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

 

[rogerthat]

I have been following this thread since the beginning. I recently got normal paid magnus in nov last year, after its devaluation in sep 23 and recently another devaluation in apr 24. I have plan to close my magnus before nxt renewal. Unless the bank revaluate this card and add more features, which is very unlikely.

I just want to know, users here with magnus for burgundy, they have to park 10L in their saving, and they got paid card or ltf magnus with 5:4 redeem ratio, correct ? So basically thats around 80k fees in interest money per year. How that can make sense to anyone, i am unable to understand.

A lot of things that are happening in the world right now do not make sense. The Ukraine war, whatever Elon Musk is doing and Magnus for Burgundy.

You are absolutely correct in thinking that it does not make sense, because it does not. Adding the Rs.35400 you need to shell out in the form of annual fees for the M4B, the annual fees of the card works out to be around one lakh right now. Imagine, a Rs.1 lakh per annum card with conditional lounge access and no kinds of perks whatsoever! They are charging a lakh for a base reward rate of 4.8%? Pay Rs.5000 and you get the Atlas with base 4% or pay Rs.12500 and get Inifinia with base RR of 3.3% and a ton of benefits including Smartbuy!

It is incredible when you think about it, you need to spend at least Rs.1,60,000 every month (or 19 lakhs a year) to just recoup the annual fees! Insane to think that you need to spend 20 lakhs to even start earning on the card. Boggles the mind.

Just put that 10L in a HDFC FD, arm-twist your RM for a non-secured Infinia and live happily ever after.

 

[PrinceHeart]

A lot of things that are happening in the world right now do not make sense. The Ukraine war, whatever Elon Musk is doing and Magnus for Burgundy.

You are absolutely correct in thinking that it does not make sense, because it does not. Adding the Rs.35400 you need to shell out in the form of annual fees for the M4B, the annual fees of the card works out to be around one lakh right now. Imagine, a Rs.1 lakh per annum card with conditional lounge access and no kinds of perks whatsoever! They are charging a lakh for a base reward rate of 4.8%? Pay Rs.5000 and you get the Atlas with base 4% or pay Rs.12500 and get Inifinia with base RR of 3.3% and a ton of benefits including Smartbuy!

It is incredible when you think about it, you need to spend at least Rs.1,60,000 every month (or 19 lakhs a year) to just recoup the annual fees! Dumb to think that you need to spend 20 lakhs to even start earning on the card. Boggles the mind.

Just put that 10L in a HDFC FD, arm-twist your RM for a non-secured Infinia and live happily ever after.

Elon was just looking for panipuri and then just before his flight someone got him haldiram panipuri pack and craving was gone. So he cancelled his flight to india. He was going to take selfie with dolly chaiwala as well. Guess he have to wait.

M4b is 35400 annual charge. And @7.85 fd pa, for 10L will be 78500. So people are actually paying 1,13,900 for this card just for the 5:4 reward ratio ? Damm !! Hats off to these guys here.

M&G was the only good thing that was of use to me. I used it twice already. The manager send a porter saying, if you need anything just tell the porter and he will take care of it. No priority checkin, no priority security, no priority boarding, only good thing was that the immigration exit was thru diplomat counter, and was done in less than 1 min. Now they removed that from my normal magnus after recent devaluation. I dont see any use for this cc anymore.

Need mrcc now, seems good reward system from time to time.

Was offered dcb against fd, but i got normal emeralde, so i did not opt for that.

 

[hrish88]

M4b is 35400 annual charge. And @7.85 fd pa, for 10L will be 78500. So people are actually paying 1,13,900 for this card just for the 5:4 reward ratio ? Damm !! Hats off to these guys here.

I dont think most people here have taken this card on paid basis.it was offered LTF(as long as the status is maintained ) to most of the folks.

This card is mainly taken by 2 sets of people

1)those who were anyways maintaining burgundy with axis, for them its a no-brainer to get this card as its LTF.

2)those who had lots of points 4-5L,to convert their points at 5:4,so these guys have put up funds temporarily and let go the 4% interest temporarily.

