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

 

[hrish88]

I dont think axis is going to devalue for Burgandy.if many people open burgundy account then its win-win for axis.Magnus got devalued because many cards were issued on C2C basic.anyone with 3Lac+ limit was/is eligible for Magnus. How can axis call it an HNI card?

Now to make it an HNI card the Axis bank wants you to put in a hard-earned 10Lac before giving you that benefit. wants you to spend more than 1.5Lac to get good rewards.

I think for Burgandy user the card is still rewarding as you need to spend around 2.5L on gyfter/travel edge to recover the cost of 11800.one can still use other benefits such as BMS,Meet n Greet,Unlimited Lounge etc.

 

[neogen]

I dont think axis is going to devalue for Burgandy.if many people open burgundy account then its win-win for axis.Magnus got devalued because many cards were issued on C2C basic.anyone with 3Lac+ limit was/is eligible for Magnus. How can axis call it an HNI card?

Now to make it an HNI card the Axis bank wants you to put in a hard-earned 10Lac before giving you that benefit. wants you to spend more than 1.5Lac to get good rewards.

I think for Burgandy user the card is still rewarding as you need to spend around 2.5L on gyfter/travel edge to recover the cost of 11800.one can still use other benefits such as BMS,Meet n Greet,Unlimited Lounge etc.

Exactly, Magnus was never a HNI card. It was most poorly designed card.

In fact, their Atlas is way better designed and a premium card. Only, people with genuine travel spend would take that card. Sweetspot for spending is 1.25 to 1.5L per month on travel. If someone is spending 1L per month on travel alone, one can guess which networth category they might fit in.

 

[Walter White]

Exactly, Magnus was never a HNI card. It was most poorly designed card.

In fact, their Atlas is way better designed and a premium card. Only, people with genuine travel spend would take that card. Sweetspot for spending is 1.25 to 1.5L per month on travel. If someone is spending 1L per month on travel alone, one can guess which networth category they might fit in.

Axis ke sales executives ko bhi itna commission mila tha iske sales se ki vo khud apna Magnus leke ghum rahe hote the. 😛

 

[rohitnsync]

here you go

R.I.P.

 

[neogen]

Axis ke sales executives ko bhi itna commission mila tha iske sales se ki vo khud apna Magnus leke ghum rahe hote the. 😛

Yeah, they were getting ~4k per successful card.
Aur 🥕 🌽 ki tarah card distrubute hua..

 

[CARDBITRAGE]

Exactly, Magnus was never a HNI card. It was most poorly designed card.

In fact, their Atlas is way better designed and a premium card. Only, people with genuine travel spend would take that card. Sweetspot for spending is 1.25 to 1.5L per month on travel. If someone is spending 1L per month on travel alone, one can guess which networth category they might fit in.

The reason I prefer Atlas is the flexibility to book any value, at any time without having to plan out your spends. If I do convince myself to hold the Magnus, I can use it for the first 2L of travel spends, the rest can go on the Atlas.

 

[neogen]

The reason I prefer Atlas is the flexibility to book any value, at any time without having to plan out your spends. If I do convince myself to hold the Magnus, I can use it for the first 2L of travel spends, the rest can go on the Atlas.

Likewise for Vistara Infinite.. spend upto 7.5L then use some other card. This monthly nuisance was way too much.. Magnus deval is in fact a good riddance

 

[hrish88]

Exactly, Magnus was never a HNI card. It was most poorly designed card.

In fact, their Atlas is way better designed and a premium card. Only, people with genuine travel spend would take that card. Sweetspot for spending is 1.25 to 1.5L per month on travel. If someone is spending 1L per month on travel alone, one can guess which networth category they might fit in.

But isnt magnus better for 1.5L travel spends with travel edge.you will get 60P for 200.

Also after the 1.5L magnus give 35P for 200 on regular spends + 2X/3X on gyfter.

 

[vinrey287]

I don't think any more devaluation wil have. 11.8k u get bookmyshow and also eazydiner rewards

Not interested in both.. Only thing I would look for will be giftedge, Travel, lounge and M&G

 

[BestBanker]

@BestBanker please suggest Amex to expand to tier-2 cities. 🥲🥲
A whole wide market has just opened up for MRCC/Plat travel/Gold/Plat charge🥹

New cities will be added in next 60 days

 

[Hisoka]

Just had a question, we can still use our edge points after we've closed the right? Or should we transfer them all first then close the card. I'm thinking of closing my Samsung Infinite (since I've gotten the joining benefit and it's of no use now) and Magnus obv, after few months just before it's renewal.

 

[4uziaul]

Just had a question, we can still use our edge points after we've closed the right? Or should we transfer them all first then close the card. I'm thinking of closing my Samsung Infinite (since I've gotten the joining benefit and it's of no use now) and Magnus obv, after few months just before it's renewal.

I think it's better not to take any chances; transfer your points first and then close your card.

 

[Walter White]

New cities will be added in next 60 days

Is the car surrogate offer for Amex Plat still ongoing?
@BestBanker

 

[bonheur]

Is the car surrogate offer for Amex Plat still ongoing?
@BestBanker

Yaar ye car surrogate kya hota hai? I've seen it spelt that way in a couple of posts from BestBanker. Please tell me he meant "card".

