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

 

[Sharjeelshaikh]

Kisiko official mail aayaa kya abhi Tak as expected on monday

 

[Chaitanya-a]

Kisiko official mail aayaa kya abhi Tak as expected on monday

12th July ko ayega mail

 

[Abhishek012]

Kisiko official mail aayaa kya abhi Tak as expected on monday

Nahi aayega. Axis bank wale aise he maze le raha tha. Free ka promotion ho gaya bas.

 

[Deathsnatcher]

6% return for above 1 Lakh
For below - its 1.2% - Previously, atleast they were giving renewal benefits now its good for those who either can spend more than a lakh or can hit 15lakh a year

Why would someone below 1l spends would like this card when we have other good rewarding cards in market?
Stop chasing magnus if its aint for your meet

 

[Deleted member 9785]

Why would someone below 1l spends would like this card when we have other good rewarding cards in market?
Stop chasing magnus if its aint for your meet

Its now actually for HNIs from 12th august. Same for reserve - BMW/MERC ka transfer bhi chaiye + Free hotel nights and membership bhi chaiye + meet greet bhi chaiye ... But reward ratio bhi chaiye to make money lol.

 

[D7162]

Why would someone below 1l spends would like this card when we have other good rewarding cards in market?
Stop chasing magnus if its aint for your meet

Why wouldnt ?? Considering other benefits like ED/BMS/Gyftr etc

 

[amitalpha]

Why wouldnt ?? Considering other benefits like ED/BMS/Gyftr etc

Are these benefits enough for someone who doesn't spend 1L every month and pays a fee without renewal benefits? Other cards can serve well except for Meet n greet benefit i guess

 

[Sharjeelshaikh]

Neeche comments padho ek baar

 

[CardUser28]

Based on this notification, Insurance Spending and NPS payments will still be eligible for milestone and regular RP (NPS from Kfintech)?

 

[D7162]

Are these benefits enough for someone who doesn't spend 1L every month and pays a fee without renewal benefits? Other cards can serve well except for Meet n greet benefit i guess

Thats what i was trying to convey - without renewal benefits, these are not enough considering higher fees, but with renewal benefits, these were enough

 

[raji]

Hi in place of blaming Axis bank ... we need to ponder over few issues.
1) Axis Magnus gave us returns which were unviable over long time for Axis share holders. All over World.. in any country no credit card gave such amazing returns. Devaluation was inevitable.
2) Its better now to go for Axis Atlas card for frequent travellers as it gives better returns in miles terms & that too with so many transfer partners which no other credit card offers. Another important issue is that we get Edge miles within 12 days, no restriction on utility spends/Govt spends. Of course , Axis reserves right to change these conditions .
3) It may be time ... from investors point ... to invest in Axis Bank share.

 

[Heehaahee]

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 😂😆

Ya, its a national disaster... defence ministry should interfere asap

 

[D7162]

Baki sab to thik hai.. ab devaluation ho hi gaya hai to ab to koi woh 5 paisa vali trick batado.. 🤣 🤣 🤣 🤣

 

[Heehaahee]

Ya, its a national disaster... defence ministry should interfere asap

Finance minister bolegi I don't use Magnus, so no issues

 

[Deathsnatcher]

Why wouldnt ?? Considering other benefits like ED/BMS/Gyftr etc

You get these benifits in other cards too ...bms offers is almost in every card for ED get yourself easy diner cards
you still dont get it if your spends are less than 1l then magnus is not for you Just for bms and ED for saving few bucks you will shell out more as a fee for a card and then again the pressure of devluation..

 

[D7162]

Jitne bhi log axis bank ko defend kar rhe hai.. please bank se reward points timely credit karvado.. baki sab bank k jaise transaction settle hone par points aa jaaye aisa kuch karva do.. ab to bank ka bahut paisa bachega to jo ek banda bethaya hai points k liye uske jagah kuch achi system banvado

 

[Deleted member 9785]

Jitne bhi log axis bank ko defend kar rhe hai.. please bank se reward points timely credit karvado.. baki sab bank k jaise transaction settle hone par points aa jaaye aisa kuch karva do.. ab to bank ka bahut paisa bachega to jo ek banda bethaya hai points k liye uske jagah kuch achi system banvado

Anna hazare can be the man

 

[NikhilTravelLover]

I would like here from @TechnoFino, @Subhankar take on inevitable devaluation of Magnus.


Banning illegal activities and preserving good old Magnus customers will prevent Magnus from being a disaster.
Some sort of devaluation is justified, but not the one we are discussing here.

 

[Abhishek012]

I would like here from @TechnoFino, @Subhankar take on inevitable devaluation of Magnus.


Banning illegal activities and preserving good old Magnus customers will prevent Magnus from being a disaster.
Some sort of devaluation is justified, but not the one we are discussing here.

Mint walo ko kaisa ban karoge ?

Why credit card users want to grab hold of Axis Magnus

The Axis Magnus credit card from Axis Bank boasts of a high earning as well as redemption rate. It offers 12 EDGE Rewards (ER) on every ₹200 spent.

www.livemint.com

 

[Deleted member 16965]

Mint walo ko kaisa ban karoge ?

Why credit card users want to grab hold of Axis Magnus

The Axis Magnus credit card from Axis Bank boasts of a high earning as well as redemption rate. It offers 12 EDGE Rewards (ER) on every ₹200 spent.

www.livemint.com

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