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

 

[rohitb]

Too many ifs.

keeping it super simple, Magnus is dead now. Keep the card till next renewal.

There are no ifs. But whatever makes you happy, your money, your rewards.

 

[rogerthat]

For all those who are making calculations based on Burgundy accounts, you are betting on the moon. Axis Bank cannot be trusted. They might be cruel with their customers but they are predictable.

It is very clear that 5:4 ratio was not sustainable for Magnus. If so why are they offering the same for Burgundy now? Just like how they wanted high spenders to take Magnus cards back then, now they want to lure super high spenders to open Burgundy accounts. So they have only transferred the 5:4 bait from Magnus to Burgundy. As soon as enough customers have fallen for the trap they will clam it shut. "Oh no 5:4 is not sustainable, here, 5:2 and a jar of cookies if you spend more than 3L a month. And since you are ultra premium customer for us, we are giving you the opportunity to renew the card at 25k!"

The end of the story is that those who trust Axis Bank and their grandiose promises will always be left with egg on their face and holding the short end of the stick.

It's the same old bait and switch. It will be good for you if you don't fall for it.

 

[magnusfan]

For all those who are making calculations based on Burgundy accounts, you are betting on the moon. Axis Bank cannot be trusted. They might be cruel with their customers but they are predictable.

It is very clear that 5:4 ratio was not sustainable for Magnus. If So why are they offering it for Burgundy now? At this point of time they want to lure super high spenders to open Burgundy accounts. So they have only transferred the 5:4 bait from Magnus to Burgundy. As soon as enough customers have fallen for the trap they will clam it shut. "Oh no 5:4 is not sustainable, here, 5:2 and a jar of cookies if you spend more than 3L a month. And since you are ultra premium customer for us, we are giving you the opportunity to renew the card at 25k!"

The end of the story is that those who trust Axis Bank and their grandiose promises will always be left with egg on their face and holding the short end of the stick.

It's the same old bait and switch. It will be good for you if you don't fall for it.

Count your blessings while you can

 

[neogen]

For all those who are making calculations based on Burgundy accounts, you are betting on the moon. Axis Bank cannot be trusted. They might be cruel with their customers but they are predictable.

It is very clear that 5:4 ratio was not sustainable for Magnus. If So why are they offering it for Burgundy now? At this point of time they want to lure super high spenders to open Burgundy accounts. So they have only transferred the 5:4 bait from Magnus to Burgundy. As soon as enough customers have fallen for the trap they will clam it shut. "Oh no 5:4 is not sustainable, here, 5:2 and a jar of cookies if you spend more than 3L a month. And since you are ultra premium customer for us, we are giving you the opportunity to renew the card at 25k!"

The end of the story is that those who trust Axis Bank and their grandiose promises will always be left with egg on their face and holding the short end of the stick.

It's the same old bait and switch. It will be good for you if you don't fall for it.

Bang on, and you have summed it very well.

A point, if I may add or correct, Axis cannot to be trusted because they are fools and don't know how to run the business. They are not predictable for their business acumen or shrewdness, rather they are un-predictable with their idiotic moves and making a simple thing super complicated.

 

[K.R]

Without enough data points it's just a feel. 100-200 odd rs. On a ticket worth 10k is not going to mean much if it takes my returns from 4.8% to 24% , or will it ? (Yes infinia is there but we are restricted with tickets worth some 56k in a day over there for 16% return)

Its based on actual experience on not excel sheet calculations. Also a person who spend 3 lakhs on one credit card monthly will definitely be eligible for Infinia and most likely will not have time to calculate on these petty devaluations etc

 

[rohitb]

For all those who are making calculations based on Burgundy accounts, you are betting on the moon. Axis Bank cannot be trusted. They might be cruel with their customers but they are predictable.

It is very clear that 5:4 ratio was not sustainable for Magnus. If so why are they offering the same for Burgundy now? Just like how they wanted high spenders to take Magnus cards back then, now they want to lure super high spenders to open Burgundy accounts. So they have only transferred the 5:4 bait from Magnus to Burgundy. As soon as enough customers have fallen for the trap they will clam it shut. "Oh no 5:4 is not sustainable, here, 5:2 and a jar of cookies if you spend more than 3L a month. And since you are ultra premium customer for us, we are giving you the opportunity to renew the card at 25k!"

The end of the story is that those who trust Axis Bank and their grandiose promises will always be left with egg on their face and holding the short end of the stick.

It's the same old bait and switch. It will be good for you if you don't fall for it.

What was unsustainable was 25k rewards and not 5:4 .
Current vs new rewards breakeven at around 3.75lkh no traveledge spend , because of 25k bonus. 5:4 is still sustainable for a fraction of customers for them I think as compared to current setup.

Again always an option to let go of burgundy in case they devalue that as well. At least that is what i think. Will probably keep this with burgundy for high spend months (and for traveledge spends)

 

[K.R]

For all those who are making calculations based on Burgundy accounts, you are betting on the moon. Axis Bank cannot be trusted. They might be cruel with their customers but they are predictable.

It is very clear that 5:4 ratio was not sustainable for Magnus. If so why are they offering the same for Burgundy now? Just like how they wanted high spenders to take Magnus cards back then, now they want to lure super high spenders to open Burgundy accounts. So they have only transferred the 5:4 bait from Magnus to Burgundy. As soon as enough customers have fallen for the trap they will clam it shut. "Oh no 5:4 is not sustainable, here, 5:2 and a jar of cookies if you spend more than 3L a month. And since you are ultra premium customer for us, we are giving you the opportunity to renew the card at 25k!"

The end of the story is that those who trust Axis Bank and their grandiose promises will always be left with egg on their face and holding the short end of the stick.

