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]

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"

i am having same issue as i upgraded from one to other.. it is genuine issue as in their system old card (from which we upgraded) is still active for 45 days post upgrade so as per system we already have too many cards.. u need to ask them to connect to card closure team and ask them to cancel the earlier card asap..

 

[nikhilesh71]

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.

It is correct information. All burgundy customers got the upgrade email. But only 30L TRV customers are eligible to get 5:4 ratio & they will be offered Burgundy Magnus.

 

[MayankBamboria]

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.

View attachment 30779

3 lakh salary after taxes that is credited to account is only considered?

 

[vikramsrit]

It is correct information. All burgundy customers got the upgrade email. But only 30L TRV customers are eligible to get 5:4 ratio & they will be offered Burgundy Magnus.

I don't know if this doesn't make it clear then what does. It clearly says "OR"

 

[nikhilesh71]

I don't know if this doesn't make it clear then what does. It clearly says "OR"

View attachment 30830View attachment 30829

Agree, But see who the bank is. It is great axis bank who are never clear with their T&C. Different things come out from website & bank, customer care. I have heard from multiple source that only true burgundy will get 5:4. Now who is true burgundy that is also not clear

 

[vikramsrit]

It is correct information. All burgundy customers got the upgrade email. But only 30L TRV customers are eligible to get 5:4 ratio & they will be offered Burgundy Magnus.

Agree, But see who the bank is. It is great axis bank who are never clear with their T&C. Different things come out from website & bank, customer care. I have heard from multiple source that only true burgundy will get 5:4. Now who is true burgundy that is also not clear

This is from their latest T&C. It is either TRV or salary credit as clearly mentioned.

 

[Deathsnatcher]

Agree, But see who the bank is. It is great axis bank who are never clear with their T&C. Different things come out from website & bank, customer care. I have heard from multiple source that only true burgundy will get 5:4. Now who is true burgundy that is also not clear

whole axis website says burgundy no where mentioned true/false
axis team now calling true burgundy and false burgundy
really really people gonna get pissed

 

[drsel]

This is from their latest T&C. It is either TRV or salary credit as clearly mentioned.
View attachment 30836

No confusion,
TRV includes 10 lacs AQB in Burgundy savings account, which will be checked every 6 months

 

[shibili]

They are wisely playing with the word TRV and AQB.
I suspect one thing, wherever they mentions 45 days, its about TRV only. AQB itself means qarterly average balance, don't get in that trap. So in worst case, AQB criteria will be met only after one complete quarter with 10L+ in savings.
Additionally, if they are considering financial quarters (which is even worse), next quarter is Oct-Nov. In that case, no one will be eligble with 10L+ savings balance who started/upgraded to Burgundy after July 1st (on going quarter start date).
Anything can happen with Axis 😕

 

[nikhilesh71]

They are wisely playing with the word TRV and AQB.
I suspect one thing, wherever they mentions 45 days, its about TRV only. AQB itself means qarterly average balance, don't get in that trap. So in worst case, AQB criteria will be met only after one complete quarter with 10L+ in savings.
Additionally, if they are considering financial quarters (which is even worse), next quarter is Oct-Nov. In that case, no one will be eligble with 10L+ savings balance who started/upgraded to Burgundy after July 1st (on going quarter start date).
Anything can happen with Axis 😕

Most likely they will extend the offer to pull more burgundy customers.

 

[vina]

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

I tried that; they are not closing the Signature card, so I told them to close both; that's when this guy said "let me talk to my senior" - lots of wiat and then he says "I have taken your request"

I'll follow up first thing tomorrow morning

 

[vina]

i am having same issue as i upgraded from one to other.. it is genuine issue as in their system old card (from which we upgraded) is still active for 45 days post upgrade so as per system we already have too many cards.. u need to ask them to connect to card closure team and ask them to cancel the earlier card asap..

it is an issue for us and for the guy on the line

it is NOT a genuine issue; it is a f***ed up artificial issue created by them - why can't they close the new card immediately? I mean when they move a person from Magnus to Burgundy Magnus?

or why don't they temporarily give one more card and close after 45 days?

