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

 

[vikramsrit]

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

Yes, got a new PP with it. I did not have any add-on card.

 

[drsel]

@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?

New Burgundy savings account is one which is less than 45 days old

 

[Aryan Malhotra]

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?

Mail to pno@axisbank.com

 

[CardsHoarder]

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

I do not see AQB mentioned in detailed statement. Tried multiple criteria - this month/previous month/last 3 months. Do you mean one has to download the statement and apply formula in excel?
I downloaded PDF as well but AQB is not mentioned there.

 

[drsel]

I do not see AQB mentioned in detailed statement. Tried multiple criteria - this month/previous month/last 3 months. Do you mean one has to download the statement and apply formula in excel?
I downloaded PDF as well but AQB is not mentioned there..

Burgundy customer care will tell you

 

[MilesMax]

I do not see AQB mentioned in detailed statement. Tried multiple criteria - this month/previous month/last 3 months. Do you mean one has to download the statement and apply formula in excel?
I downloaded PDF as well but AQB is not mentioned there.

Login to net banking -> Go to statements -> Account details

You can see like below. This is financial quarters. We don't really know if Axis is looking for financial quarters or last 3 months.

I think what shows up in One Glance is also financial quarters. @Krishnaraju can clarify on this.

Btw age of the account doesn't matter. Even a 2 day old account will have this.

 

[swipesmart]

Yes, got a new PP with it. I did not have any add-on card.

I have given my consent on 30th itself but still haven't got any update about card dispatch. How much time it took for you to deliver?

 

[rohitb]

I have given my consent on 30th itself but still haven't got any update about card dispatch. How much time it took for you to deliver?

It's been literally just 1 working day since 30th. Have some patience my friend.

 

[ankurarora898]

Had messaged axis on Facebook yesterday and now branch head gave me a call and said they will upgrade the account today itself.

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?

 

[SteelSh0t]

Login to net banking -> Go to statements -> Account details

You can see like below. This is financial quarters. We don't really know if Axis is looking for financial quarters or last 3 months.

I think what shows up in One Glance is also financial quarters. @Krishnaraju can clarify on this.

Btw age of the account doesn't matter. Even a 2 day old account will have this.

View attachment 31289

This is projected account balance. Don't think it is AQB

 

[Prav]

If someone has family banking under axis burgundy private, how can he become eligible for magnus for burgundy card?

 

[CardsHoarder]

Login to net banking -> Go to statements -> Account details

You can see like below. This is financial quarters. We don't really know if Axis is looking for financial quarters or last 3 months.

I think what shows up in One Glance is also financial quarters. @Krishnaraju can clarify on this.

Btw age of the account doesn't matter. Even a 2 day old account will have this.

View attachment 31289

This is projected score for next month/quarter etc. Not past AQB.

 

[MilesMax]

This is projected score for next month/quarter etc. Not past AQB.

This is projected account balance. Don't think it is AQB

True. This is not for the OGS of Sept.
If you don't change any funds now till Oct end. Whatever you see here would be the AQB in October OGS. (If Axis is following financial quarters in OGS)

 

[K.R]

The 3rd quarter just started this month. Oct-Dec.
Someone with a few previous One Glace statements has to confirm how AQB is calculated in that.
If it's a Financial Quarters then this value is the same as AQB.

AQB is summation of each day into the amount in your account that particular day since the account is open in the last quarter divided by no of days your account is open in the last quarter.

 

[MilesMax]

AQB is summation of each day into the amount in your account that particular day since the account is open in the last quarter divided by no of days your account is open in the last quarter.

By last quarter do you mean the financial quarter or last 3 months?
If it is a financial quarter then the AQB in the previous OGS for July, August, and September should be the same. (AQB maintained in Apr, may, june)

 

[K.R]

By last quarter do you mean the financial quarter or last 3 months?
If it is a financial quarter then the AQB in the previous OGS for July, August, and September should be the same. (AQB maintained in Apr, may, june)

Iam not sure if they are calculating by Quarter or Last 90 days from present date.. but lets ensure we are 10 Lacs plus for both.
Also if you opened your account on Sep 15 Per say with 10 lacs..dont worry your QAB will be 10 Lacs.. They will divide by 15 days and not 90 days

 

[MilesMax]

Iam not sure if they are calculating by Quarter or Last 90 days from present date.. but lets ensure we are 10 Lacs plus for both.
Also if you opened your account on Sep 15 Per say with 10 lacs..dont worry your QAB will be 10 Lacs.. They will divide by 15 days and not 90 days

True, for a new account it's not a problem.

For an old account holder the way the AQB calculated actually matters.
Let's say if the balance was 0 in last 2 months and 10L in 3rd month. AQB would be come 3.3L in Nov OGS if the calculation is done for last 90 days.

If it is financial quarters. Then Oct comes to new quarter so 10L in Oct month will have 10L AQB in Nov OGS irrespective of last 2 months.

Maybe I am wrong, anyway my account is new so it won't be a problem.

 

[rayhan12]

Any Magnus alternative for earning miles ?

 

[K.R]

Any Magnus alternative for earning miles ?

Infinia
Atlas
Citi premiere Miles
DCB
and many more

 

[rayhan12]

Thanks I will try for atlas