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

 

[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

 

[Ankur dhanda]

 

[Ankur dhanda]

Also no LTF old Magnus cards for burgundy. I was charged annual fees, zero fees is only for 5:4 transfer with burgundy.

 

[drsel]

Since you are a Burgundy account holder, did you receive any NEW Burgundy Magnus card which is chargeable?

The original Magnus card which all of us have is certainly chargeable, and even I paid 11800 and got a 10000 Tata Cliq voucher in August 2023

 

[Ankur dhanda]

Since you are a Burgundy account holder, did you receive any Burgundy Magnus card which is chargeable?

No I haven’t received any burgundy Magnus. They’ll first take consent for that and then send. When that’ll happen don’t know

 

[drsel]

Till then Axis is getting cheap CASA funds of 10 lakhs from each customer

 

[Ankur dhanda]

Since you are a Burgundy account holder, did you receive any NEW Burgundy Magnus card which is chargeable?

The original Magnus card which all of us have is certainly chargeable, and even I paid 11800 and got a 10000 Tata Cliq voucher in August 2023

Haven’t received any burgundy Magnus yet.
Good for you got it in Aug.
Mine was in Sept so only fees and no Tata cliq.

 

[SteelSh0t]

man people actually opening burgundy accounts for a credit card, its amazing! no wonder axis shares zoomed past 1k

Yes because magnus with Burgundy is still the most rewarding cc in my portfolio
Any other card can't beat almost 8% CB with my spending of 3 L per month

 

[drsel]

Yes because magnus with Burgundy is still the most rewarding cc in my portfolio
Any other card can't beat almost 8% CB with my spending of 3 L per month

Have you received the Magnus Burgundy card?
how does the return work out 8%?

 

[CVR]

Have you received the Magnus Burgundy card?
how does the return work out 8%?

No one has received the card yet. No one has even received the consent email to upgrade from Magnus to Burgundy Magnus. Everyone eligible will get the email together only which as per Axis is supposed to happen “shortly”. But there is no timeline on what “shortly” means but my guess would be sometime next week consent email should be received and after that getting the new card might take another 1-2 weeks.

 

[UKJ]

It's really amazing that after causing so much mass confusion and consternation, Axis is still dragging its feet over this. A prompt implementation can help put the past behind and have customers look forward. The delay and silence is only adding to the negativity that they created. They have a great opportunity to onboard numerous burgundy accounts. So many missed opportunities. A classic study on how not to manage a business.

 

[Thomas244]

It's really amazing that after causing so much mass confusion and consternation, Axis is still dragging its feet over this. A prompt implementation can help put the past behind and have customers look forward. The delay and silence is only adding to the negativity that they created. They have a great opportunity to onboard numerous burgundy accounts. So many missed opportunities. A classic study on how not to manage a business.

Exactly am even considering removing all funds till they fix up