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

 

[Zarieal]

Nope, I maintain neither TRV nor 10L savings. And my company doesn't have any tie-up with Axis. It's just that my salary comes in Axis Bank. And Axis upgraded my account to Burgundy salary account by themselves without me requesting for it a few months ago.

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)

 

[vikramsrit]

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)

Lol...I don't know what is Axis after and why so many incoherent statements. I was told none of it and I confirmed the same. Also, this is the SMS I got from Axis today. Clearly says NIL joining and NIL Annual fees. And the CC representative told very clearly that as long as I satisfy the criteria outlined (3L+ salary in my case), the Card would continue to be LTF.

 

[Deathsnatcher]

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)

You mean to say a person having burgundy with 10L AQB wont be eligible for 5:4 now?

 

[Thomas244]

This is incorrect. I received the Magnus upgrade offer email today. Connected with customer care and gave my consent for the card. Checked on all T&C and nothing has been discontinued as your RM claims.

What if its new burgundy salary 3+ customers. U are an old magnus who is upgrading

 

[vikramsrit]

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)

Why would they even let me apply for upgraded Magnus when I am not meeting the criterion in the beginning itself as per your representative 🙂

 

[vikramsrit]

What if its new burgundy salary 3+ customers. U are an old magnus who is upgrading

Could be. Don't have any idea on this.

 

[Zarieal]

Why would they even let me apply for upgraded Magnus when I am not meeting the criterion in the beginning itself as per your representative 🙂

Because they want you to maintain TRV to use this card. In case you don't maintain it, they will just charge 12.5k+GST and downgrade back to Magnus. It's a really cheap trick for Axis that they are just doing wordplay here. Even in the circular that came out last night, they keep mentioning Total Relationship Value so many times instead of just Burgundy relationship.

The customer care clarified this. Burgundy Relationship is an umbrella term and for this card, you can enroll but then need to maintain strictly the TRV not just burgundy status. Was with them for about 50 mins to clearly understand all this wordplay. I also got this link but didn't give my consent as I don't have this TRV as of now.

 

[vikramsrit]

Because they want you to maintain TRV to use this card. In case you don't maintain it, they will just charge 12.5k+GST and downgrade back to Magnus. It's a really cheap trick for Axis that they are just doing wordplay here. Even in the circular that came out last night, they keep mentioning Total Relationship Value so many times instead of just Burgundy relationship.

The customer care clarified this. Burgundy Relationship is an umbrella term and for this card, you can enroll but then need to maintain strictly the TRV not just burgundy status. Was with them for about 50 mins to clearly understand all this wordplay. I also got this link but didn't give my consent as I don't have this TRV as of now.

I still don't think a bank like Axis will do; specially the downgrade thing. Not about the money but the trust. But just in case they do, it is bye-bye Magnus 🙂
Don't trust anyone and dil pe nahi lene ka. Just move on (talking to myself 😀 ) .

 

[K.R]

Kindly copy and paste those 2 contradicting emails for us all to analyse and study. Thanks 🙏

So I got the response from Axis. 10 lacs AQB is eligible. I just need to recheck once I complete 45 days. response below



Dear Mr. XXXX,

Thank you for writing to Axis Bank.

This is with reference to your e-mail dated 28/09/2023, we understand that, you wish to know the eligible criteria to get new Magnus Credit Card.

We will definitely check and assist you regarding.

We would like to inform you that, If you are maintaining the requisite Burgundy ‘Total Relationship Value' Criteria with the bank, you may reach out to 1800 419 0065 to check your eligibility after 45 days of maintaining the requisite Burgundy ‘Total Relationship Value' Criteria.

We would like to inform you that, all Burgundy Account holders meeting the requisite Burgundy ‘Total Relationship Value’ criteria, as depicted in the latest One Glance Statement of the Burgundy account, will be eligible for the new Magnus Credit Card for Burgundy.

Please be inform you that, customers having a Burgundy account but not meeting the requisite Burgundy ‘Total Relationship Value’ criteria, will not be eligible for the new Magnus Credit Card for Burgundy.

Eligible customers will be able to upgrade their existing Magnus to new Magnus with 5:4 miles conversion ratio. To be eligible for new version, customer has to have burgundy eligible status as defined below:

Burgundy relationship eligibility criteria, is calculated at a Customer ID level:

• Maintenance of an Average Quarterly Balance of INR 10,00,000 in the Savings Account, OR

• Maintenance of an Average Quarterly Balance of INR 10,00,000 across Savings Accounts and Current Accounts, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 30,00,000, OR

• Maintenance of a minimum Total Relationship Value(TRV) of INR 1,00,00,000, which includes Demat holdings, OR

• In case of a salaried customer, one should be receiving a net salary credit in excess of INR 3,00,000 every month in Axis Bank Salary Account, OR

• Foreign Inward Remittance of at least INR 40,00,000 received through Wire transfer or Remit Money in last 12 months (only for NRI’s)

• Each member of the family id should be individually eligible basis customer ID to avail Magnus credit card.

Existing Burgundy customers who are maintaining the requisite Burgundy relationship with Axis Bank & holding existing Magnus Credit Card will have to call on 1800 419 0065 & give their consent to upgrade to new Magnus Credit Card for Burgundy.

Once the consent for upgrade is given by the customer, the existing MAGNUS Credit Card will then be upgraded to new Magnus Credit Card for Burgundy and a new card will be dispatched to the customer. All existing EDGE Reward Points will be transferred to the new MAGNUS Credit Card.

Please Note that, in case of a joint Burgundy account, Only primary account holder can apply for the new Magnus Credit Card for Burgundy.

Please be informed you that, the limited period offer ends on 30th November, 2023.

For more clarification, you can visit the following link for better understand.

https://www.axisbank.com/docs/defau...cards/magnus-credit-card-for-burgundy-faq.pdf

Please Note: The new offer Magnus credit card approval is subject to Bank’s approval.

Request your cooperation and patience in the interim.

We value the relationship we share with you and look forward to a long and fulfilling relationship with you.

We thank you for banking with us and look forward to your continued patronage.

We assure you the best of our services and require your co-operation and support in the meantime.

The reference number for this interaction is 230928462294.

For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.

Personal Phone Banking Link

NRI Phone Banking Link

Business Phone Banking Link

Agri Rural Phone Banking Link

Burgundy Phone Banking Link

Forex Card Phone Banking Link

Warm Regards,
XXXX - ( Premium Customer Support)
Team Axis Bank
Dil Se Open

Go from Help to Self-Help with #EASYBANKING Video Series. Visit https://www.axisbank.com/support to check out our self-help videos in the Video Library.

 

[K.R]

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)

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

 

[K.R]

You mean to say a person having burgundy with 10L AQB wont be eligible for 5:4 now?

Got a confirmation that its eligible

 

[sourpai]

The card is now showing up in app. Should get delivered in a few days time

 

[K.R]

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

 

[ishanmontella]

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

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?

 

[Viper1057]

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

For sure, I am opening account tomorrow, will upgrade card in November 🌚

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?

Yes

 

[K.R]

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?

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

 

[MilesMax]

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

Are you talking about the One Glace statement for the Oct 4th?

 

[K.R]

Are you talking about the One Glace statement for the Oct 4th?

He he..ye One Glance..Sorry for typo

 

[ishanmontella]

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

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.

 

[MilesMax]

He he..ye One Glance..Sorry for typo

So that comes on the 4th of every month to the email, is it? Even my Burgundy account is new so I have not got one yet till now.