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

 

[drsel]

I

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.

I already paid 11800 renewal fees for my old Magnus last month August 2023.
So Axis cannot charge me anything for Magnus till Aug 2024.

If I put 30 lacs in term deposit of 15 days or 30 days, will that satisfy that 30 lakh TRV?

 

[Aryan Malhotra]

But u have old magnus?

No, thats why im not getting new Burgundy Magnus even after maintaining TRV🥲

 

[Zarieal]

I already paid 11800 renewal fees for my old Magnus last month August 2023.
So Axis cannot charge me anything for Magnus till Aug 2024.

If I put 30 lacs in term deposit of 15 days or 30 days, will that satisfy that 30 lakh TRV?

Right so you paid for Magnus Card.

This is a completely new and different card. It has nothing to do with your previous Magnus card fees. If you have Burgundy account and Magnus card (as you mentioned) then you can apply for this upgraded card. It will be NIL joining and annual fees till the time you’re maintaining the TRV

If you fail to maintain the TRV while during you hold this card, the bank will downgrade this card back to normal magnus and charge you the fees of 12500+gst.

It is what it is. Hope it clarifies

 

[CVR]

No, thats why im not getting new Burgundy Magnus even after maintaining TRV🥲

Process for fresh application should come soon. You might have to wait till then.

 

[K.R]

I

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.

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.

This information is not correct

 

[Zarieal]

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.

This information is not correct

It is what it is bro. I know it is disappointing but it's the harsh reality. It is well documented in the Magnus Burgundy card as well.

 

[CVR]

It is what it is bro. I know it is disappointing but it's the harsh reality. It is well documented in the Magnus Burgundy card as well.

honestly there is no clarity.. i would have called customer care 6-7 times since morning.. sometimes they say 30 trv is mandatory, sometimes they say either one of 3 lakh or 10 lakh aqb or 30 lakh trv will be required.. no one has any clarity

 

[drsel]

Now bven burgundy customer Care has gotten fed up of answering hundreds of calls about the same question.
They are now telling everyone to please ask your relationship manager

 

[Zarieal]

honestly there is no clarity.. i would have called customer care 6-7 times since morning.. sometimes they say 30 trv is mandatory, sometimes they say either one of 3 lakh or 10 lakh aqb or 30 lakh trv will be required.. no one has any clarity

I have sent an email to premium experience to clarify explicitely on this. The customer care guys were clueless and they escalated my call to the floor manager to clarify on this. Spent like 45-50mins to understand this difference. Better to get things in writing as well.

 

[jonamdhar]

The test seems to be done every 6 months basis TRV for normal Burgundy and salary credit for Salary Burgundy.

 

[K.R]

The test seems to be done every 6 months basis TRV for normal Burgundy and salary credit for Salary Burgundy.
View attachment 30822

TRV can be 10 lacs in Savings, 30 lacs if Savings + Current + Deposits, 1 Cr if Demat included or Some X amount of Inward remitances. hence mentioned that the assumption of Savings of 10 lacs will be downgraded is wrong

It is what it is bro. I know it is disappointing but it's the harsh reality. It is well documented in the Magnus Burgundy card as well.

I have a confirmation email Bro .

 

[K.R]

I have sent an email to premium experience to clarify explicitely on this. The customer care guys were clueless and they escalated my call to the floor manager to clarify on this. Spent like 45-50mins to understand this difference. Better to get things in writing as well.

I have already poste the confirmation email from Axis today after noon in this same forum

 

[drsel]

I have already poste the confirmation email from Axis today after noon in this same forum

Easiest solution is you just keep 10 lacs idle cash in savings
In 45 days you will achieve an AQB of 10 lacs

 

[CVR]

I have sent an email to premium experience to clarify explicitely on this. The customer care guys were clueless and they escalated my call to the floor manager to clarify on this. Spent like 45-50mins to understand this difference. Better to get things in writing as well.

i have also emailed premium experience and pno for clarity..

 

[drsel]

Because if you put 30 lacs fixed deposit for 30 days or 15 days , after that period if you do not renew, then you relationship will be broken

 

[drsel]

Kindly upload that Magnus burgundy FAQs pdf

 

[vikramsrit]

If you fail to maintain the TRV while during you hold this card, the bank will downgrade this card back to normal magnus and charge you the fees of 12500+gst.

It is what it is. Hope it clarifies

Just to clarify, I just spoke to CC with a Sr. Manager. He confirmed that if the salary credit is 3L+ every month, the AQB/TRV condition is not mandatory. The customer will continue to have upgraded Magnus card with 5:4 conversion rate and it would be LTF.
Still, time will tell the truth as we are hearing multiple things from different sources and different Axis employees. Can't take anyone's word for it.

 

[vina]

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

they are fucking me over in a novel way

I got my Vistara Signature card upgraded to Vistara Infinite about ten days ago. The Signature card is still working.

Now they are refusing to close the Signature card saying that "It will clsoe itself in 45 days", and refusing to process this new version of Magnus card by telling me that I already have three cards and they can't "give me a fourth card"

 

[drsel]

they are fucking me over in a novel way

I got my Vistara Signature card upgraded to Vistara Infinite about ten days ago. The Signature card is still working.

Now they are refusing to close the Signature card saying that "It will clsoe itself in 45 days", and refusing to process this new version of Magnus card by telling me that I already have three cards and they can't "give me a fourth card"

There is a simple solution
Just call them and close the card on the phone and insist on a request number. Note it down.

after few days someone from back office will call you to convince you not to close the card.
Please don't get convinced, insist on closing the card and it will be done.
immediately it will disappear from your axis mobile app.

I have first hand experience. I had 4 Axis cards.
I closed 2 Axis cards recently and immediately they disappeared from my mobile app as explained above

 

[drsel]

You can give them the reason that you already have vistara infinite and so you do not need vistara signature

or else you can say that vistara award flights are very difficult to get unless you book many months in advance. This is a fact