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

 

[niteshgoyalm90]

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?

Me and my dad are both approved basis AQB. We are family burgundy members since 2017 and used to maintain 10lac+ AQB since long. I can see the card generated in both of our axis mobile apps also.

 

[Aryan Malhotra]

Me and my dad are both approved basis AQB. We are family burgundy members since 2017 and used to maintain 10lac+ AQB since long. I can see the card generated in both of our axis mobile apps also.

Did you both had magnus previously?

 

[Riteshgpt60]

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?

Is the new Magnus comes in metal? Or they changed it into Plastic with mastercard?

 

[drsel]

If you can see the last four digits of Magnus Burgundy Mastercard on your mobile app kindly check your Edge points and see if there are separate categories/pools for 5:4, 5:2, 5:1, 10:1, 20:1 and 1:2 (Atlas edge miles);
OR
Is it just one common pool for all edge points.

in which case, all your other cards in your portfolio will also get 5:4 ratio

 

[hrish88]

It was always like that. Its just the few on Axis Customer care call center and few in this group created confusion. There are 5 categories mentioned and who ever qualifies for them are eligible.

Axis is responsible for this mess and not the Customers.Axis just needed to add one sentence in the pdf.it could said that "Anyone satisfying the above-mentioned criteria is eligible for a new Magnus burgundy card".

Also axis did poor job in training the customer care executive before sending that email to everyone.people have been told to that maintaining 10L AQB is not enough.

 

[hrish88]

If you can see the last four digits of Magnus Burgundy Mastercard on your mobile app kindly check your Edge points and see if there are separate categories/pools for 5:4, 5:2, 5:1, 10:1, 20:1 and 1:2 (Atlas edge miles);
OR
Is it just one common pool for all edge points.

in which case, all your other cards in your portfolio will also get 5:4 ratio

buddy have patience we are(at least i am) still seeing 5:2 in edge portal.once the card is active then it may change.

I am expective more drama on that front also.

 

[Riteshgpt60]

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

This is indeed a good opportunity for the bank to increase the deposit inflows.

 

[Riteshgpt60]

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.

 

[Tirajat]

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?

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.

 

[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?