Magnus - revised Terms n Conditions July 21, 2023

265°
Benevolent
baludesi

TLDR  (You need atleast Burgundy acc and genuine txns to utilize best of rewards)

from sep 1 2023

  1. No tata cliq welcome benefit
  2. annual fee is now 12,500.annual benef t of voucher worth INR 10,000 will be discontinued.
  3. annual fee waiver is now 25Lakh INR 😳
  4. utils n gov - no rewards no milestones
  5. monthly milestone benefit gone 😬
  6. miles conversion 5:2

existing users will be trapped into this from sep 1, 2024

more - read here

https://www.axisbank.com/docs/default-source/de...

Q. What is the special offering on Magnus?

A. You will have an option to continue to avail 5:4 conversion on Magnus under a special time bound offering by opening a Burgundy account, in conjunction with the credit card terms and conditions, and internal policy of the bank. You can reach out to us after 1st September 2023 to avail the new offering

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32 Comments  |  
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Benevolent Benevolent
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It is really a massacre of many money rotators.

Helpful Helpful
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for?
of😄
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Deal Cadet Deal Cadet
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good these rotators are destroying good cards  .I  don't own magnus anyway. Money rotation should be stopped on all cards as these devalue the card very quickly.

Benevolent Benevolent
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I guess our trading section gonna shut .
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Helpful Helpful
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Without Monthly 25k bonus this card is useless.

Like Magnet Like Magnet
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Agree. People need to note this who are thinking of taking burgundy account. If 25k bonus on 1lac is still there, I would have gone with burgundy.

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Generous Generous
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No Edge rewards kills the benefit of the card and also no rewards for utilities.

Got my card approved today but yet to receive the activation code. Hopefully, I will get it before month end as I want to achieve at least two milestone before devaluation.

Post Emperor Post Emperor
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For the first month you won't get a milestone rewards

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Deal Hunter Deal Hunter
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Screenshot2023-07-21-17-42-21-96e4424258c8b8649f6e67d283a50a2cbc

Finance Mentor Finance Mentor
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@abhishek012 🎤

Should we still ignore this.

Benevolent Benevolent
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He will ignore as long as it is not in RuPay. Nevertheless for many this may bring peace as now no pressure of achieving milestones.
Truly a Serenity Now moment.


9429560serenity-now-serenity-now-frank-costanza-fwb5p51xpf1fyl0q

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Community Angel Community Angel
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This is indirect discontinuation of AXIS magnus credit card now only fools will apply this card, 

KAUA CHALA THA HANS KI CHAAL APNI CHAAL BHI GAYA BHOOL

Axis Bank is worst and will remain worst

Community Angel Community Angel
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kuchh Axis magnus users bol rahe the ki 5:1 hone se hume koi fark nahi padta moeny rotators ko padega bas 5k mil jaye kaha hai wo log kis kone mein .... joy

Generous Generous
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The thing people have not realized is this devaluation has been much worse than the earlier one. By stopping Milestone rewards, they have killed all the card attraction as even with 5:2 ratio, miles earned will be much lesser than 5:1 with milestone benefit.

Having said that, I applied for the card last week despite knowing all the expected drawbacks coz I wanted higher limit and my Axis limit has been increased to 10L and with TataCliq voucher still available as welcome benefit, its a win-win situation at least for a year (Maybe use this 'premium card' to apply for, say SCB Ultimate) and surrender before renewal.
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Deal Cadet Deal Cadet
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Right on time for me, just got my infinia via regalia upgrade this week. Time to ditch magnus after edge points credit.

Benevolent Benevolent
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Here is how to recover 11800 renewal fees from Axis🤣.

1. Eazydiner BBQ Vouchers - Sell in trading section at 30-35% discount. Net profit - 250-300.

2. BMS BOGO - Sell in trading section at 50-100 per BOGO. Net profit - 250-500.

3. Amazon 20K voucher 2x points - Sell in trading section at 2-2.5% discount. Net profit - 300-600.

Total - 800-1400. Average is 1100.

1100x12 is 13200, which is more than annual fee. 

Every card is worth if u r ready do spend time on it😅.

Deal Newbie Deal Newbie
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What is BBQ voucher ?
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