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

 

[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

 

[MilesMax]

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

Are you maintaining 30L TRV as well? Also how old is your account?

 

[shibili]

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

They are considering financial quarters only, see the date. So I lost hope 😢



I have been maintaing 11L+ for last 35 days.

 

[tdot]

They are considering financial quarters only, see the date. So I lost hope 😢

View attachment 30903

I have been maintaing 11L+ for last 35 days.

Don’t lose hope it’s coincidentally end of 2nd quarter. Hopefully next week it shows last 3 months beginning Aug

 

[SM24]

A messy addition to the mess.

Air India is now a transfer partner.

 

[swipesmart]

Are you maintaining 30L TRV as well? Also how old is your account?

No, I'm preety sure that I don't have 30L trv because I never had this much ever😂
My Burgundy account is 3 months old max. I had account with axis bank for more than 1+ year.

 

[MilesMax]

Anyone here with the salary of 3L+ Criteria actually got the upgrade? If they did then that should be enough to clarify the eligibility.

 

[Viper1057]

Anyone here with the salary of 3L+ Criteria actually got the upgrade? If they did then that should be enough to clarify the eligibility.

Look for few previous pages, few guys with 3L+ salary already got it.

 

[MilesMax]

No, I'm preety sure that I don't have 30L trv because I never had this much ever😂
My Burgundy account is 3 months old max. I had account with axis bank for more than 1+ year.

Look for few previous pages, few guys with 3L+ salary already got it.

Then it's kinda clear that 30L TRV is not mandatory.

 

[Viper1057]

Then it's kinda clear that 30L TRV is not mandatory.

LiveFromALounge going back from his words as well 😝 As I told earlier many pages back, it had some false info on its blog post.

 

[MilesMax]

LiveFromLounge going back from his words as well 😝 As I told earlier many pages back, it had some false info on its blog.

"

 

[bhaskar_js]

My Magnus was issue on May 2023. I have some planned expenditure in next month which with my existing spends will make total expenditure more than 15 lakh. This will waive off the annual fee for the next year 2024-25 and will make my card free till May 2025.

Now if I opt for the Magnus Burgundy offer in November 2023 and for some reason I fail to maintain the burgundy relationship later after a few months, as per the terms and condition I will be issued a new card with joining and annual fee of Rs 12500. Lots of Ifs but can't say for sure that Axis will consider my spend based annual fee waiver of existing card and won't charge any fee till May 2025.