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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

bugmenot

TF Legend
-- Edited Post --

Final Update

Official PDFs are now out
Magnus - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf


Reserve - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/rstc.pdf

Revision of Axis Bank Miles/Rewards Transfer Program - https://www.axisbank.com/docs/defau...les-rewards-transfer-terms-and-conditions.pdf



Update: 2nd August

MyZone - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mztc.pdf
Privilege - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/pvtc.pdf
Select - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/sltc.pdf
Ace - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/actc.pdf



Magnus devaluation highlights
  1. Revision in welcome benefits, which are more or less matching with the leaked screenshots
  2. Change in annual fee - ₹12,500 + GST
  3. No more renewal benefit
  4. Spend criteria for fee waiver is now double - 25L
  5. Exclusion of government institutions and utilities MCCs for earning ERs
  6. RIP 25,000ER/1L milestone benefit
  7. Revised transfer ratio of 5:2
  8. 5L ER points cap for transfer
  9. Burgundy account scheme
Reserve devaluation highlights
  1. Spend criteria for fee waiver is revised to 35L
  2. Exclusion of government institutions and utilities MCCs for earning ERs
  3. Revised transfer ratio of 5:2
  4. 5L ER points cap for transfer
  5. Burgundy private account scheme


Aap Chronology Samajiye
  • 📄 Few leaked screenshots of PDF started floating for Magnus and Reserve having potential devaulation
  • 🐦Few folks on Twitter acknowledged the upcoming devaulation by contacting their RMs or insiders from CC department
  • 🎧 Customer Care team were like "Whot Daa Phaak" is going on. They were unaware about these news, some were saying yes and some no
  • 😡 Outrage | Speculation | Twitter Space | Points Transfer Tricks
  • ✋ Then rumour mills started about devaulation being on hold
  • 🔗 Official links of devaulation PDF started popping but "Darling of Cards" was missing
  • 🔌 Axis pulled the plug and links started showing "404 - Not Found" except for unlucky Flipkart card
  • 💣 BOMB - Axis Gift Edge devaulation
  • 📩 Mass credit card cancellation and notice seeking clarification regarding commercial transactions
  • 📉 Official PDF of Magnus and Reserve released
  • 📉 Official PDF of MyZone, Privilege, Select and Ace released


1. Flipkart - https://axisbank.com/docs/default-s...flipkart-credit-card-terms-and-conditions.pdf

Below given links are not opening now as they have been removed. You may check attached PDFs.

2. Reserve - https://axisbank.com/docs/default-s...-reserve-credit-card-terms-and-conditions.pdf
3. Select - https://axisbank.com/docs/default-s...k-select-credit-card-terms-and-conditions.pdf
4. Privilege - https://axisbank.com/docs/default-s...rivilege-credit-card-terms-and-conditions.pdf
5. MyZone - https://www.axisbank.com/docs/defau...-my-zone-credit-card-terms-and-conditions.pdf

By following the format, it is quite easy to create Magnus link, which could be https://axisbank.com/docs/default-source/default-document-library/credit-cards/axis-bank-magnus-credit-card-terms-and-conditions.pdf
 

Attachments

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Got my first and only milestone points credited for May and June. I made a bit above 20% in return. Feeling terribly sad that I couldn't get in the game earlier.
I can feel for you!

I had Magnus pre approved during Covid. (Jan-Feb 2021, I guess).

I was hung up on VI then.

Still for some reason or presuming it was a free card I applied for Magnus.

Got blue dart delivery enroute airport one day.

After seeing it was chargeable (statement said so),
I somehow managed to get it cancelled on the payment due date, after lots of calls with axis’s legendary customer service agents.

Later got VI.

Got Magnus again only in September 2022.
Thankfully, easily via C2C through Infinia.

This was many months after 25K monthly bonus offer started.

I’ve been able to encash the bonus every month since.

Still the opportunity cost, rankles.

Will always do for all miles and points aficionados.
 
They mentioned that the salary coming into account is RTGS and not Salary . Hence , it cant be put in Burgundy Salary . But since there is 5 L + account maintained for the past few months , they can upgrade it into normal Burgundy where you have to maintain 5 L at family id which seems reasonable . I am thinking of doing it now .
But doesnt Burgundy need 10L?
 
