Update with the revised official devaluation, this call for action makes no sense now 🙏 Axis has played fair this time crediting all pending ER by Aug 10 including those from July month, giving everyone a chance to transfer at 5:4 one last time. My suggestion, go all in for Accor.
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Hello TF family,
We all are now aware of the recent devaluation of the Axis Magnus and Reserve cards. I am writing to you as a concerned Axis customer and member of the TF community, regarding what could be our next course of action. As we know the bank changed the transfer partner ratios significantly from 5:4 to 5:1, among other unfavorable alterations. I took the initiative to personally contact Axis priority customer care, and they confirmed that an official communication regarding these changes is scheduled for release on July 11.
While I understand that product features and terms are subject to change within the purview of the bank, I firmly believe that it is our right as customers to be adequately notified well in advance. In the case of Axis Magnus, for instance, the one-month notice provided is insufficient. According to the bank's process, points earned today are credited after a period of three months. Therefore, if I have made purchases today under the assumption that the earned points would be redeemable at a 5:4 transfer rate based on the existing contract, it is only reasonable and legally justified to expect a three-month advance notice for any policy changes, as the points are credited with a three-month delay. Failure to provide such notice constitutes a malpractice on Axis's part, and I am confident that Axis will be unable to justify this oversight if brought to the attention of the RBI Ombudsman.
Considering the above circumstances, I propose the following course of action to address this malpractice. First, it is essential to raise awareness about this issue within the TF community and other credit card forums. We should utilize platforms such as Twitter and other social media channels, tagging Axis and bringing attention to this matter. Secondly, once the official communication is received on July 11, I suggest writing an email to the customer care department, highlighting the procedural lapse and malpractice that has occurred. I anticipate that the response received will likely be a standard answer. Therefore, it is crucial to escalate the matter to the Principal Nodal Officer (PNO) of the bank and after one month, subsequently, if necessary, to the RBI Ombudsman. I firmly believe that either the Ombudsman will rule in our favor and ensure the transfer of our pending points at the rightful exchange rate, or the bank itself will be compelled to settle the matter. This negotiation process also presents an excellent opportunity to discuss the possibility of converting the Magnus card to a Lifetime Free (LTF) option.
In conclusion, I believe that united action and diligent pursuit of this matter will be instrumental in resolving the issues faced by customers affected by the devaluation of Axis Magnus and Reserve cards.
Rahul
___________________
Hello TF family,
We all are now aware of the recent devaluation of the Axis Magnus and Reserve cards. I am writing to you as a concerned Axis customer and member of the TF community, regarding what could be our next course of action. As we know the bank changed the transfer partner ratios significantly from 5:4 to 5:1, among other unfavorable alterations. I took the initiative to personally contact Axis priority customer care, and they confirmed that an official communication regarding these changes is scheduled for release on July 11.
While I understand that product features and terms are subject to change within the purview of the bank, I firmly believe that it is our right as customers to be adequately notified well in advance. In the case of Axis Magnus, for instance, the one-month notice provided is insufficient. According to the bank's process, points earned today are credited after a period of three months. Therefore, if I have made purchases today under the assumption that the earned points would be redeemable at a 5:4 transfer rate based on the existing contract, it is only reasonable and legally justified to expect a three-month advance notice for any policy changes, as the points are credited with a three-month delay. Failure to provide such notice constitutes a malpractice on Axis's part, and I am confident that Axis will be unable to justify this oversight if brought to the attention of the RBI Ombudsman.
Considering the above circumstances, I propose the following course of action to address this malpractice. First, it is essential to raise awareness about this issue within the TF community and other credit card forums. We should utilize platforms such as Twitter and other social media channels, tagging Axis and bringing attention to this matter. Secondly, once the official communication is received on July 11, I suggest writing an email to the customer care department, highlighting the procedural lapse and malpractice that has occurred. I anticipate that the response received will likely be a standard answer. Therefore, it is crucial to escalate the matter to the Principal Nodal Officer (PNO) of the bank and after one month, subsequently, if necessary, to the RBI Ombudsman. I firmly believe that either the Ombudsman will rule in our favor and ensure the transfer of our pending points at the rightful exchange rate, or the bank itself will be compelled to settle the matter. This negotiation process also presents an excellent opportunity to discuss the possibility of converting the Magnus card to a Lifetime Free (LTF) option.
In conclusion, I believe that united action and diligent pursuit of this matter will be instrumental in resolving the issues faced by customers affected by the devaluation of Axis Magnus and Reserve cards.
Rahul
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