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

 

[kalratush]

I guess I will keep the card as I got it FYF in Feb 2023 and have already met the 15L renewal fee waiver criteria. I spend about 2-3L per month and 75% of the expenditure is on travel edge hence I believe that 3L monthly spend I will still see a return of 20-25% as I have a burgundy account. Is my math correct or am I wrong here?

 

[Virgo]

I guess I will keep the card as I got it FYF in Feb 2023 and have already met the 15L renewal fee waiver criteria. I spend about 2-3L per month and 75% of the expenditure is on travel edge hence I believe that 3L monthly spend I will still see a return of 20-25% as I have a burgundy account. Is my math correct or am I wrong here?

Read last few comments in this thread. Realistic return will range from 10-15% depending how you value an ER

 

[CARDBITRAGE]

I guess I will keep the card as I got it FYF in Feb 2023 and have already met the 15L renewal fee waiver criteria. I spend about 2-3L per month and 75% of the expenditure is on travel edge hence I believe that 3L monthly spend I will still see a return of 20-25% as I have a burgundy account. Is my math correct or am I wrong here?

Read last few comments in this thread. Realistic return will range from 10-15% depending how you value an ER

TravelEdge gives 5X up to 2L and ~3x after 2L. So yes, if solely talking about travel, then you can yield 24% upto 2L.

 

[Virgo]

Let’s see. I used Reserve for the transaction so no milestone to hit. Will update here on 1% surcharge as well as regular reward points (if and when credited)

The transaction got settled today. I can see 1% rent surcharge + gst is reflecting. So goodbye PZ+RG

 

[rogerthat]

I don't know about others but as far as my use case is considered the card is dead as a doornail. I can reach 1L-1.25L spends in maybe 8/12 months and not much beyond, especially since now they've removed Govt and Utilities. That would give me a 2.4% return on airmiles. Which is pathetic.
Benefits from accelerated points will get nullified by the annual fees.
I don't do hotels so the entire Accor thing is useless as well. I am specifically looking at converting points to Avios.
Going to use the card for BMS until renewal (unless Axs*it takes away that too) and then will cancel it.
....
Feeling very sad considering the lengths I went to get it and the add-on, and remembering the excitement when I had gotten the card and the vacay plans I made with it.
Fork you Axs*it.

 

[Tirajat]

Am I getting this wrong based on miles conversion. On every Rs.100 spend, one gets 4.8 miles with Magnus (assuming 5:4 with Burgundy) versus 3.3 with Infinia and 4 with Prestige - without any accelerated awards. Isn't Magnus still most attractive?

 

[neogen]

You may have spends under utility/govt category. So u won't get any points on them.

But 3L on normal shopping category is indeed around 10%.

12 points or 4.8% till 1.5L and 35 points or 14% beyond that. So that comes to 9.4%. Add some more points for Gyftr/GD/Traveledge categories also. And maybe multiply by 1.8 for Accor. (I don't really value these at this rate, but a true hni will value it).

This 9.4% will move closer to 14% as spends go higher and higher.

My spend doesn't include any govt or utility spend and or any other MS BS expense.. I do have 15 18 L annual travel expense.. but will never use Axis's travel edge, rest are normal HH expenses

Now, please help me with the maths .. and lets keep it simple no MS, no gyftr etc..

ER till 1.5L = 9000
ER from 1.5 to 3L = 26250

For 3L monthly spend total ER: 35250.. at 5:2 convert to 14100.. thats merely 4.7%. What part did I miss?

Lets not bring that burgundy etc into the picture, thats a temp stop gap carrot thrown by axis.

 

[VGisHere]

What would be the best way to spend/invest 1L on Magnus for one last time (to achieve monthly milestone 25k ERPs)?

20k APV
10k ASV
70k where? (Some investment?)

 

[neogen]

Already did, please do revisit yours

Care to share, did mine.. don't see return more than 5%..