So will this 5:4 conversion be also valid for only one month as well and after that even Burgundy a/c holders will get only 5:2?
I think we all have to wait till September 1st to see what exactly axis is going to do.Even RMs don't know exactly.some RMs saying one thing and Some saying another.

Also I see here People Mentioning here the card as LTF well its not.The card will be free as long as you maintain balance.
 
5L is the starting cheque needed for Burgundy. But the eligibility remains fixed. They may not ask you for it straightaway, but after a few months, they'll point it out, or without notice downgrade your account to non Burgundy.
 
I guess it basically depends on branch to branch/ branch heads..

Some smaller towns/semi urban/urban area branch heads are comfortable with 5l burgundy AQB..

But doesnt Burgundy need 10L?
I will reconfirm before upgrading but she mentioned that 5 L monthly is enough to have Burgundy . I live in Noida. Rest, I will get into details in the next few days . As many of you have suggested, I will upgrade the account after 1st Sep only .
 
5L is the starting cheque needed for Burgundy. But the eligibility remains fixed. They may not ask you for it straightaway, but after a few months, they'll point it out, or without notice downgrade your account to non Burgundy.
I had enrolled for Burgundy few years back. They asked me to keep 10 lakhs for only a couple of weeks and not worry thereafter. Then one fine day during Covid, was informed by email that balance is not maintained and was charged 3k + GST some time later. I must admit that I ignored the email as it was during Covid and seemed like a promo email as it did not pertain to card / account statement and had no attachment. After protesting, I got 3k reversed (not GST). Don't trust RMs for these things, generally for all banks but more particularly for Axis.
 
I had enrolled for Burgundy few years back. They asked me to keep 10 lakhs for only a couple of weeks and not worry thereafter. Then one fine day during Covid, was informed by email that balance is not maintained and was charged 3k + GST some time later. I must admit that I ignored the email as it was during Covid and seemed like a promo email as it did not pertain to card / account statement and had no attachment. After protesting, I got 3k reversed (not GST). Don't trust RMs for these things, generally for all banks but more particularly for Axis.
It has nothing to do with trust (at least of the kind we usually talk about, read below)

These things are automated, either they give you an explicit waiver (like in a life time free version of a paid card) or the computer should automatically levy fines (which you can then get them to reverse)

If neither is happening: that's when you should really be worries - do you really want to trust people, who can't figure 20yr old IT features today, with your money?



And I would say one thing about this - Axis has some of the worst systems in place. I am just hopeful that the CITI team would be improving things for them now
 
over 16lakhs
I had limit of 11L. I asked bank RM to upgrade to Infinia several times but they said I'll need to put a lien of 10L or have FD of 15L. I emailed credit card team, they refused to upgrade at first. Then I told them I'm gonna close my 12 year old HDFC account and I'll make sure all my family (6+ accounts) also closes their HDFC accounts. If they can trust me with 11L limit on Regalia and Infinia starts at 10L limit, why are they not providing me Infinia. Lo and behold, they agreed to upgrade. And I was serious about the account closure, I would've definitely closed my account and moved to either Axis or ICICI.
 
I had limit of 11L. I asked bank RM to upgrade to Infinia several times but they said I'll need to put a lien of 10L or have FD of 15L. I emailed credit card team, they refused to upgrade at first. Then I told them I'm gonna close my 12 year old HDFC account and I'll make sure all my family (6+ accounts) also closes their HDFC accounts. If they can trust me with 11L limit on Regalia and Infinia starts at 10L limit, why are they not providing me Infinia. Lo and behold, they agreed to upgrade. And I was serious about the account closure, I would've definitely closed my account and moved to either Axis or ICICI.
Which email id you have send mail to hdfc?
 
I had limit of 11L. I asked bank RM to upgrade to Infinia several times but they said I'll need to put a lien of 10L or have FD of 15L. I emailed credit card team, they refused to upgrade at first. Then I told them I'm gonna close my 12 year old HDFC account and I'll make sure all my family (6+ accounts) also closes their HDFC accounts. If they can trust me with 11L limit on Regalia and Infinia starts at 10L limit, why are they not providing me Infinia. Lo and behold, they agreed to upgrade. And I was serious about the account closure, I would've definitely closed my account and moved to either Axis or ICICI.
Who did you talk to about all this? Your RM or BM or directly customer care at hdfc?
 
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