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

 

[MayankBamboria]

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.

And rent via freecharge and/or cred is considered as rent right and not utilities. Just wanted to confirm this before paying.

 

[MilesMax]

And rent via freecharge and/or cred is considered as rent right and not utilities. Just wanted to confirm this before paying.

Via cred yes it's rent.

 

[drsel]

Rent payment is cheapest on red giraffe 0.46%

For payments up to 50000 per month--
Burgundy Magnus 4.80--1.18--0.46=3.16% return
Plain Magnus 2.40--1.18--0.46=0.76% return
Atlas 4.00--1.18--0.46=2.36% return
Stanchart Ultimate 2.00--1.18--0.46=0.36% return

 

[MayankBamboria]

Rent payment is cheapest on red giraffe 0.46%

For payments up to 50000 per month--
Burgundy Magnus 4.80--1.18--0.46=3.16% return
Magnus 2.40--1.18--0.46=0.76% return
Atlas 4.00--1.18--0.46=2.36% return

Via cred it is 2 percent 🤦🏻😪, so it will be negative value if we are not spending 1.5 lakhs per month.

 

[drsel]

Via cred it is 2 percent 🤦🏻😪, so it will be negative value if we are not spending 1.5 lakhs per month.

Reward Points are only up to 50000 per month. Beyond 50000 there are no reward points for rent

 

[MayankBamboria]

Reward Points are only up to 50000 per month. Beyond 50000 there are no reward points for rent

Yes, total 1.5 including other eligible categories.

 

[luxveritate]

You will have to open an Axis Bank demat account and transfer all your shareholdings there and it should be worth more than one crore at the time of opening burgundy account.
AFTER that if the market crashes, it doesn't matter.

Ask Burgundy customer care if the shares need to be bought through Axis or not

I spoke to them its not necessary shares and other financial instruments need to buy through them but we can transfer it To the demat holding. It doesnt make difference to us if its in SBI or in groww app i am thinking of shifting all to one place so its easy to monitor also.

 

[CCUser_1999]

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.

It is clear. Rent payment only upto 50K will be considered for rewards i.e. 12 per 200 and also for accelerated award i.e. 35 per 200. They have explainted through illustration in the pdf.

 

[CCUser_1999]

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

They are already giving 60 points on travel edge. Next better thing they can do is start giving tickets for free... 🙂

 

[CCUser_1999]

Same in my case. I've spent over 2 lakhs and I'm still getting 12 per 200. I was assuming there will be a credit of 35 points.

Please read T&C. They clearly mentioned bonus points will be creited post 45 days from month end.

 

[CCUser_1999]

Thanks.

Wonder what happens if one is borderline, and oscillating, given market vagaries 🙂

Just Imaging you have 1cr in equity and 5 lakh in points. If market falls by 2%, you loss 2 lakh in equity but 2.5 lakh in points value...🙂

 

[kapsshah42]

Just spoke to RM.As per him in spite of family burgundy account.Only those accounts which have a balance of 10L will get 5:4 and not those which have lower in spite of family avg balance is above 10L.Is it true?

 

[drsel]

Just Imaging you have 1cr in equity and 5 lakh in points. If market falls by 2%, you loss 2 lakh in equity but 2.5 lakh in points value...🙂

But why would anyone keep the 500000 edge points idle.
He would immediately convert them and keep a zero balance in edge points

 

[Thomas244]

Just spoke to RM.As per him in spite of family burgundy account.Only those accounts which have a balance of 10L will get 5:4 and not those which have lower in spite of family avg balance is above 10L.Is it true?

Yes this is wat latest data from email to premium experience is suggesting. Unless axis releases a official document we cant confirm

 

[drsel]

Just spoke to RM.As per him in spite of family burgundy account.Only those accounts which have a balance of 10L will get 5:4 and not those which have lower in spite of family avg balance is above 10L.Is it true?

Yes true.
the Magnus card holder should have 10 lacs individually in his saving account and also be the first holder in that 10 lakh saving account, in order to get a free Burgundy Magnus card with 5:4 conversion ratio

 

[Ankur dhanda]

Each member of the family id should be individually eligible basis customer ID to avail Magnus credit card.
That’s what they mentioned in mail

 

[swipesmart]

Each member of the family id should be individually eligible basis customer ID to avail Magnus credit card.
That’s what they mentioned in mail

Which mail ?
Did axis gave some information regarding it?

 

[Thomas244]

Which mail ?
Did axis gave some information regarding it?

Just send an email to premium asking when will they get it together.. 5:4 or Magnus burgundy etc then they will reply with individual cust ID requirements.

 

[rogerthat]

Meanwhile, I think Axis is trying to tell us something 😂

 

[drsel]

Axis managed to get everyone interested and hyperactive in this Axis credit card forum.

Now I don't think they will be many applicants for cards of other banks, other than SBI cashback and some lifetime free cards