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

 

[vikramsrit]

I dont have an axis salary account ( I work in a startup and they dont have tie-up with Axis for salary account ) but my salary criteria is met and the salary is getting deposited in Axis Priority. Can my account be updated to Burgundy ?

If you are getting 3L+ salary in your account, you can upgrade it to an Axis Burgundy Salary account. Your company need not have any tie-up or banking relationship with Axis. I speak from experience.

 

[chasni]

If 4 family members are added in burgandy family a/c, will all 4 get ltf magnus 😜😜😜😄

My mother has an account in Axis and the TRV is well above 30L but she is still a priority customer (not Burgundy) without any RM. Moreover, my account is linked to her with a family banking ID but still it is a basic account. I went to nearest branch last week to get her upgraded to Burgundy, including my account. The rep said that they can upgrade my mother but they cannot upgrade me unless I maintain my own TRV. So, I asked them the use of Family Banking if the collective TRV is not being considered. Also, I showed him the Burgundy pdf where it is says eligibility is calculated at Family ID or Customer ID level. He didn't have an answer for that. He said he will email and check with back-end team. Next step is to threaten them with closing the account.

All these big private banks are useless. They don't know their own rules. Small private banks are far better in customer service.

 

[kapoorsanyam]

Off topic - but what are some good indian credit cards/ finance in general related twitter account that one can follow to stay updated? Thanks 😁

 

[thedator]

If you are getting 3L+ salary in your account, you can upgrade it to an Axis Burgundy Salary account. Your company need not have any tie-up or banking relationship with Axis. I speak from experience.

But without the tie up, salary wont get credited into the Axis account right?

 

[navam]

But without the tie up, salary wont get credited into the Axis account right?

Depends on your company, majority of them will just ask you for ACC info about where you want your salary and after one or two months of it coming into your bank account you can tell your RM this is my salary account.

 

[vina]

What was the credit limit on your Regalia at the time of closing it?

over 16lakhs

 

[hrish88]

over 16lakhs

And still, hdfc did not upgrade you to Infinia.there is a thread by technofino on upgrading to Dcb and Infinia via sending mail to priority resolution team.did u try that method?Mine regalia limit was 5.5.its good that i closed it.if you didn't get after having 16 lac limit. there was zero chance of me getting upgraded to infinia.

 

[dominic1229]

And still, hdfc did not upgrade you to Infinia.there is a thread by technofino on upgrading to Dcb and Infinia via sending mail to priority resolution team.did u try that method?Mine regalia limit was 5.5.its good that i closed it.if you didn't get after having 16 lac limit. there was zero chance of me getting upgraded to infinia.

I think as per his old post he didn't approach the bank for infinia upgrade. But when he was closing his account, he was offered Infinia upgrade fyf but he was unaware if infinia is a good card and ignored it. Then, after 6 months he started applying for infinia as a new card and hdfc rejected the application multiple times.

More details in this post: https://www.technofino.in/community...aluation-w-e-f-1st-sep-2023.14935/post-292055

 

[vina]

I think as per his old post he didn't approach the bank for infinia upgrade. But when he was closing his account, he was offered Infinia upgrade fyf but he was unaware if infinia is a good card and ignored it. Then, after 6 months he started applying for infinia as a new card and hdfc rejected the application multiple times.

More details in this post: https://www.technofino.in/community...aluation-w-e-f-1st-sep-2023.14935/post-292055

And still, hdfc did not upgrade you to Infinia.there is a thread by technofino on upgrading to Dcb and Infinia via sending mail to priority resolution team.did u try that method?Mine regalia limit was 5.5.its good that i closed it.if you didn't get after having 16 lac limit. there was zero chance of me getting upgraded to infinia.

I was first offered Infinia (which is what I mentioned in that post) the first time I got HDFC credit card - they had offered LTD Regalia and I was filling to form in branch when the manager saw the balance and walked over to me. He said it'll cost annual fee from next year so I didn't take it.

After that I was invited by HDFC to apply for Infinia by email (they would send the link) which I did. As far as I know there is no other way to apply online.

I approached them separately at their branches, called my RM and called their call center

They rejected it consistently


I'm not telling some other details also, let me just say that at the time I had enough money in the savings account to buy a 4 bedroom apartment in Bangalore outright (no loans; call me stupid or whatever) and they still wouldn't let me have it.

