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]

The total credit exposure plays an important role in CIBIL and how much limit a new issuer might give. It's a topic that isn't discussed much and I was told about this by an AMEX employee.

Wow interesting kindly let me know the details.
I have only (many) credit cards, almost all of them are free, because I am closing the chargeable cards one by one
No loans and no liabilities at all.

I know that closing down newly issued cards will actually increase your average credit age, which is beneficial for your score

 

[Saarthak Parihar]

this hasnt been implemented yet ig
redemption rate is also still at 5:2
internal servers haven't been updated

I thought the 35 per 200 was in force since 1st September since that was stated in the circular. Axis (Bank) is actually acting like Axis (countries in WW2). They'll end up pretty badly if this goes on.

 

[Deleted member 11974]

I thought the 35 per 200 was in force since 1st September since that was stated in the circular. Axis (Bank) is actually acting like Axis (countries in WW2). They'll end up pretty badly if this goes on.

The whole revamp was supposed to go live since 1st September.
But their internal tech infra hasn't been updated

 

[MilesMax]

Thanks to Magnus, I have already CLOSED down many chargeable cards like Stanchart Ultimate, HDFC millennia, SBI Simply Click, etc and my CIBIL score started going up.

I'd never close SBI though. The amount of times it has offer on Amazon is more than covers the annual fee for me.
6k straight off on laptop just few months ago.

 

[bigbrain]

I thought the 35 per 200 was in force since 1st September since that was stated in the circular. Axis (Bank) is actually acting like Axis (countries in WW2). They'll end up pretty badly if this goes on.

The notification said they will credit the additonal points after 45 days. 12 points will be creditted within a 15 days.
Basically they have a complicated reward calculations.

 

[luxveritate]

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

I was told 5 lac is enough and cheque got cleared today. waiting for the accounts to be opened. I feel its better to open the account before as axis is unpredictable. I was also unsure what to do but took a pro decision.

 

[luxveritate]

I think the second option is more likely --that 5:4 ratio will ultimately stop, but it's no problem.
we will see when it happens

bank hold calculation a) acquire more HNA clients through Burgundy which enhances the over all relationship value b) provide time to Time ffective offers to retain them. from a practical point of view it holds value.

 

[Saarthak Parihar]

I'd never close SBI though. The amount of times it has offer on Amazon is more than covers the annual fee for me.
6k straight off on laptop just few months ago.

View attachment 30216

I agree to that. Even though magnus and Regalia Gold have been the go to cards for my usage, I have simply click just for the offers.

 

[CVR]

Again this is for a limited period of time. The figure will be back to 2.4% post that period. Evaluate accordingly

that’s incorrect.. 5:4 is feature of burgundy magnus like 5:2 is for magnus

 

[CVR]

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.

after 45 days

 

[CVR]

I think the second option is more likely --that 5:4 ratio will ultimately stop, but it's no problem.
we will see when it happens

no it’s clear.. limited offer is to open burgundy account and get burgundy magnus
5:4 is feature of burgundy magnus so not temporary

 

[saketreddy]

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.

12 for now. Rest 23 within 45 days post month end.

 

[drsel]

no it’s clear.. limited offer is to open burgundy account and get burgundy magnus
5:4 is feature of burgundy magnus so not temporary

Limited offer meaning to say that in future, those who open Burgundy accounts will not be eligible to get the Burgundy Magnus card with 5:4 ratio?

 

[CVR]

Limited offer meaning to say that in future, those who open Burgundy accounts will not be eligible to get the Burgundy Magnus card with 5:4 ratio?

whoever has burgundy magnus will have 5:4 till they are burgundy

limited offer is to become burgundy account holder to get burgundy magnus.. maybe they can open it again in future for limited time.. they will use this tactically i guess whenever they want to get more burgundy customers

 

[drsel]

Maybe true, but so far All those who have opened burgundy accounts in July August and September have not received a new Magnus burgundy card nor have they got the 5:4 ratio

 

[mojo_jojo123]

my salary is < 3L , but the RM is okay to give Burgundy salary account .. will this account have 5:4 feature. ? I already hold a paid Magnus CC ( 0 spent since 1st sep 🙂 due to points issue now )

 

[CVR]

Maybe true, but so far All those who have opened burgundy accounts in July August and September have not received a new Magnus burgundy card nor have they got the 5:4 ratio

yes nothing has happened after initial email they sent on sep 1.. first they will send an email asking consent to upgrade existing magnus card to new burgundy magnus card.. once we give consent new card will be issued.. once that is done all existing points will be transferred to new card which will have 5:4 ratio.. so 5:4 ratio will happen last, before that other things need to happen.. they just keep saying consent email will be received shortly without giving any specific timeline

 

[CVR]

my salary is < 3L , but the RM is okay to give Burgundy salary account .. will this account have 5:4 feature. ? I already hold a paid Magnus CC ( 0 spent since 1st sep 🙂 due to points issue now )

i don’t think so.. for 5:4 they are very clear on criteria.. need 3+ net monthly salary credit

 

[SM24]

They say 1 CR TRV (Investment Relationship) eligibility, including DEMAT holdings.

Does this mean current market value of DEMAT holdings should be 1 CR.?

 

[CVR]

They say 1 CR TRV (Investment Relationship) eligibility, including DEMAT holdings.

Does this mean current market value of DEMAT holdings should be 1 CR.?

yes