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

 

[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…

 

[Riva]

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)

Has Axis started to capture biometric data of customers? Or do you mean Aadhar biometric verification was done for the upgrade?

 

[R@J]

Has Axis started to capture biometric data of customers? Or do you mean Aadhar biometric verification was done for the upgrade?

I guess it must be ekyc using aadhar biometric as a supporting KYC document for the upgradation/migration request

 

[drsel]

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?

 

[bonheur]

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.

That's correct.

 

[rahulgaur]

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

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.

 

[Deleted member 9785]

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.

 

[rahulgaur]

That's why Gold is still performs functions of money and will continue to do so. FIAT currencies whether digital/physical have always been used as tool by the Govts to control people. (directly/indirectly)

 

[diablorojo8]

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.

 

[drsel]

Closed my magnus finally. They went from a 10/10 card to a card that I'd never apply from the start..

If that is the case, then most of the cards from almost all the other banks are not worth having. (With a few exceptions)

 

[drsel]

I have seen people with rubbish cards which I would never want, even if lifetime free!

 

[rogerthat]

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.

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?