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

 

[Walter White]

I agree. But this sort of mismanagement is not expected from such big company.

I am a genuine spender. Would not mind to pay 10k fees. But because of Axis mismanagement, other peaple like me who spends genuine, will suffer. And once faith is broken, many people(like you mentioned-the high spenders) will also move out. Then Axis will be left with nothing.

I feel, Axis can still manage the situation, and prevent Magnus from being a disaster.

Fall from grace for Axis. Axis' premium segment cards were the reason people were tolerating them despite poor customer service day in day out. They now deserve a humiliation of the highest order.

 

[IamMayank]

Currently it's a leaked document, however it's trending on Twitter and now top 3 search suggestion for Axis Magnus.

I don't think it's leaked or fake. How come almost everyone knows about the fake news but Axis Bank doesn't(Card Academy wali didi ne video tak bana di) , as there is no update / post from them to dismiss or confirm the rumours.

I believe this is intentional they could not come up with devaluation plan themselves, and are now trying to test the users by analyzing their reaction.

Hence most probably there is soon going to be a devaluation but not at this level, as many users can easily be seen not going for renewal based on this rumoured document.

 

[VGisHere]

It has not even been 24 hours since thread was posted and we already on the 36th page (over 700 replies!) ! 🤯

 

[nigameash]

5 lac points = 1 lac miles

So instagram reels and youtube lifestyle videos are gone forever. The big pain behind the cries

Agreed on the 5L EP to 1L Miles calculation but you don’t get 5L points on 16L spends on Magnus.

How are you calculating 5L points on 16L spends?

 

[Walter White]

Magnus and Reserve Card holders to Amex after devaluation:

 

[captaintorchtm]

 

[Operation9343]

Fall from grace for Axis. Axis' premium segment cards were the reason people were tolerating them despite poor customer service day in day out. They now deserve a humiliation of the highest order.

Humiliate why? I don't think anyone forced you to use their service. Did you complain when you were being given an unreasonably high return of 24% on your spends? xD

 

[Walter White]

Humiliate why? I don't think anyone forced you to use their service. Did you complain when you were being given an unreasonably high return of 24% on your spends? xD

The fact is about the fact how arrogantly Axis Bank behaved with people. They thought they can do whatever they want unless you involved RBI into it. I never complained about their products. If I pay a good annual fee, I'll also expect good customer service. Though I missed out on the Magnus party. 😛

 

[VijayflyRaven]

Humiliate why? I don't think anyone forced you to use their service. Did you complain when you were being given an unreasonably high return of 24% on your spends? xD

It’s expectations! We all were sold for the returns in the past. When it vanishes, there will be disappointment. There will be another new card and we will jump ship.

 

[rogerthat]

How are you calculating 1L miles? You get 96k points on the regular spends for 16L plus an additional 25k*12 (300k) if you hit milestones every month bringing that up to a total of 3.96L Edge points. With a .2 conversion, that’s only 79k Miles on any FF program.

Considering 5L points. 96k points from regular spends + milestone 300k + around 1L accelerated points which come from Gyftr, Grabdeals, Traveledge etc. and additional points from Select, IOCL card etc. that the person might hold.

 

[rohitb]

Agreed on the 5L EP to 1L Miles calculation but you don’t get 5L points on 16L spends on Magnus.

How are you calculating 5L points on 16L spends?

You are just splitting hairs now.
On 16lakh spend base points will be 96k points.
30k per month on milestone spends will be 3.6 lakh. Total is above 4.5 lakh and we have not even considered travel edge points.(even 12% spends there will bring you to 5 lakh points)

 

[amitr29]

It has not even been 24 hours since thread was posted and we already on the 36th page (over 700 replies!) ! 🤯

This heart break & cheating is bigger than wife's extra marital 😂

 

[Consultant]

10:1 is only for Accor. If the value rate for ITC & Mariott does not change, this is still an OKAY card if not great. Can be used till the next renewal and then we can decide if it is worth it for ITC only and take a call.
Why is no1 talking of ITC benefits remaining the same.

 

[rogerthat]

The easiest way to get low spenders out was to increase the cap to 1.25L/ month of genuine transactions - no wallets, no fuel, no emi, no govt. And also removal of renewal benefits of 10k.
For low spenders, that should have been enough.

It is simple. To kill a product all you have to do is remove its greatest attraction. Here, that was not the monthly milestone but the lucrative reward rate.

Points for Fuel, EMI, Wallets were already not present. For low spenders the monthly milestone is irrelevant because the reward was so good and people would still hang on. And anyway people would find all sorts of ways to hit the milestone including paying the whole neighbourhood's electricity bills.

A person spending around 30k regularly every month and hits the milestone on like two months would still win around a lakh points (including accelerated) which means 80k miles.

 

[Sharjeelshaikh]

Currently it's a leaked document, however it's trending on Twitter and now top 3 search suggestion for Axis Magnus.

I don't think it's leaked or fake. How come almost everyone knows about the fake news but Axis Bank doesn't(Card Academy wali didi ne video tak bana di) , as there is no update / post from them to dismiss or confirm the rumours.

I believe this is intentional they could not come up with devaluation plan themselves, and are now trying to test the users by analyzing their reaction.

Hence most probably there is soon going to be a devaluation but not at this level, as many users can easily be seen not going for renewal based on this rumoured document.

I called customer care.they confirm it

 

[Deleted member 9785]

Tried to pay some advance tax for next 2024-25 axis to reach 15 lac milestone and somehow card got blocked. Called CC and instead of solving issue they offering me loans

 

[Ramakgmc]

Agreed on the 5L EP to 1L Miles calculation but you don’t get 5L points on 16L spends on Magnus.

How are you calculating 5L points on 16L spends?

15 lakhs spending - 90k EP
Even if you hit 1L milestone benefit - 3 lakh EP
Total 3.9 lakhs EP - 78K miles
10K renewal waiver - total 88K return on 15 lakhs
Effective return - 5.87% only.

 

[rogerthat]

It defies the logic. Why - 25K ER was applicable on spending 1L and above. That can be done by weeding out expense categories, which they did. Reducing the transfer rate will erode the trust of genuine high spenders and they may not even want to have any ongoing relationship with Axis. 25k was the very reason for me to get Magnus, else I was happy with Axis Vistara infinite, Inifina and Amex Plat.

BTW, these are my recent stats with Axis

I completely agree with you that what they did when they reduced the transfer rate was absolutely stupid. Like you I will also never trust Axis again. They screwed up with their inconsistent policy, and possibly, Axis management considers their product more important than their customers.

Well, I took Magnus for its transfer rate. If HDFC was magnanimous enough to offer me Infinia I would drop Magnus on the very same day.

 

[Slayer]

I completely agree with you that what they did when they reduced the transfer rate was absolutely stupid. Like you I will also never trust Axis again. They screwed up with their inconsistent policy, and possibly, Axis management considers their product more important than their customers.

Well, I took Magnus for its transfer rate. If HDFC was magnanimous enough to offer me Infinia I would drop Magnus on the very same day.

Same vr0 same

But what's your goto if not Magnus

 

[rogerthat]

Agreed on the 5L EP to 1L Miles calculation but you don’t get 5L points on 16L spends on Magnus.

How are you calculating 5L points on 16L spends?

After including Gyftr 3X/5X/10X and Grab Deals, and also earning from companion cards like Select, Privilege and IOCL.