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

[bugmenot]

-- 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

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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

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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

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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

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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

 

[K.R]

You are the second person saying that Axis changed its policy and is sticking to 5:2 ratio even for old/new Burgundy account holders.

So obviously, then there will not be any need to issue a new card
The old Magnus will remain in use forever and the main advantage of giving them 10 lakhs will be to save the 14750 annual fees, (which is not worth it)
Also, both a Burgundy debit card and Select credit card will be given lifetime free

Dear Mr. XXXXX,

Thank you for writing to Axis Bank.

This is with reference to your e-mail dated 25/09/2023, we understand that you wish to avail of the special offering on a points conversion ratio of 5:4 towards your credit cards. We will certainly check and assist you.

We would like to inform you that, we are in the process of announcing the special offer for Burgundy customers. We shall be writing to you shortly with the process to avail of the benefit. Till then we request your cooperation on the same.

To be eligible for the new version, the customer has to have burgundy eligible status as defined below:

Burgundy relationship eligibility criteria, calculated at a Customer ID level:

1) Maintenance of an Average Quarterly Balance of INR 10,00,000 in the Savings Account, OR

2) Maintenance of an Average Quarterly Balance of INR 10,00,000 across Savings Accounts and Current Accounts, OR

3) Maintenance of a minimum Total Relationship Value (TRV) of INR 30,00,000, OR

4) Maintenance of a minimum Total Relationship Value (TRV) of INR 1,00,00,000, which includes Demat holdings, OR

5) In case of a salaried customer, one should be receiving a net salary credit in excess of INR 3,00,000 every month in Axis Bank Salary Account, OR

6) Foreign Inward Remittance of at least INR 40,00,000 received through Wire transfer or Remit Money in last 12 months (only for NRI’s)

7) Each member of the family id should be individually eligible basis cust ID to avail Magnus credit card.



Hence, we request you to wait till the announcement.

Your cooperation is much appreciated in this interim.

We thank you for banking with us & look forward to your continued patronage.

We assure you the best of our services at all times.

The reference number for this interaction is 230925266643.

For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.

Personal Phone Banking Link

NRI Phone Banking Link

Business Phone Banking Link

Agri Rural Phone Banking Link

Burgundy Phone Banking Link

Forex Card Phone Banking Link



Warm Regards,
XXXXXX- (Premium Customer Support)
Team Axis Bank
Dil Se Open

Go from Help to Self-Help with #EASYBANKING Video Series. Visit https://www.axisbank.com/support to check out our self-help videos in the Video Library.

Axis Bank will not ask for your CVV, OTP, PIN, Card Number, Passwords, etc. Do not share these details with anyone.

Practice safe banking! Visit Fraud Awareness Repository (axisbank.co.in)

Report any financial or cyber related crimes immediately to Ministry of Home Affairs (MHA) – National Cyber Crime Reporting Portal via their toll-free helpline number ‘1930’ or website – https://cybercrime.gov.in/

 

[deepcards]

Magnus Burgundy beats Infinia, as per my calculations --
1) Flights
Magnus Burgundy 19.35 % discount on Traveledge (including the use of 100% points transferred to Accor hotels)
Infinia 14.5% discount on Smartbuy (including 2nd flight transaction paid with 70% points & 30% card)

2) Hotels
I get 35% discount using Kotak, so no Magnus Burgundy nor Infinia

3) Non travel
Magnus Burgundy 4.8% return
Infinia 3.3% return

35% on kotak? Where?

 

[Deleted member 11974]

35% on kotak? Where?

Goibibo and cleartrip if I am not wrong
But 35% upto 5000 only

 

[deepcards]

Goibibo and cleartrip if I am not wrong
But 35% upto 5000 only

Ya, and i think its some kind of day wise offer na, for a limited period. Like on wednesdays kotak gives 35% upto 5000.

 

[drsel]

Got the email finally!! Have to call the helpline to give consent for new card

View attachment 30703

Wow wow congratulations!
I am so happy for you!!
I am awaiting the same email.

