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

 

[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.

 

[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 .