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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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drsel said:
View attachment 30847
Click to expand...
Senior manager advised it is better to transfer another 20 lacs to your saving account and then put that 30 lacs in a term deposit
If you have a 30 lacs term deposit, you can keep your saving balance almost zero without any problem.

Then apply for the Magnus Burgundy card.
You need to keep the 30 lacs fixed deposit as long as you want Magnus Burgundy card.

I hope this make it very clear and there is no more controversy at all.
 
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All cards by Axis which are got through over call through customer support are always in Upgrade mode only where your existing card and new card both remains active. I got magnus on call through enough limit on my vistara card and then both my vistara & magnus card were active always. 2 days ago, I took Samsung Infinite through call & I closed my Vistara card but they said tomorrow our team will connect for this for more details for cancellation etc., I said I need it to be closed asap because I want to get Airtel Axis card which has FYF offer till 30th sept and they closed it immediately after forwarding my call to retention/closing team and the card was immediately gone and the retention guys said now you apply today as well😂. Later I didn't applied for Airtel Axis card through Airtel Thanks app xD

So, understand this: Axis trying to be in credit card game and doesn't want its cards closed easily (most probably support executive have orders from management for this).
 
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vina said:
@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.
Click to expand...

Today, I just got to know that MyZone card which I closed in 2018 is in upgrade mode, whatever the hell that is. It is neither closed nor active. So, I need to close that tomorrow with retention team. The card has never showed up on my app or netbanking in last 5 years.
 
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Riva said:
Are these the only conditions required to get the Burgundy Magnus card for a customer who doesn't have an Axis card and doesn't have a Burgundy account?

Are they asking for ITR/ income proofs when applying for the new Burgundy Magnus card?

The new income requirements for Burgundy Magnus is 24Lac annual salary or 24Lac ITR
Click to expand...
Yes, open a Burgundy savings account with 30 lacs.
Once your monthly statement shows 30 lacs relationship then
Apply for Magnus for Burgundy card with 24 lacs ITR or annual salary.
You can also transfer the same 30 lacs to a fixed deposit with Axis bank
 
Upvote 0 Downvote
Okies, I did lot of calculations and finally time to say good bye to burgundy account 😀

1695927301658.png

Open a account with https://www.equitasbank.com,
1. Upto 1 Lakh 3.5% = 3,500
2. 1 to 5 Lakhs will fetch = 21,000
3. 5 to 10 Lakhs will fetch = 35,000

Total = 59,500 (41,650 after 30% tax)
Axis - 3.5% (10,00,000) AQB = 35000 (24500 after 30% tax)

My day to day expenditures:

Groceries - > Tata Neu app + Tata HDFC neu Infinity (LTF)
Fuel -> FIRST Power Credit Card (Up to 5% savings on your fuel expenses of up to ₹5,000 every month) (LTF)
Movies -> IDFC Wealth Credit card ( Buy 1 Get 1 Free 3 to 4 times), ICICI Sapphiro (Buy 1 get 1 Free 2 times a Month) (LTF)
Online Shopping -> SBI Cashback Card (FYF and 1180 Per Year), ICICI Amazon (LTF), IDFC Wealth 6X points for online spends(LTF)
Utilities -> Axis Airtel Card (590 Per Year FYF) 25%* Cashback | On Airtel Mobile, Wi-Fi and DTH Payments10%* Cashback | On bigbasket, Swiggy and Zomato

Lounge Access ->

Domestic is covered by Tata Neu, Airtel Axis, IDFC Wealth (4 complimentary Domestic & International airport lounge, spa visits per quarter, on minimum monthly spends of Rs.5000 *) , Sapphiro (Enhance your airport lounge experience with the all new feature of 2 complimentary airport lounge visits outside India and 2 spa sessions at selected airports in India every year, through complimentary Dreamfolks membership*)

International -> IDFC Wealth , Sapphiro 2 free visits per year, Yes Bank First Exclusive Credit Card (LTF) , RBL World Safari Credit Card (LTF - Converted from Zomato), Niyo (1 Per quarter) LTF 🙂

On top of all the above , We will get Peace of mind 😀 Not to worry about maintaining the TRV , AQB or what so ever!!