 

[CVR]

I have been following this thread since the beginning. I recently got normal paid magnus in nov last year, after its devaluation in sep 23 and recently another devaluation in apr 24. I have plan to close my magnus before nxt renewal. Unless the bank revaluate this card and add more features, which is very unlikely.

I just want to know, users here with magnus for burgundy, they have to park 10L in their saving, and they got paid card or ltf magnus with 5:4 redeem ratio, correct ? So basically thats around 80k fees in interest money per year. How that can make sense to anyone, i am unable to understand.

1) most (90%+) would have LTF MB card not the 30k fees paid one
2) lot of people (like me) are burgundy due to salary account. so haven’t done anything, just lucky that my company always had salary account with axis
3) now comes people keeping 10L in savings. obviously for these people there is cost but your calculation assumes people otherwise keep zero in savings account. lot of people otherwise also keep 2-4 lakh easily in savings for emi payments, cc bill payments.. actually it is also not uncommon to keep 5lakh+ in savings in normal course of time as emergency funds..
4) i am not sure how many have done this as i didn’t had to do it due to salary burgundy.. easiest way to have burgundy was to buy any nifty index fund via Axis Bank of 30 lakh (fulfilling trv criteria)… cost of regular vs direct plan in index fund is 10 bps which means annual opportunity cost of only Rs.3000! Again assuming people have equity investments of 30 lakhs.

i think everyone has done their math and no one is dumb to give free money to Axis.

 

[PrinceHeart]

1) most (90%+) would have LTF MB card not the 30k fees paid one
2) lot of people (like me) are burgundy due to salary account. so haven’t done anything, just lucky that my company always had salary account with axis
3) now comes people keeping 10L in savings. obviously for these people there is cost but your calculation assumes people otherwise keep zero in savings account. lot of people otherwise also keep 2-4 lakh easily in savings for emi payments, cc bill payments.. actually it is also not uncommon to keep 5lakh+ in savings in normal course of time as emergency funds..
4) i am not sure how many have done this as i didn’t had to do it due to salary burgundy.. easiest way to have burgundy was to buy any nifty index fund via Axis Bank of 30 lakh (fulfilling trv criteria)… cost of regular vs direct plan in index fund is 10 bps which means annual opportunity cost of only Rs.3000! Again assuming people have equity investments of 30 lakhs.

i think everyone has done their math and no one is dumb to give free money to Axis.

Yeah, this make more sense. I too have few lakhs in different banks for bills and emergencies. But i keep them as smart FDs (forgot the exact name), can take out anytime.

 

[khaitan.rajesh29]

1) most (90%+) would have LTF MB card not the 30k fees paid one
2) lot of people (like me) are burgundy due to salary account. so haven’t done anything, just lucky that my company always had salary account with axis
3) now comes people keeping 10L in savings. obviously for these people there is cost but your calculation assumes people otherwise keep zero in savings account. lot of people otherwise also keep 2-4 lakh easily in savings for emi payments, cc bill payments.. actually it is also not uncommon to keep 5lakh+ in savings in normal course of time as emergency funds..
4) i am not sure how many have done this as i didn’t had to do it due to salary burgundy.. easiest way to have burgundy was to buy any nifty index fund via Axis Bank of 30 lakh (fulfilling trv criteria)… cost of regular vs direct plan in index fund is 10 bps which means annual opportunity cost of only Rs.3000! Again assuming people have equity investments of 30 lakhs.

i think everyone has done their math and no one is dumb to give free money to Axis.

Can we keep Rs 30 lacs in Index fund? Will that meet the criteria or Rs 30 lacs was only for FD. If you consider investments in demat, the requirement is of 1 cr as per my understanding. Please correct me if I am wrong.

 

[CVR]

Can we keep Rs 30 lacs in Index fund? Will that meet the criteria or Rs 30 lacs was only for FD. If you consider investments in demat, the requirement is of 1 cr as per my understanding. Please correct me if I am wrong.

Requirement was TRV and not FD. Even mutual funds are counted as TRV like FD. Demat is different (only transaction income for bank unlike in MF bank earns fee to total amount irrespective of transactions) so that specifically has 1 crore requirement. Infact if one keeps 5 crore in demat he/she gets Burgundy Private. Nothing required in savings or FD in that case.