnus

The trouble is 1. you're speculating about the deval. Sure it might happen but that's NOT what was being discussed. 2. You've never used Prestige and you don't know anything about it really.

Anyways to continue to quibble. IF the deval happens to 5:1 and IF the 25k bonus still stands Magnus will continue to be a better card for spends of approx 1L++. Additionally IF Axis doesn't add more MCC restrictions then it will be a better card because Citi really screwed the Prestige card so in real life apart from a handful of places you can't even use the damn card.

 

[Akashgore10]

The trouble is 1. you're speculating about the deval. Sure it might happen but that's NOT what was being discussed. 2. You've never used Prestige and you don't know anything about it really.

Anyways to continue to quibble. IF the deval happens to 5:1 and IF the 25k bonus still stands Magnus will continue to be a better card. Additionally IF Axis doesn't add more MCC restrictions then it will be a better card because Citi really screwed the Prestige card so in real life apart from a handful of places you can't even use the damn card.

Wow, how can you assume I don't have Prestige. Also I am not speculating about deval. It is coming it's just a matter of when.

Overall as a package, prestige is better as the Citi team will look after this card once the merger is complete, so the service will still be better than Axis and reward transfer capping will not apply to this card