If u really want to see your 30L grow, Buy a nice corner plot in Developing area and sell it after 14 to 15 % returns and buy another plot elsewhere 😀
 
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I don't know why people are so upset with Axis. The banks are doing business - they'll not shell out Burgundy Magnus for garib insaan like us. It is meant for true blue HNI who don't care about 10L in saving or 30L in FD.

If their criteria works for you, go ahead, if it doesn't, move ahead.

Calculation by @mastfun are very sincere effort. You all can run a similar calculation and see if it works for you not.
 
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raviemailid said:
I don't know why people are so upset with Axis. The banks are doing business - they'll not shell out Burgundy Magnus for garib insaan like us. It is meant for true blue HNI who don't care about 10L in saving or 30L in FD.

If their criteria works for you, go ahead, if it doesn't, move ahead.

Calculation by @mastfun are very sincere effort. You all can run a similar calculation and see if it works for you not.
Click to expand...
magnus miles ne sabko rahees bana dia hai - meet greet , first class, 5 star hotels.
 
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I don’t see the 45 days stipulation mentioned anywhere ? If someone where to put 30lacs in FD then can they immediately apply for Magnus Burgundy or is there waiting period before one becomes eligible to get the new burgundy Magnus ?

I have the old Magnus with burgundy savings account
 
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tdot said:
I don’t see the 45 days stipulation mentioned anywhere ? If someone where to put 30lacs in FD then can they immediately apply for Magnus Burgundy or is there waiting period before one becomes eligible to get the new burgundy Magnus ?

I have the old Magnus with burgundy savings account
Click to expand...
No there is no 45 Days clause, you can put in 30Lakhs FD and wait for 30 Days for your one glance statement!
 
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The accelerated EDGE Reward Points will be calculated basis [Eligible Spends = Total Spends in a calendar month – Rs. 1.50 lakhs – Spends on Exclusion list (ref point 4.) – Spends on Travel EDGE up to Rs. 2 Lakhs – Rental Payments (incremental spends above Rs. 50,000)] * [23 EDGE Reward Points/Rs.200]
Click to expand...

From above FAQ, in order to get accelerated points one has to spend more than 1.5 lacks per month to be eligible. Its too much devaluation, with current salary every month first 1.5L(Eligible spends) won't accure any accelerated points even if you spend in card year. Total waste trying Magnus for Burgundy.


Even below table shows spends of 8L in a month we will get 60K points

Screenshot 2023-09-29 at 12.05.29.png
 
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shann9999 said:
From above FAQ, in order to get accelerated points one has to spend more than 1.5 lacks per month to be eligible. Its too much devaluation, with current salary every month first 1.5L(Eligible spends) won't accure any accelerated points even if you spend in card year. Total waste trying Magnus for Burgundy.


Even below table shows spends of 8L in a month we will get 60K points

View attachment 30871
Click to expand...
this was always known. What's new?
 
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Riteshgpt60 said:
As per this , you need to have TRV of 30Lakh in order to get new magnus for burgundy LTF.
Click to expand...
As per this the clear communication Axis gave me over email is 10 lacs average is sufficient. Will wait till 45 days as Burgundy is reached and apply. If they defer I have enough proofs to escalate 🙂
if people still want to misread the clear communication i received its their call 🙂 They can make it 2 Crore TRV as well. Good for them 🙂
My intention is not to hurt Someone's judgement who believes TRV of 30 Lacs is required. Its just that I have been told otherwise and when that 45 days is over will let forum members know if I was able to get the upgrade or not. As of now I do believe its any of the 4 categories they have shared
 
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