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

 

[drsel]

Only points obtained from Magnus Burgundy will get 5:4.
Other cards in your portfolio will get 10:1 for foreign partners, 5:1 for Indian partners

 

[drsel]

Th

is is what my rm also told and shared earlier. 10 lakh saving will not be eligible for free card because after dec free offering will close. He said 30 lakh will get immediatel. I also waited because I thought he was pulling for more funds

Someone says that offer is till 30th November.

but your Axis bank branch will check after 45 days of opening your account to see your if you have maintained 10 lakhs
So after 45 days you can apply, so maybe by 15 November, before the deadline of 30 November

 

[K.R]

Only points obtained from Magnus Burgundy will get 5:4.
Other cards in your portfolio will get 10:1 for foreign partners, 5:1 for Indian partners

Old Magus Points converted to Magnus Burgundy is 5:4

 

[ishanmontella]

Someone says that offer is till 30th November.

but your Axis bank branch will check after 45 days of opening your account to see your if you have maintained 10 lakhs
So after 45 days you can apply, so maybe by 15 November, before the deadline of 30 November

But does AQB for savings mean we have to wait 3 months for the quarter to end (Oct-Dec). In this case, the offer would be over by year end

 

[chasni]

But does AQB for savings mean we have to wait 3 months for the quarter to end (Oct-Dec). In this case, the offer would by over by year end

There is no clarity on whether 10lac AQB is being considered. As of now, I have not seen anyone receive email for upgrade without 30lac TRV or salary account.

 

[K.R]

There is no clarity on whether 10lac AQB is being considered. As of now, I have not seen anyone receive email for upgrade without 30lac TRV or salary account.

AQB is the key

 

[K.R]

But does AQB for savings mean we have to wait 3 months for the quarter to end (Oct-Dec). In this case, the offer would by over by year end

45 days of 10+ lacs for new accounts is my assumption

 

[chasni]

45 days of 10+ lacs for new accounts is my assumption

Then there are people who were Burgundy as part of family banking. Even if they up their balance, it won't help them reach AQB 10l in 45 days unless you do it with double the amount.

 

[K.R]

Then there are people who were Burgundy as part of family banking. Even if they up their balance, it won't help them reach AQB 10l in 45 days unless you do it with double the amount.

For Family ID its 10 Lacs at individual level. If one member maintains 10 lacs for 45 days he/she is eligible at individual level:
Note This is just my understanding of their document. Iam not Axis Expert Analyst ;-)

 

[drsel]

45 days of 10+ lacs for new accounts is my assumption

45 days wait is already confirmed by burgundy customer care.
then after 45 days the branch should automatically check your AQB status and send you the email to upgrade.
if not you have to phone the branch to send the email

 

[drsel]

I still think it is worth keeping 10 lacs idle in a Burgundy account and even waiting 45 days to get the email.
With Magnus Burgundy --there is no card which comes close for all spends, leave alone travel

 

[chasni]

45 days wait is already confirmed by burgundy customer care.
then after 45 days the branch should automatically check your AQB status and send you the email to upgrade.
if not you have to phone the branch to send the email

I called Burgundy CC today morning, they said only 30 lac TRV at individual level is valid. So, this begs the question which Burgundy CC is right?

 

[aashish2137]

I connected with my RM today. 2 updates:

1. The LTF Magnus offer with corporate salary account and salary credit of more than 3 lakh is discontinued. Now they are offering only Atlas.
2. LTF Magnus with Burgundy is only for 'true Burgundy' holders where 10lakh AQB or 30 lakh TRV is required. Burgundy with salary criteria are not getting LTF Magnus or 5:4

 

[K.R]

I connected with my RM today. 2 updates:

1. The LTF Magnus offer with corporate salary account and salary credit of more than 3 lakh is discontinued. Now they are offering only Atlas.
2. LTF Magnus with Burgundy is only for 'true Burgundy' holders where 10lakh AQB or 30 lakh TRV is required. Burgundy with salary criteria are not getting LTF Magnus or 5:4

Your RM doesn't know the facts. Please ask him to drop an email as it is contrary to the terms and Conditions published by Axis

 

[K.R]

I called Burgundy CC today morning, they said only 30 lac TRV at individual level is valid. So, this begs the question which Burgundy CC is right?

Most guys at customer care are not completely aware. They just check the Screen and if the Popup says not eleigible they will repeat. For me it showed no eligible which is understandable as I have not completed 45 days

 

[rogerthat]

 

[SM24]

Most guys at customer care are not completely aware. They just check the Screen and if the Popup says not eleigible they will repeat. For me it showed no eligible which is understandable as I have not completed 45 days

I’m in the same place.

The delay by Axis has kinda shortchanged me, because I have travel planned end October.

If the 45 days rule isn’t hard and fast for TRV, I may start singing Axis peans again

 

[K.R]

I’m in the same place.

The delay by Axis has kinda shortchanged me, because I have travel planned end October.

If the 45 days rule isn’t hard and fast for TRV, I may start singing Axis peans again

I have a travell planned in De c ..So i am relaxed. On 4th Oct the One Glance Statement will be generated. Post that I will give them a call though I would have completed only 35 days. If it happens its fine. If not will transfer 20 lacs more and get it converted in Nov and then remove 20 lacs.

 

[chasni]

I have a travell planned in De c ..So i am relaxed. On 4th Oct the One Glance Statement will be generated. Post that I will give them a call though I would have completed only 35 days. If it happens its fine. If not will transfer 20 lacs more and get it converted in Nov and then remove 20 lacs.

45 days is for 10l. I assume putting 15l can make someone eligible in 23 days. Or Am I wrong?

 

[K.R]

45 days is for 10l. I assume putting 15l can make someone eligible in 23 days. Or Am I wrong?

Nopes.. I beleive they want to see it in One Glance statement. For example I opened my account on 28th August and my One glance statement generated on 4th Sep showed 10 lacs but Average balance for Aug was showing as 1.6 lacs. This October it will show as above 10 lacs. This is just a wild guess..With Axis no one can be correct