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

 

[unwind]

It's a no brainer, 24% return versus 0-- 3% extra charge

True. Actually that's the only reason I converted to Burgundy to make use of traveledge. 3x miles post 1.5 lakhs and all those conditions are too much to think about. It's just a credit card at the the end of the day.

But traveledge 24% is non complicated. Very liberal monthly limit too, unlike the Infinia. Prices are at par with the other sites and without convenience fee almost at par even with a coupon on the other portals. International flights you can save 5-7% on mmt etc but nothing compares to 24%

 

[drsel]

Absolutely right it does not make sense to even have Infinia because the daily limit for buying air tickets is only 90,000 per day and 90,000 for the whole month !
How many air tickets for long distance can you buy?

Also the discount using Infinia to buy air tickets on Smartbuy works out to only 14.5%, far less than Magnus Burgundy

 

[CardShard]

i also received the same coupon yesterday, but it won't work again, please don't plan something out 😀

As what step does it not work?

 

[drsel]

As what step does it not work?

It will not work if you have already used your birthday offer.
It did not work for me also

 

[CardShard]

Ah I just checked. On the page where you apply the coupon, it shows an error saying coupon can only be applied once.

 

[drsel]

 

[unwind]

Absolutely right it does not make sense to even have Infinia because the daily limit for buying air tickets is only 90,000 per day and 90,000 for the whole month !
How many air tickets for long distance can you buy?

Also the discount using Infinia to buy air tickets on Smartbuy works out to only 14.5%, far less than Magnus Burgundy

True..large ticket you can't buy on Infinia due to limits. Plus lower rewards than Magnus.

Domestic small value tickets they also charge convenience fee. On a 3 k ticket..that's 10% anyways.. no point buying that on infinia..even if you don't have Burgundy

Though Infinia is still good for 5 star hotels

 

[rahulgaur]

Now After credit cards, Axis bank has started devaluation in feature of Saving bank account also. Only 15 transactions (including cash , NEFT, rtgs etc) are free after that there will be charges. Time to close business with Axis Bank.

 

[sutarianiral]

Just got a response from their customer care. Not sure if it is already discussed here - only the customer who is having primary burgundy relationship within the family ID will be eligible for magnus 5:4 transfer. Below is the text :

Burgundy relationship eligibility criteria, calculated at a Customer ID level:

• Maintenance of an Average Quarterly Balance of INR 10,00,000 in the Savings Account, OR

• Maintenance of an Average Quarterly Balance of INR 10,00,000 across Savings Accounts and Current Accounts, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 30,00,000, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 1,00,00,000, which includes Demat holdings, OR

• In case of a salaried customer, one should be receiving a net salary credit in excess of INR 3,00,000 every month in Axis Bank Salary Account, OR

• Foreign Inward Remittance of at least INR 40,00,000 received through Wire transfer or Remit Money in last 12 months (only for NRI’s)

• Each member of the family id should be individually eligible basis cust ID to avail Magnus credit card

 

[K.R]

True. Actually that's the only reason I converted to Burgundy to make use of traveledge. 3x miles post 1.5 lakhs and all those conditions are too much to think about. It's just a credit card at the the end of the day.

But traveledge 24% is non complicated. Very liberal monthly limit too, unlike the Infinia. Prices are at par with the other sites and without convenience fee almost at par even with a coupon on the other portals. International flights you can save 5-7% on mmt etc but nothing compares to 24%

I recently booked 3 Tickets to Sydney. On Yatra the ticket price was 43k and same on Smartbuy but on Traveledge it was showing same but upon going further to book a popup use to come saying airlines has increased the price. The average price was showing 65k. I thought it may be some glitch. I tried for 6-7 days and it used to show the same. Finally I booked on Yatra with 7500 Axis card discount and then miles benefit in Krisflyer. As the transaction size was bigger Smartbuy was of no use . Cherry on the cake.. Singapore Airlines upgraded my 3 tickets at no cost

 

[004archit]

U

I recently booked 3 Tickets to Sydney. On Yatra the ticket price was 43k and same on Smartbuy but on Traveledge it was showing same but upon going further to book a popup use to come saying airlines has increased the price. The average price was showing 65k. I thought it may be some glitch. I tried for 6-7 days and it used to show the same. Finally I booked on Yatra with 7500 Axis card discount and then miles benefit in Krisflyer. As the transaction size was bigger Smartbuy was of no use . Cherry on the cake.. Singapore Airlines upgraded my 3 tickets at no cost

upgarde to which class and you have call them to upgrade or any process you have followed?

 

[K.R]

U

upgarde to which class and you have call them to upgrade or any process you have followed?

