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

 

[CVR]

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.

So as per this we one has 3 lakh+ salary credit, 10 lakh aqb or 30 lakh trv is not required?

 

[K.R]

So as per this we one has 3 lakh+ salary credit, 10 lakh aqb or 30 lakh trv is not required?

Absolutely and if you account is more than 45 days.. You will get it. Fight till they upgrade 🙂

 

[CVR]

Absolutely and if you account is more than 45 days.. You will get it. Fight till they upgrade 🙂

My Burgundy account is many years old and having 3 lakh+ salary. Currently i have high aqb (just due to some circumstances) but I don’t intend to keep more than 5 lakh aqb so just wanted to be sure before upgrading. Don’t want to get downgraded once my balance goes down. Net salary of 3+ i will continue to fulfill for Burgundy so want to be sure if that alone enough to get Burgundy Magnus for zero fees.

 

[K.R]

My account is 10 years old and having 3 lakh+ salary. Currently i have high aqb (just due to some circumstances) but I don’t intend to keep more than 5 lakh aqb so just wanted to be sure before upgrading. Don’t want to get downgraded once my balance goes down. Net salary of 3+ i will continue to fulfill for Burgundy so want to be sure if that alone enough to get Burgundy Magnus for zero fees.

Then Iam not the authority to confirm 🙂 Write an email to premium Experience. They will respond. On email a senior guy responds as email becomes a proof unlike vague answers on call

 

[CVR]

Then Iam not the authority to confirm 🙂 Write an email to premium Experience. They will respond. On email a senior guy responds as email becomes a proof unlike vague answers on call

Already emailed to pno in morning. No reply yet.

 

[K.R]

Then Iam not the authority to confirm 🙂 Write an email to premium Experience. They will respond. On email a senior guy responds as email becomes a proof unlike vague answers on call

Just to add in my case once I get upgraded I will maintain AQB of 10 Lacs and not TRV of 30 lacs. They cannot downgrade. I have email proofs now 😎 My Salary is with ICICI and I dodn't want to shift

 

[K.R]

Already emailed to pno in morning. No reply yet.

Email to Premium Services.. PNO is only for escalations

 

[drsel]

View attachment 30799
View attachment 30801

My last statement received on 25 September shows the transaction still 31 August when my account was easy access.
It does not mention the average quarterly balance.
Below Lien amount is the IFSC code and MICR code, but not average quarterly balance

 

[K.R]

My last statement received on 25 September shows the transaction still 31 August when my account was easy access.
It does not mention the average quarterly balance.
Below Lien amount is the IFSC code and MICR code, but not average quarterly balance

If you have converted to Burgandy..wait for next week for your One Glance statement. It will have the Average Monthly balance

 

[drsel]

So as per this we one has 3 lakh+ salary credit, 10 lakh aqb or 30 lakh trv is not required?

Since my 10 lakh balance is only since last 6 days, will it help to expedite the
AQB 10 lakhs if I transfer another 10 or 15 lacs

 

[drsel]

Now when will I get a Burgundy kit containing Burgundy debit card, check book and passbook?
what about the free Select card?
do I have to phone and ask for the lifetime free Select card or will it come in the Burgundy kit?

 

[K.R]

Since my 10 lakh balance is only since last 6 days, will it help to expedite the
AQB 10 lakhs if I transfer another 10 or 15 lacs

One Glance gets generated once every month. So If you can transfer enough money right now to ensure Average from Sep 1st to Sep 31st icomes to 10 lacs there is a chance..else you have to wait till October first week. Alternately add funds to reach 30 lacs before 31st of Sept so that your TRV shows 30 lacs in the statement and once your card is generated maintain 10 lacs.

Caution: This is just a view from my side. Iam not an authority 🙂 Please dont curse me if it doesnt happen. Iam in the same boat as you are

 

[jonamdhar]

For people who are getting the Magnus for Burgundy, will they also get the free select card?

 

[CVR]

Now when will I get a Burgundy kit containing Burgundy debit card, check book and passbook?
what about the free Select card?
do I have to phone and ask for the lifetime free Select card or will it come in the Burgundy kit?

Select card doesn’t come in kit. You need to call and request.

 

[K.R]

For people who are getting the Magnus for Burgundy, will they also get the free select card?

After few months post taking magnus you ask your RM ..he will get it done. My RM was offering me but Iam going ahead with Atlas ( paid) as it matches my requirements

 

[drsel]

After few months post taking magnus you ask your RM ..he will get it done. My RM was offering me but Iam going ahead with Atlas ( paid) as it matches my requirements

My problem is I already have three cards Magnus, Samsung infinite and Rewards.

so how will I get a fourth card like the lifetime free Select or the paid Atlas card?

 

[K.R]

My problem is I already have three cards Magnus, Samsung infinite and Rewards.

so how will I get a fourth card like the lifetime free Select or the paid Atlas card?

Why do you want so many cards from the same Bank 🙂 . What I heard was 3 cards are allowed in Axis..But iam not the expert here

 

[drsel]

Why do you want so many card from the same Bank 🙂 . What I heard was 3 cards are allowed in Axis..But iam not the expert here

Why not? Axis got the best cards !
there are just a few other Bank cards which are really worth having.

 

[rohitb]

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

For me it's been more than 45 days since I opened the account but my one glance shows 8L something as average balance.

Today when I tried to upgrade it was denied citing that I do not maintain 30L trv. There CC mentioned that 10L is aqb but trv needs to be 30L . This in itself is confusing . Anyways I am going to call again post my new one glance statement gets generated.


To be on safer side added another 20 for now to show statement balance as 30L . Will probably take out 20 post magnus generation and maintain 10. Or will create FD of all and chill.

Itni mehnat padhai main karta to salary waala burgundy mil jaana tha.

 

[K.R]

For me it's been more than 45 days since I opened the account but my one glance shows 8L something as average balance.

Today when I tried to upgrade it was denied citing that I do not maintain 30L trv. There CC mentioned that 10L is aqb but trv needs to be 30L . This in itself is confusing . Anyways I am going to call again post my new one glance statement gets generated.

If you have maintained 10 lacs + average for the month it should have not shown 8 lacs in One Glance. Anyways lets try next week..Hopefully we both will get upgraded