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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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drsel said:
Please calculate regular daily transactions and let us all know. Thanks 🙏
Click to expand...
Hope this helps for everyone: https://www.technofino.in/community...rison-as-of-july-22nd-2023.15506/#post-285972



4.8% vs 3.33% base rewards. Burgundy Magnus is best for folks who have 3lakhs+ monthly salary since they are doing 0% investment else Infinia if you can get it. Meanwhile for folks who couldn't get Infinia without FD, its still better if you are going to make a good amount of transactions over a year to nullify the interest over FD else Infinia + FD is also a better option.
 
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For the 3L monthly salary criteria is it mandatory for the company to have a salary account relationship with Axis?

Also any clarity on whether the Burgundy account criteria is reviewed every 6 months by the bank branch or by the system? I ask to know if there is any leeway on the salary criteria, let's say short by a couple of thousands, what happens then?
 
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nithindv said:
For the 3L monthly salary criteria is it mandatory for the company to have a salary account relationship with Axis?

Also any clarity on whether the Burgundy account criteria is reviewed every 6 months by the bank branch or by the system? I ask to know if there is any leeway on the salary criteria, let's say short by a couple of thousands, what happens then?
Click to expand...
Yes, tie-up is necessary. I think the review occur automatically by system, but branch gets a prior intimation and they may reach out to you for the same if you ask them to let you know especially before downgrading(but still its Axis😝 so you never know). There can be leeway but no certainity if still you will be eligible for burgundy magnus because I know few of the tie-up companies have 2lakh/month salary criteria for burgundy but the docs clearly mentions 3lakh to be eligible for burgundy magnus card, so we will only know more about this in next 1-2 months when someone confirms from such tie-up companies availing the offer.
 
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Viper1057 said:
Yes, tie-up is necessary. I think the review occur automatically by system, but branch gets a prior intimation and they may reach out to you for the same if you ask them to let you know especially before downgrading(but still its Axis😝 so you never know). There can be leeway but no certainity if still you will be eligible for burgundy magnus because I know few of the tie-up companies have 2lakh/month salary criteria for burgundy but the docs clearly mentions 3lakh to be eligible for burgundy magnus card, so we will only know more about this in next 1-2 months when someone confirms from such tie-up companies availing the offer.
Click to expand...
As of now all strict criteria will be used. Depending on the actual numbers of burgundy Magnus after few months they may give some leeway
 
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Viper1057 said:
Yes, tie-up is necessary. I think the review occur automatically by system, but branch gets a prior intimation and they may reach out to you for the same if you ask them to let you know especially before downgrading(but still its Axis😝 so you never know). There can be leeway but no certainity if still you will be eligible for burgundy magnus because I know few of the tie-up companies have 2lakh/month salary criteria for burgundy but the docs clearly mentions 3lakh to be eligible for burgundy magnus card, so we will only know more about this in next 1-2 months when someone confirms from such tie-up companies availing the offer.
Click to expand...
Considering salary credit seems to be the best way to get Burgundy Magnus. I wonder if there's a way to get around the tie up requirement. Looking forward to seeing some more responses from experienced folks who might have encountered this situation in the past
 
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Viper1057 said:
Yes, tie-up is necessary. I think the review occur automatically by system, but branch gets a prior intimation and they may reach out to you for the same if you ask them to let you know especially before downgrading(but still its Axis😝 so you never know). There can be leeway but no certainity if still you will be eligible for burgundy magnus because I know few of the tie-up companies have 2lakh/month salary criteria for burgundy but the docs clearly mentions 3lakh to be eligible for burgundy magnus card, so we will only know more about this in next 1-2 months when someone confirms from such tie-up companies availing the offer.
Click to expand...
this is not correct. I have a burgundy salary account and my company has no tie-up with Axis. You monthly statement should reflect the salary credit >3L; that's all.
 
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nithindv said:
For the 3L monthly salary criteria is it mandatory for the company to have a salary account relationship with Axis?

Also any clarity on whether the Burgundy account criteria is reviewed every 6 months by the bank branch or by the system? I ask to know if there is any leeway on the salary criteria, let's say short by a couple of thousands, what happens then?
Click to expand...
Yes, salary account is mandatory. I opened a savings account at first then the company had a tie up so they opened a new Burgundy account.

I think the review is up to the RM. When I got Burgundy, first few months I didn't change my salary account to Burgundy but nobody cared. I changed last month and when I got September salary, I immediately transferred to my HDFC account. The RM called me today asking why I didn't keep in Axis. He said they have targets and if I could maintain some balance as of 30-Sept, it will be helpful.
 
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Viper1057 said:
Official pdf - https://www.axisbank.com/docs/defau...cards/magnus-credit-card-for-burgundy-faq.pdf

Source - https://www.axisbank.com/retail/cards/credit-card/axis-bank-magnus-card/feature-benefits (In more benefits look for know more bottom part)

5:4 is official for burgundy customers

November 30 is last date to avail the offer.


14 page pdf but they didn't clearly mentioned what will happen about not credited yet earned edge points(like 5x gyftr, Aug milestone or grabdeals).
There can be 2 scenerio's for this:
1. If you did upgrade/convert to Burgundy Magnus, all the current existing points will be transferred to 5:4 bucket and let's say you recieve August milestone tomorrow then it will be treated as 5:2 or normal edge reward points.
2. Even after upgrading, it will still be credited to 5:4 Burgundy Magnus points.

After seeing so much Axis fiasco & way of doing things, I highly expect its the 1st point. Though this case or anything related to it is not clearly explained in PDF.

Because of this, I will wait till mid November to upgrade my account after receiving milestone & my Samsung infinite points 😈
Click to expand...
If someone is clubbed in family banking, the required TRV would be 10L for individual customer ID? or 30L combined?
It's not clear
 
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