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

 

[neogen]

After Mint news , now here is the latest one from BT.

'The rewards were far from realistic,' say netizens amid buzz of devaluation of Axis Magnus credit card

'If Axis Magnus devaluation from 5:4 to 5:1 is true, then it is one of the biggest devaluations in the history of credit cards,' say netizens

www.businesstoday.in

No movement here:

Important Announcements on Axis Bank Credit Cards

 

[Ace87]

Quick question. My friend recently got Magnus (like yesterday). Does he need to apply to cancel it if he does not activate it ?

 

[mojo_jojo123]

I transferred all existing points to accor (new magnus user, so had about 25k).. i have pending may, June milestone benefits + 50k of accelerated ER pending. Was hoping to use everything on Accor for my planned eurotrip in October. My wife was so excited about getting free stays when she finally understood the wholw ER game ( she found the whole thing too complex before the eurotrip planning ).

Idk if axis is going to honor 5:4 for the pending points, don't have much hope to be honest.

in same boat

 

[neogen]

Quick question. My friend recently got Magnus (like yesterday). Does he need to apply to cancel it if he does not activate it ?

Why cancel? Its still a good card.. even after so called devaluation..

 

[mojo_jojo123]

i got my magnus 3 months ago, still waiting for my monthly milestone points to be credited.
and then this happens.

I am also in same boat .. praying if this month milestone gets credit will transfer to accor immediately

 

[Ace87]

Why cancel? Its still a good card.. even after so called devaluation..

He has Infinia. With the new rates, Magnus doesn't hold much value.

 

[Chaitanya-a]

Why cancel? Its still a good card.. even after so called devaluation..

Not for low spenders who were stretching their limits to cross ₹1L usage. Its good only for few people now who have genuine spends above 1L.

 

[neogen]

He has Infinia. With the new rates, Magnus doesn't hold much value.

I also have Infinia, and I am going to keep Magnus along with Axis Vistara infinite

 

[ADITYA1904]

For what about those who didn’t spent 1L in April and spend in may, june, july😡

 

[neogen]

For what about those who didn’t spent 1L in April and spend in may, june, july😡

What about them? They should feel happy to hold such premium metal card

 

[makman]

Not for low spenders who were stretching their limits to cross ₹1L usage. Its good only for few people now who have genuine spends above 1L.

Exactly. I don't understand why people are supporting a card with 1.2% reward rate for less than 1 lakh spends. There are much better reward rate for many cards out there without having to pay 11800 per year

 

[amitr29]

This has become a National Issue now 😆 Trending in most searches on Google . I suggest we form a committee and meet Finance Minister and Amit Shah 😂😆

 

[Deathsnatcher]

For what about those who didn’t spent 1L in April and spend in may, june, july😡

They will get 31000x3=93000 ER = 18600 rs [6% cashback so be grateful and happy XD]

 

[aggarwal]

They will get 31000x3=93000 ER = 18600 rs [6% cashback so be grateful and happy XD]

Same value we will get with miles transfer. 5:1 means 20ps/point which is same we encash it for vouchers. Why to tie points ten to single entity say vistara!

 

[rohitb]

This has become a National Issue now 😆 Trending in most searches on Google . I suggest we form a committee and meet Finance Minister and Amit Shah 😂😆

Why is gsw trading jordan Poole trending here . This happened like a week+ back.

 

[Deathsnatcher]

This is why i dont understand why the hush so much...6% returns in Cc is amazing too
when there wasnt magnus around even 3% with infinia was hyped so much

 

[captaintorchtm]

I have an Amex platinum travel card.
also, I got 20K Magnus points till now. which program is best and works for both to transfer points? itc -> MB? or anything else?

 

[rohitb]

This is why i dont understand why the hush so much...6% returns in Cc is amazing too
when there wasnt magnus around even 3% with infinia was hyped so much

+1
I have made peace with it. I am only going to use it for 1lakh + some with focus on extracting as much as possible using gyftr .
Total returns would still be 30k + 6k + 14k(approx) approx 50k (considering 55-60% accelerated usage)
Which turns out to be 10k points / inr .
I am happy. May be not itni Khushi type happy but still happy.

Also first choice for ticket/hotel for less than 56250(or say 60k) in one go would now be infinia.
So some reshuffling.

 

[captaintorchtm]

+1
I have made peace with it. I am only going to use it for 1lakh + some with focus on extracting as much as possible using gyftr .
Total returns would still be 30k + 6k + 14k(approx) approx 50k (considering 55-60% accelerated usage)
Which turns out to be 10k points / inr .
I am happy. May be not itni Khushi type happy but still happy.

Also first choice for ticket/hotel for less than 56250(or say 60k) in one go would now be infinia.
So some reshuffling.

+1 im also thinking about keeping this card. hitting 2 monthly milestones is enough to pay for the card fee, and there are other services as well eg. movies, ED, airport concierge, etc. And instead of planing travel with 1 year worth of points i will plan it with 3 years worth of points (coz ER expires after 3 years?)

 

[sourpai]

6.2% return on a CC is not bad, it is quite good. Problem however is that it happens only when you cross 1L. This is difficult for most people.

On the other hand you have SBI Cashback / DCB which gives 5% and 3.33% unconstrained.