It's the same old bait and switch. It will be good for you if you don't fall for it.

Without Magnus debacle as well Axis bank is among the worst banks . To overcome this they lured customers with big carrots and once they got customers they are stopping it. Its as simple as that. People who made money be happy and move on. The game for this card is over Card benefits against FD or Cash ins Savings is the worst thing to do. Koi gujju se pooch lena ;-)

 

[rohitb]

Its based on actual experience on not excel sheet calculations. Also a person who spend 3 lakhs on one credit card monthly will definitely be eligible for Infinia and most likely will not have time to calculate on these petty devaluations etc

This does not need any Excel sheet , it's not that complex anymore.
There is a cap of 15k bonus points on infinia outside of which you only get 3.3% returns.
Btw I booked tickets couple of days back , for me smartbuy and traveledge showed similar price (after convenience fee of easemytrip/yatra etc on smartbuy) , so my experience is diff from yours slightly.
Not saying what is right or wrong , just presenting a view point.

 

[K.R]

This does not need any Excel sheet , it's not that complex anymore.
There is a cap of 15k bonus points on infinia outside of which you only get 3.3% returns.
Btw I booked tickets couple of days back , for me smartbuy and traveledge showed similar price (after convenience fee of easemytrip/yatra etc on smartbuy) , so my experience is diff from yours slightly.
Not saying what is right or wrong , just presenting a view point.

True.. For the same reason I booked one ticket on Smartbuy and 2 tickets ( 1+1) separately on Yatra with 10% Citi and 10% Axis offer.. For large transaction Infinia is not useful as well

 

[rohitb]

@jamesdolan - Knicks fan or spurs fan ?

 

[sahil624]

Hi all, I have around 1 lac points. What is the best transfer partner? I see everyone going gung ho about Accor but what is the use case of these points?

 

[ak93]

Hi all, I have around 1 lac points. What is the best transfer partner? I see everyone going gung ho about Accor but what is the use case of these points?

For stay of course @ 1.8 value

 

[sahil624]

For stay of course @ 1.8 value

But which hotels/resorts in India? I see Raffles is around 1.25 lac per night.

 

[ak93]

But which hotels/resorts in India? I see Raffles is around 1.25 lac per night.

It's mostly useful for Europe but there are Ibis/Novotel in major cities in India as well.

 

[thanix]

Folks who are all calculating the Burgundy for 5:4 and cannot go for it, don't fret!!!

A new breed of IYKYK looters aka SM influencers will appear in near future telling about loophole to convert at 5:4 without Burgundy and milk it for money. There may be a secret group here also to find the loophole like the 5p diggers 🤑

Others - Just chill and watch the show 🎥🍿

 

[sahil624]

It's mostly useful for Europe but there are Ibis/Novotel in major cities in India as well.

If I am planning for Maldives in near future (7-8 months) where should I transfer my points? Any idea? So that we can get a decent stay for 4-5 days.

 

[rohitb]

If I am planning for Maldives in near future (7-8 months) where should I transfer my points? Any idea? So that we can get a decent stay for 4-5 days.

Accor would be a good option , though you can find some good not too expensive ones(Sheraton) in Marriott as well for right points.

 

[vina]

How is this not attractive ? (For high spenders)
You are going to get 12/200 for 1.5 and 35/200 for next 1.5 every month. That is close to 12% in ER and approx 10% return wehn converted to miles (if you are burgundy)
Now why should you get burgundy. If you put 10L in saving you lose approx 20-30k per year . You are getting 4.32lakh+ ER points which can be converted to around 3.45 lakh FFP. Considering 1 rs as fair value you are getting approx 3.2 lakh which is 9% net return. If you use them on accor and FFP 50-50 , your return rises to 12.5%.

And we have not even considered travel edge here.

(Post burgundy devaluation may be not)

remember - there are those who will get Burgundy on their salary credits alone; not too many and ccertainly not everyone, but many still

also the rewards you have written here are available on every spend except utility (actually on that too - just pay via amazon pay) and government payments - I'm not sure any other card comes close to that. For example, groceries from my neighborhood Fresh Mart. Many other kinds of payments too (Wonder La on vacation etc.)

 

[rogerthat]

remember - there are those who will get Burgundy on their salary credits alone; not too many and ccertainly not everyone, but many still

also the rewards you have written here are available on every spend except utility (actually on that too - just pay via amazon pay) and government payments - I'm not sure any other card comes close to that. For example, groceries from my neighborhood Fresh Mart. Many other kinds of payments too (Wonder La on vacation etc.)

Burgundy salary credit requirement is 3L per month which means around 50L CTC. Among the current Axis customer base there will be very few who are earning that amount. Yeah for them it's good.

It's another thing that ALL premium cards now cater to only this base: Those who earn 50L+. Others get jack.

There are only two categories of credit cards on India today: the premium cards catering to the ultra rich alone, and the cards useful for only students and freshers who only get their food from Swiggy and clothing from Myntra.

There are no suitable cards for middle class families.

 

[K.R]

Burgundy salary credit requirement is 3L per month which means around 50L CTC. Among the current Axis customer base there will be very few who are earning that amount. Yeah for them it's good.

It's another thing that ALL premium cards now cater to only this base: Those who earn 50L+. Others get jack.

There are only two categories of credit cards on India today: the premium cards catering to the ultra rich alone, and the cards useful for only students and freshers who only get their food from Swiggy and clothing from Myntra.

There are no suitable cards for middle class families.

"There are only two categories of credit cards on India today: the premium cards catering to the ultra rich alone, and the cards useful for only students and freshers who only get their food from Swiggy and clothing from Myntra." Well Said 🤣