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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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drsel said:
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 23/09/2023 (7days)
Click to expand...

Has Axis started to capture biometric data of customers? Or do you mean Aadhar biometric verification was done for the upgrade?
 
Upvote 0 Downvote
I received a confirmation that my saving account migration to Burgundy 10 lacs AQB will be completed in 1 week.

After that,
1) when will I get a new Magnus burgundy card?
2) will the new Magnus Burgundy card be lifetime free ?
3) when will the 5:4 conversion ratio get activated?
4) will I also get a free Select credit card?
5) Will I also get a free Burgundy debit card?
 
Last edited:
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CD. said:
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
Click to expand...
NPCI has started integration of CBDC in payment and settlement system, soon it is going to happened. SEBI will also soon start integration with market once it happens bank will do mainly lending business in long term.
 
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Closed my magnus finally.

Apart from repeating the new reward structure which is very overwired towards Burgundy customers, the CC had no retention and didn't seem to care.

The poor part is I myself mentioned I am happy to downgrade to a different card, but they quoted a 45 days policy for that to happen. I'd rather re-apply.

Honestly feel they could have handled this better. Not only did they increase the renewal fee they also went away with the renewal benefit, I'd have happily kept this card with some devaluation, but they went from a 10/10 card to a card that I'd never apply from the start.

Having a feeling I'll have to take the same route with my old Citi card too when they take hold of the Citi Card business completely.
 
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diablorojo8 said:
Closed my magnus finally.

Apart from repeating the new reward structure which is very overwired towards Burgundy customers, the CC had no retention and didn't seem to care.

The poor part is I myself mentioned I am happy to downgrade to a different card, but they quoted a 45 days policy for that to happen. I'd rather re-apply.

Honestly feel they could have handled this better. Not only did they increase the renewal fee they also went away with the renewal benefit, I'd have happily kept this card with some devaluation, but they went from a 10/10 card to a card that I'd never apply from the start.

Having a feeling I'll have to take the same route with my old Citi card too when they take hold of the Citi Card business completely.
Click to expand...
Looks like Axis' strategy is clear. They do not want non-Burgundy customers on the Magnus platform. This is evident by their lackadaisical attitude towards customers trying to close their cards. They seem to hope that all non-Burgundy customers will eventually close their cards and leave. The lack of interest towards retention and such a heavy renewal penalty all show this. Looks like they are now throwing out all the chintu customers who don't want to deposit Rs.10L at Lord Axis' feet. Funnily, they first handed the card out like free samosas and are now punishing people for taking them!

I will also close Magnus in March (renewal is in April). Anyway in terms of rewards Magnus is now good for only the 5x rewards on Gift Edge which gives 12%. Else the pathetic (maximum) 2.4% reward rate makes the card totally useless for everyday spends.

However, how much of the Magnus customer base does Axis expect to shift to Burgundy? How many will actually move? 1%? 5%? 10%? Would those slim numbers make good business sense for the card?
 
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rogerthat said:
Looks like Axis' strategy is clear. They do not want non-Burgundy customers on the Magnus platform. This is evident by their lackadaisical attitude towards customers trying to close their cards. They seem to hope that all non-Burgundy customers will eventually close their cards and leave. The lack of interest towards retention and such a heavy renewal penalty all show this. Looks like they are now throwing out all the chintu customers who don't want to deposit Rs.10L at Lord Axis' feet. Funnily, they first handed the card out like free samosas and are now punishing people for taking them!

I will also close Magnus in March (renewal is in April). Anyway in terms of rewards Magnus is now good for only the 5x rewards on Gift Edge which gives 12%. Else the pathetic (maximum) 2.4% reward rate makes the card totally useless for everyday spends.

However, how much of the Magnus customer base does Axis expect to shift to Burgundy? How many will actually move? 1%? 5%? 10%? Would those slim numbers make good business sense for the card?
Click to expand...
Very well analysed!
Magnus 12% return on gift edge, but is it worth buying these brands at 12% discount?

Now even Atlas is giving 4% return for all spends except insurance (over 5000), fuel, wallet loading.
And 10% return for direct hotel, direct Airlines.
 
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drsel said:
Very well analysed!
Magnus 12% return on gift edge, but is it worth buying these brands at 12% discount?

Now even Atlas is giving 4% return for all spends except insurance (over 5000), fuel, wallet loading.
And 10% return for direct hotel, direct Airlines.
Click to expand...
You are right there too, none of the popular vouchers retail at 5x, it is all 2x or 3x. 5x voucher brands people might buy once or twice a year and I don't think it is worth keeping Magnus just for that.

Yes, Atlas seems to be the current no-nonsense card like what was SC Ultimate once upon a time. As for big insurance payments I think the overall best option currently (if you don't have Infinia) is SC Smart with its flat 2% cashback.
 
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rogerthat said:
You are right there too, none of the popular vouchers retail at 5x, it is all 2x or 3x. 5x voucher brands people might buy once or twice a year and I don't think it is worth keeping Magnus just for that.

Yes, Atlas seems to be the current no-nonsense card like what was SC Ultimate once upon a time. As for big insurance payments I think the overall best option currently (if you don't have Infinia) is SC Smart with its flat 2% cashback.
Click to expand...
What about rent? Magnus upto 50000 or Atlas (no limit)
 
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rogerthat said:
Well, I don't pay rent via CC because there is little to no benefit nowadays. Also, all Axis cards do not give anything on rental payments...
Click to expand...
Magnus Burgundy gives 4.8% return on rent upto 50000 and Atlas there is no mention of rent, so I guess they give 4% return on rent without any limit
 
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You are absolutely correct for Magnus Burgundy, but some posters here don't want to keep 10 lacs idle in a savings account.

hence they are not willing to make their account Burgundy
 
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