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

 

[anupam77]

Nope - was unofficially told by Axis support that its extended to Jan 31st. Also I dont think that date matters anyway as Axis will keep extending it.

I was also told by Magnus customer support that it will get extended to Jan 31st.

 

[BhavyaDoshi]

before ogs statement is generated you should upgrade to burgundy and keep 30L then immediately you will get Magnus burgundy cc. The deadline is 5th of Jan upgrade via bank application takes 2 days

OGS for December will be generated around 5-7th January, correct?

 

[palvannan]

A few questions on this:

1. I see that I can transfer my existing ER points in 5:4 ratio now (got approved for MB last week). However, I don't have a need to move them (have 4.6 lakh points) right now - so, do I not activate my MB card at all until I finish off all transfers ?
2. Is there any deadline as such to complete the existing ER transfers (or) can it be done anytime in the future ?
3. I see that ALL ER points (even those from debit card usage) have been grouped together at 5:4 - I thought those points will only be available for 5:2 transfer ?

I had activated my BM card more than one month back but not done any transactions on that card ( above rs 199) and I am able to transfer all old and new ER points at 5:4 , and I am using still the old magnus card only.

The transfers at 5:4 ( for normal ER points) will happen only till the BM balance is zero. No one knows how long this window to transfer at a higher ratio will be kept open. . But it will come to an end , as this offer was only to old Magnus card holders after upgrade to transfer already accumulated points at 5:4 ( till the old card gets deactivated after 45 days of upgrade, maybe) and not meant for new Magnus Burgundy card holders to convert other ER points also at 5:4. After some time the 5:4 transfer ratio will be restricted only to balance in BM bucket and ER points transfer ratio will revert to 5:2 or 5:1 depending on the highest banking/card relationship with the Bank.

 

[palvannan]

I got the card approved in one month after opening Burgundy account in November, Put in some cash around Nov 20 th Nov, made the AQB as 10 Lakhs for the Quarter, RM applied the card after Dec 5th OGS, and my card was issue by December by 15th. My take is all they cared was about the AQB per quarter.

Amazing . How much cash you had to put in SB, just for 10 days to achieve AQB of 10 lakhs ? Must be in excess of 50 lakhs ??

 

[bing1309]

OGS for December will be generated around 5-7th January, correct?

YES FOR DEC ON JAN 5 TO 7 FUND

OGS for December will be generated around 5-7th January, correct?

Ogs will generate on that time but funds must be within 30th of this month

 

[bing1309]

Amazing . How much cash you had to put in SB, just for 10 days to achieve AQB of 10 lakhs ? Must be in excess of 50 lakhs ??

See they are least bothered about AQB they generate OGS and in that nothing like AQB you get balance and other things in it so one month ogs is sufficient.

 

[BhavyaDoshi]

YES FOR DEC ON JAN 5 TO 7 FUND

Ogs will generate on that time but funds must be within 30th of this month

Got it, thanks!

 

[palvannan]

See they are least bothered about AQB they generate OGS and in that nothing like AQB you get balance and other things in it so one month ogs is sufficient.

Only if the average monthly balance mentioned in the OGS is more than 30 Lakhs , then only one meets the AQB criteria of 10 Lakhs for the Oct/Nov/Dec quarter (based on just one OGS statement ) , as the Burgundy account was opened only in the month of November. AQB is calculated by averaging the AMB mentioned in the three months OGS in a calendar quarter , though it is not specifically mentioned in the OGS statements. But RMs are able get relaxation in these criteria much more easily now , than how it was earlier in October/November.

 

[bing1309]

Only if the average monthly balance mentioned in the OGS is more than 30 Lakhs , then only one meets the AQB criteria of 10 Lakhs for the Oct/Nov/Dec quarter (based on just one OGS statement ) , as the Burgundy account was opened only in the month of November. AQB is calculated by averaging the AMB mentioned in the three months OGS in a calendar quarter , though it is not specifically mentioned in the OGS statements. But RMs are able get relaxation in these criteria much more easily now , than how it was earlier in October/November.

You don't need RM to ask for approval etc. just ask branch to generate ogs for you and they will generate and you can give that to cc ofline guy and he will process it for burgundy magnus.

 

[cartoon_soldier]

People who opened new Axis account for Burgundy, did you start the process online or did it via branch offline?

 

[BhavyaDoshi]

Should I ask for burgundy account upgrade after I have reached 30L TRV and OGS generation of that month?

I visited the branch today and requested for an upgrade but they said that they cannot upgrade if the TRV is not maintained in the last month

Can someone please confirm it?

 

[bing1309]

Should I ask for burgundy account upgrade after I have reached 30L TRV and OGS generation of that month?

I visited the branch today and requested for an upgrade but they said that they cannot upgrade if the TRV is not maintained in the last month

Can someone please confirm it?

For Upgrade, funding must be 10L can be done if funds in your ACC is 10L

 

[bing1309]

People who opened new Axis account for Burgundy, did you start the process online or did it via branch offline?

I opened a basic account online and all upgrades it was done offline so in my case my account shows till the date acc was opened online and I get from both online and offline support

 

[BhavyaDoshi]

For Upgrade, funding must be 10L can be done if funds in your ACC is 10L

I already have upwards of 10L, but they are denying as there is no offer of account upgrade on the app

 

[bing1309]

I already have upwards of 10L, but they are denying as there is no offer of account upgrade on the app

it's not about the offer here you can say them to take a manual request form and upgrade the account, they are time-wasting with you and suggest you to ask another branch

 

[BhavyaDoshi]

it's not about the offer here you can say them to take a manual request form and upgrade the account, they are time-wasting with you and suggest you to ask another branch

I’ll try with another branch

 

[shashankrt]

I already have upwards of 10L, but they are denying as there is no offer of account upgrade on the app

Generally most axis branch ppl have no clue. You need to route this via a good RM.

 

[palvannan]

Should I ask for burgundy account upgrade after I have reached 30L TRV and OGS generation of that month?

I visited the branch today and requested for an upgrade but they said that they cannot upgrade if the TRV is not maintained in the last month

Can someone please confirm it?

You can upgrade existing savings account to Burgundy account by giving the attached migration form to the Burgundy RM or still better - Branch Manager. And it will be done in 2 to 3 days. You need to maintain AQB or TRV after migration to meet the eligibility criteria.

 

[palvannan]

You don't need RM to ask for approval etc. just ask branch to generate ogs for you and they will generate and you can give that to cc ofline guy and he will process it for burgundy magnus.

Which method you used to get Magnus Burgundy card for you , in one month ?

 

[nagr22]

I finally got my BM card approved and I can see the BM points quota in Travel Edge portal. I am yet to receive the card in hand and I have neither unboxed it from the app. But strangely, the BM points quota shows 8321 points (Odd number 🙄) and my ER points balance is intact with no change. I am confused now about how I received BM points without activating the card and how to transfer the odd number of points and make BM balance zero? Anyone else faced this problem?