'The rewards were far from realistic,' say netizens amid buzz of devaluation of Axis Magnus credit card

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'The rewards were far from realistic,' say netizens amid buzz of devaluation of Axis Magnus credit card

'If Axis Magnus devaluation from 5:4 to 5:1 is true, then it is one of the biggest devaluations in the history of credit cards,' say netizens

The credit card was most sought because if one's expenses exceeded Rs 1 lakh per month, they would get 25,000 rewards points, which converts to flight bookings worth Rs 20,000

SUMMARY

Reports of devaluation of Axis Magnus credit card sent its users into a tizzy on social media with many saying their numerous points will go waste
The credit card was most sought because if one's expenses exceeded Rs 1 lakh per month, they would get 25,000 rewards points, which converts to flight bookings worth Rs 20,000
However, many Twitter users said that the rewards on the card were "far from realistic"

Reports of devaluation of Axis Magnus credit card sent its users into a tizzy on social media with many saying their numerous points will go waste.

The credit card was most sought because if one's expenses exceeded Rs 1 lakh per month, they would get 25,000 rewards points, which converts to flight bookings worth Rs 20,000.

However, many Twitter users said that the rewards on the card were "far from realistic".

💳 Axis Magnus and Reserve devaluation?

25k points for ₹1 Lakh spent is batshit crazy. It's far from being realistic. It had to go at some point, just like HDFC Infinia got devalued over the years.

🤔 The transfer partner devaluation is something that I didn't expect to… pic.twitter.com/zuf4hfRNH5
— Chaitanya (@BrownPoints) July 8, 2023

A PDF has been leaked on Twitter that Axis Bank will allegedly revise its points programme to 5:1 from the existing 5:4 from August 12, 2023.

#Axis #Magnus #Reserve #devaluation
Time has come to keep 10 cards again pic.twitter.com/0nUUAZHRhB
— Abhijnan (@AbhijnanJha) July 8, 2023

The news of the alleged devaluation singed so many users of the credit card that 'Magnus' became the top Twitter trend in India on Saturday.

"Never cared about points. Never cared about Credit cards. If you are waiting for those extra points to make that flight trip, or that hotel booking, there is something wrong. The house always wins, it may appear they are losing, but eventually they will win," quipped Abhishek Asthana, co-founder of Hood App, who goes by the name Gabbar on Twitter.

Never cared about points. Never cared about Credit cards. If you are waiting for those extra points to make that flight trip, or that hotel booking, there is something wrong.

The house always wins, it may appear they are losing, but eventually they will win.
— Gabbar (@GabbbarSingh) July 9, 2023

Banks are not here for charity. They are here to do business. Instead of raising hue and cry over a cc devaluation, accept the decision and move on. And the best way to counter will be to mass-surrender the cc. Remember there’s no bond signed to use it!#Axis #Magnus #ccgeek
— Nirmal Sarkar | Blogger (@HelloNirmal) July 9, 2023

It is a black Saturday for recent owners of Axis Magnus!

This too shall pass! 😅
— Ricky Gupta (@finriseinvest) July 8, 2023

#axis #magnus trending top on Twitter. pic.twitter.com/oWwpEA61hZ
— JP (@jppoints) July 8, 2023

If at all devaluation happens anytime sooner or later in axis ER for magnus. It appears that they have 75k points (3months) in there own hands which will always be affected by the devaluation. #ccgeek @TechnoFino
— Dr Ashish Goyal (@drashishgoyal1) July 8, 2023

Got Axis Magnus like just 4 months back
And now the this news pic.twitter.com/eTwx8rs9cT
— rojjot.eth (@rojjot) July 8, 2023

Overheard at Delhi T3’s @AxisBank kiosk - unconfirmed but massive devaluation on the cards - The Axis Magnus CC goes from 5:4 point conversion to 5:1, zilching itself out.
— Pranjal Begwani (@pranjalbegwani) July 9, 2023

Axis Bank’s Magnus Credit Card targets affluent/HNI customers. The card was curated to offer lifestyle benefits across travel, dining, movies and wellness to those who sign up for it.

A mail has been sent to the lender regarding the rumours surrounding the card and this story will be updated accordingly when we receive a response.

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