I just want to know -- for those who give consent to convert to Burgundy right now in September, will the August 25000 points which will come end November get converted at 5:4 or 5:2?

 

[K.R]

Got the email finally!! Have to call the helpline to give consent for new card

View attachment 30703

Congrats !!! Are Burgundy Salary, Burgundy Savings 10 L or Burgundy TRV 30L as I have not received the email yet

 

[CVR]

Wow wow congratulations!
I am so happy for you!!
I am awaiting the same email.

I just want to know -- for those who give consent to convert to Burgundy right now in September, will the August 25000 points which will come end November get converted at 5:4 or 5:2?

5:4 as per customer care. But we can confirm only when it happens.

 

[SM24]

Congrats !!! Are Burgundy Salary, Burgundy Savings 10 L or Burgundy TRV 30L as I have not received the email yet

This part in the attachment appears to mean 3L salary is also considered.

In a just concluded space, the consensus was even 10L is eligible.

Live from a Lounge says only 30L TRV.

It's up in the air for now.

Axis is what Axis does.!

 

[CMGCMG is verified member.]

This part in the attachment appears to mean 3L salary is also considered.

In a just concluded space, the consensus was even 10L is eligible.

Live from a Lounge says only 30L TRV.

It's up in the air for now.

Axis is what Axis does.!

 

[004archit]

Just to ask if we transfer 10 lakh from our main account to axis account
It will create problem in income tax or not ?

 

[chasni]

Just to ask if we transfer 10 lakh from our main account to axis account
It will create problem in income tax or not ?

As per the current consensus only 30lac TRV is being considered. 10lac Saving balance is not being considered.

 

[SM24]

My attached image is from the Axis document...

So...

 

[svs_23]

Mine is burgundy salary account, got email and called customer care, was asked to click a link that was sent in SMS to give consent and enter the generated OTP and now the upgradation consent process is done.
Existing normal Magnus will be valid for 45 more days after the new Magnus Burgundy card is generated.

 

[CMGCMG is verified member.]

Mine is burgundy salary account, got email and called customer care, was asked to click a link that was sent in SMS to give consent and enter the generated OTP and now the upgradation consent process is done.
Existing normal Magnus will be valid for 45 more days after the new Magnus Burgundy card is generated.

Cool. Thanks for the confirmation.

 

[drsel]

This part in the attachment appears to mean 3L salary is also considered.

In a just concluded space, the consensus was even 10L is eligible.

Live from a Lounge says only 30L TRV.

It's up in the air for now.

Axis is what Axis does.!

Yes any one criterion is required, not all
Either 3 lakh salary or 10 lacs AQB or
30 lakhs term deposit

 

[drsel]

Mine is burgundy salary account, got email and called customer care, was asked to click a link that was sent in SMS to give consent and enter the generated OTP and now the upgradation consent process is done.
Existing normal Magnus will be valid for 45 more days after the new Magnus Burgundy card is generated.

Do you also maintain 10 lacs average quarterly balance or not?

 

[aashish2137]

Got the email finally!! Have to call the helpline to give consent for new card

View attachment 30703

I got the same email today, will call my RM tomorrow.

 

[drsel]

I applied 10 days ago to convert my existing saving account to Burgundy.
but I had only 5 lakhs in it, so the request was rejected.

now I transferred another 5 lacs to cross 10 lakhs and my request is pending.
it should take another day or two

 

[svs_23]

Do you also maintain 10 lacs average quarterly balance or not?

Nope, my AQB is usually in hundreds 🙂
Have had burgundy salary account since about 6 months, may be that helps to understand in case they are not offering this to relatively new burgundy salary accounts yet.

 

[S.S.]

Heard trv has to be 30 lakhs + Burgundy to get 5:4 only Burgundy will give 5:2. I maintain 5lakhs in my account and 5 lakhs in wife's family account. Will that work or not?