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

 

[Swap24]

What the hell....I will close my burgundy account...if this is true

 

[ishanmontella]

What the hell....I will close my burgundy account...if this is true

And so will thousands of other people. Makes no business sense for Axis to do this. They will lose thousands of crores of deposits. Having promised stars to premium Burgundy customers, and doing this in a matter of weeks, will do irreparable damage.

They could have made it 5:4 for atleast a few months, to honor their commitment!

 

[Saijakie]

I think they will split into 3 categories . Edge points / Edge miles / Magnus Burgundy points as per below screenshot . This is what is got when i tried to link new member in travel edge . The only question is WHEN ?

 

[rogerthat]

As usual I think the Axis CC doesn't know their <beep> from their face. This is from the website. Note the last paragraph.

 

[Deleted member 11974]

As usual I think the Axis CC doesn't know their <beep> from their face. This is from the website. Note the last paragraph.

View attachment 30642

will earn upto 4 likha hai

 

[drsel]

will earn upto 4 likha hai

For Axis cards there may be 3 different categories of points in the near future --

Burgundy Edge points 5:4 (Burgundy Magnus & Burgundy Private)
Edge points 5:2 (for old Magnus, if not Burgundy)
Atlas edge miles 1:2

What about the conversion ratio of other cards in the portfolio of--

a) Those who have old Magnus?
b) Those who have new Burgundy Magnus?

 

[Deleted member 11974]

As usual I think the Axis CC doesn't know their <beep> from their face. This is from the website. Note the last paragraph.

View attachment 30642

read the line above 24X7 dedicated concierge
ratio for some travel partners would still be 6:2 ig

 

[drsel]

When Magnus was giving a return of almost 28.8% on Traveledge (any amount ) & 24.8% on almost all other monthly spends of 1 lac for more than 1 year, I wonder why anyone was even using cards like Infinia DCB, Ultimate et cetera

 

[drsel]

How much is 20 x edge points while using Burgundy debit card?
Is this Burgundy account to which we are all upgrading, called a Burgundy digital savings account?

 

[bhaskar_js]

I raised a query via mail to Axis customer service today. I got a call back after a few hours. I was told that if I open a Burgundy account now, my existing Magnus card will be converted to a LTF card (Lifetime meaning till I maintain the Burgundy relationship). There will be no new card issue and existing card will only be converted. Regarding reward points he said the redemption ratio will be 5:2 only and not 5:4. When I pointed out to the earlier communication regarding 5:4 conversion and the details available in Axis website, he said that he will confirm regarding the redemption ratio and will reply via mail. But the LTF part is confirmed for Burgundy account holders.

 

[drsel]

You are the second person saying that Axis changed its policy and is sticking to 5:2 ratio even for old/new Burgundy account holders.

Obviously this is wrong information you received, because now some received the email about 5:4 conversion

Also, both a Burgundy debit card and Select credit card will be given lifetime free to Burgundy customers

 

[bhaskar_js]

You are the second person saying that Axis changed its policy and is sticking to 5:2 ratio even for old/new Burgundy account holders.

So obviously, then there will not be any need to issue a new card
The old Magnus will remain in use forever but the only advantage of giving them 10 lakhs will be to save the 14750 annual fees, which is not worth it

Yes, it does not make any sense. Keeping 10 lakh in an Axis FD account itself instead of savings for a year will generate an additional Rs 38702 at current FD and Savings interest rates. After paying 14750 annual fee for Magnus, I will still have close to Rs 24000 to spare. Opening a Burgundy and parking Rs 10 lakh only made sense for 5:4 redemption, else its a waste

 

[rogerthat]

And the tables turn... again! Axis has now made more U turns than an average Bangalore auto driver.

 

[vikramsrit]

I think this is a case of poor communication and shitty training to the CC folks. I still think 5:4 for Burgundy would continue. Otherwise it'd be a disaster for Axis. Not because of the Reward Structure, but because of the lost trust.
My Infinia got approved last week, so aal ij well.

 

[Deleted member 11974]

I think this is a case of poor communication and shitty training to the CC folks. I still think 5:4 for Burgundy would continue. Otherwise it'd be a disaster for Axis. Not because of the Reward Structure, but because of the lost trust.
My Infinia got approved last week, so aal ij well.

they have mentioned on the website that travel partners ratio is at 5:2

 

[deepcards]

mast bana raha hai Axis!

 

[SM24]

Not a squeak from anyone higher up at Axis, amidst all this brouhaha.

Maybe they think Brand Equity is just a supplement of ET, without a need to be complemented by timely communication.

Man...so much contempt for 'premium' customers and ownership.

Pathetic.

PS: My branch manager himself is clueless about so many things. Until fresh official communication arrives, whenever it does, I wouldnt trust CCs/RMs.
I believe they will NOT go back on 5:4.

 

[drsel]

I think this is a case of poor communication and shitty training to the CC folks. I still think 5:4 for Burgundy would continue. Otherwise it'd be a disaster for Axis. Not because of the Reward Structure, but because of the lost trust.
My Infinia got approved last week, so aal ij well.

Burgundy Magnus 5:4 beats Infinia

 

[UKJ]

Just spoke to my CC guy. He confirms that the 5:4 conversion is 100% happening. Says that the rollout is a little delayed and communication should come either this week or latest next week. Let's see.

 

[drsel]

Just spoke to my CC guy. He confirms that the 5:4 conversion is 100% happening. Says that the rollout is a little delayed and communication should come either this week or latest next week. Let's see.

Ask him about the conversion ratio of other cards in the portfolio of--
a) Those who have old Magnus?
b) Those who have new Burgundy Magnus?