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

 

[drsel]

FOR ALL THE FOLKS OUTTHERE, IF YOU CAN ARRANGE 30L , ITS BETTER TO GO FOR TRV SINCE 30L FD GENERATE MORE RETURN THAN 10L AQB , THE FORMER GIVES YOU MORE THAN 7% WHILE THE LATTER MERELY GIVES 4% INTEREST PER ANNUM.

Savings account 3% pa
15 months fixed deposit 7.1% pa

 

[Viper1057]

I am self employed so no salary. My TRV is definitely not 30L (not sure though now to check it). I must have been offered basis AQB/ AMB I imagine.

Nice, I opened Burgundy today with check payment, hope it gets credited and running before October One Glance Statement🌚

 

[K.R]

FOR ALL THE FOLKS OUTTHERE, IF YOU CAN ARRANGE 30L , ITS BETTER TO GO FOR TRV SINCE 30L FD GENERATE MORE RETURN THAN 10L AQB , THE FORMER GIVES YOU MORE THAN 7% WHILE THE LATTER MERELY GIVES 4% INTEREST PER ANNUM.

Bro..On a a lighter note. Hope you are not from Axis bank as i see all the way you have been advocating for 30 Lacs TRV ( with FD) instead of 10 lacs QAB.

Please do not mind and its nothing against you nor trying to hurt your feelings nor challenging your calculations. Here are my thoughts below

Why would I or someone else block 30 lacs in FD when 10 lacs liquid cash option is available. And if someone is into FD route of savings its understandable and even then there are better banks and I would do an FD against my retired Dad/Mom's account..
10 lacs QAB means you have liquid cash available at your disposable. You need not keep 10 Lacs all the time. You just need to maintain an average of 10 lacs.
For many even this 10 lacs QAB is a big opportunity lost leave aside 30 Lacs FD and they are absolutely correct for their spend pattern. But still one can make it positive if their genuine spends are high and as there is no annual charges now,
For many Magnus with 10 lacs QAB with the new ER calculations is probably the best card and a dream card. The 7% FD rate you are talking attracts 30-33% effective Income tax which makes it 5% ( with a fair assumption that most having Magnus card are in 30% tax bracket)
1) I will give you a case example ..may be of my self. My expenses are fixed. weather i use credit card or cash or debit card
2) I don't believe in manufacturing spends and the current ER system has almost nullified the need for manufactured spends ( except for 35 ER for spends above 1.5 lacs)
3) I am in for Miles and my travels are also not manufactured.
4) When the above are fixed ( means card or no card they have to happen ) and based on my conditions I see a minimum of 200K to 300K Airmiles a year.

So maintaining a 10 lacs disposable average balance if it gives 20-30% non taxable returns (opportunity) is not a bad idea. Isn't it ?
Note: I am not calculating returns on my spends. As I said my spends are fixed, card or cash.
Now returns against my spends via magnus is higher than the best card I have which is Infinia. So basically it means I will do minimal spends on my Infinia and shift all spends to Magnus.
Similarly many who are keen in Magnus for Burgundy will have their own business case, reasons and have calculations in mind based on their spend pattern and type of spend.

 

[baran12]

Yes, it does not make any sense. Keeping 10 lakh in an Axis FD account itself instead of savings for a year will generate an additional Rs 38702 at current FD and Savings interest rates. After paying 14750 annual fee for Magnus, I will still have close to Rs 24000 to spare. Opening a Burgundy and parking Rs 10 lakh only made sense for 5:4 redemption, else its a waste

Can you not enable autosweep on that 10L balance of Burgundy Savings ?

 

[K.R]

Nice, I opened Burgundy today with check payment, hope it gets credited and running before October One Glance Statement🌚

I am assuming you mean October month statement which will come in November. The statement that will come in October for September month you will not be eligible as you QAB/MAB will be lesser than 10 lacs. I was in same boat for Aug. I opened on 28th August and the statement that came in Sept for Aug month showed some 30 K as MAB. I will be eligible once the Sep statement comes next week

 

[Viper1057]

I am assuming you mean October month statement which will come in November. The statement that will come in October for September month you will not be eligible as you QAB/MAB will be lesser than 10 lacs. I was in same boat for Aug. I opened on 28th August and the statement that came in Sept for Aug month showed some 30 K as MAB. I will be eligible once the Sep statement comes next week

Oh, then I have to wait till November. No worries, I also asked my RM to create 3 addons for my family members of my existing Magnus card🌚

 

[SteelSh0t]

The simplest and easiest way is to open a fixed deposit of 30 lacs and next day you can will be eligible for the Magnus for Burgundy card

Are you sure that if 30 lakh FD is done, we are eligible for Burgundy card on the next day?

 

[mastfun]

Are you sure that if 30 lakh FD is done, we are eligible for Burgundy card on the next day?

Nope, U have to get one glance statement, I checked with my RM

 

[SteelSh0t]

Nope, U have to get one glance statement, I checked with my RM

When is one glance statement sent? On which date

 

[mastfun]

When is one glance statement sent? On which date

It will be monthly summary, U will get it by end of every month

 

[SteelSh0t]

It will be monthly summary, U will get it by end of every month

So I should receive it today?

 

[niteshgoyalm90]

Did you both had magnus previously?

Yes. Since 2019 when the card was launched.

 

[CVR]

When is one glance statement sent? On which date

I generally get it around 5th of every month for the previous month

 

[Trust Me]

It will be monthly summary, U will get it by end of every month

So I should receive it today?

It's more like "at the start of each month" (previous month's OGS).

I usually receive it by the 3rd or 4th.

 

[drsel]

Dear experts,
1) If we retain old Magnus card what will be the conversion ratio of the other cards in our portfolio (Samsung infinite, Rewards, Select, IOCL) ?
2) If we opt for new Magnus Burgundy card, what will be the conversion ratio of the other cards in our portfolio (Samsung infinite, Rewards, Select, IOCL) ?
Thanks 🙏

 

[drsel]

Someone on techno fino asked me what is Magnus burgundy card ?

 

[sharad131]

Isko orient PSPO nahi pata 🙂

 

[svs_23]

Mine is burgundy salary account, got email and called customer care, was asked to click a link that was sent in SMS to give consent and enter the generated OTP and now the upgradation consent process is done.
Existing normal Magnus will be valid for 45 more days after the new Magnus Burgundy card is generated.

Card received just now!

 

[K.R]

Card received just now!

Congrats !!! Did you receive PP as well or old PP continues

 

[svs_23]

Congrats !!! Did you receive PP as well or old PP continues

New PP since PP is usually tied to card itself