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

 

[mastfun]

Yes
1) what will be the conversion ratio of the other cards in your portfolio (Samsung infinite, Rewards , Select, Indian Oil) if you have
a) Old magnus
b) new Magnus Burgundy

2) Will there be a one time transfer of all old accumulated points from the 5:2 bucket into the 5:4 bucket or will they continue to remain in the 5:2 bucket?

3) do we have to maintain TRV 30 lacs permanently in order to keep the new Magnus Burgundy card lifetime free?

4) if we deposit 30 lacs fixed deposit after how many days will we be eligible for the lifetime free Magnus burgundy card?

5) if you keep 10 lacs in Burgundy savings account then after how many days will be eligible for the lifetime free Magnus burgundy card?

1) what will be the conversion ratio of the other cards in your portfolio (Samsung infinite, Rewards , Select, Indian Oil) if you have

a) Old magnus -

b) new Magnus Burgundy -

Yes for both, Once your existing MAGNUS Credit Card is upgraded to new Magnus Credit Card, all your
existing EDGE Reward Points that were earned (EDGE Reward points not redeemed yet) on your
existing Magnus Credit Card will be transferred to the new MAGNUS Credit Card for you to
enjoy the exclusive ratio of 5:4 partner miles transfer benefit.

According to him, only the miles accumulated by Magnus will be transferred, rest all cards remain 5:2 and Transferred miles will be called as Burgundy Miles.


2) Will there be a one time transfer of all old accumulated points from the 5:2 bucket into the 5:4 bucket or will they continue to remain in the 5:2 bucket?

Yes one time transfer.


3) do we have to maintain TRV 30 lacs permanently in order to keep the new Magnus Burgundy card lifetime free?
You have to maintain the Eligibility Criteria (TRV,10L AQB, Salary) else it will be converted to Paid card and no going back.


4) if we deposit 30 lacs fixed deposit after how many days will we be eligible for the lifetime free Magnus burgundy card?
45 Days cooling period for any new relationship.

5) if you keep 10 lacs in Burgundy savings account then after how many days will be eligible for the lifetime free Magnus burgundy card?
45 Days cooling period for any new relationship.

 

[SM24]

1) what will be the conversion ratio of the other cards in your portfolio (Samsung infinite, Rewards , Select, Indian Oil) if you have

a) Old magnus -

b) new Magnus Burgundy -

Yes for both, Once your existing MAGNUS Credit Card is upgraded to new Magnus Credit Card, all your
existing EDGE Reward Points that were earned (EDGE Reward points not redeemed yet) on your
existing Magnus Credit Card will be transferred to the new MAGNUS Credit Card for you to
enjoy the exclusive ratio of 5:4 partner miles transfer benefit.

According to him, only the miles accumulated by Magnus will be transferred, rest all cards remain 5:2 and Transferred miles will be called as Burgundy Miles.


2) Will there be a one time transfer of all old accumulated points from the 5:2 bucket into the 5:4 bucket or will they continue to remain in the 5:2 bucket?

Yes one time transfer.


3) do we have to maintain TRV 30 lacs permanently in order to keep the new Magnus Burgundy card lifetime free?
You have to maintain the Eligibility Criteria (TRV,10L AQB, Salary) else it will be converted to Paid card and no going back.


4) if we deposit 30 lacs fixed deposit after how many days will we be eligible for the lifetime free Magnus burgundy card?
45 Days cooling period for any new relationship.

5) if you keep 10 lacs in Burgundy savings account then after how many days will be eligible for the lifetime free Magnus burgundy card?
45 Days cooling period for any new relationship.

Thanks for this...

5A. Any idea what is the measure for Old Burgundys please?

 

[mastfun]

Thanks for this...

5A. Any idea what is the measure for Old Burgundys please?

Same maintain AQB 10L/Salary/30L TRV.

Before we parted, He said all the 5:4 transfers will be visible only after Mid October as they are waiting for most of the customers to upgrade and transfer calculation is tedious.

 

[SM24]

Same maintain AQB 10L/Salary/30L TRV.

Before we parted, He said all the 5:4 transfers will be visible only after Mid October as they are waiting for most of the customers to upgrade and transfer calculation is tedious.

I meant cooling period.

 

[Sharjeelshaikh]

Axis grabdeal is giving 5x on croma and 2x on gyftr but I heard 5 x grabdeal is not getting credited on time is this true?

 

[mastfun]

I meant cooling period.