From Economy to Economy Premium. I didn't call them

 

[bonheur]

Absolutely right it does not make sense to even have Infinia because the daily limit for buying air tickets is only 90,000 per day and 90,000 for the whole month !
How many air tickets for long distance can you buy?

Also the discount using Infinia to buy air tickets on Smartbuy works out to only 14.5%, far less than Magnus Burgundy

A frequent mistake many people make in assuming that 15k monthly cap is for the total rewards. That's not true. The 15k cap is only for accelerated (4x) rewards, not on the 1x base rewards. So you can buy up to 112500 on Smartbuy (for items at 5x reward rate) before hitting the 15k cap.

 

[drsel]

A frequent mistake many people make in assuming that 15k monthly cap is for the total rewards. That's not true. The 15k cap is only for accelerated (4x) rewards, not on the 1x base rewards. So you can buy up to 112500 on Smartbuy (for items at 5x reward rate) before hitting the 15k cap.

Thanks for the clarification.
Does this clarification mean that you will get a total of 15000 + 3750 =18750 points on a spend of 112500 on flight bookings on Smartbuy?
In which case the reward rate would still be 16.66% for flights, but with a higher spend limit of 112500.

It would make sense to only buy the categories which are giving you 33.33% on hotels and 16.66% return on flights.

Although I get 35% discount on hotels, so I would not be interested in paying for hotels on Smartbuy

 

[Deleted member 9785]

a

Just got a response from their customer care. Not sure if it is already discussed here - only the customer who is having primary burgundy relationship within the family ID will be eligible for magnus 5:4 transfer. Below is the text :

Burgundy relationship eligibility criteria, calculated at a Customer ID level:

• Maintenance of an Average Quarterly Balance of INR 10,00,000 in the Savings Account, OR

• Maintenance of an Average Quarterly Balance of INR 10,00,000 across Savings Accounts and Current Accounts, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 30,00,000, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 1,00,00,000, which includes Demat holdings, OR

• In case of a salaried customer, one should be receiving a net salary credit in excess of INR 3,00,000 every month in Axis Bank Salary Account, OR

• Foreign Inward Remittance of at least INR 40,00,000 received through Wire transfer or Remit Money in last 12 months (only for NRI’s)

• Each member of the family id should be individually eligible basis cust ID to avail Magnus credit card

Axis : Ab tum credit card experts kuch karlo loot nai payoge

 

[Deleted member 9785]

Now After credit cards, Axis bank has started devaluation in feature of Saving bank account also. Only 15 transactions (including cash , NEFT, rtgs etc) are free after that there will be charges. Time to close business with Axis Bank.

a high ranking relative in govt told me that in next 5 years the government will phase out physical 500 rs note also and that will become digital. Only small notes upto 100 or 200 will be left

 

[Swap24]

Guys I purchased car worth 8.5 lakh for parents with magnus..let's see how much I will able to generate in reward points as I paid 2.2% charge for it

 

[drsel]

I visited Axis Bank Branch today and filled up a form with signature and biometrics to convert my already existing savings account to Burgundy savings account.
This offline form filling was required because they could not do the account migration online, even though they tried

This message came in 5 hours+-
We have received your request for Customer Induced Migration. Your Service Request (SR) no. is xxx and will
be processed by xxx (7days)

 

[raunak]

Just got a response from their customer care. Not sure if it is already discussed here - only the customer who is having primary burgundy relationship within the family ID will be eligible for magnus 5:4 transfer. Below is the text :

Burgundy relationship eligibility criteria, calculated at a Customer ID level:

• Maintenance of an Average Quarterly Balance of INR 10,00,000 in the Savings Account, OR

• Maintenance of an Average Quarterly Balance of INR 10,00,000 across Savings Accounts and Current Accounts, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 30,00,000, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 1,00,00,000, which includes Demat holdings, OR

• In case of a salaried customer, one should be receiving a net salary credit in excess of INR 3,00,000 every month in Axis Bank Salary Account, OR

• Foreign Inward Remittance of at least INR 40,00,000 received through Wire transfer or Remit Money in last 12 months (only for NRI’s)

• Each member of the family id should be individually eligible basis cust ID to avail Magnus credit card

I also heard about the last point.
But I don't think it will be a welcoming move since in all their updates they have mentioned it very clearly that we can maintain it at family level.

 

[chowdaryking]

Guys I purchased car worth 8.5 lakh for parents with magnus..let's see how much I will able to generate in reward points as I paid 2.2% charge for it

Did u get bill for 2.2% extra ? If yes then raise he issue with RBI…