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

 

[SM24]

yes

Thanks.

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

 

[Thomas244]

Thanks.

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

Buy bit more

 

[SM24]

Buy bit more

Haha

One can brace for a minor fall.

Wonder what will befall if there is a fall from grace !

 

[drsel]

Thanks.

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

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

 

[drsel]

if later on you don't meet the Burgundy criteria like 10 lakh AQB or 30 lacs deposits or demat account holdings of over 1 crore, there are no charges or penalties at all.

you will only lose the Burgundy status and your account will get automatically downgraded to a regular savings account without any charge of penalty

 

[mojo_jojo123]

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

axis brokerage account charges may be very very high .. compared to Zerodha etc ..

 

[MilesMax]

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.

In what scenario is Regalia Gold getting your more value than Magnus?

 

[drsel]

Agreed, if you have Magnus there is no point of spending even 1 rupee on any HDFC card, (except buying air tickets on Smartbuy using Infinia)

 

[drsel]

I applied for my 4th Axis card on the mobile app and I was offered a choice of 13 different cards.

After swiping left and right to check out the features of each and every card, I chose Atlas.

But when I tapped Atlas, the screen showed that I applied for SpiceJet and SMS also confirmed SpiceJet!

I sent emails to the credit card helpdesk and customer care but they replied that they are unable to change the card from SpiceJet to Atlas.

They said I have to wait until the Spicejet card is seen in my app and then phone them to cancel the card and then wait for 30 days and then re apply for Atlas card.

isn't there shortcut way to correct this silly technical error which is no fault of mine?

By the way I also found out that if your card application is accepted and Axis issues your card, then you have to wait for only 30 days to apply for another card,
but if your card application gets rejected then you have to wait 60 days to apply for a new card.
These are the conditions of Axis Bank which are very very generous compared to other banks

 

[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...