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

 

[mastfun]

As per this the clear communication Axis gave me 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 🙂

Can you please share with me 🙂

 

[tdot]

Where exactly is this One glance statement ? I’m guessing it’s on the app but I can’t find it

 

[MilesMax]

Even premium experience confirmed that 3L salary or 10L AQB is enough to get the new Magnus Burgundy card.

 

[K.R]

Can you please share with me 🙂

Already posted on this same forum yesterday

 

[Riteshgpt60]

Even premium experience confirmed that 3L salary or 10L AQB is enough to get the new Magnus Burgundy card.

View attachment 30876

Burgundy scheme eligibility is 10 LAKH AQB.
BUT MAGNUS FOR BURGUNDY IS ELIGIBLE FOR THOSE WHO MAINTAINED 30 LAKH TRV .

 

[Riteshgpt60]

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

Bro, what i read in your email is clear.
It clearly says :-
“ Please be inform you that, customers having a Burgundy account but not meeting the requisite Burgundy ‘Total Relationship Value’ criteria, will not be eligible for the new Magnus Credit Card for Burgundy “

To be on safer side,
Im going to transfer all my fd from other bank accounts to Axis FD to make it 30 Lakh.😂

 

[Zarieal]

No confusion,

Burgundy scheme eligibility is 10 LAKH AQB.
BUT MAGNUS FOR BURGUNDY IS ELIGIBLE FOR THOSE WHO MAINTAINED 30 LAKH TRV .

Right… People are not understanding here. They are confusing Burgundy Relationship with TRV.

People saying on email that they have confirmation. Please read the email once again. They have specifically mentioned 10L AQB or 3L+ salary credit is sufficient to maintain BURGUNDY RELATIONSHIP but to maintain ongoing eligibility for Burgundy Magnus credit card only “TOTAL RELATIONSHIP VALUE” is considered.

Please read your email response once again from Premium support. Its simply word play. They tell you the requirement for Burgundy relationship but not for ongoing Magnus Burgundy CC for free.

Also, had that been the case, the bank would just have mentioned to maintain “Burgundy Relationship” at customer id level instead of mentioning “Total Relationship Value” phrase N no. of times in their circular.

Think about it!!!

 

[SM24]

Bro, what i read in your email is clear.
It clearly says :-
“ Please be inform you that, customers having a Burgundy account but not meeting the requisite Burgundy ‘Total Relationship Value’ criteria, will not be eligible for the new Magnus Credit Card for Burgundy “

To be on safer side,
Im going to transfer all my fd from other bank accounts to Axis FD to make it 30 Lakh.😂

Not to forget this first line in the attachment.

Someone mentioned before in the forum about wordplay.

While 10L AQB is a valid quarterly/90 day condition,
45 days appears applicable when TRV comes into the picture.

30L FD from today matures on Nov.15.

October One Glance, that will come in early November will show 30L Average Balance Maintained.
(Nowhere in the One Glance is there a mention of Total Relationship Value. TRV appears only once as a prerequisite alongside AQB in the One Glance).

So after Nov. 15 one can approach Burgundy support to check eligibility for Magnus for Burgundy, in case an email doesn't arrive in time.

 

[ARV]

Guys, the point to note is offer is valid only till Nov 30 2023.

 

[tdot]

does Axis calculate Aqb as on date i.e going back last 90 days or is it calculated on monthly basis (end of month)
Could well be possible that they only take financial quarters into Account lol

I’m not going to call and ask them coz customer care wouldn’t know

 

[Deleted member 11974]

does Axis calculate Aqb as on date i.e going back last 90 days or is it calculated on monthly basis (end of month)
Could well be possible that they only take financial quarters into Account lol

I’m not going to call and ask them coz customer care wouldn’t know

aqb calculation ig
is avg of closing balance of bank balance for the past 90 days

 

[tdot]

aqb calculation ig
is avg of closing balance of bank balance for the past 90 days

That’s my educated guess too

I have added significant amount to my Burgundy account today so let’s see if Aqb changes tomorrow if it does then it’s last 90 days for sure

 

[drsel]

That’s my educated guess too

I have added significant amount to my Burgundy account today so let’s see if Aqb changes tomorrow if it does then it’s last 90 days for sure

Let us all know by how much it has changed and whether it has crossed 10 lakhs.

If it has crossed 10 lacs, Then you can call burgundy customer care and try to get free Magnus for burgundy card

 

[kkk]

Guys, the point to note is offer is valid only till Nov 30 2023.

Where is this mentioned?

 

[swipesmart]

I called axis bank and they confirmed that I'm eligible for Burgundy Magnus.
When I asked about criteria they said 3 aqb 10L, trv 30L or 1cr demat out of which I meet none. I told them and they said but for you it's showing upgrade eligible for LTF.


I asked them is it because of 3L+ salary they said for some people even with salary it's showing eligible for upgrade.

Not sure how. But I got the upgrade message in that it was clearly written Ltf.

 

[chasni]

Right… People are not understanding here. They are confusing Burgundy Relationship with TRV.

People saying on email that they have confirmation. Please read the email once again. They have specifically mentioned 10L AQB or 3L+ salary credit is sufficient to maintain BURGUNDY RELATIONSHIP but to maintain ongoing eligibility for Burgundy Magnus credit card only “TOTAL RELATIONSHIP VALUE” is considered.

Please read your email response once again from Premium support. Its simply word play. They tell you the requirement for Burgundy relationship but not for ongoing Magnus Burgundy CC for free.

Also, had that been the case, the bank would just have mentioned to maintain “Burgundy Relationship” at customer id level instead of mentioning “Total Relationship Value” phrase N no. of times in their circular.

Think about it!!!

I couldn't find TRV in any of my One glance statements. There is only one mention of TRV in the statement where it talks about not maintaining the criteria: "For Burgundy Accounts with AQB/TRV below 75% of program eligibility criteria transaction fees as per Easy Savings Account variant are
applicable."

So, how is someone supposed to check the TRV from statement when it doesn't mention it? Moreover, the statement mentions "Average balance maintained" which is the average balance for the month.

 

[shibili]

That’s my educated guess too

I have added significant amount to my Burgundy account today so let’s see if Aqb changes tomorrow if it does then it’s last 90 days for sure

How to find the AQB ? Is it available in statement ?

 

[tdot]

How to find the AQB ? Is it available in statement ?

You will have to login to internet banking and go to Accounts. You shall find it there

 

[drsel]

I couldn't find TRV in any of my One glance statements. There is only one mention of TRV in the statement where it talks about not maintaining the criteria: "For Burgundy Accounts with AQB/TRV below 75% of program eligibility criteria transaction fees as per Easy Savings Account variant are
applicable."

So, how is someone supposed to check the TRV from statement when it doesn't mention it? Moreover, the statement mentions "Average balance maintained" which is the average balance for the month.

Average quarterly balance should be over 10 lakhs.
for TRV you have to check all your funds with Axis

 

[MilesMax]

Burgundy scheme eligibility is 10 LAKH AQB.
BUT MAGNUS FOR BURGUNDY IS ELIGIBLE FOR THOSE WHO MAINTAINED 30 LAKH TRV .

Their reply was for the magnus upgrade eligibility question