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

 

[MilesMax]

Yes. Me and my wife have opened burgundy account just for axis magnus. But the branch is very lazy in creating the family id and linking it with my wife’s account.

I had to open it right now as I am traveling out of country in sept.

Great. Did they mention about anything Magnus becoming LTF if you hold burgundy status?
The branch I enquired has no idea about anything. 😅

 

[grshnehete]

Is NPS count under milestone before 1st September?

 

[sharad131]

Is NPS count under milestone before 1st September?

Yes

 

[senasenthil]

On which email id did you send the email?

I used their web portal https://leads.hdfcbank.com/applications/webforms/apply/HDFC_CustomerCenter/Customer_Center.aspx

 

[bigbrain]

Great. Did they mention about anything Magnus becoming LTF if you hold burgundy status?
The branch I enquired has no idea about anything. 😅

My RM said everything is speculation only now. He asked to wait atleast till 27th august for some more clarity

 

[Saarthak Parihar]

Yes. Me and my wife have opened burgundy account just for axis magnus. But the branch is very lazy in creating the family id and linking it with my wife’s account.

I had to open it right now as I am traveling out of country in sept.

You can link as family banking through the Axis Bank app. I was able to do it a couple of days after my sister's account was opened.

 

[Saarthak Parihar]

Great. Did they mention about anything Magnus becoming LTF if you hold burgundy status?
The branch I enquired has no idea about anything. 😅

What I was told is that the Magnus won't become LTF, rather if you read the Magnus devaluation circular there's a "special offering" for the Burgundy account holders after 1st September. It'll be a credit card especially designed for Burgundy account holders (which will be LTF till we hold the Burgundy status) just like the Burgundy Private credit card.

 

[Harry1]

What I was told is that the Magnus won't become LTF, rather if you read the Magnus devaluation circular there's a "special offering" for the Burgundy account holders after 1st September. It'll be a credit card especially designed for Burgundy account holders (which will be LTF till we hold the Burgundy status) just like the Burgundy Private credit card.

If that happens, it's good. Simply upgrade magnus to that new magnus.

 

[Rahul92]

I closed my ace card after its devaluation about a month and a half ago.

I received it's statement today ( July 15 - Aug 14th) having rs 300 CR owing to grabdeals cashback ( that I obviously forgot ).

Is there any way I can get it ?

 

[004archit]

I closed my ace card after its devaluation about a month and a half ago.

I received it's statement today ( July 15 - Aug 14th) having rs 300 CR owing to grabdeals cashback ( that I obviously forgot ).

Is there any way I can get it ?

Call the CC, they will add to your axis account or last payment method

 

[Saarthak Parihar]

If that happens, it's good. Simply upgrade magnus to that new magnus.

I thought the same, but when i asked my RM what I was told that Card upgradation won't be allowed. We have to apply for the card and it'll be delivered to us, after that what he suggested me was to close the Magnus before renewal.

 

[Saarthak Parihar]

I closed my ace card after its devaluation about a month and a half ago.

I received it's statement today ( July 15 - Aug 14th) having rs 300 CR owing to grabdeals cashback ( that I obviously forgot ).

Is there any way I can get it ?

Ask cc customer care to add it to your bank account, they'll ask for your bank account number and IFSC code and they'll process the cashback.
Although Ace is still a good card, most of the other cards in market have stopped giving Cashback on utility payments. I just use mine to pay the electricity and gas bill of my home, the window of 500 rupees for 5% cashback isn't great but covers most of it. Why did you close yours?

 

[MilesMax]

You can link as family banking through the Axis Bank app. I was able to do it a couple of days after my sister's account was opened.

What is the benefit? If one person holds a burgundy account, can the linked family members also use the burgundy benefits? Like a burgundy debit card or something?

 

[MilesMax]

I thought the same, but when i asked my RM what I was told that Card upgradation won't be allowed. We have to apply for the card and it'll be delivered to us, after that what he suggested me was to close the Magnus before renewal.

Interesting, with this we would be holding 2 Magnus cards.

 

[stallion]

What I was told is that the Magnus won't become LTF, rather if you read the Magnus devaluation circular there's a "special offering" for the Burgundy account holders after 1st September. It'll be a credit card especially designed for Burgundy account holders (which will be LTF till we hold the Burgundy status) just like the Burgundy Private credit card.

I also have burgundy. My question is do we need to move all our points before 31st Aug or burgundy holders dont need to as ratio will continue to be 5:4 ?

 

[Rahul92]

Ask cc customer care to add it to your bank account, they'll ask for your bank account number and IFSC code and they'll process the cashback.
Although Ace is still a good card, most of the other cards in market have stopped giving Cashback on utility payments. I just use mine to pay the electricity and gas bill of my home, the window of 500 rupees for 5% cashback isn't great but covers most of it. Why did you close yours?

I'm using neu infinity for utility bill payment along with SBI Cashback+ Apay combo. So didn't needed ace. Most other spends were diverted to magnus for monthly milestone ( which no longer applies ) .

Limit on my ace was 1.5 L compared to 5.1 L on my other 3 axis cards and they were not ready to increase it.

Closed ace to get samsung infinite with 5.1 L limit . Will upgrade ( rather downgrade ) it to Ace card.

As I've burgundy account , I'm waiting with my magnus till it's renewal in jan next year to see if they waive the renewal fee.

 

[Rahul92]

I also have burgundy. My question is do we need to move all our points before 31st Aug or burgundy holders dont need to as ratio will continue to be 5:4 ?

The later is supposed to be correct ( fingers crossed 🤞 )

 

[NewbiePointHacker]

Can someone take the pain of sharing optimal usage guide of Magnus with the devalued 5:2 ratio?

 

[svs_23]

I also have burgundy. My question is do we need to move all our points before 31st Aug or burgundy holders dont need to as ratio will continue to be 5:4 ?

Depends on couple of things:
If you transfer after 1st Sept, they will be counted in the yearly limit for ER transfer. But if you don’t have lakhs of ERs, then this should not matter.
After Sept 1st, may take some time for them to properly segregate burgundy vs non burgundy I think.

 

[Yawar]

As a non burgundy customer, should I stop spending from my magnus as the accelerated points might get credited in September. Or can we expect all giftedge and grabdeals points to get credited before 31st august. Anyone knows?