Axis Bank's credit card devaluation saga by Forbes India

[m4b]

Link to article: https://www.forbesindia.com/article...ssage-is-clear-bank-more-to-gain-more/87311/1

Interesting point:
The bank promises there will be attractive features in its cards’ product line for all customers. But they will, in all probability, need to keep spending more to see benefits.

Will you stick with Axis for your upcoming spending or close the cards anytime soon?

 

[rogerthat]

Really? In which Universe does Axis think there are "attractive features" in their cards? Axis Bank's promises are all utter nonsense and lies. What is the "all customers they are talking about? What is benefit of a MyZone or a Select card? Nothing!!

After all the devaluation there's nothing attractive left on their cards anymore. In fact, it is quite the opposite. The more you spend, the less the returns become! Axis should really stop trying to bullshit their way out of this massive PR disaster. I hope they get buried to oblivion under the massive upcoming wave of card cancellations.

I will close both Magnus and Select at the time of renewal which is April 2024.

 

[rahul123]

There is devaluation everywhere,and it's not limited to Axis.HDFC recently devalued the Diners privilege card,they removed the golf benefit completly,and they decreased the number of lounge visits also.Axis select is a great card in my opinion,where else can you get 6 golf games and 6 priority pass complimentary visits for that fee? They did not decrease the priority pass visits or golf games,and they are the most important things for me.I will stick with the Axis cards,and I applied for the Atlas card.

 

[m4b]

I agree but the whole point revolves around taking a premium card and not worrying about any devaluation soon. I just got Magnus on 16th July and devalued now. As a normal consumer like me, I had to project my spending for the next 1-2 years and took Magnus specifically for that. I know Atlas is the next big thing but alas the uncertainty, I may go through the same situation again. How many of us do utilize golf benefits and lounge visits frequently, I assume such people have more than one card in their pocket to worry about such benefits getting devalued in one card. It is all about points, miles, cashback and milestones game now. Bank should look after such scenarios. In the article, it says due to a small percentage of people exploiting the milestone game, we had to suffer that. Why not cancel their card or better delist them for milestone benefits if you want to retain such users in the first place? I want to stick with Axis, have been a customer since 2013 but this is hampering the relationship. Axis seems oblivious to such issues that's why I recently started doing banking with HDFC.

 

[Tensor]

The whole article is a propaganda. Axis is actually trying to impose banking slavery. They should have maintained the exclusivity of their cards if target was to engage premium customer base. And most of the folks spending 200k plus every month were doing so to extract maximum benefits and not as a show of loyalty to axis. Since devaluation most of them are rushing and shifting back to stable products like Infinia and Amex Platinum.