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]

did he say they will give LTF Magnus to Burgundy customers? @Krishnaraju was saying (I think) that they don't want non-Burgundy customers to have Magnus, paid or otherwise.

But I think even Burgundy customers will have to pay the fee

My Credit Cards RM in Pune has confirmed it will be free for me and to wait till Sep 1st ( I cannot confirm for others 🙂 sorry for giving false hopes in previous posts. But chances are very likely that it will be for every Brugundy customer and we just need to wait till Sep 1st).
If its free its excellent if not free dekha jayega. As for me I am keeping the card in either case as it suits my spend pattern.

Someone in another post mentioned if it is 3 Lakhs Salary deposits and 10 Lakhs for Burgundy then the answer is no. Its any one of the conditions to be met and its in their bank website. If a local branch at your place denies show them their website😊

 

[miles_guy]

If a family member has burgundy and I get a burgundy family account, will I get Magnus free

 

[Ashutosh007]

Have we received Gyftr for April?

Nope, wonder if it will come after 31st August

 

[WhoU]

For April, we have received it. For May we will receive before 31st Aug.

 

[004archit]

For April, we have received it. For May we will receive before 31st Aug.

Who cnfm this?

 

[WhoU]

Who cnfm this?

I

 

[Ravana_88]

Let me try then .

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 .

 

[SM24]

Yes, no fee till Burgundy status is held means LTF right? I think he got the info from his RM.

That’s much like Select.

Wonder what they’ll do with Select.?

Two LTFs till you are Burgundy is being too greedy 🙂

 

[sid16]

Received 25000 ER milestone for May and 25000 ER milestone for June today itself. Transferred instantly.

 

[bigbrain]

That’s much like Select.

Wonder what they’ll do with Select.?

Two LTFs till you are Burgundy is being too greedy 🙂

My RM told that getting Magnus free for Burgandy will be one time limited period offer. This will also include 5:4 conversion. This will be a short period only like 1 month or so. They will switch back to free Select card after the offer period expires.

 

[rogerthat]

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?

 

[vina]

Who cnfm this?

some people claimed to receive it. I haven't yet

 

[004archit]

some people claimed to receive it. I haven't yet

For May we will receive before 31st Aug. this i am asking

 

[ankurarora898]

So if we are being offered 5L minimum balance burgundy should I convert my current saving axis account into burgundy rn or wait till 1 September?

 

[navam]

Anyone not already having a burgundy account, I highly recommend waiting till sep 1st. Once things are official then take the plunge 😉

 

[SM24]

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.

 

[hiteshgurnani14]

 

[thedator]

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?

 

[hrish88]

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.

 

[hrish88]

But doesnt Burgundy need 10L?

You can open Burgandy with 5L but account gets downgraded afterwards if you don't meet the criteria. You can check the criteria here

https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf