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]

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?

All of us have the old Magnus, so we don't really know.
it's better you call Burgundy customer care and they will guide you

 

[K.R]

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?

Yes. Like any other new CC

 

[kalratush]

I have had the new Magnus burgundy card for 2 days now, and my edge reward points have not yet converted to Magnus burgundy points. Even customer care said they are not sure about the TAT for this yet since it’s new.

 

[drsel]

I have had the new Magnus burgundy card for 2 days now, and my edge reward points have not yet converted to Magnus burgundy points. Even customer care said they are not sure about the TAT for this yet since it’s new.

The software should get sorted out by end october.
Axis is expected to offer one time transfer of all ordinary Edge points to Burgundy points

 

[kalratush]

The software should get sorted out by end october.
Axis is expected to offer one time transfer of all ordinary Edge points to Burgundy points

Oh right, hope they get that sorted soon

 

[anupam77]

Has anyone received the Aug milestone bonus of 25,000 Edge points yet? Long due.

 

[vikramsrit]

Has anyone received the Aug milestone bonus of 25,000 Edge points yet? Long due.

This would be post 90 days.

 

[Viper1057]

This would be post 90 days.

Not post 90days, its before 90days. Mostly it comes just around 80~90days so we can expect it in 3rd or 4th week of November mostly.

 

[ankurarora898]

small query I called my rm to upgrade my account to burgundy,I have 8lakh in it and I will out to more but she said it has to be 10 lakh in the past quater to convert my savings account into burgundy.Is it like this?

 

[Aryan Malhotra]

small query I called my rm to upgrade my account to burgundy,I have 8lakh in it and I will out to more but she said it has to be 10 lakh in the past quater to convert my savings account into burgundy.Is it like this?

Just tell them i will maintain 10 lakhs once my account is upgraded, they will have to upgrade if they don't just complaint about it on twitter dm, your RM will callback you for upgrade

 

[drsel]

small query I called my rm to upgrade my account to burgundy,I have 8lakh in it and I will out to more but she said it has to be 10 lakh in the past quater to convert my savings account into burgundy.Is it like this?

You need to deposit 2 lacs to make it 10 lacs and then tell your relationship manager to upgrade your account to Burgundy.
you may also have to fill up some forms

 

[SM24]

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.

"Burgundy criteria not met for Jul 23, and met for Aug 23 and sep 23. However Sep 23 details will get fetched in couple of days... post that pls call on above number to process the request"

Branch Head

 

[vikramsrit]

Received my upgraded Burgundy Magnus card. Can't keep old and new Magnus both. Also, non-spend benefits would be shared between the 2 cards as per them, so doesn't make much sense to keep both of them active anyways.

 

[ankurarora898]

Just tell them i will maintain 10 lakhs once my account is upgraded, they will have to upgrade if they don't just complaint about it on twitter dm, your RM will callback you for upgrade

You need to deposit 2 lacs to make it 10 lacs and then tell your relationship manager to upgrade your account to Burgundy.
you may also have to fill up some forms

I think they don't have knowledge.I told them I am depositing 2 lakhs more but she insisted that past quater should be 10 lakh aqb then we can upgrade the account.Also I don't use Twitter is there an email I can contact?

 

[K.R]

Received my upgraded Burgundy Magnus card. Can't keep old and new Magnus both. Also, non-spend benefits would be shared between the 2 cards as per them, so doesn't make much sense to keep both of them active anyways.

Did you get new PP along with it ? What about addon card..was it also delivered

 

[K.R]

"Burgundy criteria not met for Jul 23, and met for Aug 23 and sep 23. However Sep 23 details will get fetched in couple of days... post that pls call on above number to process the request"

Branch Head

Since you are old customer your AQB would have been less than 10 lacs for the quarter. For new customers they will not face this problem. They need to wait for 45 days/ One Glance Statemen

 

[kapsshah42]

Can anyone guide how to find the one glance statement?

 

[ankitfintech]

Update: My branch RM said that for meeting 10L via savings account they will check AQB and they internally have a way to check this criteria. Also One Glance Statement doesnt show this AQB value. So I don't think waiting for One Glance Statement makes sense at all. Just check with BM or calculate your AQB and see how much you will to pump money in the account to satisfy AQB of 10L.

 

[MilesMax]

Update: My branch RM said that for meeting 10L via savings account they will check AQB and they internally have a way to check this criteria. Also One Glance Statement doesnt show this AQB value. So I don't think waiting for One Glance Statement makes sense at all. Just check with BM or calculate your AQB and see how much you will to pump money in the account to satisfy AQB of 10L.

You can check AQB directly in Net banking yourself too. In the detailed statement section.

 

[SM24]

Same 45 days

@Krishnaraju

As per a zonal head, 45 days cooling period even for old Burgundy accounts.

From what my branch head said today, it seems

1. 45 day cooling period
+
2. Validation via Latest One Glance Statement

I wonder what is the definition of new Burgundy though?
Accounts opened post July 21st communication about change in Magnus TnC?