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 mean it applies only for New customers or existing Magnus holders can turn their cards LTF ?

For all Brugundy customers. Their aim is to have Magnus only with Brugundy..dicourage non Brugundy by devaluating

 

[PavvanPavvan is verified member.]

Downgraded to axis privilage 🙁 just to keep 4 cards with axis

 

[Trust Me]

HDFC did make it very hard to leave for him by offering him Infinia but he ignored and still closed his card and account. And then they offered him nothing: And then after he closed his account, they offered him nothing by rejecting his Infinia request 4 times.

Does it seem more clear now?

Nope!

Difficulty with DeMat closure made more sense.

 

[vikramsrit]

D

Nope!

Difficulty with DeMat closure made more sense.

Demat closure anywhere is a pain.

 

[amitamit is verified member.]

May, June salary credited 🎉

 

[Sharjeelshaikh]

Milestone credited gyftr Wale points baki hai

 

[Anonymous ツ]

June Milestone credited. My first salary from Magnus

 

[Anonymous ツ]

Milestone credited gyftr Wale points baki hai

ye bhi 31st July tak aayege ya fir only Milestone?

 

[Sharjeelshaikh]

ye bhi 31st July tak aayege ya fir only Milestone?

Abhi toh wada khali milestone ka Kia hai ..no word on gyftr points

 

[chasni]

Have we received Gyftr for April?

 

[vina]

Will it be LTF for Burgundy?Is it official?so far I have not received anything from axis bank.

there is no charge for Burgundy; the charge is in the form of opporutnity cost (unless it is based on salary) - you get only savings interest on the 10Lakhs

 

[vina]

Congrats!
what was the credit limit of your existing HDFC card?
Did you bump up your HDFC card spends in last 6 months before your fifth application?

Got the card today

 

[dominic1229]

Got the card today, limit 10L

Congrats bud. cheers!
are you okay with mastercard or will you try to get it changed to VISA variant?

 

[vina]

HDFC doesn't even guarantee Infinia With Imperia which requires 30L FD.I don't think we can get Infinia for a 10L FD.

check the post of @vina he had significant money in the HDFC Saving account and still HDFC did not offer him Infinia.I even asked in a branch willing to put 30L FD But the RM said not possible and this was for a new relationship for which these guys are always eager.

actually, you can get Infinia for 10L FD

they do offer that - they offered that to me last year; I already had Magnus, I told them to take a hike

 

[vina]

Is fd based Infinia LTF? And why is fd rate lower? Hdfc is offering 6.5% interest rate.

No, you got to pay fees etc.

 

[Anonymous ツ]

actually, you can get Infinia for 10L FD

they do offer that - they offered that to me last year; I already had Magnus, I told them to take a hike

is it FD based card which you got?

 

[vina]

Congrats bud. cheers!
are you okay with mastercard or will you try to get it changed to VISA variant?

Is there any advantage of one vs the other?

I don't care about Golf

 

[vina]

is it FD based card which you got?

No, I explained before - I closed all HDFC cards in December last year (after I think 5th rejection of Infinia; they told me I had to spend 7L+ within 6months on my existing Regalia or I could get card against FD - I didn't mention that before because I thought it was an unbelievably stupid offer, especially since I had Magnus; it may not be entirely stupid now); salary account remained HDFC. I just waited to 7 months (6 months should be enough), applied again with fingers crossed, but this time got the RM to do it for me.

 

[WhoU]

No, I explained before - I closed all HDFC cards in December last year (after I think 5th rejection of Infinia; they told me I had to spend 7L+ within 6months on my existing Regalia or I could get card against FD - I didn't mention that before because I thought it was an unbelievably stupid offer, especially since I had Magnus; it may not be entirely stupid now); salary account remained HDFC. I just waited to 7 months (6 months should be enough), applied again with fingers crossed, but this time got the RM to do it for me.

My RM is asking me for the same spends of 7L in 6M. I tried to explain them I have my spends on Magnus, but just wouldn’t listen.

 

[phagocyte536]

My first salary from magnus is a double salary.. sadly just one more salary after this..