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

 

[rohitb]

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

I opened the account on 7-8th August. That is why 8L something.

 

[K.R]

I opened the account on 7-8th August. That is why 8L something.

Koi Nahin next week is not far away 😎

 

[drsel]

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.

Isn't it better to transfer 30 lacs into short term fixed deposit and once you get the Burgundy Magnus card based on fixed deposit of 30 lacs, then you can break the fixed deposit, keep 10 lacs in savings and invest the rest.

Or will breaking the 30 lacs fixed deposit disqualify you from having a burgundy Magnus card?

 

[CVR]

Isn't it better to transfer 30 lacs into short term fixed deposit and once you get the Burgundy Magnus card based on fixed deposit of 30 lacs, then you can break the fixed deposit, keep 10 lacs in savings and invest the rest.

Or will breaking the 30 lacs fixed deposit disqualify you from having a burgundy Magnus card?

i don’t think blocking 30 lakh to get the card is worth it.. 3 lakh+ salary or even 10 lakh aqb was still reasonable criteria.. 30 lakh trv is too much

 

[rohitb]

Isn't it better to transfer 30 lacs into short term fixed deposit and once you get the Burgundy Magnus card based on fixed deposit of 30 lacs, then you can break the fixed deposit, keep 10 lacs in savings and invest the rest

Yes you are right, but why go through that hassle for a week or so.
Post this I will do either of two - take 20 out and invest or make an FD of 30 (emergency fund - woh bhi rehna chahiye)

 

[rohitb]

i don’t think blocking 30 lakh to get the card is worth it.. 3 lakh+ salary or even 10 lakh aqb was still reasonable criteria.. 30 lakh trv is too much

Sir , imo every investment instrument has some use. This can be used as emergency fund. Ready to be dipped in case of emergency. Get magnus burgundy in mean time.
If emergency comes in there are bigger things to worry than magnus burgundy so break it and use it.

I too was in 10L club, but chaman bana rahe axis waale aur main ban Raha .

 

[Aryan Malhotra]

Am I the only person having Burgundy account and maintaining TRV still not able to get Magnus😔

 

[CVR]

Am I the only person having Burgundy account and maintaining TRV still not able to get Magnus😔

What are they saying?

 

[mastfun]

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

Whrn did u open ur Burgundy account Sir? I opened on 22nd of Sep 😀

 

[Aryan Malhotra]

What are they saying?

Customer care is saying they can't apply new Burgundy Magnus as I don't have old magnus also RM is saying I don't have any information and I'm leaving axis soon

 

[CVR]

Customer care is saying they can't apply new Burgundy Magnus as I don't have old magnus also RM is saying I don't have any information and I'm leaving axis soon

But u have old magnus?

 

[SteelSh0t]

If I make an FD of 30 lakh for 14 days now, will the TRV get updated to 30 lakh right now or will it take time?

 

[mojo_jojo123]

where was the excel table which shows magnus value proposition w.rt. other cards .. can someone share here again

 

[K.R]

If I make an FD of 30 lakh for 14 days now, will the TRV get updated to 30 lakh right now or will it take time?

iam assuming it show in the statement next week.. Congrats in advance 😎

 

[K.R]

iam assuming it show in the statement next week.. Congrats in advance 😎. Dont blame me if it doesnt hapen

 

[chasni]

iam assuming it show in the statement next week.. Congrats in advance 😎

I think even 30 lac balance should increase the TRV in few days as TRV is sum of all relationship.

 

[CVR]

iam assuming it show in the statement next week.. Congrats in advance 😎

So this 30 lakh trv is a mandatory condition now? 10 lakh aqb or 3 lakh salary account won’t be eligible?

 

[drsel]

Customer care is saying they can't apply new Burgundy Magnus as I don't have old magnus also RM is saying I don't have any information and I'm leaving axis soon

You need to apply online for the old Magnus on the axis website with customer ID, mobile OTP etc

 

[drsel]

So this 30 lakh trv is a mandatory condition now? 10 lakh aqb or 3 lakh salary account won’t be eligible?

It is eligible but they see the average of 45 days

 

[Zarieal]

I

It is eligible but they see the average of 45 days

You would be eligible to apply if you have Burgundy account. But you need to maintain a TRV of 30L+ else your card will be brought down to normal magnus and would also be charged the annual fees in few months.

Burgundy Relationship and maintaining “Total Relationship Value” are two different things. You may be able to hold Burgundy with 10L AQB or even 3L+ salary credit but that doesn’t meet the ongoing requirement of maintaining the TRV.

The definition of Total Relationship Value is specifically defined in the document including Liability and Investment relationships

Please read the Magnus Burgundy card circular again. This is just a wordplay here. After issuing the cards and not maintaining the TRV, Axis will downgrade the cards back to Magnus and charge fees.