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

 

[drsel]

I deposited 5 lakhs & applied for Burgundy, but they rejected my application.
Axis said you need to have 10 lakhs, because your saving account is an old account

 

[ankurarora898]

I deposited 5 lakhs & applied for Burgundy, but they rejected my application.
Axis said you need to have 10 lakhs, because your saving account is an old account

yeah my rm also told me for old account it's 10 aqb and new can be managed in 5 aqb

 

[Pawan_KS]

Do we get 5000 edge point if we open a new Burgundy account now ? I am thinking of opening a burgandy account for Magnus now. My concern is should i open now or wait till we.

dont know about welcome 5000 ER points but when i opened one more burgundy account and transfer 5L using my existing Burgundy DC, I got 5000ER Point.

 

[Pawan_KS]

I deposited 5 lakhs & applied for Burgundy, but they rejected my application.
Axis said you need to have 10 lakhs, because your saving account is an old account

I opened new digital burgundy account with initial amount deposit of 5L.

 

[mastfun]

Sa

I opened new digital burgundy account with initial amount deposit of 5L.

Same here , But AQB should be 10L

 

[Pawan_KS]

Sa

Same here , But AQB should be 10L

Right

 

[praneeth999]

It seems pretty clear to me. Welcome benefit is for magnus burgundy card, not for burgundy or magnus.

You get it after u get and activate magnus burgundy card just like earlier 10k voucher and now 12.5k voucher for magnus. There will be same or similar portal from thriwe for redemption.

you're correct. From my conversation with CC, this additional benefit of 5k voucher is for burgundy customers who got new magnus card after Sep 1st, not for renewals or non-burgundy customers.

 

[raghav101]

Actually for point 2 these would be 5:4 for Magnus Burgundy and for the other cards their individually published rates. I found this on the Travel Edge page. It still does not mention if points will be pooled to the highest card variant.

View attachment 29872

Its mentioned Burgundy private. Not burgundy. Can someone clarify?

 

[Thomas244]

How

dont know about welcome 5000 ER points but when i opened one more burgundy account and transfer 5L using my existing Burgundy DC, I got 5000ER Point.

How did u transfer

 

[drsel]

Its mentioned Burgundy private. Not burgundy. Can someone clarify?

This refers to the Burgundy Private credit card which was in existence before and given free to those whose had a family total relationship value TRV of 5 crores, including mutual funds demat holdings and insurance.

 

[Pawan_KS]

How

How did u transfer

while opening the account it gives option to trf initial fund by internal banking or debit card

 

[rishabk27775]

Any update on magnus burgundy?

 

[rishabk27775]

When they will launch this new card?

 

[kalratush]

It’s pathetic from axis, been over 20 days since the initial email and there’s been zero updates or communication from their end.

 

[MayankBamboria]

I have used the card for more than 5 lac this month, just now i spoke to customer care as the point credited was not 35 per 200 but 12 edge Per 200. So the customer executive mentioned that we need to wait 45 days to credit the balance points. I refer the T & C which doesn’t mentioned about the 45 days waiting time.

Are they considering rent payment upto 50k, for 35/200 after 1.5 lakh total or not, in pdf they released, it is not clear.

 

[drsel]

I deposited 5 lacs into my existing Axis savings account, but I am keeping my Burgundy application on hold because 5 lakhs is not enough.
They want me to have 10 lacs before applying for Burgundy.
and since nobody in the whole world has received this burgundy 5:4 ratio,
I will wait till people start getting it and then deposit another 5 lakhs and then reapply for Burgundy

 

[drsel]

Are they considering rent payment upto 50k, for 35/200 after 1.5 lakh total or not, in pdf they released, it is not clear.

Rent payment will be considered for 35 on 200 spend over 1.5 lacs, but Traveledge, giftedge, Grabdeals are not considered.

35 on 200 is applicable on--
Total spend in the month
less Traveledge spend
less Giftedge spend
less Grabdeals spend
less 1.5 lakhs on regular spends excluding above 3 categories.

So it is very difficult to get 35 points on 200 after all these deductions

 

[drsel]

So if you spend 5 lacs in a calendar month
2 lacs on Traveledge (max spend for best value)
16666 on Grabdeals 5X (max spend for max 5000 points using Magnus)
1.33 lacs Giftedge
1.50 lacs other spends( including 50000 rent)

Then you don't qualify for 35 points on 200, even though you spent 5 lacs in the calendar month

 

[CVR]

When they will launch this new card?

emailed pno. they say “shortly” without any specific timeline

 

[CVR]

So if you spend 5 lacs in a calendar month
2 lacs on Traveledge (max spend for best value)
16666 on Grabdeals 5X (max spend for max 5000 points using Magnus)
1.33 lacs Giftedge
1.50 lacs other spends( including 50000 rent)

Then you don't qualify for 35 points on 200, even though you spent 5 lacs in the calendar month

why will u spend 1.33 lacs on giftedge.. this scenario of high spending (above 1.5 lakhs) will be once or twice in a year when u pay kids school fees or buy international tickets for family or buy lot of electronics for your house..