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]

My attached image is from the Axis document...

So...

 

[svs_23]

Mine is burgundy salary account, got email and called customer care, was asked to click a link that was sent in SMS to give consent and enter the generated OTP and now the upgradation consent process is done.
Existing normal Magnus will be valid for 45 more days after the new Magnus Burgundy card is generated.

 

[CMGCMG is verified member.]

Mine is burgundy salary account, got email and called customer care, was asked to click a link that was sent in SMS to give consent and enter the generated OTP and now the upgradation consent process is done.
Existing normal Magnus will be valid for 45 more days after the new Magnus Burgundy card is generated.

Cool. Thanks for the confirmation.

 

[drsel]

This part in the attachment appears to mean 3L salary is also considered.

In a just concluded space, the consensus was even 10L is eligible.

Live from a Lounge says only 30L TRV.

It's up in the air for now.

Axis is what Axis does.!

Yes any one criterion is required, not all
Either 3 lakh salary or 10 lacs AQB or
30 lakhs term deposit

 

[drsel]

Mine is burgundy salary account, got email and called customer care, was asked to click a link that was sent in SMS to give consent and enter the generated OTP and now the upgradation consent process is done.
Existing normal Magnus will be valid for 45 more days after the new Magnus Burgundy card is generated.

Do you also maintain 10 lacs average quarterly balance or not?

 

[aashish2137]

Got the email finally!! Have to call the helpline to give consent for new card

View attachment 30703

I got the same email today, will call my RM tomorrow.

 

[drsel]

I applied 10 days ago to convert my existing saving account to Burgundy.
but I had only 5 lakhs in it, so the request was rejected.

now I transferred another 5 lacs to cross 10 lakhs and my request is pending.
it should take another day or two

 

[svs_23]

Do you also maintain 10 lacs average quarterly balance or not?

Nope, my AQB is usually in hundreds
Have had burgundy salary account since about 6 months, may be that helps to understand in case they are not offering this to relatively new burgundy salary accounts yet.

 

[S.S.]

Heard trv has to be 30 lakhs + Burgundy to get 5:4 only Burgundy will give 5:2. I maintain 5lakhs in my account and 5 lakhs in wife's family account. Will that work or not?

 

[K.R]

I applied 10 days ago to convert my existing saving account to Burgundy.
but I had only 5 lakhs in it, so the request was rejected.

now I transferred another 5 lacs to cross 10 lakhs and my request is pending.
it should take another day or two

Are you Saying 10L Savings is eligible ?. My reading between the lines has different understanding
Only the below are eligible
10 Lacs Savings QAB.. which means if you are Savings 10 lcs you have to complete 1 Quarter
TRV 30 lacs
Salary 3 lacs
So new Burgundy with 10 lacs will have to wait for a quarter

 

[SM24]

Are you Saying 10L Savings is eligible ?. My reading between the lines has different understanding
Only the below eligible
10 Lacs Savings QAB.. which means if you are Savings 10 lcs you have to complete 1 Quarter
TRV 30 lacs
Salary 3 lacs
So new Burgundy with 10 lacs will have to wait for a quarter

Your understanding is correct, it appears.

Burgundy support just confirmed this reading about 30L TRV and 10L AQB.

In fact, AMB was changed to AQB, only recently, if I recollect right.

 

[jonamdhar]

I'm planning to upgrade my savings account from priority to Burgundy. How many days do you think this will take?

Considering 30th Nov is the last date for Magnus LTF, Need to rush on this

 

[K.R]

Your understanding is correct, it appears.

Burgundy support just confirmed this reading about 30L TRV and 10L AQB.

In fact, AMB was changed to AQB, only recently, if I recollect right.

However they have played with the word TRV... in such a waay that tomorrow they can remove the prevelidges saying you are Burgundy but not maintained 30 lacs

 

[Swap24]

Magnus is charging extra for rent payments apart from red giraffe .39% fee... its very high then...........makes no sense to use magnus for rent

 

[jonamdhar]

Magnus is charging extra for rent payments apart from red giraffe .39% fee... its very high then...........makes no sense to use magnus for rent

Yeah. It doesn't even count fully towards the milestone of 1.5lakh for your accelerated rewards to kick in

 

[drsel]

Heard trv has to be 30 lakhs + Burgundy to get 5:4 only Burgundy will give 5:2. I maintain 5lakhs in my account and 5 lakhs in wife's family account. Will that work or not?

Not

 

[drsel]

Magnus is charging extra for rent payments apart from red giraffe .39% fee... its very high then...........makes no sense to use magnus for rent

4.80--1.18--0.46 =3.16% is the profit on rent payment upto 50000 using Magnus Burgundy

 

[deepcards]

4.80--1.18--0.46 =3.16% is the profit on rent payment upto 50000 using Magnus Burgundy

Hey bro, how are u saying that 1 mile =1 Re? In many cases thats not the case i think, so that 4.8% comes to by around 3.6%. (like for Vistara on most routes, infact it's 2.88%, given 1 mile = 0.66 Rs. if you compare with the price of the ticket and add the taxes that one has to pay while buying using points).
Correct me if i am wrong, but this whole 1 mile = 1 Re thing is in most of the cases not correct.

 

[cartoon_soldier]

So, what's the easiest way for someone with no Axis account to get to Burgundy Magnus?

 

[Viper1057]

Hey bro, how are u saying that 1 mile =1 Re? In many cases thats not the case i think, so that 4.8% comes to by around 3.6%. (like for Vistara on most routes, infact it's 2.88%, given 1 mile = 0.66 Rs. if you compare with the price of the ticket and add the taxes that one has to pay while buying using points).
Correct me if i am wrong, but this whole 1 mile = 1 Re thing is in most of the cases not correct.

Yeah its not 1mile =1Re but rather upto 1mile = 1.8 Re