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

 

[sxchzy]

which card from axis would u recommend post closing Magnus (except vistara,atlas,reserve)

airtel
neo
axis rewards

 

[ankitfintech]

Yes we get 0.8% in the current scheme of things as long as you hold MB... I don't have RBL and Indusind debit cards. I use this only

How are you getting 0.8% return for ER points earned through magnus burgundy debit card?
For me, the ER point earned is 1%, but the ER -> MB point conversion which happens automatically as soon as I empty Magnus Burgundy points is only 0.44% percent( This number varies a bit but its always around 0.40 to 0.45%)

I do hold Magnus Burgundy credit card and I had gotten 5:4 conversion for all previous Edge Reward points. But once I started using Magnus Burgundy Credit Card the ratio has slumped to 0.44%.

 

[sourpai]

How are you getting 0.8% return for ER points earned through magnus burgundy debit card?
For me, the ER point earned is 1%, but the ER -> MB point conversion which happens automatically as soon as I empty Magnus Burgundy points is only 0.44% percent( This number varies a bit but its always around 0.40 to 0.45%)

I do hold Magnus Burgundy credit card and I had gotten 5:4 conversion for all previous Edge Reward points. But once I started using Magnus Burgundy Credit Card the ratio has slumped to 0.44%.

What exactly is 0.44%?

Once you empty MB bucket, ER flows into MB (sometimes full sometimes partial... ratio here is not important)... Keep transferring whatever comes in MB bucket at 5:4 in multiple transactions... It will be at 0.8% only as overall reward points are not reducing anywhere for ratio to come down

 

[ankitfintech]

What exactly is 0.44%?

Once you empty MB bucket, ER flows into MB (sometimes full sometimes partial... ratio here is not important)... Keep transferring whatever comes in MB bucket at 5:4 in multiple transactions... It will be at 0.8% only as overall reward points are not reducing anywhere for ratio to come down

To give you concrete example, let me attach two photos.
I had 2124 MB points and 3510 ER points. I transferred 2100MB points to Accor.
Just after the transaction, 2100 points got replaced by 972 MB points and balance ER and MB points became 1410 and 996 respectively.
This means 972/2100 ie 0.46% conversion ratio. And 0.8% is applied on this 972 points. So its effectively ~0.36% for Magnus Burgundy ER points.


Dont you guys see this? Am I the only one whose ER to MB conversion doesnt take place at 1:1 ratio???

 

[sourpai]

Actually MB points are subset of ER points. So you had 2124 MB points and 3510-2124=1386 unique ER points

After you transferred 2100 MB, you got 24+972 = 996 MB and ER became 1386-972=414

So your total ER bucket is now 414+996 = 1410

All numbers are matching

 

[sourpai]

I hope you got the calculation! I think you missed the part where MB is subset of ER bucket and thats why ratio was coming different

 

[ankitfintech]

If what you say is true about the subset part, I understood the calculation. I need to confirm this subset theory for me.
But thanks for the explanation.

 

[ankurarora898]

my mb points balance is 75 and er is 6724,need to bring the mb points above 300 then empty them completely to transfer er to mb points,am I right here?

 

[cartoon_soldier]

Can anyone guide on what is "OGS" and how do you see them?

 

[shashank08]

Can anyone guide on what is "OGS" and how do you see them?

account statement which Axis send to your mail is called OGS (One Glance Statement).

 

[sourpai]

my mb points balance is 75 and er is 6724,need to bring the mb points above 300 then empty them completely to transfer er to mb points,am I right here?

Yes. Min is 300. But with 300 balance you will need to do a lot of transactions... try to get it to a higher number and then do it

 

[ankurarora898]

Yes. Min is 300. But with 300 balance you will need to do a lot of transactions... try to get it to a higher number and then do it

and place a points + cash order to bring it to 0?

 

[Ankit13]

and place a points + cash order to bring it to 0?

I tried this points plus pay order but 12 points again came to MB. Tried with higher no of points also but same issue. Any tips to make it work?

 

[drsel]

I tried this points plus pay order but 12 points again came to MB. Tried with higher no of points also but same issue. Any tips to make it work?

Don't try to spend the points to buy vouchers. they will not become zero as you just found out.

you have to increase the points beyond 300 and then spend them

 

[Ankit13]

Don't try to spend the points to buy vouchers. they will not become zero as you just found out.

you have to increase the points beyond 300 and then spend them

Tried that as well. MB points are not being credited since last few days.

 

[drsel]

Tried that as well. MB points are not being credited since last few days.

Axis is upgrading the software from 1--7 Feb
points will come after 10 Feb for Magnus Burgundy and Atlas

 

[Ankit13]

Axis is upgrading the software from 1--7 Feb
points will come after 8 Feb for Magnus Burgundy and Atlas

Lets see if they make it better or worse

 

[drsel]

Lets see if they make it better or worse

They are expected to disable 5:4 ratio for non Burgundy cards

 

[iamfaisy]

After M4B Upgradation, i am able to see magnus Burgundy! conversion ratio 5:4.. But out of 7 lakh reward points, I am only able to redeem around 7.5k point per transaction and each time same points from ER point crediting to Burgundy points... transferred more than 10 times now..
How long this will continue..Any idea..
Should i wait for the system updation from Backend team to redeem at a stretch or empty the points now (need to redeem 90-100 time to empty all ponits, 7.5k points each)..
Also i had used old Magnus card in last few days (before activating new card)..Will those points be credited as a seperate Magnus Burgundy Bucket and trouble me with redemption?Please guide me.. Thank you

 

[Ankit13]

After M4B Upgradation, i am able to see magnus Burgundy! conversion ratio 5:4.. But out of 7 lakh reward points, I am only able to redeem around 7.5k point per transaction and each time same points from ER point crediting to Burgundy points... transferred more than 10 times now..
How long this will continue..Any idea..
Should i wait for the system updation from Backend team to redeem at a stretch or empty the points now (need to redeem 90-100 time to empty all ponits, 7.5k points each)..
Also i had used old Magnus card in last few days (before activating new card)..Will those points be credited as a seperate Magnus Burgundy Bucket and trouble me with redemption?Please guide me.. Thank you

Transfer all that you can asap. We dont know what axis is coming up with after the update