Axis Bank Brutal Devaluation of Atlas/Reserve/M4B/Vistara/Samsung/Flipkart/Ace/Airtel/Myzone/IOCL & Other Credit Cards

[TechnoFino]

With effect from 20th April 2024, the following changes will be applicable on your favourite axis bank credit cards.

Magnus for Burgundy - https://www.axisbank.com/docs/defau...onditions-for-magnus-burgundy-credit-card.pdf
Magnus - https://www.axisbank.com/docs/defau...rms-and-conditions-for-magnus-credit-card.pdf
Atlas - https://campaign.axisbank.com/generic/axis-atlas-credit-card-terms-and-conditions.pdf
on atlas welcome benefit has been reduced to 2500 EM . Earlier it was 5000 EM

Vistara Platinum - https://www.axisbank.com/docs/defau...nditions-for-vistara-platinum-credit-card.pdf
Select - https://www.axisbank.com/docs/defau...rms-and-conditions-for-select-credit-card.pdf
Privilege - https://campaign.axisbank.com/generic/axis-privilege-credit-card-terms-and-conditions.pdf
Flipkart - https://campaign.axisbank.com/generic/flipkart-axis-bank-credit-card-terms-and-conditions.pdf
Ace - https://campaign.axisbank.com/generic/axis-bank-ace-credit-card-terms-and-conditions.pdf
Airtel - https://campaign.axisbank.com/generic/airtel-axis-bank-credit-card-terms-and-conditions.pdf
Indian Oil - https://www.axisbank.com/docs/defau...it-cards/indian-oil-axis-bank-credit-card.pdf

Domestic Lounge - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/dlg.pdf
Mile Transfer Program - https://campaign.axisbank.com/generic/miles-transfer-program-credit-card-terms-and-conditions.pdf

In short (what changed):

- Buy-one-Get-one free movie/non-movie ticket offer on BookMyShow will be discontinued.
- 24*7 complimentary concierge services will be discontinued (seems like no one using it).
- Complimentary airport meet & assist services reduced and/or discontinued.
- Gold/Jewelry, Govt. Services, Utilities not eligible for milestone, normal reward points - nothing.
- Domestic lounge access required 50,000 in previous 3 calendar months.
- and more..

For individual card related changes do refer respective pdfs.

 

[Bigde]

@S S V @Bigde all of the sudden am feeling SC cards are best

I am disappointed with all card providers, I am having 20+ cards in my card wallet and out of these only SBI Cashback seems relevant now.

 

[rixypanther]

I m covered till june 2025 on iocl.

If i get better card from hdfc which i m hoping .i will forget axis

I had just completed my 50K milestone and my card renewal is in the first week of May. Sad though i will have to close it next month

 

[shashankrt]

LTF M4B is not LTF really,
It should have been termed as “fee waived basis TRV” , a very cunning and false way of describing the product…

Coming to your LTF point..
It’s only LTF at the cost of 10L SB balance / 30L FD ..
Now tell us , to hold or not hold sir??

Not completely accurate. Axis Salary (3L+) or those with 30L+ investments in Index MFs via Axis will not have issue of interest loss. My plan was exactly this as index funds have very marginal difference in fund management cost in direct vs broker based investment.

 

[SSV]

Dont worry grand opening was done by Axis , now every bank will follow

This is correct, every time, a different company will take the blame of being the initiator of devaluation cycle..
It’s a common practice in any industry..
Eg: Telecom industry, one time Jio, next time Airtel takes the blame to hike the prices initially.. and others will follow and try to match up…

BTW: Guys, expect a huge increase in mobile plans immediately after the general elections polling date…
They don’t even wait until the results…

 

[shashankrt]

enlighten us a little.

What specific queries you have? HSBC Premier is seriously in different league comparable to Bank of America or Chase Private accounts. These are for true UHNIs (some of which were with CITI). For example HSBC premier gives same benefits and status across all countries where its present.

 

[Deleted member 9785]

This is correct, every time, a different company will take the blame of being the initiator of devaluation cycle..
It’s a common practice in any industry..
Eg: Telecom industry, onentime Jio, next time Airtel takes the blame to hike the prices initially.. and others will follow and try to match up…

BTW: Guys, expect a huge increase in mobile plans immediately after the general elections…

yea huge inflation expected from Ju;y 2024 - 20 rs petrol hike, all taxes increase and what not

 

[bvc19296]

I have been trying increase my CL on Magnus for the past week so no use of it now. Anyways they are going to increase tomorrow which will be of no use now.

Just 17.5K limit enough to get the benefit out of Magnus now. All of a sudden Myzone card seems better now.

As said just got an update on increase in CL, but no use of that limit now for spending or any transactions.

But will be helpful to increase CL on other cards with Axis statement.

 

[techt]

What specific queries you have? HSBC Premier is seriously in different league comparable to Bank of America or Chase Private accounts. These are for true UHNIs (some of which were with CITI). For example HSBC premier gives same benefits and status across all countries where its present.

