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]

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

 

[svs_23]

Card received just now!

 

[drsel]

View attachment 30995View attachment 30996

Kindly see the conversion ratio of the other cards in your portfolio when you open the reward points on the left drop down menu of your Axis mobile.

On the top left corner of Axis mobile app click
Your initials--Reward points--Traveledge-- points mile transfer.
1) Use the slider for Edge points which refers to the points earned by the other cards in your portfolio, and see what is the conversion ratio
2) See the point conversion ratio for your Magnus burgundy points (separate total different from Edge points)

 

[Zarieal]

View attachment 30995View attachment 30996

Thanks for confirming that there somethings exist like a True BURGUNDY status

 

[drsel]

I put 30 lacs fixed deposit yesterday and my TRV was upgraded as 30 lacs today by my relationship manager.

But Burgundy customer care says that they cannot send me the link to upgrade.
The link is greyed out and faded.
Error code
CCUPG-14

 

[Viper1057]

Okay someone reports that all cards in the portfolio will get 5:4 ratio if you have Magnus BurgundyView attachment 31006

This is from yesterday. This is from today:

 

[K.R]

New PP since PP is usually tied to card itself

Thnaks

I put 30 lacs fixed deposit yesterday and my TRV was upgraded as 30 lacs today by my relationship manager.

But Burgundy customer care says that they cannot send me the link to upgrade.
The link is greyed out and faded.
Error code
CCUPG-14

You have to wait till One Glance statement is generated. This will be next week

 

[drsel]

Thnaks

You have to wait till One Glance statement is generated. This will be next week

Just reconfirm about 10 lacs for 45 days.
Axis changed it to 30 lacs TRV for 45 days

 

[K.R]

Just reconfirm about 10 lacs for 45 days.
Axis changed it to 30 lacs TRV for 45 days

Axis has not changed anything Sir 🙂

 

[drsel]

Axis has not changed anything Sir 🙂

My relationship manager says just wait for two three days and you can get the upgrade from magnus to magnus burgundy done, because your TRV was just updated to 30 lacs today 30th September.

whereas with the requirement of 10 lakhs AQB in savings account , its possibly a 90 days wait, which will go on beyond 30th November

 

[chasni]

My relationship manager says just wait for two three days and you can get the upgrade from magnes to magnes burgundy done, because your TRV was just updated to 30 lacs today 30th September.

whereas with the 10 lakhs savings , its possibly a 90 days wait, which will go on beyond 30th November

At least your RM has completed his target for the month.

 

[drsel]

At least your RM has completed his target for the month.

How much incentive do RMs get for term deposits?
What are the incentives slab wise for different targets?

At what discount do banks buy air miles and hotel points from their transfer partners?