 

[Walter White]

Yaar ye car surrogate kya hota hai? I've seen it spelt that way in a couple of posts from BestBanker. Please tell me he meant "card".

Car surrogate is basically Amex will issue you a card if you own a premium car. Yeh next level ka C2C hai. 😛

Car Surrogate for Platinum charge card

You can now take Platinum charge card even without income documents or with lesser income in ITR. Premium cars - 7.5L in ITR (Car- 3 years old or lesser) Super Premium cars - No income docs required(Car- 5 Years old or lesser) List of cars attached. There is a separate link to process . Not...

www.technofino.in

 

[ADITYA1904]

Car surrogate is basically Amex will issue you a card if you own a premium car. Yeh next level ka C2C hai. 😛

Car Surrogate for Platinum charge card

You can now take Platinum charge card even without income documents or with lesser income in ITR. Premium cars - 7.5L in ITR (Car- 3 years old or lesser) Super Premium cars - No income docs required(Car- 5 Years old or lesser) List of cars attached. There is a separate link to process . Not...

www.technofino.in

Yes i think they still issue

 

[vinrey287]

Car surrogate is basically Amex will issue you a card if you own a premium car. Yeh next level ka C2C hai. 😛

Car Surrogate for Platinum charge card

You can now take Platinum charge card even without income documents or with lesser income in ITR. Premium cars - 7.5L in ITR (Car- 3 years old or lesser) Super Premium cars - No income docs required(Car- 5 Years old or lesser) List of cars attached. There is a separate link to process . Not...

www.technofino.in

Car lene ka surrogate kaha mileage 😬

 

[Walter White]

Car lene ka surrogate kaha mileage 😬

You can always carjack one 🤣

 

[vina]

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.

Those who aren't making 50L CTC - they can complain all they want, they are unlikely to get Infinia or even DCB. Other cards don't beat even this version of Magnus.

and I'm not sure why you are beating the drum of middle class self pity here. The major thing Magnus has done here is removed the milestone benefit. To get that benefit, one had to spend 1lakh per month on the card. I can't think of too many scenarios in which someone can comfortably spend that kind of money every month (even most months) on a card, once rent and taxes are disallowed, and will not be making 2.5-3L per month in-hand anyway.

Even those who actually spent nearly 100% of their salary on card and got to milestone - I'm pretty sure I wont call them "middle class"



as for other cards, there are plenty of them. I used Amazon ICICI for years, not only did it give 5% on vast majority of my spends, I used Amazon's special deal days that happened 4-5 times a year and got 10% discounts very often on that. My average expense on that card was close to 50k a month (family of 3 adults 2 school going children). In fact when I first got Magnus, the way I met 1lakh threshold was by paying rent on it. when they removed rent, it became relatively hard to meet the criteria, though I moved nearly every expense to the card and started buying gyftr to smooth out expenses between months (E.g. this month had a few big planned expenses, so I loaded up Amazon and Flipkart previous two months with gyftr)

there is still HDFC Millenium - 5% on many many things. Axis Flipkart has 5% discount on all merchandise on Flipkart. Kotak Myntra is giving 8% on all spends Myntra. Stanchart Ultimate is giving 3.3 on a lot of things. Indusind Eazydiner has excellent discount deal for those who like to eat at restaurants ....

Lots of options; many you can get llife time free, others are at very nominal annual fee (or which nearly all they return in annual benefits)

Why people thought this loot of points will continue, and why they are behaving as if Axis (or anyone) owed them anything in life is beyond me.

 

[vina]

I dont think axis is going to devalue for Burgandy.if many people open burgundy account then its win-win for axis.Magnus got devalued because many cards were issued on C2C basic.anyone with 3Lac+ limit was/is eligible for Magnus. How can axis call it an HNI card?

Now to make it an HNI card the Axis bank wants you to put in a hard-earned 10Lac before giving you that benefit. wants you to spend more than 1.5Lac to get good rewards.

I think for Burgandy user the card is still rewarding as you need to spend around 2.5L on gyfter/travel edge to recover the cost of 11800.one can still use other benefits such as BMS,Meet n Greet,Unlimited Lounge etc.

what is happening here is that Axis is trying to politely bump off the hoi polloi (no offence against them) who got on board because of the stupidity of Axis itself.

try to get an Infinia card and see what happens there - my friend with 2.5Cr CTC was rejected by HDFC when he was willing to open salary account with them as well.


Based on the weird "we have special offer which we will reveal only after September 1st" I think not just 5:4 they may come up with more features (some sort of a Magnus-Burgundy card) for "good customers" - very likely the reason they started this card in the first place (and the reason HDFC still hasn't turned Infinia into complete poop)


As for affordability of the returns - Amex Platinum is selective, charges 50k+taxes, has no way to waive off renewal fee and no official renewal benefits, and the reward rate isn't that great (Magnus with Burgundy has about the same if you can use it for travel) relatively speaking. And that when Amex charges merchants 3% (VISA and Mastercard charge 2% to most vendors and less for large ones). So frankly what Magnus is offering now - even that will be sustainable only if the merchants give discounts to Axis in the background. Those discounts do happen if a card vendor can steer certain "desirable" customers towards specific merchants. They don't happen with the current clientele of Magnus (no offence to anyone here. the world is what it is).