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

 

[K.R]

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.

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

 

[K.R]

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.

For me its just one month of Burgandy.. Jast time I received it on 4th Sep..so it will be around that time of the month

 

[drsel]

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

Where can you see your AQB be on the Axis mobile app ?
I cannot see anywhere

 

[K.R]

Where can you see your AQB be on the Axis mobile app ?
I cannot see anywhere

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

 

[drsel]

I just received email of my statement from first April 2023 till today and the balance is showing more than 10 lakh
But nowhere is AQB mentioned

 

[drsel]

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

I cannot see one glance anywhere on mobile app to click

 

[K.R]

I cannot see one glance anywhere on mobile app to click

It's a monthly statement which you will receive on your registered email at the start of the month

 

[drsel]

It's a monthly statement which you will receive on your registered email at the start of the month

I just opened my Axis Bank monthly statement which came on 25th September and I cannot see the word AQB mentioned anywhere.
Average quarterly balance is not showing at all.
Nor is One Glance

 

[K.R]

 

[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?