Benefits like their CC offerings, DC offerings etc.

Once I had HSBC CC, had frequent issues like 'upgradation in process can't use cc for 8 hrs or so' and even the app was pathetic.

 

[the_spectator]

LTF MyZone / Neo 🤣

Remember Neo/MyZone users: Hum bhi pele gaye the, tum bhi pele jaoge 😆

From all other Axis cc users!!

 

[SSV]

Axis Salary (3L+) or those with 30L+ investments in Index MFs via Axis will not have issue of interest loss. My plan was exactly this as index funds have very marginal difference in fund management cost in direct vs broker based investment.

I can’t write the whole M4B product document here..I highlighted the main product features..
You might have missed some other criteria as well…
So , the points we talk about here is not exhaustive list…
Anyway point noted..
Enjoy your relationship with AXES while it lasts
Have fun ../

 

[techt]

Not completely accurate. Axis Salary (3L+) or those with 30L+ investments in Index MFs via Axis will not have issue of interest loss. My plan was exactly this as index funds have very marginal difference in fund management cost in direct vs broker based investment.

Magnus Bargundy - - changes agenda more than a politician of India. No wonder reddit folks call it Margundy.
Decoding it is like de-tangling this

 

[SSV]

Bhai koi band customer ki sagi nahi hoti. Sab business hai. HDFC se zyada koi humiliate nahi karta. Kuchh bhi karana ho Chennai bhejte hain seedhe. Shamelessness ki baat hi mat karo

BTW, I don’t endorse HDFC in anyway and that’s why I took Infinia directly .
I mentioned several times “ I didn’t like begging the banks for LE and upgrades…
Have you noted this ??

 

[shashankrt]

I can’t write the whole M4B product document here..I highlighted the main product features..
You might have missed some other criteria as well…
So , the points we talk about here is not exhaustive list…
Anyway point noted..
Enjoy your relationship with AXES while it lasts
Have fun ../

Dude.. you dont need to be sarcastic or snarky just because someone holds Axis accounts and you hate Axis. No one currently is liking Axis (including me) however why are you doing personal attacks to everyone who has a different perspective?

Btw just like you took ULIPs for HDFC imperia (which some including me consider basically useless) similarly some of us took Axis burgundy and quite a few of them moved from imperia. So its ok - everyone has different perspective. Also my personal experience with Axis RM has been miles better than HDFC. Have never got revert from my HDFC RM whereas my Axis RM helped me unfreeze my account by sending someone at me home to collect a letter!!

 

[shashankrt]

Magnus Bargundy - - changes agenda more than a politician of India. No wonder reddit folks call it Margundy.
Decoding it is like de-tangling this

Heyy please dont insult our electricity department / providers. They definitely know more on product management and banking than these clowns at Axis

 

[SSV]

Dude.. you dont need to be sarcastic or snarky just because someone holds Axis accounts and you hate Axis. No one currently is liking Axis (including me) however why are you doing personal attacks to everyone who has a different perspective?

Btw just like you took ULIPs for HDFC imperia (which some including me consider basically useless) similarly some of us took Axis burgundy and quite a few of them moved from imperia. So its ok - everyone has different perspective. Also my personal experience with Axis RM has been miles better than HDFC. Have never got revert from my HDFC RM whereas my Axis RM helped me unfreeze my account by sending someone at me home to collect a letter!!

I have never attacked anyone personally..
I have expressed my views just like others expressed their views (including you) about ULIPs

It’s just how we take it ..
When people expressed their views about ULIPs I never took it as someone personally attacked me …

 

[jack333]

So now atlas is still giving points on education fee and m4b is still giving on rent and education fee

 

[plastikman]

Why do you think so ?
I have been a long time Axis bank customer and have been using ace for the past 2 years. Never involved into any of those tricks, still I am affected.

Axis, during its 1st devaluation of magnus must have understood the abuse patterns and should have taken necessary actions. Simple checks like, marking users who is maxing out rewards and verifying them would have stopped this.

IMHO, 5Rs /1K loss is immaterial n Ave unless someone is buying a car using this card 🙂

 

[anirban.choudhury]

Magnus Bargundy - - changes agenda more than a politician of India. No wonder reddit folks call it Margundy.
Decoding it is like de-tangling this

That's why I am against taking cards against surrogates like Bank balance , or ULIPs.

If you can manage no conditional LTF it's good otherwise take paid.
Credit cards terms and conditions aRe solely at the mercy of banks they can change anytime as per their will and there would be nothing much to do.
The opportunity cost is almost always more than the benefits

 

[Gaara]

LTF M4B is not LTF really,
It should have been termed as “fee waived basis TRV” , a very cunning and false way of describing the product…

Coming to your LTF point..
It’s only LTF at the cost of 10L SB balance / 30L FD ..
Now tell us , to hold or not hold sir??

Vammo, oka card kosam itha kastapadthunara 😂

 

[SSV]

Vammo, oka card kosam itha kastapadthunara 😂

You grasped the point accurately!!