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]

Customer care said that you will get 5:2 ratio for the other cards in your portfolio (which earn edge points) when you have either old Magnus or new Magnus Burgundy, in both cases.

But points earned for spends on new Magnus Burgundy card are shown separately as Magnus Burgundy points, and will get 5:4 ratio, which may be seen 3 days after the transaction date.

So if you have new Magnus Burgundy card, the other cards in your portfolio will get 5:2 ratio only; and the points earned by these other cards will be included in the category Edge points.

They will be 3 separate categories of points
1) Magnus burgundy points
2) Edge points
3) Atlas edge miles

 

[K.R]

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

The requirement is reflection of any of the 5 conditions mentioned in TNCs in your One Glance statement

 

[ankurarora898]

If any got the new magnus can they confirm that points earned only through new magnus will get 5:4 and points earned through other cards are getting only 5:2.Have around 50k points to be credited and 6 lakh already in axis savings, thinking it's a good decision to upgrade to burgundy for a while is a good idea or not.

 

[K.R]

If any got the new magnus can they confirm that points earned only through new magnus will get 5:4 and points earned through other cards are getting only 5:2.Have around 50k points to be credited and 6 lakh already in axis savings, thinking it's a good decision to upgrade to burgundy for a while is a good idea or not.

Not sure of Other cards but points for your old Magnus will definitely be shifted to New Magnus for Burgundy which then becomes 5:4

 

[drsel]

Not sure of Other cards but points for your old Magnus will definitely be shifted to New Magnus for Burgundy which then becomes 5:4

That's why we need to check with those members who just received the new Magnus burgundy card,
if their existing points are showing in the Magnus burgundy point category or in the ordinary edge point category

 

[hrish88]

That's why we need to check with those members who just received the new Magnus burgundy card,
if their existing points are showing in the Magnus burgundy point category or in the ordinary edge point category

its showing in edge point category and not in Magnus burgandy

 

[drsel]

its showing in edge point category and not in Magnus burgandy

Thanks for informing all of us.
It means the edge points coming for August 1 lac spend will also go in the ordinary Edge point category and get 5:2 ratio

 

[drsel]

So now 5:4 ratio will be exclusively for the spends made on the new Magnus burgundy card which has just started from today

 

[K.R]

Thanks for informing all of us.
It means the edge points coming for August 1 lac spend will also go in the ordinary Edge point category and get 5:2 ratio

They will ( spends on old Magnus) will be eventually shifted to magnus for Burgundy. May not happen on the same day as your card is activated and may also need some follow ups if not moved.

 

[drsel]

No wonder everyone with Magnus burgundy is seeing 5:2 ratio, because all old points have been put in the ordinary edge category with 5:2 ratio.

5:4 ratio will only start when they spend using the new Magnus burgundy card which just arrived

 

[Viper1057]

No wonder everyone with Magnus burgundy is seeing 5:2 ratio, because all old points have been put in the ordinary edge category with 5:2 ratio.

5:4 ratio will only start when they spend using the new Magnus burgundy card which just arrived

Your message is partially correct. Yes new magnus points will go in new magnus burgundy points bucket, but after activation of card, we all will get one time chance to transfer all existing edge points to magnus burgundy as stated several times in the terms and conditions pdf.
Existing edge points are in a same single bucket for Samsung Infinite, IOCL etc. And I don't think Axis is so good in implementing anything that they can track which points are from which cards, that's why they wrote the same "that transfer all existing edge points to new card bucket". If it were only for old magnus card, they would have specified otherwise!

Its just Axis isn't great on doing anything and we don't know after how many weeks the service will start. Maybe it will automatically happen after few days from today activation of card or maybe can take upto mid November. There is also one more thing, we might need to request for doing this through customer care or maybe it will be automated. We will only have clarity on this after next few weeks.

 

[hrish88]

Your message is partially correct. Yes new magnus points will go in new magnus burgundy points bucket, but after activation of card, we all will get one time chance to transfer all existing edge points to magnus burgundy as stated several times in the terms and conditions pdf.
Existing edge points are in a same single bucket for Samsung Infinite, IOCL etc. And I don't think Axis is so good in implementing anything that they can track which points are from which cards, that's why they will wrote the same that transfer all existing edge points to new card bucket. If it were only for old magnus card, they would have specified otherwise!

