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

 

[chasni]

But the conversion has changed to 5:2. Hope it gets updated soon. I got 60k points left in the account. Otherwise whats the use of Burgundy account?

Someone on twitter said it will be applicable from 11th Sep. More details tomorrow.

 

[neo.puneet]

and just like that, the ratio is 5:2 now, end of the magnus era

 

[K.R]

I checked at 12:15am.. Was getting 5:2 ratio with burgundy. Now when I logged in, getting account suspended. Looks like a glitch. They are fixing the conversion ration to 5:4 for Burgundy users 😀

5:4 Ratio for Burgundy will be effective from 11th Sep as per info ( gossips) I received

 

[sumitlehri]

5:4 Ratio for Burgundy will be effective from 11th Sep as per info ( gossips) I received

What else is different from normal magnus if we go for Burgundy

 

[bigbrain]

But the conversion has changed to 5:2. Hope it gets updated soon. I got 60k points left in the account. Otherwise whats the use of Burgundy account?

As I understand you need to enroll in an offer to get 5:4 ratio. Once you do that you will also get gv of ₹5000. This was all mentioned in the notification of devaluation right!!
Details are yet to be revealed

 

[Harry1]

Me and my dad are both Magnus holders and both our edge accounts were working around 10 pm, and then I checked again after 12 am and both edge accounts are suspended

Same, says edge account deactivated 😅.

 

[punpher]

5:4 is for Burgundy private

 

[redmanc]

Idk why magnus removed the renewal voucher 🙁 Atleast would have kept it for movie offers and lounge access

 

[chowdaryking]

Gyftr changes:
Amazon Shopping Voucher limit is now changed to 10k per month. Amazon Pay Voucher is still 20k per month.
Shoppers Stop removed.

Yes removed shoppers stop but I think they will add it back as they removed Croma and now they added it back .

 

[raunak]

Getting 5:2 with Burgundy.
Account not suspended.
maintained around 11Lakh in August.
Kya hone wala h??
Are they going to consider quarterly balance for True Burgundy? or need to wait for new update ?? Magnus LTF?? or something about 11 September

 

[_ayush]

It was mentioned in the pdf. Maybe contact customer care for this.

"You can reach out to us after 1st September 2023 to avail the new offering."

 

[R!ppEr]

Getting 5:2 with Burgundy.
Account not suspended.
maintained around 11Lakh in August.
Kya hone wala h??
Are they going to consider quarterly balance for True Burgundy? or need to wait for new update ?? Magnus LTF?? or something about 11 September

burgundy is based on AQB, not MAB AFAIK

 

[shibili]

Mostly, for Burgundy customers holding Magnus, new points scheme will be introduced like Edge reward points/Edge miles. For those points only, we will get 5:4.
If that's happening, no way to use old ER points with 5:4 even for burgundy customers.

 

[Harry1]

Mostly, for Burgundy customers holding Magnus, new points scheme will be introduced like Edge reward points/Edge miles. For those points only, we will get 5:4.
If that's happening, no way to use old ER points with 5:4 even for burgundy customers.

That seems too bad for people who were thinking nothing will change and didn't redeem earlier.

 

[Zarieal]

Getting 5:2 with Burgundy.
Account not suspended.
maintained around 11Lakh in August.
Kya hone wala h??
Are they going to consider quarterly balance for True Burgundy? or need to wait for new update ?? Magnus LTF?? or something about 11 September

Edge reward portal accounts for all Burgundy and Private Burgundy users have been suspended for 48 hours. There is nothing like true Burgundy. Can you check your category code in the app/net banking? Maintaining 11 Lakh or even 11 Cr doesn't automatically upgrade you to Burgundy or Private Burgundy.

 

[shibili]

That seems too bad for people who were thinking nothing will change and didn't redeem earlier.

Yes, they were keeping it secret until we lose the value of our points.

 

[rogerthat]

The first rule of the credit card game is "Do Not Trust Axis Bank."

 

[chasni]

Edge reward portal accounts for all Burgundy and Private Burgundy users have been suspended for 48 hours. There is nothing like true Burgundy. Can you check your category code in the app/net banking? Maintaining 11 Lakh or even 11 Cr doesn't automatically upgrade you to Burgundy or Private Burgundy.

My app shows SBPRV but my travel edge is working fine.

 

[sahilgulati5]

My app shows SBPRV but my travel edge is working fine.

same for me also

 

[Tirajat]

App login is deactivated but I can login on travel edge portal. The ER balance shows zero - it was around 2.5L when I last checked and I hope Axis doesn't mess up. Called customer service and was told it's a system issue and will take 48 hours to get resolved. I am refraining from doing any transactions on the card till everything is back in order.