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

 

[luckymurari]

Looks like this is only for true Burgundy users, I have a burgundy account but didn't receive this mail. My traveledge still shows 5:2 ratio for conversion

 

[Ravana_88]

New Rules for Magnus Effective Sept 1 2023

View attachment 28227
View attachment 28229

View attachment 28230

According to this , you get points on Rent . Even if its 5:2 , you get 6% * 0.4 = 2.4% which is reasonable . Please correct me if I am wrong

 

[chasni]

Looks like this is only for true Burgundy users, I have a burgundy account but didn't receive this mail. My traveledge still shows 5:2 ratio for conversion

What is true Burgundy Account holder?

 

[starstruck]

What is true Burgundy Account holder?

Those who are actively maintaining the relationship criteria. Normal would be people who have been upgraded but are not actively maintaining the criteria.

 

[chasni]

Those who are actively maintaining the relationship criteria. Normal would be people who have been upgraded but are not actively maintaining the criteria.

Don't you get downgraded in next quarter if you don't maintain?

 

[starstruck]

Don't you get downgraded in next quarter if you don't maintain?

Yes. Unless their algorithm has not picked you by some reason.

 

[garvit_a]

I had opened a burgundy salary account with a Magnus card back in June but didn’t receive any mail stating I’ll be getting a new card, and I’m also able to access my travel edge portal showing 5:2 conversion ratio. Anyone facing the same issues? What to do?

 

[Harry1]

Received this email just now:

"

​

Dear Customer,​

​

Thank you for banking with us.​

​

Further to our email of 21 July 2023, we are very pleased to share an update on the special offering on your MAGNUS Credit Card.​

​

We appreciate the Burgundy relationship that you have with Axis Bank; based on that, you are eligible to receive a new MAGNUS credit card, which will enable you to convert your EDGE REWARD Points, including all the accumulated ones, to partner miles / points at a ratio of 5 EDGE REWARD Points for 4 partner miles / points. To help you avail the same, we will be replacing your existing MAGNUS Credit Card with a new MAGNUS credit card, at no charge.​

​

You will also receive an email from us shortly, with further details, and how you can register your consent to avail the new MAGNUS Credit Card. Your existing MAGNUS Credit Card will then be upgraded, and all your existing EDGE REWARD Points will be transferred to the new MAGNUS Credit Card.​

​

To enable this smooth cutover, the redemptions of EDGE REWARD points on your existing MAGNUS Credit Card have been temporarily suspended, as we upgrade to this improved feature. Rest assured that all your points remain intact, and will shortly be available for conversion, in all your favourite categories.​

​

In case of any query(s), please contact our phone banking center at 1800 419 0065.​

​

Always open to help you.​

​

Regards, Axis Bank Ltd."​

Now everyone with suspension is happy . Hope the pending points from grab deals, gyftr and milestone will come even after this upgrade.

Still no mention of LTF anywhere. But if it is upgrade, it will be free for at least one year.

 

[bonheur]

Can't understand why the card needs to be replaced!

Maybe because they want to change the BIN for the new card to make ER computations simpler and to differentiate other rewards and offers for Magnus Plus vs old Magnus? This would in fact be a good thing, as HDFC is unable to differentiate its LTF PVC Infinia from the more expensive and paid metal Infinia.

 

[Deleted member 9785]

Due to 15 lac spend free for me. Will use for BMS and meet and greet only

 

[Warlock27]

Due to 15 lac spend free for me. Will use for BMS and meet and greet only

Is there any other way to calculate total spends apart from manually going through each eligible transaction and then adding it all together?

 

[Deleted member 9785]

Is there any other way to calculate total spends apart from manually going through each eligible transaction and then adding it all together?

i mailed them and got confirmation. You can also call customercare and check with them and confirm

 

[rohitb]

Looks like this is only for true Burgundy users, I have a burgundy account but didn't receive this mail. My traveledge still shows 5:2 ratio for conversion

What is this true and false burgundy ?
I am in the same boat , my travel edge is showing 5:2 even though mine is burgundy account (debit card, welcome kit every thing says that along with the account code which is dbprv) with monthly average balance maintained.

 

[Warlock27]

Can you please tell me the email ID that you mailed them on.

 

[shrekster]

I have a question: in the document it says that the total eligible spends (considered for extra 23 ERP/inr 200) has been capped at INR 50000/-
Does this mean that one can only receive the extra 23 ERP upto a max of INR 50000 per month?

 

[thanix]

I have a question: in the document is says that the total eligible spends (considered for extra 23 ERP/inr 200) has been capped at INR 50000/-
Does this mean that one can only receive the extra 23 ERP upto a max of INR 50000 per month?

This is the most confusing bit. Is it that 50000 will only considered for a big swipe or it is cumulative value of 50000 in a month? I believe its the former to avoid giving rewards for large purchases.

Axis did a FMEA (Failure Mode Effect Analysis) and came up with mitigation for every possible failure or possible abusive use case scenario

 

[rogerthat]

This is the most confusing bit. Is it that 50000 will only considered for a big swipe or it is cumulative value of 50000 in a month? I believe its the former to avoid giving rewards for large purchases.

Axis did a FMEA (Failure Mode Effect Analysis) and came up with mitigation for every possible failure or possible abusive use case scenario

So this means up to Rs.1.5 lakh 12 ER, 1.5-2 lakh 35 ER, 2 lakh+ no rewards? The more one reads the document the less sense it makes.

 

[MilesMax]

I have a question: in the document is says that the total eligible spends (considered for extra 23 ERP/inr 200) has been capped at INR 50000/-
Does this mean that one can only receive the extra 23 ERP upto a max of INR 50000 per month?

No 50k is about the rent eligibility.
Max 50k of the rent amount will be considered for 1.5L threshold.

 

[MilesMax]

So this means up to Rs.1.5 lakh 12 ER, 1.5-2 lakh 35 ER, 2 lakh+ no rewards? The more one reads the document the less sense it makes.

No 50k is about the rent eligibility.
Max 50k of the rent amount will be considered for 1.5L threshold.

.

 

[Riva]

You need to be a combination of a CA and a nuclear physicist to make sense of Axis' reward structure.

No insurance, rent, fuel, government, utilities, wallet, Traveledge/vouchers/grabdeals, even entertainment! Axis says Rs.30000 on groceries and Rs.145000 on shopping? What are they shopping for? Do they seriously expect people to achieve 2 lakhs spends every month on buying groceries and random other stuff? I mean, how much crap will you buy? Where do you keep all that?

I don't think anyone who has such spending power will be bothered to break their heads and dedicate time and effort at making all the convoluted calculations required to see if they meet milestones/thresholds and all that.

It boggles the mind that there is someone at Axis Bank who thinks this scheme is workable and is a good idea.

Magnus has been abused by certain individuals so much in the past, that now Axis is hitting back where it hurts most. It's not just loopholes that they have closed, they seem to want to recover lost revenue. Unfortunately this is now affecting everyone. Any potential customer will now think twice before taking a Magnus.