Its just Axis isn't great on doing anything and we don't know after how many weeks the service will start. Maybe it will automatically happen after few days from today activation of card or maybe can take upto mid November. There is also one more thing, we might need to request for doing this through customer care or maybe it will be automated. We will only have clarity on this after next few weeks.

I spoke to Customer care.the executive told me that once i start using this card after 24 hrs.i will be able to see the ratio of 5:4 for existing reward points.i asked him if that is the case then why there is a separate category for Magnus burgundy.he did not give me a clear answer on that query.

I think these are still early days. Hopefully in the future things will be clearer. till that, there will be more rumours,confusion and lots of wrong info from customer care executives and some so-called influencers.

With Axis you can be only sure about chaos, mess and nothing else.

 

[UKJ]

I had opened my salary Burgundy account in August and had my salary deposited there in September. Called the number given on Axis communication and they said I was not eligible for the new Magnus card. I wonder what is different between mine and other salary accounts who are able to get the new Magnus card??

 

[svs_23]

I had opened my salary Burgundy account in August and had my salary deposited there in September. Called the number given on Axis communication and they said I was not eligible for the new Magnus card. I wonder what is different between mine and other salary accounts who are able to get the new Magnus card??

They may be checking how long someone is burgundy?!
What did they say when you asked this question to customer care?

 

[SM24]

I had opened my salary Burgundy account in August and had my salary deposited there in September. Called the number given on Axis communication and they said I was not eligible for the new Magnus card. I wonder what is different between mine and other salary accounts who are able to get the new Magnus card??

I’ve heard references to 6 months salary credits into Axis account, here and on twitter.

 

[K.R]

I had opened my salary Burgundy account in August and had my salary deposited there in September. Called the number given on Axis communication and they said I was not eligible for the new Magnus card. I wonder what is different between mine and other salary accounts who are able to get the new Magnus card??

The rule is it has to show in One Glance Statement. In your case it doesn't as your salary was credited in Sep and not Aug. Try after 1 week you should be eligible

 

[raviemailid]

With Axis you can be only sure about chaos, mess and nothing else

This for sure. I had applied for Atlas. It got delivered 3 weeks ago, I have made some dream like expenses on it already and yesterday Axis sends me an email that sorry, Atlas card can't be issued.

It's like those departments don't talk to each other.

 

[drsel]

This for sure. I had applied for Atlas. It got delivered 3 weeks ago, I have made some dream like expenses on it already and yesterday Axis sends me an email that sorry, Atlas card can't be issued.

It's like those departments don't talk to each other.

This does not make sense.
you said that Atlas card was already delivered three weeks ago.

 

[drsel]

I had opened my salary Burgundy account in August and had my salary deposited there in September. Called the number given on Axis communication and they said I was not eligible for the new Magnus card. I wonder what is different between mine and other salary accounts who are able to get the new Magnus card??

Don't worry once it shows in your monthly statement as a 3 lac + salary credit then you can phone customer care and apply.

Regarding those who keep 10 lacs in savings, for the average balance to increase to 10 lakhs it may take at least 45 days.
Or you can put a higher amount and reduce the number of days of waiting

 

[hrish88]

This for sure. I had applied for Atlas. It got delivered 3 weeks ago, I have made some dream like expenses on it already and yesterday Axis sends me an email that sorry, Atlas card can't be issued.

It's like those departments don't talk to each other.

Yesterday i got the Magnus burgundy then i called Customer care to ask about the add-on card.the executive told me that the existing add on card will work as it is and the benefits will be credited to the primary card.i said cool then i asked him some more queries , at the end of call i asked him again to reconfirm about the add on card.he said wait then he spoke with his supervisor and this time he told that i will be getting a new add on card shortly in few days.so on same call with same person i got 2 different answers for a question.

One more thing i asked him what would happen to my existing card? will it be blocked as I have activated the new card? he told me that the old card is already blocked and i don't have to be worried about it. but this morning I got the auto-debit message on the old card which i am using it for a subscription on one of the websites.so the old card is also working fine contrary to what he told me