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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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I dont understand Why Axis is making the mess of a good opportunity. People are putting 10L or crediting 3L salary or putting FD of 30L.Axis should immediately issue all these guys the new Magnus Burgundy card.

Why these added conditions of 45 days etc.Axis has already devalued this card.No 25000 points,lots of MCC excluded,gyfter has been devalued to 2x and 3x.for gods sake heavens are not gonna fall if axis issue this card to every burgundy customer who is meeting the criteria.

Whats the fuss with this 30L TRV.people are showing faith in this card and putting in their hard earn money isn't thas enough for axis.

P.S-I have already been upgraded to burgandy magnus still i am not happy with the attitude of Axis especially the way its treating its customers
 
Upvote 0 Downvote
Riteshgpt60 said:
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.😂
Click to expand...
Bro you can make FD of 1 Crore as well your choice. No arguments.
I have a clear confirmation over an above the email from my Bank manager yesterday and also from Customer care today ( though i donot go by customer care) that I need not even wait for 45 days. Once The One Glance is generated in October I need to call and they will issue. This is based on 10 lacs AQB.
On a lighter note may be they think you are super rich and asking you for 30 lacs. For poor guy like me they have confirmed 10 lacs AQB 🙂
 
Upvote 0 Downvote
drsel said:
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
Click to expand...
Crossing 10 Lacs will not suffice. You have to wait the One Glance is generated . They will check One Glance Statement. If you call now they will refer to One Glance statement for Aug month
 
Upvote 0 Downvote
hrish88 said:
I dont understand Why Axis is making the mess of a good opportunity. People are putting 10L or crediting 3L salary or putting FD of 30L.Axis should immediately issue all these guys the new Magnus Burgundy card.

Why these added conditions of 45 days etc.Axis has already devalued this card.No 25000 points,lots of MCC excluded,gyfter has been devalued to 2x and 3x.for gods sake heavens are not gonna fall if axis issue this card to every burgundy customer who is meeting the criteria.

Whats the fuss with this 30L TRV.people are showing faith in this card and putting in their hard earn money isn't thas enough for axis.

P.S-I have already been upgraded to burgandy magnus still i am not happy with the attitude of Axis especially the way its treating its customers
Click to expand...

In my opinion, it doesn't make business sense to exclude 10lac AQB. Whenever a company launches a new product, it provides a easy way for customers to migrate to the product. It is not easy to migrate 30lac TRV from bank to Axis at one go when they are advertising it as a time-bound offer. Any sane person is not going to break their FDs in other banks in the middle of the period and migrate it to Axis to get this time-bound offer.

Moreover, they are also creating segregation within a single premium product. If someone is lone Burgundy user with 10lac AQB and is denied the upgrade then the bank is trying to discriminate between customers of the same product. Either make a new product, Burgundy Plus and give them upgrade or keep things at the same level among the customers.
 
Upvote 0 Downvote
drsel said:
https://livefromalounge.com/axis-bank-readies-magnus-for-burgundy-credit-card/
Full info about 30 lacs TRV
Click to expand...

I can't seem to understand any logic below:

[Update on September 29, 2023: Axis Bank seems to have taken a view to issue these to Burgundy Cardmembers with a salary credit to Axis Bank, as long as the salary is over INR 3 Lakhs. This is on the back of the fact that they will give INR 36 Lakh worth of business/Relationship Value to Axis Bank]

I am not knowledgeable at banking or accounting, but going by this logic 10lac aqb will give more business/Relationship Value [12*10 = 120 lacs] to Axis Bank, i.e., nearly 3 times the salary accounts. Moreover, salary account holders can make their account 0 but aqb holders cannot else they will fall short of the criteria. So, how come they are being excluded?

As I said earlier, everyone is just giving their interpretation. Nobody has clear concise information.
 
Upvote 0 Downvote
chasni said:
In my opinion, it doesn't make business sense to exclude 10lac AQB. Whenever a company launches a new product, it provides a easy way for customers to migrate to the product. It is not easy to migrate 30lac TRV from bank to Axis at one go when they are advertising it as a time-bound offer. Any sane person is not going to break their FDs in other banks in the middle of the period and migrate it to Axis to get this time-bound offer.

Moreover, they are also creating segregation within a single premium product. If someone is lone Burgundy user with 10lac AQB and is denied the upgrade then the bank is trying to discriminate between customers of the same product. Either make a new product, Burgundy Plus and give them upgrade or keep things at the same level among the customers.
Click to expand...
Yes a Burgandy is customer is a Burgandy Customer.Doesn't matter if that person is maintaining 10L AQB or 30L TRV or 3L salary.as you said bank can not discriminate.

Its bad enough that there are 2 magnus cards that now axis wants to create 2 types of burgundy.
 
Upvote 0 Downvote
hrish88 said:
Yes a Burgandy is customer is a Burgandy Customer.Doesn't matter if that person is maintaining 10L AQB or 30L TRV or 3L salary.as you said bank can not discriminate.

Its bad enough that there are 2 magnus cards that now axis wants to create 2 types of burgundy.
Click to expand...
False Burgundy
Burgundy, but not maintaining any kind of balances

True or False Burgundy
On the way to achieving 10L AQB

True Burgundy
30L TRV, >3L Salary, 1 Cr. Investment Relationship including Demat holdings, 40L pa remittances (At all times)

Lots of T n Fs here, it seems.
 
Upvote 0 Downvote
chasni said:
In case, anyone has still doubts. 🙂

View attachment 30931
Click to expand...
This is so much clearer.

There appears to be just one person here who was approved for Magnus for Burgundy, despite TRV & Salary not being the benchmarks.
AQB was.

He is a long term Burgundy but only in September increased his savings balance from 8L or so to 10L. ( If I remember right).

Definitely an outlier for more than one reason.

Wonder if anyone else has received approval AQB basis?
 
Upvote 0 Downvote
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