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

 

[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

 

[drsel]

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.

what will be the future conversion ratio of Edge points to Accor hotel points of these specific cards in your portfolio --Samsung infinite, Rewards , Select, Indian Oil; when you have new Magnus Burgundy?

For Samsung infinite, Rewards , Select, Indian Oil, will the future conversion ratio be 5:4 or 5:2 or 5:1 or 10:1 or 20:1?

 

[K.R]

Yes Sir. I know.

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

You should not be waiting. Write an email to Premium Service. Attach your One Glance Aug Statement. and ask them when all the conditions are met why your card is not getting upgraded

 

[hrish88]

what happened to Reserve?isnt it suppose to get 5:4 also with burgundy private.has axis forgot about it?will there be also new Reserve Burgandy Private credit card?

 

[hrish88]

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...

you can escalate to the branch head.his/her details must be mentioned in burgundy circle email.

 

[drsel]

what happened to Reserve?isnt it suppose to get 5:4 also with burgundy private.has axis forgot about it?will there be also new Reserve Burgandy Private credit card?

what happened to Reserve?
Nothing happened, no info. Magnus is the flagship of Axis to they are focusing on that only

Isnt it suppose to get 5:4 also with burgundy private.
No

has axis forgot about it?
Not likely

will there be also new Reserve Burgandy Private credit card?
No such info till now

 

[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

Sorry...My bad.

One Glance received in 1st week of September shows Average Balance of over 10L.

If 45 days is the benchmark I'm still eligible probably.

 

[Viper1057]

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

I wrote this mail to premium.experience, let's see what they reply

PS: Just noticed autocorrected fked me up with cheque spelling

 

[drsel]

View attachment 31114

I wrote this mail to premium.experience, let's see what they reply

PS: Just noticed autocorrected fked me up with cheque spelling

A members relative working in a senior position of Axis Bank said that there is a 45 days cooling period for every new account
So you need to wait for 45 days and then phone the Burgundy VIP customer care

 

[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

@Krishnaraju now I noticed that Average balance maintained is actually QAB.

You maintained 10,00,000 for 3 days in a month of 31days (August).

Average Monthly Balance (sum of daily closing balance/number of days in month) = 1000000+1000000+1000000+0+0+0...../31 = 96774.19

Quarterly Average Balance (sum of last 3 AMB/3) = 96774.19+0+0/3 = 32258.06/-. Same as your Average balance maintained value on top of your One Glance statement

Quarter Average Balance on the basis of last 90 days closing amount daily (sum of closing balance daily / number of days) = 1000000 + 1000000 + 1000000 + 0 + 0 + 0...../92 = 32608.69

I am no commerce expert guy, but these numbers match up and I believe if they will only qualify us on the basis of this One Glance statement then we all new burgundy account holders won't quality because QAB needs 90days

 

[Viper1057]

A members relative working in a senior position of Axis Bank said that there is a 45 days cooling period for every new account
So you need to wait for 45 days and then phone the customer care

No issue, I can call after 20th November the fact is, that I want the card no matter how, I can only credit upto 15 lakhs in the account

 

[drsel]

No issue, I can call after 20th November the fact is, that I want the card no matter how, I can only credit upto 15 lakhs in the account

If you have 15 lacs to spare then put it for a term deposit of 15 months at 7.1% interest because you will get only 3% interest in a savings account