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

 

[ALOAK]

I just called axis regarding this devaluation nothing like that and they are also aware of this social media news of devaluation already thousands have called up. He said all benefits that were earlier remains same and they said axis will intimate if there are any changes or devaluation then that means the one sent on this forum is fake.

 

[Chaitanya-a]

I just called axis regarding this devaluation nothing like that and they are also aware of this social media news of devaluation already thousands have called up. He said all benefits that were earlier remains same and they said axis will intimate if there are any changes or devaluation then that means the one sent on this forum is fake.

They won't tell you anything until its official.

 

[makman]

Dont this is fake news from Axis itself as this only impacts existing magnus users and them in a negative way. Axis would never intentionally do that as that type of negative publicity is detrimental for them. And most would have now also transferred ER points to miles in speculation that's not good for them to loose their loyalty points

 

[Avid_snake]

Reasons I consider this Magnus Devaluation causes FAKE -
1) it gives only 1.2% cashback under 1 lac spending. In fact, LTF Tata Neu Infinity gives 1.5% on UPI.
2) Axis Privilege gives a 5:2 edge reward ratio when used for many multi-brand vouchers including Myntra, Bata, and many more brands.
3) At spends of 1.5 lac in a month we would get 25K+9K= 34K edge which will give around 6800 cv points, while axis Vistara signature/ SBI Vistara Prime (3500 Rs. card) gives premium economy ticket worth 8000-10000 cv and 3000 cv points on spends of 1.5 lac which also includes insurance and utilities.

If Axis wants to devalue this card they can do these things instead of making ratio 5:1 -
1) Pull back Meet and Greet Services or just reduce them to 3-4 /year.
2) Milestone benefit after 1 lac - 12,500 Edge Rewards.
3) Transfer Ratio of 5:3 for airmiles and loyalty points
4) Remove Insurance Premium from attracting edge rewards but count them in milestone benefits or vice versa.

5) SHUT DOWN THEIR BANKING BUSSINESS AND SETTLE IN JAMTARA AND LOOT PEOPLE DIRECTLY 😂

It actually makes business sense based on the supposed leak

Axis wants consumers to spend the 1L, as more spend will lead to more MDR which is their actual earnings. No point reducing ER for that. In fact they should increase it to make achieving 1L more attractive.

Very few people use the Meet and Greet service. Such things are good to have in a card as actual spend for them is minimal but good for publicity.

1.2% flat on any spend is less than the MDR earned and hence people spending less than 1L will make profits for Axis.

The only surprise for me in the whole scenario is no voucher on paying renewal fees. This will backfire as lot of people may not renew. HDFC did the same to DCB few years ago, but the waiver limit there was just 5L against a 15L here.

 

[mr_vasanth]

I just called axis regarding this devaluation nothing like that and they are also aware of this social media news of devaluation already thousands have called up. He said all benefits that were earlier remains same and they said axis will intimate if there are any changes or devaluation then that means the one sent on this forum is fake.

I too called the premium customer care number 1800 419 0065. They confirmed me that the news is true. From 12th August the miles transfer will be 5:1. There will not be any renewal benefit. Weirdly, At the end of the call they told me not to call for the same queries again !

 

[NikhilTravelLover]

I can relate

'Kattappa ne Bahubali ko kyo Mara'

We here like

'Axis ne Magnus ko kyo Mara'

Magnus was the Bahubali off all credit cards.

 

[great]

Thank god i haven't cancelled my Infinia when i received magnus 2 months back

 

[pprakash11]

Thank god i haven't cancelled my Infinia when i received magnus 2 months back

Infinia leke koi usko cancel karne ka kyu sochega?

 

[Chaitanya-a]

HDFC would be the happiest now. Ab CC market me villain ka crown Axis ko transfer hogya hai.

 

[VISHESH_BANSAL]

Infinia leke koi usko cancel karne ka kyu sochega?

Udta teer......yaad hai na🤣

 

[ALOAK]

Till

They won't tell you anything until its official.

Then u can use.

 

[Deleted member 9785]

It is amusing to see people thinking reserve card should not be devalued because the fees is 50k + GST.

Its not about the fees, it is about the eligiblity criterion . Infinia was so hard to get, reserve is easy to get

 

[mr_vasanth]

They won't tell you anything until its official.

I called them on their premium care number 1800 419 0065. They confirmed that the devaluation from 12th Aug is true and it will be communicated officially.

 

[anupamsinha]

Not sure. But companies and sometimes even goverment do this.

They release some news in the market. See the reaction. If it's not inline with what they thought they revert it and simply pass it as a rumour.

There are chances that Axis is waiting for a feeler as to how the people react to it.

 

[Dash]

Yes devaluation is true!!

 

[rohitsinha]

Well there are random posts about devaluation. There are even images of the contract. Someone saying that their RM told them -
Axis Magnus devaluation

Axis Magnus - Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

-- 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...

www.technofino.in

I called the customer care. This is what they told -
" We are getting lot of these inquiry calls today suddenly. We have no such information on this from bank. If bank would do this, we would send detail and information via mail and sms."

So is this a big hoax? I remember someone made an entire T&C detail sheet for hdfc galaxia. So really don't know whether I should believe it and transfer air mile or simply skip any hassle for now

 

[Deleted member 16965]

I called them on their premium care number 1800 419 0065. They confirmed that the devaluation from 12th Aug is true and it will be communicated officially.

AXIS Be Like :

 

[svs_23]

Tough to say…
Better to transfer to be on safe side in case it’s real.
But anyway existing reward rate applies for another month.

 

[Himanshu Rathi]

It actually makes business sense based on the supposed leak

Axis wants consumers to spend the 1L, as more spend will lead to more MDR which is their actual earnings. No point reducing ER for that. In fact they should increase it to make achieving 1L more attractive.

Very few people use the Meet and Greet service. Such things are good to have in a card as actual spend for them is minimal but good for publicity.

1.2% flat on any spend is less than the MDR earned and hence people spending less than 1L will make profits for Axis.

The only surprise for me in the whole scenario is no voucher on paying renewal fees. This will backfire as lot of people may not renew. HDFC did the same to DCB few years ago, but the waiver limit there was just 5L against a 15L here.

Your point totally makes sense but if it's like that why would someone use Axis Magnus if his/her spending would be below 1lac? Even UPI cards are offering upto 1.5% cashback and thus I think 5:3 ratio will be a much more practical ratio.

 

[1RC]

Well there are random posts about devaluation. There are even images of the contract. Someone saying that their RM told them -
Axis Magnus devaluation

Axis Magnus - Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

-- 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...

www.technofino.in

I called the customer care. This is what they told -
" We are getting lot of these inquiry calls today suddenly. We have no such information on this from bank. If bank would do this, we would send detail and information via mail and sms."

So is this a big hoax? I remember someone made an entire T&C detail sheet for hdfc galaxy. So really don't know whether I should believe it and transfer air mile or simply skip any hassle for now

Why create a new thread when you could have simply posted this on the Devaluation thread? @Rkr Do we need this thread. Too much of noise on the forum. Please take this down.