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

 

[sid16]

I think this is GOLD. Burgundy Account + Magnus combination is a killer. They continue to give 5:4 on that (Just a 25k bonus on 1L milestone is removed). However, upto first 1.5L spends, you get 12 ER per 200 spent which is like 6% ER rate or 4.8% Partner Reward rate. Post 1.5 Lakh, its 35 ER per 200, making it 17.5% ER rate or 14% Partner Reward rate (WHICH IS INSANEEEE). Annual capping was required but still 5L ER to 4L Partner points is very generous. What a comeback by Axis. Awesome structuring.

Would have agreed with you if they had not removed government transactions from rewards. For businessmen who used it for advance tax, TDS, etc, the devaluation is too big.

 

[pprakash11]

Already posted here:

Axis Magnus - Devaluation w.e.f. 1st Sep 2023

Nobody is talking about the consolation prize like 35 reward points after 150k and 10% extra for international spends. Looks like nobody cares about it after seeing the other changes. Giving Mango bite and talking Dairy Milk Silk from us

www.technofino.in

 

[rogerthat]

My legitimate monthly spends using credit cards is around 80k to one lakh every month. Sad that there is no card in the Indian market that reward spenders like me.

 

[Cardmarvel]

Yes promoting Burgundy account openings.. A good way for marketing. But cheers to people who already have a Burgundy account with them with Magnus.

I’ve burgundy but even then without 25K milestone, it’s not very lucrative.. maybe a little better than my Infinia

TravelEdge will earn 30%. So Magnus + Burgundy scores above Infinia SmartBuy

 

[Rkr]

Major details on Axis Magnus devaluations

##Revision of Welcome Benefit:
■Option to choose Tata CLiQ voucher will be discontinued Instead choose Luxe , PostCard Hotels or Yatra

##Revision of Annual Benefit:
■The annual fee will be updated from INR 10,000 + GST to INR 12,500 + GST for customers on-boarded from 1St September 2023
■The annual benefit of voucher worth INR 10,000 will be discontinued
■ Annual fee waiver of ₹12,500 on spends of ₹25,00,000 up from ₹15,00,000 in the preceding card anniversary year.
■For existing customers fee waver is ₹15 lakhs but, after 1st September 2024, fee waiver will be applicable on cumulative spends of IN 25,00,000 in preceding card anniversary year.

##Revision Of edge rewards and milestone benefits:
■No rewards and no annual fee waver benefits for spends on government sites.
■Monthly milestone benefits of 25,000 EDGE Reward Points on monthly spends of ₹1,00,000 will be discontinued from 1st September 2023
■People will get 25000 edge points for transaction done in may,June and July as per previous offer
■12 EDGE Reward Points for every ₹200 on spends up to ₹1.5 lakhs. And 35 EDGE Reward Points for spends above ₹1.5 lakhs
■Earn 60 EDGE Reward Points for every ₹200 spent on Travel Edge portal, up ₹2 lakhs per month and 35 EDGE points on spends above ₹2 lakhs per month.

##Revision of Miles Transfer Program:
■Revised transfer ratio of 5:2 (5 EDGE Reward Points = 2 Partner Point/Mile)
■Total EDGE Reward Points that can be converted to Partner Points in a calendar year is capped to 5,00,000
■For the year 2023, customer can convert 5,00,000 EDGE Reward Points from 1st September 2023 - 31st December 2023.

(Source-Axis/Twitter/Telegram)

 

[vinrey287]

And also August milestone also would not be eligible for 5:4

What about April month's milestone benfit? 25k?

 

[hungryPanda]

if its legitimate then sbi cashback card has 5% for genuine spends

 

[Cardmarvel]

Btw if you are Burgundy, then you still get 5:4

 

[bhavik886151]

I think this is GOLD. Burgundy Account + Magnus combination is a killer. They continue to give 5:4 on that (Just a 25k bonus on 1L milestone is removed). However, upto first 1.5L spends, you get 12 ER per 200 spent which is like 6% ER rate or 4.8% Partner Reward rate. Post 1.5 Lakh, its 35 ER per 200, making it 17.5% ER rate or 14% Partner Reward rate (WHICH IS INSANEEEE). Annual capping was required but still 5L ER to 4L Partner points is very generous. What a comeback by Axis. Awesome structuring.

Open burgundy account few days back and awaiting for the burgundy debit card and new kit
is it good to apply for the magnus or take the select card which is free LTF with burgundy account
i dont have any credit card of Axis now
i have icici amazon, amex MRCC and platinum travel and SBI simply click

 

[punpher]

I just spoke to customer care, my concern was regarding gyftr reward points. The guy said please ignore the SMS trigger. Nothing has changed.

This is really strange..

 

[VijayflyRaven]

Btw if you are Burgundy, then you still get 5:4

Limited period and can be removed if too many use this route. However, I feel it might stay as most people who look at surface level might leave.

 

[Cardmarvel]

Limited period and can be removed if too many use this route. However, I feel it might stay as most people who look at surface level might leave.

And maintaining Burgundy requires hard cash, so not everyone can do so 😉

 

[sangeeth]

Just got the Magnus package. I guess this is going to be my new paperweight 🙂

 

[Walter White]

And maintaining Burgundy requires hard cash, so not everyone can do so 😉

Burgundy salary account wale route se hi sense banta hai is time par. Lol, but not a lot of companies have tie up with Axis for salary accounts.

 

[ARV]

Burgundy account will have 5:4

T&C says special time bound offer God save the people who believe AXIS and open Burgundy account and keep 10L balance

 

[vishnucn]

annual fee increased

 

[hrish88]

For Reserve card to have 5:4 ratio require Burgandy Private.Dont think many people will have Burgandy Private.Also why one need a Reserve card if they are holding Burgandy Private Credit card

 

[captaintorchtm]

Time to downgrade or change to Vistara variant

 

[vishnucn]

They are going to stop 25000 monthly milestone

 

[hrish88]

Those who Got Magnus LTF via Burgandy offer will be most happy now