 

[rogerthat]

What would be the best way to spend/invest 1L on Magnus for one last time (to achieve monthly milestone 25k ERPs)?

20k APV
10k ASV
70k where? (Some investment?)

NPS 50k. Digital Gold 20k

 

[sid16]

Guys just for an information regarding Burgundy, there is something called as Burgundy Family, where upto 4 people in a family can TOGETHER maintain the eligibility criteria. Meaning if 4 people were to have a Burgundy Family ID, they would need to maintain 2.5 lakhs each in their savings account. And all 4 get all Burgundy features including primary Burgundy debit cards as well as primary LTF Select credit cards. It's not a bad deal at all.

 

[Virgo]

Care to share, did mine.. don't see return more than 5%..

I read your above post explaining the calculation. I think you missed reading mine carefully. I already mentioned that I am already a Burgundy with Axis hence assuming 5:4 till it lasts. Obviously the rate will drop once that ratio changes

 

[neogen]

He's right, those numbers work if you hold a Burgandy or Private relationship. It's roughly 9.4% return in miles/hotel points(this is not considering travel edge and grabdeal). So 10% is possible.

My take, better to distribute the love to other CCs.

Atlas for travel spend. For rest spread the love between Infinia, VI and Amex plat travel. Also.. ICICI Emeralde private metal.. the new kid on block

 

[MilesMax]

Total: 35250.. at 5:2 convert to 14100.. thats merely 4.7%. What part did I miss?

4.7% in miles/hotel points. The value of this point can vary depending on where you redeem. Can be as low as 0.4p or as high as 3Rs.
Keeping Accor as gold standard 4.7% * 1.8 = 8.46% back

Infinia 3.33% * 1.8 = 6%
Atlas 4% * 1.8 = 7.2%

 

[neogen]

I read your above post explaining the calculation. I think you missed reading mine carefully. I already mentioned that I am already a Burgundy with Axis hence assuming 5:4 till it lasts. Obviously the rate will drop once that ratio changes

That obvious is eminent, given Axis's recent actions. So, will not bet on that.

Perhaps, this Magnus mess has given all of us an opportunity to become CC enthusiast in real sense, where we aim to build a best and optimal CC portfolio.

BTW, Magnus was never a HNI card and will never be.

 

[neogen]

4.7% in miles/hotel points. The value of this point can vary depending on where you redeem. Can be as low as 0.4p or as high as 3Rs.
Keeping Accor as gold standard 4.7% * 1.8 = 8.46% back

Infinia 3.33% * 1.8 = 6%
Atlas 4% * 1.8 = 7.2%

Atlas would be 10% if all spends are on travel

 

[chasni]

How? Pls do the maths and see .

People who have a spend of 3-4l per month, do you guys eat silver for breakfast and gold for dinner?

Removing any rental, insurance, fees, or business payments, it is even hard for me to cross 75k per month.

 

[navam]

This thread went from
Deval 1 is end of axis, they screwed us --> yay our voices matter and Axis is on the backfoot --> wtf axis don't listen to us deval 1 was better than deval 2.

🍿😎 Can't wait for the next twist!

 

[Virgo]

That obvious is eminent, given Axis's recent actions. So, will not bet on that.

Perhaps, this Magnus mess has given all of us an opportunity to become CC enthusiast in real sense, where we aim to build a best and optimal CC portfolio.

BTW, Magnus was never a HNI card and will never be.

Sure…I think all cards have a life cycle…they launch with a bang and fizzle out after a period of time. But since I am not making separate efforts to get Burgundy, it works for me till they allow. I agree with you that it’s not worth it if anyone were to make exceptional efforts to get Burgundy only for 5:4. Everyone should evaluate the worthiness depending on their spend pattern and circumstances

 

[REDDYT]

I would like to transfer my ER to hotel membership but I want to use only for Food without staying. What are the best options?

I read that I can use ITC Club points to food without staying. Any other options to use membership points for food without staying (ACCOR, Marriot ?? ) Appreciate response.