 

[vina]

It is correct information. All burgundy customers got the upgrade email. But only 30L TRV customers are eligible to get 5:4 ratio & they will be offered Burgundy Magnus.

https://www.axisbank.com/docs/defau...cards/magnus-credit-card-for-burgundy-faq.pdf has full detail about what it means to be a "Burgundy customer" for the purposes of Burgundy Magnus card (Section 1; new or renewal) and Section 2.1 describes process etc. for existing Magnus customers.

attaching the document here

 

[vina]

I tried that; they are not closing the Signature card, so I told them to close both; that's when this guy said "let me talk to my senior" - lots of wiat and then he says "I have taken your request"

I'll follow up first thing tomorrow morning

@drsel @CVR the "Senior lead" called just now. I told him to close Signature card. The man went into "we have a 45 day process blah blah blah"

I told him as per RBI regulations he has to close the card the minute I tell him to, as long as there is no outstanding amount on that card. the 45 days closure is applicable only if I do nothing from my side. The guy then went into "sir this has to be taken up with the retention department; we will call you tomorrow morning"

I'll call them and figure it out tomorrow morning.

 

[vina]

They are wisely playing with the word TRV and AQB.
I suspect one thing, wherever they mentions 45 days, its about TRV only. AQB itself means qarterly average balance, don't get in that trap. So in worst case, AQB criteria will be met only after one complete quarter with 10L+ in savings.
Additionally, if they are considering financial quarters (which is even worse), next quarter is Oct-Nov. In that case, no one will be eligble with 10L+ savings balance who started/upgraded to Burgundy after July 1st (on going quarter start date).
Anything can happen with Axis 😕

you guys are giving them way too much credit

the reality is simpler - they are not playing with words, they have screwed up everything. I was on call with them in 5 calls, a total of some 2 hours or so - there is a total chaos on their side. The guys manning the phones are all stressed out, probably because they need to apologise to irate customers all day long

it is not some clever conspiracy, but incompetence.

 

[CVR]

it is an issue for us and for the guy on the line

it is NOT a genuine issue; it is a f***ed up artificial issue created by them - why can't they close the new card immediately? I mean when they move a person from Magnus to Burgundy Magnus?

or why don't they temporarily give one more card and close after 45 days?

coz generally when u upgrade new card takes 5-10 days to come and they keep the old card active for sometime till u get the card or u have standing instructions on old card

 

[vina]

They are wisely playing with the word TRV and AQB.
I suspect one thing, wherever they mentions 45 days, its about TRV only. AQB itself means qarterly average balance, don't get in that trap. So in worst case, AQB criteria will be met only after one complete quarter with 10L+ in savings.
Additionally, if they are considering financial quarters (which is even worse), next quarter is Oct-Nov. In that case, no one will be eligble with 10L+ savings balance who started/upgraded to Burgundy after July 1st (on going quarter start date).
Anything can happen with Axis 😕

I have been Axis bank customer for well over two decades now. my first salary account was with them when they were called UTI Bank.

I'll tell you the real problem - it is not that they will screw you intentionally, it is that they are so incompetent you'll get screwed far worse from them simply because they will f*** it up some day.

 

[drsel]

 

[vina]

coz generally when u upgrade new card takes 5-10 days to come and they keep the old card active for sometime till u get the card or u have standing instructions on old card

yes, but there is absolutely no reason to keep to old card active once the new one has been activated by the customer. Especially when the customer is telling them "close it, now"

I mean, God forbid, I die, and somebody then goes ahead and uses the card to it's limit. What will the do then?



anyway, let's see what they say tomorrow. This is so bad - they are telling me retention team will talk to me. About what? trying to get me to retain a card that they themselves will close in 45 days?

 

[CVR]

yes, but there is absolutely no reason to keep to old card active once the new one has been activated by the customer. Especially when the customer is telling them "close it, now"

I mean, God forbid, I die, and somebody then goes ahead and uses the card to it's limit. What will the do then?

yes it should get canceled as soon as new card is activated