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

 

[Riva]

If the

​

​ ​ ​ 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.​

If the Burgundy account is a joint account, are all account holders eligible for the same benefits? Will all get individual Magnus cards or just the first holder?
Can anyone confirm pls?

 

[mastfun]

If the


If the Burgundy account is a joint account, are all account holders eligible for the same benefits? Will all get individual Magnus cards or just the first holder?
Can anyone confirm pls?

Yes that was confirmed by bank today

 

[K.R]

I see a few people are getting Atlas LTF. Any idea what's the Criteria for that?

View attachment 29354

No joining bonus and renewal benefits 🙂

 

[drsel]

If the


If the Burgundy account is a joint account, are all account holders eligible for the same benefits? Will all get individual Magnus cards or just the first holder?
Can anyone confirm pls?

Only the member who has an existing Magnus card will get the new Magnus burgundy card.
the other joint holders who don't have any Magnus card will not get anything.

Also there is no extra charge for the new Magnus Burgundy card provided you already paid the fees for the old Magnus card for this year.
For renewals from 1 Sep 2024 onwards, the new Magnus Burgundy card will be chargeable at 14750, with no vouchers or airticket given as compensation

 

[rohitb]

But u will earn jst 3% a year against 9% in fd so u lose atlst 50000 in cash so if u can extract more than 50k a year frm burgandy then it's worth to park 10 lkhs

Are we sure it's only 9% with Fd and not 15% sir.

 

[CC-Muncher]

Are we sure it's only 9% with Fd and not 15% sir.

Not 15%. Its 50%
I am 100% sure

 

[drsel]

Not 15%. Its 50%
I am 100% sure

How do you get the haha and hehe emoji ?
I can only see like emoji

 

[CC-Muncher]

How do you get the haha and hehe emoji ?
I can only see like emoji

Keep the like vutton pressed if u r on mobile

 

[drsel]

See attached. People have received this email stating that accumulated reward points will also be eligible for a transfer ratio of 5:4. So let’s be hopeful.

Let’s just wait unless they formalise everything!

What would be the future conversion ratio for edge points earned by the other cards in your portfolio(Samsung infinite, Rewards, Select, IOCL) if you have a Burgundy Magnus card ?

 

[MilesMax]

No joining bonus and renewal benefits 🙂

It's still fine. Magnus would be my primary card anyways.
Atlas only for advanced tax payments and direct booking on airline if required.
Is it salary based criteria?

 

[drsel]

It's still fine. Magnus would be my primary card anyways.
Atlas only for advanced tax payments and direct booking on airline if required.
Is it salary based criteria?

Can you pay income tax & rent TDS using credit card ?
Which credit card gives you points or cashback on income tax & rent TDS payment?

 

[MilesMax]

Can you pay income tax & rent TDS using credit card ?
Which credit card gives you points or cashback on income tax & rent TDS payment?

Yes. 1% extra charges.

Magnus used to give till sept 1st.
VI still gives.

 

[rohitb]

Due to maintenance downtime, you will be unable to transact with your Axis Bank Credit Card(s) on 14-09-23 from 2 AM to 4 AM IST. Regret any inconvenience.

Got this message
Kuch hone wala h

10:1, 5:1 se ratio change hoke 20:1 to nahin . Everytime axis does a change, effective ratio is halved. 5:4 -> 5:2 -> 5:1 -> 10:1

 

[drsel]

Yes. 1% extra charges.

Magnus used to give till sept 1st.
VI still gives.

Will I get basic non accelerated edge reward points using Axis Samsung infinite or Axis Rewards card?

 

[swipesmart]

Got message from Axis bank for downtime on 14th Sept from 2 AM to 4 AM. Hoping it will resolve the issue for Magnus burgundy.

 

[Pawan_KS]

Got message from Axis bank for downtime on 14th Sept from 2 AM to 4 AM. Hoping it will resolve the issue for Magnus burgundy.

lets wait and watch

 

[chowdaryking]

I am planning to buy it for my parents and just want to enjoy the benefits that will come with reward points... I am not asking if buying a car is a good decision ... its buying a car with a credit card is a good decision or not.

Yaa bro definitely it’s good to use credit card as u get points and u r paying the bill in time. But remember two points.
1:- Most important DONT PAY THE EXTRA 2% For using ur credit Card.
2:- don’t forget track ur 30% utilization b4 ur bill is generated.

 

[chowdaryking]

Definitely !
buying anything with a credit card is a good decision provided the profit is more than the 2 percent you have to pay illegally.
Because by law and according to the legally binding members agreement with Visa and MasterCard, a merchant cannot pass on any charges to the customer.

Bro if possible can provide any legal document for this for future reference, I am trying to find but not able to get it.

 

[hrish88]

Bro if possible can provide any legal document for this for future reference, I am trying to find but not able to get it.

well no one can sell you anything above MRP.its illegal.but if merchant is giving you a discount he can always ask you for 2%.

for example, if the MRP is 100 rs and someone gives you that thing for 90.then he can ask for 2% that is 90+1.8=91.8 or 92.

The issue is no merchant will admit officially to these charges.so no use of citing any law even if such a law exists. The merchant will simply say the discount is less than admitting to levy of 2%.

 

[rohitb]

Yaa bro definitely it’s good to use credit card as u get points and u r paying the bill in time. But remember two points.
1:- Most important DONT PAY THE EXTRA 2% For using ur credit Card.
2:- don’t forget track ur 30% utilization b4 ur bill is generated.

Isn't 30% utilisation checked for total across all cards and not individual card ?