Magnus Edge Rewards devalued? Transfer ratios changed

by varun.malhotra · 12 Nov 2025, 04:46 am · 1769 views · 20 replies

12 Nov 2025, 04:46 am

I was planning to transfer my Axis Magnus Edge Rewards points to ITC Hotels (for an upcoming anniversary trip) and noticed something shocking - the transfer ratio has changed from 5:4 to 5:2!

What this means:

Earlier: 5 Edge Rewards → 4 ITC points (80% value retention)
Now: 5 Edge Rewards → 2 ITC points (40% value retention)
My loss: I have 2.5 lakh points. Earlier I'd get 2 lakh ITC points, now only 1 lakh. That's a 50% devaluation!

Other Transfer Ratio Changes I've Noticed

| Partner | Old Ratio | New Ratio | Impact |
|---------|-----------|-----------|--------|
| ITC Hotels | 5:4 | 5:2 | 50% devaluation |
| Club Vistara | 5:4 | 5:4 | No change |
| Singapore Airlines | 5:4 | 5:4 | No change |
| Miles & More | 5:2 | 5:2 | No change |

Questions:

Was this change announced officially? I didn't receive any email/SMS
When did this happen? I last transferred points in November 2024 and the old ratio was working
Are other partners affected? (Need to verify Accor, Marriott, etc.)
Any recourse for existing points? Can we request transfers at old rates if we weren't notified?

Impact on Value Proposition

High earn rate (12 Edge Rewards per ₹200 on selected categories)
Good transfer ratios to partners

With the ITC devaluation, the card becomes significantly less attractive for hotel point accumulators. Should I shift primary spend to HDFC Infinia now?

Has anyone else noticed this? Any feedback from Axis customer care or relationship managers?

19 Comments

divya.pillai · 14 Nov 2025, 01:12 pm

Noticed this last week! ITC transfer ratio dropped massively. I had 1.5 lakh points saved for an ITC property - now they're worth 50% less. FURIOUS.

meera.bhat · 17 Nov 2025, 02:29 am

The Miles & More transfer is still good (5:2 ratio unchanged). If you fly Lufthansa/Swiss/Austrian, that's still decent value. ITC was nerfed hard though.

siddharth.patel · 18 Nov 2025, 01:36 pm

Was this announced anywhere? I checked my email - no notification from Axis Bank about partner program changes. Isn't advance notice mandatory?

riya.choudhury · 20 Nov 2025, 11:50 am

Typical bank move - attract users with good benefits, then devalue once they've accumulated points. Same thing HDFC did with Diners ClubMiles.

vikram.iyer · 21 Nov 2025, 09:23 pm

Still better than most competitors even after devaluation. Compare to SBI Card where transfer ratios are 20:1 or worse. Axis is still in the decent range.

ananya.reddy · 3 Dec 2025, 06:22 am

Check Accor and Marriott transfer ratios too. If those are devalued, the card becomes worthless for hotel point strategies.

divya.pillai · 25 Nov 2025, 10:30 pm

I'm shifting my primary spend to HDFC Infinia now. The SmartBuy ecosystem is more stable (though it has its own problems like portal crashes). At least ratios haven't changed much.

divya.pillai · 28 Nov 2025, 11:23 am

The annual fee is too high for reduced benefits. ₹12.5K annual fee + devalued transfers = not worth it anymore. I'll downgrade to Magnus Burgundy when renewal comes.

meera.bhat · 1 Dec 2025, 09:28 pm

Did you call your relationship manager to complain? I did. They said it's a 'program update' and 'decision by head office'. No compensation, no grandfather clause. Useless.

aditya.singh · 4 Dec 2025, 04:07 pm

Comparison with old vs new value:
Old: 5 ER → 4 ITC → ₹4 value (assuming ₹1 per ITC point)
New: 5 ER → 2 ITC → ₹2 value
50% value loss is brutal.

rohan.kapoor · 5 Dec 2025, 10:26 pm

This is why you should redeem points quarterly, not hoard them for years. I learned this lesson the hard way with Kingfisher Airlines (remember those days?). Points are a depreciating asset.

neha.gupta · 8 Dec 2025, 02:38 pm

Singapore Airlines KrisFlyer ratio is unchanged (5:4) which is great. If you transfer to airlines instead of hotels, you're still getting good value.

karthik.sundaram · 10 Dec 2025, 08:42 pm

Any possibility of class action or RBI Ombudsman complaint? They changed terms without proper notice (at least I didn't receive any). This feels like mis-selling.

sneha.nair · 12 Dec 2025, 06:01 am

I transferred points to ITC in December at the old 5:4 ratio. Dodged a bullet! But I still have 80K points left - not sure what to do with them now.

aditya.singh · 15 Dec 2025, 10:47 am

Alternative redemption: Book travel on Axis Travel Edge portal. The redemption value is ₹0.20 per point which is lower than airline/hotel transfers but at least it's stable.

deepika.menon · 16 Dec 2025, 09:54 am

The Magnus card is still worth it for high spenders (₹20L+ annual). The earn rate is good. But for moderate spenders (₹5-10L), the devaluation makes it less compelling.

vikram.iyer · 16 Dec 2025, 08:08 pm

Axis Bank pulled the same thing with Magnus Burgundy program last year. They reduced the milestone benefits without notice. This is a pattern.

rajesh.nambiar · 20 Dec 2025, 04:20 am

I called customer care to complain. The agent had no idea about the change! They checked and confirmed but couldn't explain why I wasn't notified. Poor communication from Axis.

nikhil.rao · 21 Dec 2025, 10:33 pm

Should I cancel the card? I'm at my renewal (₹12.5K due next month). With ITC devaluation, I'm not sure if the card is worth keeping. What would others do?

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