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

 

[Viper1057]

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

Haha what I meant here is that I can only spare upto 15 lakhs in burgundy for any type of asset at the moment, don't have more liquidity to reach 30 lakh if required that's why my only hope is this 10 lakh MAB/QAB anyhow!

 

[drsel]

HDFC Infinia Vs Axis Magnus Credit Card: A Updated Comparison

Axis Magnus Credit Card vs HDFC Infinia Credit Card. A updated comparison after devaluation of the features of Axis Magnus Credit Card.

financebenz.com

A very detailed and interesting analysis and comparison

 

[K.R]

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?

We have Burgandy private customers here..

@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

I had opened Account on 28th but it got activated on 30th August with 5 lacs. Next 5 lacs was added on 1st Sep. So for Aug month its 500000* 2 days/ 31 days. Thats the average balance its showing

 

[Viper1057]

We have Burgandy private customers here..

I had opened Account on 28th but it got activated on 30th August with 5 lacs. Next 5 lacs was added on 1st Sep. So for Aug month its 500000* 2 days/ 30 days. Thats the average balance it showing

Ah this clears everything, thanks! I am now calculating how much additional amount I should add to make my November One Glance above 10 lakhs since my account will be active post 5th October probably

 

[jonamdhar]

I'm planning to convert my existing priority salary account to Burgundy salary account.

The priority account already received 3lakh+ salary for last three months. But post conversion, the first salary credit in the converted Burgundy account will be on Nov 1st.

Would the one Glance statement consider my previous salary credits as well considering the accou t number is the same? Or it will only register the credits from the time the account becomes Burgundy?

 

[drsel]

I'm planning to convert my existing priority salary account to Burgundy salary account.

The priority account already received 3lakh+ salary for last three months. But post conversion, the first salary credit in the converted Burgundy account will be on Nov 1st.

Would the one Glance statement consider my previous salary credits as well considering the accou t number is the same? Or it will only register the credits from the time the account becomes Burgundy?

This is a specific technical question you need to check with the escalation team of the burgundy customer care

 

[drsel]

There is a new risk that all future transactions with other cards in your portfolio (other than Reserve Select Privilege Rewards) will get only 20:1 ratio for Accor hotels and foreign partners when you have Magnus Burgundy card

 

[drsel]

Whereas with old Magnus card, all the other cards in the portfolio are currently getting 5:2 ratio for Accor hotels and other foreign partners

 

[MilesMax]

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?

Axis doesn't have to do anything for Reserve. With Burgundy Private, All edge points will have 5:4 ratio (Burgundy Private CC ratio)

 

[CVR]

There is a new risk that all future transactions with other cards in your portfolio (other than Reserve Select Privilege Rewards) will get only 20:1 ratio for Accor hotels and foreign partners when you have Magnus Burgundy card

but why will you even transact with other cards? this risk is not even practical.. just use magnus burgundy and get 5:4 on everything.. what is the need to use other cards

 

[drsel]

Magnus Burgundy holders kindly let us know what point conversion ratio you get when you use your other cards

 

[Saijakie]

Hi ,
Has anyone is this forum noticed that there is no reward points credited for international transactions done on my Magnus and select credit card after 31st Aug 2023 . I have recieved reward points for all the local transactions though till sep 28th 2023 .
Kinldy check and update if anyone recieved .

 

[drsel]

Hi ,
Has anyone is this forum noticed that there is no reward points credited for international transactions done on my Magnus and select credit card after 31st Aug 2023 . I have recieved reward points for all the local transactions though till sep 28th 2023 .
Kinldy check and update if anyone recieved .

This is abnormal, the points earned from international transactions on old Magnus and Select should be seen after 2--3 days.
Please complain to customer care and let us all know why.

 

[ishanmontella]

Hi ,
Has anyone is this forum noticed that there is no reward points credited for international transactions done on my Magnus and select credit card after 31st Aug 2023 . I have recieved reward points for all the local transactions though till sep 28th 2023 .
Kinldy check and update if anyone recieved .

I have received all the reward points on international transactions done using Magnus in the month of September. Please reach out to customer care asap.

 

[Prav]

After cooling period (newly opened account)for those who want to apply fresh magnus burgundy, will they follow the same procedure of applying new credit card?
Please someone help

 

[drsel]

After cooling period (newly opened account)for those who want to apply fresh magnus burgundy, will they follow the same procedure of applying new credit card?
Please someone help

After the 45 days mandatory cooling off period, check if your AQB is 10 lakhs and then phone burgundy customer care to send you the email link

 

[Saijakie]

This is abnormal, the points earned from international transactions on old Magnus and Select should be seen after 2--3 days.
Please complain to customer care and let us all know why.

Thanks . will complaint and let you know

 

[Saijakie]

I have received all the reward points on international transactions done using Magnus in the month of September. Please reach out to customer care asap.

Thanks for the reply .Will reach out to customer care and update.

 

[saketreddy]

Hi ,
Has anyone is this forum noticed that there is no reward points credited for international transactions done on my Magnus and select credit card after 31st Aug 2023 . I have recieved reward points for all the local transactions though till sep 28th 2023 .
Kinldy check and update if anyone recieved .

Received as usual

 

[Prav]

After the 45 days mandatory cooling off period, check if your AQB is 10 lakhs and then phone burgundy customer care to send you the email link

Do i need to follow the whole process of new credit card application(not holding old magnus)
And it will be approved subject to approval?