padmanabhamb
TF Buzz
I heard devaluation happened for axis reserve, myzone, flipkart, privilege and select cards.
What about magnus?
What about magnus?
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Axis Magnus Did anyone receive official mail for Axis magnus devaluation?
- Thread starter padmanabhamb
- Start date
Previous thread: https://www.technofino.in/community/threads/rumoured-devaluation-w-e-f-12th-aug-2023.14935/
Note: There is no devaluation for Magnus, Reserve, Select, Myzone, Privilege yet. Its all been a rumor.
Devaluation for Axis Flipkart will go live on 12th Aug.
Note: There is no devaluation for Magnus, Reserve, Select, Myzone, Privilege yet. Its all been a rumor.
Devaluation for Axis Flipkart will go live on 12th Aug.
nj1892
TF Buzz
got the official update today https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf
Shivamrastogi4
TF Buzz
Received official mail tooTime to close magnus
1st Sept, unless you have burgundy account.
aakashk
TF Neo
The much-anticipated devaluation of the Axis Magnus credit card has finally happened.
Effective 1 Sep, 2023, Axis Bank will be implementing some changes to the Magnus credit card benefits. Here are the key modifications:
1. Exclusion of Govt. Spends: Spends made on govt. institutions & utilities will no longer be eligible for Edge Rewards, nor will they count towards the monthly or annual milestones.
2. Monthly Milestone: The 25k bonus Edge Rewards previously offered upon achieving 1L spends in a calendar month will be discontinued. While there are still ~3X Edge Rewards on spends in excess of 1.5L, this won't be attractive for most users, particularly in the absence of any enticing perks.
3. Renewal Benefit: Starting 1 Sep, 2023, the 10k voucher will no longer be provided on paying the renewal fee of 10k+GST. The joining/renewal fee for new customers after this date will be 12.5k+GST, and although there will be a welcome voucher of 12.5k, the renewal benefit will no longer be applicable.
4. Renewal Fee Waiver: The renewal fee can now be waived off by spending 25L in the anniversary year, as opposed to the previous requirement of 15L (old customers get one-time exception).
5. ER Points to Hotel Points/Airline Miles Transfer: The ER points to miles transfer ratio will be reduced from 5:4 to 5:2, resulting in an effective reward rate of 2.4%. Axis Bank is leveraging this devaluation as an opportunity to encourage some Magnus customers to consider their premium savings account, Burgundy. Existing Burgundy customers and new account holders will continue to enjoy the 5:4 transfer ratio.
These changes will make Magnus less attractive compared to HDFC Infinia/ DCB and Standard Chartered Ultimate, which offer a base reward rate of 3.3%.
If you're an existing Magnus cardholder, you may retain your card at an annual cost of Rs. 11,800 if you find yourself in one or more of the following scenarios:
1. Maintain an Active Burgundy Account: By doing so, your base reward rate would be 4.8%
2. Regular EazyDiner App Users: EazyDiner app offers Rs. 1000 discount on bills of Rs. 2500 or above once per month.
3. High International Spends: For those with substantial international spends, the Magnus card's 2%+GST currency markup fee may still be advantageous
4. Significant Flight & Hotel Bookings: If you frequently book flights and hotels, the Axis Travel Edge offers a 12% reward rate.
5. Frequent Airport Lounge Access: Magnus card still offers unlimited lounge visits.
Consider going for DCB/ Infinia if only points 3-5 are applicable. The renewal fee waiver terms/ benefits are better.
Note that the reward rates mentioned above are in terms of airmiles/ hotel points - actual value will be lower in most cases.
Effective 1 Sep, 2023, Axis Bank will be implementing some changes to the Magnus credit card benefits. Here are the key modifications:
1. Exclusion of Govt. Spends: Spends made on govt. institutions & utilities will no longer be eligible for Edge Rewards, nor will they count towards the monthly or annual milestones.
2. Monthly Milestone: The 25k bonus Edge Rewards previously offered upon achieving 1L spends in a calendar month will be discontinued. While there are still ~3X Edge Rewards on spends in excess of 1.5L, this won't be attractive for most users, particularly in the absence of any enticing perks.
3. Renewal Benefit: Starting 1 Sep, 2023, the 10k voucher will no longer be provided on paying the renewal fee of 10k+GST. The joining/renewal fee for new customers after this date will be 12.5k+GST, and although there will be a welcome voucher of 12.5k, the renewal benefit will no longer be applicable.
4. Renewal Fee Waiver: The renewal fee can now be waived off by spending 25L in the anniversary year, as opposed to the previous requirement of 15L (old customers get one-time exception).
5. ER Points to Hotel Points/Airline Miles Transfer: The ER points to miles transfer ratio will be reduced from 5:4 to 5:2, resulting in an effective reward rate of 2.4%. Axis Bank is leveraging this devaluation as an opportunity to encourage some Magnus customers to consider their premium savings account, Burgundy. Existing Burgundy customers and new account holders will continue to enjoy the 5:4 transfer ratio.
These changes will make Magnus less attractive compared to HDFC Infinia/ DCB and Standard Chartered Ultimate, which offer a base reward rate of 3.3%.
If you're an existing Magnus cardholder, you may retain your card at an annual cost of Rs. 11,800 if you find yourself in one or more of the following scenarios:
1. Maintain an Active Burgundy Account: By doing so, your base reward rate would be 4.8%
2. Regular EazyDiner App Users: EazyDiner app offers Rs. 1000 discount on bills of Rs. 2500 or above once per month.
3. High International Spends: For those with substantial international spends, the Magnus card's 2%+GST currency markup fee may still be advantageous
4. Significant Flight & Hotel Bookings: If you frequently book flights and hotels, the Axis Travel Edge offers a 12% reward rate.
5. Frequent Airport Lounge Access: Magnus card still offers unlimited lounge visits.
Consider going for DCB/ Infinia if only points 3-5 are applicable. The renewal fee waiver terms/ benefits are better.
Note that the reward rates mentioned above are in terms of airmiles/ hotel points - actual value will be lower in most cases.
icici banks pno email is also the same?
pno@icicibank.com
pno@icicibank.com
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