To:

1. Mr. Amitabh Chaudhry - MD, Axis Bank

2. Mr. Sanjeev Moghe - President & Head, Cards and payments, Axis Bank

3. Mr. Vinit Bajaj - EVP and Head Credit Cards, Axis Bank

Dear all,

We as the loyal cardholders of Axis cards, express our utmost appreciation for the remarkable turnaround in services and benefits provided by Axis Bank in the past year. Your commitment to delivering exceptional value and enhancing the overall customer experience has certainly made Axis Bank everyone's favorite credit card issuer and bank. Some of the initiatives like introducing best hotel and airline transfer partners (which was something very exclusive to foreign banks), luxury airport transfer, meet & greet and partnership with Eazydiner will always get a special mention in the history of Indian credit cards.

We as Magnus and Reserve fans have also promoted it to best of our capabilities and successfully switched many people to Axis bank cards from competitor cards. One of my thread on Magnus alone have more than 1200+ bookmarks and many people have applied for both cards after getting in touch with us.

However, since today afternoon some leaked images of proposed devaluation of the Axis Magnus, Reserve, and Select credit card have surfaced on Twitter(attached at the end for your reference). We are writing this petition to bring to your attention our deep concerns regarding the proposed devaluation (if true). We truly understand that adjustments may be necessary to maintain a sustainable program but at the same time we firmly believe that the alleged devaluation is excessively severe and would significantly undermine the value proposition of these esteemed credit cards.

I am highlighting some of the important problems identified by our credit card community after looking at the viral PDFs.

1. Devaluating Axis ER points by 75% for transfer partners  

ER points right now can be transferred in the ratio of 5:4 to various transfer partners. The viral pdf intends to change the ratio to 5:1 (even worse for Accor at 10:1 ratio) which means a huge 75% decrease in the value of Axis bank's own Edge Reward points. This would be perhaps the first case of such extreme devaluation of any bank's reward points.
For everyone who has shown their utmost trust and faith in Axis bank, this will be a day light robbery of their points as well as their hope. Considering there are very few people in India who understand and optimize the points and miles game, same 5:4 ratio should be continued. The milestone benefits may be reduced to 20,000 points instead of alleged increase to 30,000 points from 25,000 points.
2. Discontinuing annual voucher of Rs. 10000 on renewal of Axis Magnus 

Considering all other premium cards like HDFC Infinia, SC Ultimate do provide renewal benefits, it is expected from Magnus to provide the same too. No renewal benefits certainly cannot be a feature of super premium card.  
3. Unnecessary devaluation of pending monthly milestones & Giftedge/Grabdeals points 

Axis bank credits monthly milestone points in around 90 days and Giftedge and Grabdeals points in around 120 days. Cardholder has already completed all tasks from his side for April-July month but if this document is true then the value of ER points credited to them August onwards will decrease by 75% without any fault of cardholder because of change in transfer ratio to 5:1.
Again, this will be highly unjustified to give points after 90 days delay and that too at 1/4th value after devaluation. To rectify this, any new change should not be applied to monthly milestones as well as Giftedge and Grabdeals points of previous months which are already accrued but not received by Cardholder. 
We welcome the introduction of Postcard gift voucher as an option for welcome benefit. This will really turn out to be a good value addition to HNI cardholders. 

We have shifted 90% (some even 100%) of our total spends to Axis Bank and are willing to provide more business to Bank. These leaked images have really lowered our morale and created a lot of confusion in our mind. I request you to kindly communicate about the authenticity of this document and if true, consider our requests before officially announcing and communicating the same. We look forward to hearing the good news from your side so that we can continue promoting the best bank and credit card issuer in India right now. May you soon reach the number 3 position!