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

 

[rishabk27775]

Only magnus

Okay looks like only magnus is fixed but magnus with burgendy is not fixed

 

[SM24]

Okay looks like only magnus is fixed but magnus with burgendy is not fixed

Axis has 'fixed' Burgandys bascially

 

[rishabk27775]

Axis has 'fixed' Burgandys bascially

Didn't understood please explain.

 

[Harry1]

Okay looks like only magnus is fixed but magnus with burgendy is not fixed

When will they launch that new card? It's already 11th today, which was leaked to be the date.

 

[rishabk27775]

When will they launch that new card? It's already 11th today, which was leaked to be the date.

No idea..... Maybe by today evening.

 

[SM24]

Didn't understood please explain.

I'm just joking that Axis ne Burgandy waalon ki waat laaga di...

 

[drsel]

When will they launch that new card? It's already 11th today, which was leaked to be the date.

Relationship managers have said 3rd week of September that means 15 to 21 September

 

[Trust Me]

Relationship managers have said 3rd week of September that means 15 to 21 September

Did they specify the year?

 

[Harry1]

No idea..... Maybe by today evening.

Lol instead of sending magnus consent mail, they sent me a mail describing burgundy benefits (no mention of magnus) and burgundy eligibility criteria .

 

[rishabk27775]

Lol instead of sending magnus consent mail, they sent me a mail describing burgundy benefits (no mention of magnus) and burgundy eligibility criteria .

Same here..... Maybe they are trying to remind that you will get Burgundy magnus only if you maintain the balance

 

[Harry1]

Same here..... Maybe they are trying to remind that you will get Burgundy magnus only if you maintain the balance

Or just downgrade people who r not maintaining it.

 

[bigbrain]

Same here..... Maybe they are trying to remind that you will get Burgundy magnus only if you maintain the balance

Yep. Even I got it few mins ago. I was wondering what it if all about

 

[drsel]

Lol instead of sending magnus consent mail, they sent me a mail describing burgundy benefits (no mention of magnus) and burgundy eligibility criteria .

Kindly copy paste that email here

 

[SM24]

Lol instead of sending magnus consent mail, they sent me a mail describing burgundy benefits (no mention of magnus) and burgundy eligibility criteria .

I think they have removed 10L MAB and only have 10L AQB now.

 

[drsel]

I think they have removed 10L MAB and only have 10L AQB now.

10 lakh AMB or AQB is not much different but people once they get Magnus Burgundy card may not maintain 10 lacs

 

[Dragon_slayer]

I think they have removed 10L MAB and only have 10L AQB now.

It was calculated quarterly previously as well; I think they have just made it clearer now.

Anyways, the email for reminding the Burgundy balance maintenance was stupid. No mentions of mangus anywhere on the email

 

[bigbrain]

And it is showing 20:1 conversion ratio for Accor, Marriott, etc and 10:1 for Vistara!!!! Is is what everyone is seeing?

I think I should stop using my axis reserve card for Forex immediately.
Anyone knows if axis reserve points will be converted to 5:4 if I have burgandy? Or 5:2? Will they have different redemptions for different credit cards?

I think we have to only wait and see but just want to know all your thoughts

 

[Harry1]

It was calculated quarterly previously as well; I think they have just made it clearer now.

Anyways, the email for reminding the Burgundy balance maintenance was stupid. No mentions of mangus anywhere on the email

I guess that's not a typo.

 

[Harry1]

And it is showing 20:1 conversion ratio for Accor, Marriott, etc and 10:1 for Vistara!!!! Is is what everyone is seeing?

I think I should stop using my axis reserve card for Forex immediately.
Anyone knows if axis reserve points will be converted to 5:4 if I have burgandy? Or 5:2? Will they have different redemptions for different credit cards?

I think we have to only wait and see but just want to know all your thoughts

If u have magnus, all current edge points will be transferred to magnus burgundy points. After that whatever u earn from reserve will be just edge points.

Future Magnus burgundy points will come under magnus burgundy points.

Only magnus burgundy points will come in 5:4 and rest edge points will be under 5:2.

Just what I understand from various official and unofficial leaks.

 

[K.R]

Kindly copy paste that email here

​

​ ​ ​ Only the best, reserved for you​ Embrace excellence with Burgundy and continue to experience your entitlements​ ​ Dear Customer,​ ​ As our valued Burgundy customer, we look forward to your continued patronage. With world-class personal banking benefits, bespoke services and integrated wealth management solutions, Burgundy offers a truly premium and holistic banking experience.​ ​ ​ ​ ​ Features tailored for you​ Dedicated Burgundy Relationship Manager Expert assistance for you at every step. Integrated Investment Solutions Across all major asset classes. A complimentary suite of cards Exclusive travel and lifestyle privileges. Locker benefits Lifetime discount offers up to 70% off*. Family Banking Share your exclusive banking privileges with your loved ones. Complete Lending Solutions All your personal and business needs covered. Legacy and Estate Planning Solutions** Insightfully tailored to meet your legacy needs. ​ We would like to take a moment to update you about the current Burgundy eligibility which is calculated at Customer ID level or Family ID level basis one or more of the following criteria:​ ​ ​ • Maintenance of Average Quarterly Balance of Rs.10 lakh (Across Savings Accounts and/or Current Accounts). • Maintenance of minimum Total Relationship Value (TRV) of Rs.30 lakh. • Maintenance of minimum Total Relationship Value (TRV) of Rs.1 crore (including Demat holdings). • Net salary credit above Rs.3 lakhs per month in Axis Bank Salary Account (in case of salaried customer). • Foreign Inward Remittance of at least Rs.40 lakh only by NRIs in the last 12 months (Received through Wire Transfer/ Remit money). ​ It is our pleasure to have you onboard with us. We hope that you enjoy all the benefits of Burgundy. We want you to be aware of Burgundy account eligibility criteria and applicable fees & charges.​ ​ Important Information​ ​ ​ 1. Burgundy eligibility criteria, click here. 2. List of charges applicable in case Burgundy eligibility criteria is not met, click here. 3. Schedule of applicable fees and charges for Burgundy, click here. ​ Best regards, XXXXXXXXXXX Branch Head​ ​

​ ​ ​ ​ ​ ​ ​ ​ ​ ​

​ ​ Know more about Burgundy Account and its features for your banking needs.​ ​ ​ Alternatively, you may reach out to us by​ ​ Calling on our Burgundy Exclusive Toll free number 1800 419 0065​ Writing to our Burgundy Exclusive Email ID premium.experience@axisbank.com​ ​ ​ ​ ​ ​ Download AXISMOBILE​ ​ ​ ​ ​ Register/Login to INTERNET BANKING​ ​ ​ ​ ​ Send us 'Hi' on +91-7036165000 for WHATSAPP BANKING​ ​ ​

​ ​ ​ ​ T&C: *Inclusive of 10% additional discount under Family Banking Program. Get 60% off on small & medium lockers and 30% off on large & extra-large lockers. Applicable only for eligible customers. **These services are provided through one of our service provider partners. Continue enjoying Burgundy, here's how​ ​

​ ​ BE SECURE ONLINE​ www.axisbank.com/burgundy​

​ Do not click on link from unknown/unsecured sources that seek your confidential information.​