Axis Bank, a prominent private bank in India, has recently announced another round of credit card devaluations, with the Axis Magnus super premium card bearing the brunt of the changes. This card, known for offering an array of benefits and an unprecedented return of up to 35%, has experienced a significant decline in its value. As the details of the devaluation emerge, it is evident that the days of Axis Magnus’ supremacy are coming to an end, with several better card options available in the market. The news of this devaluation has left many Axis Magnus cardholders concerned, particularly regarding the potential waste of their accumulated rewards points.
The Axis Magnus credit card was highly sought after due to its impressive benefits. Users who spent over INR 1 lakh per month were rewarded with 25,000 reward points, equivalent to flight bookings worth INR 20,000. However, leaked information on Twitter suggests that Axis Bank will allegedly revise the points program from the existing ratio of 5:4 to 5:1, effective from August 12, 2023. The leak caused a stir on social media, with cardholders expressing their disappointment over the potential devaluation of their points.
The Magnus credit card was specifically designed for affluent and high-net-worth individuals, offering a range of lifestyle benefits including travel, dining, movies, and wellness perks. Although Axis Bank has not officially confirmed the devaluation, the leaked document suggests significant changes to the card’s features. Notably, the welcome offer of Tata Click vouchers worth INR 10,000 will be discontinued, and customers will be given a choice between Luxe gift cards, The Postcard Hotels gift vouchers, Yatra gift vouchers, or Tata Click vouchers as the welcome gift. Additionally, the INR 10,000 Tata Click voucher benefit upon paying the annual renewal fee will also be discontinued. Milestone benefits tied to spending INR 15 lakh in a year have been removed.
Furthermore, customers who previously received 25,000 Edge reward points for monthly spending of INR 1 lakh will no longer earn reward points for payments made to government institutions and utilities. Such expenditures will also not be considered part of the INR 1 lakh spending requirement. Instead, customers will now receive 5x travel Edge points until their spending reaches INR 2 lakh, after which the normal rate will apply. The most significant change lies in the reduced ratio for transferring reward points to hotel or airline miles, which now stands at 5:1. For Accor hotels, the ratio has been further reduced to 10:1. Additionally, customers can convert a maximum of 5 lakh Edge reward points into miles within a year.
These alterations to the Axis Magnus super premium card have left cardholders questioning the future value proposition of the card. The devaluation of rewards and benefits has triggered concerns among customers who enjoyed the card’s previous advantages. Axis Bank must address these concerns promptly and provide clear communication to reassure its valued customers.
Axis Bank’s recent devaluation of the Axis Magnus super premium card has generated significant attention and concern among cardholders. With changes to the rewards program, welcome offers, milestone benefits, and point conversions, easydiner benefits, customers are evaluating the long-term value and appeal of the card. Axis Bank should take proactive steps to engage with customers, clarify the rationale behind these changes, and address any dissatisfaction or confusion that may arise. The future of the Axis Magnus card will depend on the bank’s ability to balance profitability with customer satisfaction and loyalty in an increasingly competitive credit card market.