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]

Any Magnus alternative for earning miles ?

Atlas is second best
For Infinia you need
1) 42 lakhs income
2) 10 lakhs limit on another bank card for card to card offline application.
3) 8 lakhs limit on your existing HDFC card and you should have spent 7.5 lakhs in the previous 6 months

 

[shann9999]

Atlas is second best
For Infinia you need
1) 42 lakhs income
2) 10 lakhs limit on another bank card for card to card offline application.
3) 8 lakhs limit on your existing HDFC card and you should have spent 7.5 lakhs in the previous 6 months

2 and 3rd point no need to maintain, i have previously DCB with 9L limit. i have requested to convert to infinia but they declined due to low spends.
Now i don't have any card with more than 2L limit, I have closed the card this year july, and applied Infinia two weeks back and approved.

 

[drsel]

2 and 3rd point no need to maintain, i have previously DCB with 9L limit. i have requested to convert to infinia but they declined due to low spends.
Now i don't have any card with more than 2L limit, I have closed the card this year july, and applied Infinia two weeks back and approved.

That's incredible, after you closed your DCB card with 9 lakh limit how did they approve and what documents did they want?

 

[shann9999]

That's incredible, after you closed your DCB card with 9 lakh limit how did they approve and what documents did they want?

Indeed,
after closing the card i left with no other card, I just gave my two months pay slip (agent told me we should have net 2.7L salary credit for Infinia).
I have called my RM Imperia, to issue a tata nue CC, he told me he will get it Infinia and it will be converted to LTF by EOY. Arranged agent for salary slip pickup as my salary crediting to another bank.

 

[Rishabh]

Finally applied for Magnus Burgundy credit card today (new card application with no existing Magnus) on basis of AQB criteria via C2C basis. Provided OGS for August since September one not received yet.

New criteria to apply Magnus Burgundy via C2C now requires minimum 10lac Credit Limit on other bank credit card and it shall be minimum 1 year old with minimum 40% credit limit available in the latest statement as per the agent who processed the application.
But again it might vary agent to agent in case if no clear guideline from bank to them.

Will share updates on the application as it progress.

 

[mastfun]

Finally applied for Magnus Burgundy credit card today (new card application with no existing Magnus) on basis of AQB criteria via C2C basis. Provided OGS for August since September one not received yet.

New criteria to apply Magnus Burgundy via C2C now requires minimum 10lac Credit Limit on other bank credit card and it shall be minimum 1 year old with minimum 40% credit limit available in the latest statement as per the agent who processed the application.
But again it might vary agent to agent in case if no clear guideline from bank to them.

Will share updates on the application as it progress.

Is it LTF?

 

[Rishabh]

Is it LTF?

Magnus Burgundy will always be zero fees till True Burgundy relationship is maintained.

 

[rohitb]

So tried upgrading again today and was rejected. Although I maintain trv and all for 2 months and it was confirmed by exec too, it was rejected and exec told me it's because it's not true burgundy and suggested to talk to my RM.

Called my RM and he mentioned it's because I opened digital account and my scheme code is DB PRV. He said he will change the scheme code (need to send some mail from his side) and post this I should be able to get burgundy magnus.

What a shit show this company is.

 

[Viper1057]

My new burgundy account is just activated for which I applied on 29th September. The date of opening account is showing me this in netbanking, is this some sort of glitch or bank guys did some hera-pheri here?

 

[rohitb]

My new burgundy account is just activated for which I applied on 29th September. The date of opening account is showing me this in netbanking, is this some sort of glitch or bank guys did some hera-pheri here?
View attachment 31339

I opened in first week of August , for me it shows March 2023.

 

[Viper1057]

I opened in first week of August , for me it shows March 2023.

Gonna raise this with pno & rbi ombudsman then, its illegal to show false data here

 

[rohitb]

Any DBPRV person who got magnus burgundy ?

 

[swipesmart]

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

Got it delivered today . Why it's network changed to Master Card from Visa Infinite ?

 

[shann9999]

My new burgundy account is just activated for which I applied on 29th September. The date of opening account is showing me this in netbanking, is this some sort of glitch or bank guys did some hera-pheri here?
View attachment 31339

Mine shows 2022 Aug even though i have opened two months ago

 

[Viper1057]

Mine shows 2022 Aug even though i have opened two months ago

I think this has to do something with branch and their way of handling this. I remember when they opened my account, they used a normal account instant kit(has debit card etc.) to process my application, they even provided me that kit later on but it is useless because I will get my burgundy kit later on.. I think those kits come from Axis bank headquarters and its their date on our accounts.

But then how come @rohitb faced it because he opened a digital account where its not possible and all process is automated through axis software.

 

[shann9999]

I think this has to do something with branch and their way of handling this. I remember when they opened my account, they used a normal account instant kit(has debit card etc.) to process my application, they even provided me that kit later on but it is useless because I will get my burgundy kit later on.. I think those kits come from Axis bank headquarters and its their date on our accounts.

But then how come @rohitb faced it because he opened a digital account where its not possible and all process is automated through axis software.

I have opened my account digitally, branch people did not involved.

 

[funatlearn]

Anyone aware if burgundy salary account also need to maintain 10l or trv to get new magnus burgundy.

 

[shann9999]

Anyone aware if burgundy salary account also need to maintain 10l or trv to get new magnus burgundy.

If salary credit more than 3L is enough

 

[mastfun]

So tried upgrading again today and was rejected. Although I maintain trv and all for 2 months and it was confirmed by exec too, it was rejected and exec told me it's because it's not true burgundy and suggested to talk to my RM.

Called my RM and he mentioned it's because I opened digital account and my scheme code is DB PRV. He said he will change the scheme code (need to send some mail from his side) and post this I should be able to get burgundy magnus.

What a shit show this company is.

What should be the code Brother? I opened my account through branch and it shows DBPRV as well

 

[drsel]

What should be the code Brother? I opened my account through branch and it shows DBPRV as well

It should be SBPRV which is the symbol for offline Burgundy savings account opened through the branch