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

 

[drsel]

I tshowed suspended , I wrote a mail to premium CC and now its working fine. (True Burgundy customer)

Do you think it's worth keeping 10 lacs idle in a burgundy savings account or 30 lacs in a fixed deposit, just get the 5:4 conversion ratio?
If it's worth it then which of the two is better?

 

[rpsadarangani]

I applied today for the Magnus card, where there was zero joining fees or Annual Fees until I manage my Burgundy status for same.

Also open a Burgundy for my sister as well.

I maintain my status via Salary currently. But soon planning to move funds in the accounts as HDFC is giving hard time since past 7 month with account upgrade.

Attach is the sms I received from them

 

[rdargar]

Do you think it's worth keeping 10 lacs idle in a burgundy savings account or 30 lacs in a fixed deposit, just get the 5:4 conversion ratio?
If it's worth it then which of the two is better?

I have current acount and linked family members , so I am not actually losing anything as suggested by te other posts.So , I don't think I am the right person to have a say.

 

[shashank08]

I applied today for the Magnus card, where there was zero joining fees or Annual Fees until I manage my Burgundy status for same.

Also open a Burgundy for my sister as well.

I maintain my status via Salary currently. But soon planning to move funds in the accounts as HDFC is giving hard time since past 7 month with account upgrade.

Attach is the sms I received from them
View attachment 28611

How you applied? With the help of RM or agent?
What process you followed?
If you can shed some light then it will be useful.

 

[praneeth999]

I applied today for the Magnus card, where there was zero joining fees or Annual Fees until I manage my Burgundy status for same.

Also open a Burgundy for my sister as well.

I maintain my status via Salary currently. But soon planning to move funds in the accounts as HDFC is giving hard time since past 7 month with account upgrade.

Attach is the sms I received from them
View attachment 28611

That's some news. Like others asked, can you shed some light on how you applied?

 

[jack333]

I applied today for the Magnus card, where there was zero joining fees or Annual Fees until I manage my Burgundy status for same.

Also open a Burgundy for my sister as well.

I maintain my status via Salary currently. But soon planning to move funds in the accounts as HDFC is giving hard time since past 7 month with account upgrade.

Attach is the sms I received from them
View attachment 28611

You'll get the new mastercard variant most likely

 

[Saarthak Parihar]

well i have stayed at Raffles udaipur total bill was 1lac+ and had to pay 481rs only for the rest of amount redeemed the points. also rates were cheaper on Accor website than mmt and others.

so yeah it does give 1.8

How many points did you redeem and for how many days was the stay?

 

[Ankur dhanda]

 

[chowdaryking]

1) Is it worth buying international air tickets on Travel edge to get 60 points per Rs.200 using Magnus?

2) How overpriced are these tickets compared to --
a) the airline website
b) Online agents like MMT, Cleartrip, etc, which give 10% discount on international air tickets with various cards, (but charge convenience fees)?

It depends on how early u r buying tickets, if u buying tickets at least 3 or 4 months then yes definitely travel edge price difference is less compared to others but this was when conversation 5:4 but now it’s 5:2 if u have burgundy then yes btr travel edge.
It also depends on destinations.

 

[Tirajat]

It’s aweful that miles transfer is still suspended for close a week now! Axis had a number of weeks to put their systems in order but they choose to migrate after Sept 01, and in the process suspend accounts. I’m a true Burgundy customer and not able to transfer ERs through app or travel edge portal.

 

[hrish88]

How many points did you redeem and for how many days was the stay?

2 days.point dont remember exactly but were around 59K

 

[rohitb]

View attachment 28625

I am amazed they wrote burgundy and not true burgundy. /S

 

[UKJ]

Is there really such a thing as Burgundy and True Burgundy? Either the account is flagged as Burgundy or it is not. Does the bank then review the account operations to subsequently determine whether it is really operated as a Burgundy account? If not, then will the system simply not remove the Burgundy tag?

 

[gurbina]

Is there really such a thing as Burgundy and True Burgundy? Either the account is flagged as Burgundy or it is not. Does the bank then review the account operations to subsequently determine whether it is really operated as a Burgundy account? If not, then will the system simply not remove the Burgundy tag?

They're being stingy as it does affect their bottomline, so they only want to do it for those who maintain the Burgundy balance.

This is the reason behind taking so long to sort out their systems. Also it seems they'll issue a different card for those who maintain the criteria (Better? Worse? The same? Who knows?!)
But again it's complicated, as I could meet the criteria today but not tomorrow, and vice versa.

Anyhow I see emails from Axis where they keep mentioning it's a time bound offer over and over again ... And that hasn't been clarified. A few weeks? Months? A year?

I'd like to believe the might keep or extend it depending on how everything unfolds and how it impacts them and whether it's worth it or not. It will certainly fill their coffers and they can make a lot of money out of it that could help them maintain the current transfer ratio but who knows with Axis.

Not getting onto that Axis train until things are clear.

Fool me once, shame on you; fool me twice, shame on me

 

[rogerthat]

Is there really such a thing as Burgundy and True Burgundy? Either the account is flagged as Burgundy or it is not. Does the bank then review the account operations to subsequently determine whether it is really operated as a Burgundy account? If not, then will the system simply not remove the Burgundy tag?

Burgundy
True Burgundy
Real True Burgundy
Real True Burgundy Delta variant
Really True Burgundy Pro Max 5G

 

[rpsadarangani]

You'll get the new mastercard variant most likely

Yea, All Magnus Cards will be reissued in MasterCard Variant what I came to know from my RM. The Card when initially launch was also on the Mastercard variant that I had in 2021. But my card got cloned during my travel because of this I had to block my card. But the axis is Axis when ahead and close the credit card itself.

How you applied? With the help of RM or agent?
What process you followed?
If you can shed some light then it will be useful.

I applied via my RM. The same RM had opened my account HDFC long back and recently when I wanted a salary account he helped me open the same. I will be planning to open more 2 accounts next week as well. HDFC is having a hard time with the Banking Service as well as with wried charges on the Current account.

 

[rogerthat]

Yea, All Magnus Cards will be reissued in MasterCard Variant what I came to know from my RM. The Card when initially launch was also on the Mastercard variant that I had in 2021. But my card got cloned during my travel because of this I had to block my card. But the axis is Axis when ahead and close the credit card itself.

All Magnus cards will be reissued on MasterCard or only the Burgundy+Magnus cards? If so I think bye-bye BMS benefit too.

 

[Harry1]

Yea, All Magnus Cards will be reissued in MasterCard Variant what I came to know from my RM. The Card when initially launch was also on the Mastercard variant that I had in 2021. But my card got cloned during my travel because of this I had to block my card. But the axis is Axis when ahead and close the credit card itself.


I applied via my RM. The same RM had opened my account HDFC long back and recently when I wanted a salary account he helped me open the same. I will be planning to open more 2 accounts next week as well. HDFC is having a hard time with the Banking Service as well as with wried charges on the Current account.

Based on 3L salary credit or investment relationship?

 

[Andy1]

Time to close Magnus , they are now focussed on damage control

 

[rdargar]

A True Burgundy Customer without magnus. Magnus is reflecting as preapproved but with INR 12500 fees so can confirm Magnus is not LTF for now , no idea about future.
Select is showing as LTF