Same 45 days

 

[mastfun]

Forgot to mention one more thing 🙂 He said don't transfer 30L and try to be be TRV as u might feel u got Magnus burgundy with 30L and u will have that locked with Axis... He said with 10L AQB it's possible, and asked me to talk to BM and he/she will do it !

 

[SM24]

Same 45 days

Hmm.

I’ve crossed the 60 day window.

In which case, I should give it another shot once One Glance is generated.

 

[K.R]

Hmm.

I’ve crossed the 60 day window.

In which case, I should give it another shot once One Glance is generated.

Does your previous One Glance statement ( Aug month) show that you have maintained the TRV or AQB or Salary deposit etc.. If yes then you should escalate if no then we have to wait.
One Glance Statement for Sept month is still not Generated. One can check under accounts with option of Consolidated Statement. Once this is generated you can check with Customer care. It should work. If not then once 45 days( since account opened with Criteria met) is over you should check. If they say no even then you can drop an email to Premium Service.

Iam anticipating that automated emails will be triggered in 1- 2 days post One Glance statemens is generated for people who opened account in Aug or before and meeting the criteria

 

[SM24]

Does your previous One Glance statement ( Aug month) show that you have maintained the TRV or AQB or Salary deposit etc.. If yes then you should escalate if no then we have to wait.
One Glance Statement for Sept month is still not Generated. One can check under accounts with option of Consolidated Statement. Once this is generated you can check with Customer care. It should work. If not then once 45 days( since account opened with Criteria met) is over you should check. If they say no even then you can drop an email to Premium Service.

Iam anticipating that automated emails will be triggered in 1- 2 days post One Glance statemens is generated for people who opened account in Aug or before and meeting the criteria

Yes August One Glance I have over 10L as Balance Maintained.

I hope what you are saying is how it turns out 🙂

 

[K.R]

Yes August One Glance I have over 10L as Balance Maintained.

I hope what you are saying is how it turns out 🙂

Then Please write to them and challenge them. I do not see a reason why they should deny you. Also put pressure on your RM. Its his job to get it done

 

[SM24]

Then Please write to them and challenge them. I do not see a reason why they should deny you. Also put pressure on your RM. Its his job to get it done

He tells me "meeku maa kantay ekkuva thelsu saar".
(You know better than us).

Lol.

He's a newly minted Burgundy.
Was Priority RM until recently.

He told me early next week, things will get clearer.

I'll hang around till the One Glance gets generated...

 

[K.R]

Then Please write to them and challenge them. I do not see a reason why they should deny you. Also put pressure on your RM. Its his job to get it done

I am assuming you are saying that it shows Average Balance ( and not Balance) of more than 10 Lacs in the One Glance Email attachment that you would have received in the 1st week of Aug

 

[SM24]

I am assuming you are saying that it shows Average Balance ( and not Balance) of more than 10 Lacs in the One Glance Email attachment that you would have received in the 1st week of Aug

Yes yes.

Like we've discussed here, One Glance has no mention of AQB and just one mention of TRV at the end of the page.

 

[K.R]

I am assuming you are saying that it shows Average Balance ( and not Balance) of more than 10 Lacs in the One Glance Email attachment that you would have received in the 1st week of Aug

For example my average below shows only 32K as I Opened Burgundy on 28th Aug but Balance as 10 lacs

 

[K.R]

Yes yes.

Like we've discussed here, One Glance has no mention of AQB and just one mention of TRV at the end of the page.

Sir It has .."Average Balance Maintained"

 

[drsel]

For example my average below shows only 32K as I Opened Burgundy on 28th Aug but Balance as 10 lacs
View attachment 31105


View attachment 31106

I cannot see
"Average balance maintained"
below the Lien amount in my quick view statement

 

[SM24]

Sir It has .."Average Balance Maintained"

Yes Sir. I know.

The Average Balance Maintained by me as per August One Glance is over 10L.

 

[Prav]

After cooling period for those who want to apply fresh magnus burgundy, will they follow the same procedure of applying new credit card?

 

[Viper1057]

For example my average below shows only 32K as I Opened Burgundy on 28th Aug but Balance as 10 lacs
View attachment 31105


View attachment 31106

My account is still not open, I think it will open on Tuesday or Wednesday and check clearance can take upto Thursday(5th October), if that's the case then my November One glance average balance will still be less than 10lakhs even if I put 12lakhs 🫠🫠