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

 

[neo.puneet]

sab moh maya hai
5:4 ho ya 5:2
khali hath aye the khali hate jayenge

 

[drsel]

Burgundy private card will be free as long as you maintain the burgundy relationship of 30 lacs fixed deposits or 10 lakhs in savings account or higher amounts in total relationship value.

Magnus card is not going to be free under any circumstances whatsoever
that is clearly mentioned in the terms and conditions.
You have to be pay joining and renewal fees only for Magnus

Just confirmed from Burgundy customer care that you just need to open burgundy account with 5 lacs initial funding and then maintain 10 lacs average quarterly balance and within 5 working days Axis Bank will send you an SMS if you want to upgrade your existing Magnus card to a new Magnus card with 5:4 conversion ratio.

once you give your consent on the SMS link they will send you a new Magnus card with 5:4 conversion ratio, and your old existing Magnus card will get deactivated

 

[drsel]

This is incorrect. There is a Burgundy relationship and there is Burgundy Private relationship 🙂 Please review once and you'll get the idea.

thanks. I am referring to the plain Burgundy with 10 lakhs average quarterly balance or 30 lacs fixed deposit.

Burgundy private requires 5 crores total relationship value

 

[drsel]

I am wondering if my senior parent (with no credit card at all) opens the plain Burgundy account with 30 lacs fixed deposits and I (Magnus card holder) am the second holder in that fixed deposit;
will I be eligible for the new Magnus card with 5:4 conversion ratio which is also life time free?

Does the Magnus card holder also have to be the first holder in the plain Burgundy fixed deposit or plain Burgundy savings account?

 

[MilesMax]

Just confirmed from Burgundy customer care that you just need to open burgundy account with 5 lacs initial funding and then maintain 10 lacs average quarterly balance and within 5 working days Axis Bank will send you an SMS if you want to upgrade your existing Magnus card to a new Magnus card with 5:4 conversion ratio.

once you give your consent on the SMS link they will send you a new Magnus card with 5:4 conversion ratio, and your old existing Magnus card will get deactivated

So for people who opened recently, they need to wait for 3 months for AQB verification and then the bank would send this SMS?

 

[K.R]

Just confirmed from Burgundy customer care that you just need to open burgundy account with 5 lacs initial funding and then maintain 10 lacs average quarterly balance and within 5 working days Axis Bank will send you an SMS if you want to upgrade your existing Magnus card to a new Magnus card with 5:4 conversion ratio.

once you give your consent on the SMS link they will send you a new Magnus card with 5:4 conversion ratio, and your old existing Magnus card will get deactivated

This may not be true. Every person in Axis has a different story. We should wait for some time for them to send a formal communication. For example when I called Burgundy they told even they are not clear and that its nowhere written that it is LTF and the 5:4 is limited time offer which means it will be 5:2 after some days/months even if you are a Burgundy. (Iam not saying this is true or false as every axis person has his/her own story 🙂 ) I will wait for a month. If no communication or no benefits as promised, my Magnus and Burgundy account will be closed.

 

[luxveritate]

Friends i got a chance to talk to the credit card head of the state and understood following points .

Yesterday they had extensive meeting with all the state heads updating about the magnus features.

Bank is focusing on per customer value rather than no of customers.

Magnus burgandy card will be given to ‘ True burgandy customers “ who have good burgandy relationship with bank.

Any person opting to open the burgandy account will not get the Magnus burgandy card immediately but after some time and it will be an invite only card.

The features of the upcoming Magnus burgandy is same but only difference it’s free as well as 5:4 ratio.

They have even informed that soon there will be a press release on it.

So pulling the information together we can assume that Axis is visualising to make the card as a HNI category card where people who are really have capacity to spend will gain the benefits.

Thanks

 

[rockysindona]

What and how to do this

Bro try using ur JAL miles for other partner airlines something btr than the JAL.

?

 

[rockysindona]

Qantas airmiles have the lowest value of all Axis partners.
See these 2 analyses as proof--

bankrate.com/finance/credit-cards/points-and-miles-valuations/#airline

What are points and miles worth? TPG’s valuations for November 2024 - The Points Guy

Learn how points and miles from major loyalty programs stack up when it comes to value. Here's how TPG values points and miles from airline and hotel programs.

thepointsguy.com

What are your suggestions then? Just received the points in JAL Mileage Bank today. How to utilise these points for maximum value then?

 

[Trust Me]

.... Magnus burgandy card will be given to ‘ True burgandy customers “ who have good burgandy relationship with bank. ....
.... Any person opting to open the burgandy account will not get the Magnus burgandy card immediately but after some time and it will be an invite only card.

I'm assuming that all Burgundy Customers always satisfying the eligibility conditions are considered "True Burgundy Customers".
So, are not even all "True Burgundy Customers" necessarily deemed to have "good Burgundy relationships"? And invitations would be extended to what fraction of such worthies? Any clarity on this?

 

[Saarthak Parihar]

thanks. I am referring to the plain Burgundy with 10 lakhs average quarterly balance or 30 lacs fixed deposit.

Burgundy private requires 5 crores total relationship value

Even with plain Burgundy you'd be recieving the new Magnus if you've maintained the criteria. You have to give the consent for upgradation.

 

[Saarthak Parihar]

I'm assuming that all Burgundy Customers always satisfying the eligibility conditions are considered "True Burgundy Customers".
So, are not even all "True Burgundy Customers" necessarily deemed to have "good Burgundy relationships"? And invitations would be extended to what fraction of such worthies? Any clarity on this?

Credit card kya hua Thor ka hammer ho gaya.. worthy hoge to mil payega bhai nahi to jhunjhuna hi milega axis Bank se 😂

 

[D7162]

I transferred to Qatar airways on last day, miles yet not credited, anyone else have same ?

 

[kalratush]

I transferred to Qatar airways on last day, miles yet not credited, anyone else have same ?

It takes about 4-12 working days for Qatar.

 

[luxveritate]

Teg

I'm assuming that all Burgundy Customers always satisfying the eligibility conditions are considered "True Burgundy Customers".
So, are not even all "True Burgundy Customers" necessarily deemed to have "good Burgundy relationships"? And invitations would be extended to what fraction of such worthies? Any clarity on this?

 

[luxveritate]

My understanding from the conversation bank want to ensure that the new burgandy customers to have good relationship. I couldn’t understand the logic for this decision if it’s true. Existing burgandy customers who are intrested in credit card already have the card so there is no point of filtering them as True burgandy infact the devaluation comes as an opuurtunity to squire probable new customers to burgandy so if they won’t give this option to migrate immediatly who wait for investing in burgandy for getting just 5.4 option ???

 

[vina]

has anyone got their access back to Axis Bank rewards portal for Magnus card holders?

 

[rdargar]

has anyone got their access back to Axis Bank rewards portal for Magnus card holders?

Yes .My account got suspended on midnight 1st sep, dropped them a mail in panic in afternoon reactivated on 3rd sep. Don't know about withdrawls as don't have enough points

 

[rogerthat]

I transferred to Qatar airways on last day, miles yet not credited, anyone else have same ?

Same same.

 

[drsel]

It takes about 4-12 working days for Qatar.

Please see the value of Qatar airmiles.
It is same as Etihad and Emirates, approximately 1.8 cents.
Whereas Kris flyer of Singapore is worth 2.2 cents according to the 2 analyses I posted & also repeated in post #4348

You can also use chat GPT app to check out the value of points of each and every airline and hotel partner