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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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Zarieal said:
Right...So I'm in the same situation with a Burgundy salary account but the customer care support told me that the Burgundy account and TRV are explicitly two different things here.

To have a Burgundy account, you can have 10L AQB across savings/current account or 30L TRV or 1CR TRV including Demat holding or 3L+ salary account or Inward remittance for at least 40L. However, in the case of the Magnus card for Burgudy, they explicitly need the TRV requirement which is 30L or 1CR.

While on call today they sent me the consent link and I entered the OTP as well for the upgrade, but just while doing that I enquired if I would be charged for this card, and then she confirmed this difference. Also, if you have already given the consent through the link and do not maintain the TRV, then your card will be downgraded to normal Magnus and will also be charged Rs12.5k + GST during the system's automatic check (once in 3/6 months)
Click to expand...
Most of the guys on call are half educated on the TNC's Axis has mentioned. I got a confirmation on email 10 lacs AQB is eligible inline with TNC and inline with what my RM mentioned
 
Upvote 0 Downvote
Krishnaraju said:
Guys if they deny the Upgrade after 45 days of 10 lacs AQB maintenance DM me, I will forward my email to you and you can forward it to them copying Ombudsman and PNO
Click to expand...
For sure, I am opening account tomorrow, will upgrade card in November 🌚

ishanmontella said:
So, the 45 days starts when you open the Burgundy savings account and maintain 10 lacs balance right? I hope it’s not 45 days after the quarter is over?
Click to expand...
Yes
 
Upvote 0 Downvote
ishanmontella said:
So, the 45 days starts when you open the Burgundy savings account and maintain 10 lacs balance right? I hope it’s not 45 days after the quarter is over?
Click to expand...
Yes. once you opened your account .infact the day your One Glance statement show average of 10 lacs you should call. The statement will come on 4th October, I will call post that and let you guys know. My last statement show 10 lacs balance but average balance was 1.56 lacs as I opened the account on 28th Aug. so for September the AQB will be way above 10 lacs
 
Upvote 0 Downvote
Krishnaraju said:
Yes. once you opened your account .infact the day your One Balance statement show average of 10 lacs you should call. The statement will come on 4th October, I will call post that and le you guys know. My last statement show 10 lacs balance but average balance was 1.56 lacs as I opned the account on 28th Aug. so for September the AQB will be way above 10 lacs
Click to expand...
Are you talking about the One Glace statement for the Oct 4th?
 
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Krishnaraju said:
Yes. once you opened your account .infact the day your One Balance statement show average of 10 lacs you should call. The statement will come on 4th October, I will call post that and le you guys know. My last statement show 10 lacs balance but average balance was 1.56 lacs as I opned the account on 28th Aug. so for September the AQB will be way above 10 lacs
Click to expand...
Perfect, thank you. My account got activated on 4th September and balance of 10 lacs was maintained from day 1. So hopefully, i might be eligible after 4th October, as you suggest.

Do let us know when you call. I just called them and they said the same thing that you are not eligible and a TRV of 30 lacs is required. I didn’t feel like arguing with him and disconnected the call soon.
 
Upvote 0 Downvote
ishanmontella said:
Perfect, thank you. My account got activated on 4th September and balance of 10 lacs was maintained from day 1. So hopefully, i might be eligible after 4th October, as you suggest.

Do let us know when you call. I just called them and they said the same thing that you are not eligible and a TRV of 30 lacs is required. I didn’t feel like arguing with him and disconnected the call soon.
Click to expand...
Please add more funds to ensure AQB from 1st Sep to 31st Sep comes above 10 lacs. You have to take care of the 3 days of September as well..
Also dont curse me if that doesnt happen. As i feel they are checking One Glance.. But 45 days is sure shot confirmed
 
Upvote 0 Downvote
Krishnaraju said:
Yes. once you opened your account .infact the day your One Glance statement show average of 10 lacs you should call. The statement will come on 4th October, I will call post that and let you guys know. My last statement show 10 lacs balance but average balance was 1.56 lacs as I opened the account on 28th Aug. so for September the AQB will be way above 10 lacs
Click to expand...
Where can you see your AQB be on the Axis mobile app ?
I cannot see anywhere
 
Upvote 0 Downvote
drsel said:
Where can you see your AQB be on the Axis mobile app ?
I cannot see anywhere
Click to expand...
In One Glance Statement it shows the Average Monthly balance for the Month. For New Customers they just need to see this 45 days of Burgandy relationship to be eligible for Magnus for Burgundy
 
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