And yet I had classmates making substantially less than I do and basically no savings with HDFC. They just heard from me that they should try to get Infinia, showed up at the branch, moved their salary account and got it in first try.


Two people did that and I realised - upgrade is hard, new is not

The biggest criteria for upgrades is spends. For new (which means you are applying for credit card when you don't have one) the branch guys have some leeway

Also @hrish88, a high credit limit on Regalia was/is more or less run off the mill. I know people with very low income levels (relatively speaking) who have very high limits on Regalia.

 

[neogen]

I thought Imperia account holders are easily offered Inifinia.. either LTF or FYF.

 

[vina]

...

The biggest criteria for upgrades is spends. For new (which means you are applying for credit card when you don't have one) the branch guys have some leeway
...

HDFC also gave me consistently the coldest shoulder treatment so far

I think once you open anything with them, they make it very hard to leave. And then they offer you nothing.

 

[vina]

I thought Imperia account holders are easily offered Inifinia.. either LTF or FYF.

A lot of people think that. At least here in Bangalore Imperia are dime a dozen. HDFC guys don't care

For them (and other banks) these "premium accounts" are just a way to ensure your RM can harass you for investments and what not on a regular basis

 

[neogen]

A lot of people think that. At least here in Bangalore Imperia are dime a dozen. They don't care

They.. you mean HDFC?

 

[vina]

Yes

 

[dominic1229]

Also @hrish88, a high credit limit on Regalia was/is more or less run off the mill. I know people with very low income levels (relatively speaking) who have very high limits on Regalia.

Those people are lucky. Here I am still stuck with 3.4L limit on regalia even with 20LPA+ CTC (also have HDFC Preferred account with 1L MAB maintained from last 7 years).

 

[dominic1229]

Infinia supremacy!! Magnus is so dead that this thread will soon be all about the legendary Infinia 😀

Note: Magnus is confirmed dead for people having less than 15L annual spends and non-Burgundy account.

 

[vina]

Those people are lucky. Here I am still stuck with 3.4L limit on regalia even with 20LPA+ CTC (also have HDFC Preferred account with 1L MAB maintained from last 7 years).

Actually the couple of people I know, they have lower income than yours, but they are not salaried. Both are consulting freelancers.

Their take home is probably similar to yours.

Give that in our country non salaried people don't pay much in income tax, it is possible HDFC internally is recognising them as rich

It is also possible HDFC algos have (correctly) decided that salaried guys don't show banks the middle finger (my present employer gives nearly a dozen banks as option for salary account. I don't know of anyone who changed it once choosen) while the non salaried guys do

 

[neogen]

Yes

HDFC TBH at times is worst than a PSU bank.

You can try a small trick, that I learnt from another Imperia customer. They went to another nearby small HDFC branch (other than where their account was) and offered to shift their account to that branch citing convenience etc.. that in turn triggered chain of reactions, including extreme attention / visits from existing branch manager with series of offers and resolution to their long pending issue etc..

Losing and or gaining Imperia customer is a big thing for a Branch Manager. RM are useless.

 

[vina]

Infinia supremacy!! Magnus is so dead that this thread will soon be all about the legendary Infinia 😀

Note: Magnus is confirmed dead for people having less than 15L annual spends and non-Burgundy account.

Magnus is significantly diluted, but I fully intend to renew it and then use it this year. Next year is more than a year away.


The way I'm seeing it - there are still some every large offline expenses (car maintenance, insurance, school fees, airline travel) where rates are higher on Magnus than on Infinia if the Magnus points can be converted to airmiles (specifically Vistara) for me

The question is - are they so much higher that they justify paying another annual fee?


For example a 2% difference in reward rate between the cards, and paying 12500 plus taxes extra for Magnus (from next year) would mean I would need to spend another 7 lakhs or so on Magnus just to break even (vs using Infinia-only)

I'm not sure even the mental gymnastics will be worth the trouble

 

[Trust Me]

HDFC also gave me consistently the coldest shoulder treatment so far

I think once you open anything with them, they make it very hard to leave. And then they offer you nothing.

These two statements are apparently inconsistent. How can they make it very hard to leave when they offer you nothing?! Please elaborate.