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

 

[rpsadarangani]

What was the process that you followed? I am thinking that you may fall under some criteria that has been now set by Axis for the free Magnus + Burgundy. The new Burgundy account the you opened for your sister also qualified for this offer? Also is this FYF or LTF?

I had open the account Last Year as Salary Account. The Account I open for my sister was under Family Banking Program. Also the Card is LTF what I came know until I have Burgundy status

 

[drsel]

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

 

[drsel]

I had open the account Last Year as Salary Account. The Account I open for my sister was under Family Banking Program. Also the Card is LTF what I came know until I have Burgundy status

Is Axis select card lifetime free or Axis new Magnus card lifetime free with your plain Burgundy account?

I think that if you already paid the annual or renewal fees for the original old Axis Magnus card then you get a new Magnus card without any extra charge
but next year the renewal fee for the new Magnus card will have to be paid

 

[Vickymaster1010]

After a lot of thought, decided to stay with Magnus and planning to open Burgandy (assuming Magnus is free). I have no other better options as of today. Keeping 10L in Burgandy is not a problem for me and the opportunity cost is not much if I make Axis a primary account.

What's the saving interest rate on burgandy is it 7% if less than 7% il make a fd @9% and save 50k

 

[praneeth999]

It

What's the saving interest rate on burgandy is it 7% if less than 7% il make a fd @9% and save 50k

It is 7.10 as of now for Axis savings account. Nothing more for Burgundy.

 

[neo.puneet]

It

It is 7.10 as of now for Axis savings account. Nothing more for Burgundy.

it's 3% up to 50 lacs for a savings account, you might be talking about FD

 

[rpsadarangani]

Is Axis select card lifetime free or Axis new Magnus card lifetime free with your plain Burgundy account?

I think that if you already paid the annual or renewal fees for the original old Axis Magnus card then you get a new Magnus card without any extra charge
but next year the renewal fee for the new Magnus card will have to be paid

I had closed given a request to block my old magnus due to Card Clone while traveling aboard. But the idiot CS went ahead and closed the credit line. I had only paid for card twice and was due renewal in July which did not happen of closer. So I had to reapply for card.

 

[ismail]

i think Axis is issuing New Magnus cards to weed out LTF cards. the new magnus card is free only till its Burgundy Status!

 

[drsel]

i think Axis is issuing New Magnus cards to weed out LTF cards. the new magnus card is free only till its Burgundy Status!

There aren't any lifetime free Magnus cards.
It was always chargeable and will remain chargeable even with Burgundy savings/FD account

 

[rogerthat]

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

Yeah, but the destinations I travel to from where I live the only option is Qatar or Emirates. I don't have to travel eastwards at all.

 

[Thomas244]

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

Shouldnt they have had this meeting last month

 

[ismail]

There aren't any lifetime free Magnus cards.
It was always chargeable and will remain chargeable even with Burgundy savings/FD account

there were a few who got LTF Magnuses sometime. posted/confirmed here at Technofino itself

 

[praneeth999]

it's 3% up to 50 lacs for a savings account, you might be talking about FD

Thanks, yeah, that was for FDs.

 

[kalratush]

What's up with travelEdge? Logged in today to see I'm getting a transfer ratio of 10:1? I'm a Magnus with burgundy account holder, anyone else seen this?

 

[R!ppEr]

What's up with travelEdge? Logged in today to see I'm getting a transfer ratio of 10:1? I'm a Magnus with burgundy account holder, anyone else seen this?

classic axis

 

[kalratush]

classic axis

I knew they were incompetent, but up to THIS extent? lol

 

[shashank08]

What's up with travelEdge? Logged in today to see I'm getting a transfer ratio of 10:1? I'm a Magnus with burgundy account holder, anyone else seen this?

It seems you are getting transfer ratio of Select CC instead of Magnus..

 

[kalratush]

It seems you are getting transfer ratio of Select CC instead of Magnus..

Yes exactly, wonder what they are doing in the back end.
"Limited time offer from 1st Sep" to downgrade your account with burgundy A/C it seems.

 

[Harry1]

Yes exactly, wonder what they are doing in the back end.
"Limited time offer from 1st Sep" to downgrade your account with burgundy A/C it seems.

Are only people with magnus burgundy affected? Or people without burgundy also?

Those who were suspended, are now active?

 

[SM24]

Yes exactly, wonder what they are doing in the back end.
"Limited time offer from 1st Sep" to downgrade your account with burgundy A/C it seems.

All the added IDs are not visible to boot.

Hopefully this slow poison will make way for nectar when things stabilise