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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

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-- 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


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


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

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

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
 

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Last edited:
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mastfun said:
Not sure 🙂 Mine says DBPRV, even though I opened my account through branch!
Click to expand...
You must have got e-debit card as well. DBPRV stands for digital burgundy savings account. I remember last week when I was opening my account, the people had to choose the account code there, they select SBPRV but there were other many options including DBPRV. Your branch/guy whoever opened the account used DBPRV account code while opening your account thus your account is marked with digital burgundy benefits instead of normal one.

All burgundy account codes: SBPRV/ SBPRS/ SBAWA/ SBAWS/ NROAW/ NROWM/ NROPV/ NREAW/ NREWM/ NREPV/ WSSTF/ BSNRE/ BSNRO/BGFRN

1696431919596.png
Reference: https://application.axisbank.co.in/FeesAndChargeMaster/pdf/WebsiteNotice-sv.pdf
 
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Viper1057 said:
You must have got e-debit card as well. DBPRV stands for digital burgundy savings account. I remember last week when I was opening my account, the people had to choose the account code there, they select SBPRV but there were other many options including DBPRV. Your branch/guy whoever opened the account used DBPRV account code while opening your account thus your account is marked with digital burgundy benefits instead of normal one
Click to expand...
I got virtual card as well as physical card! Any difference between two?
 
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Viper1057 said:
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.
Click to expand...
Software main locha hai.
 
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drsel said:
It should be SBPRV which is the symbol for offline Burgundy savings account opened through the branch
Click to expand...
I contacted the customer care team for upgrade to the Magnus for Burgundy. First he told me that there has been a change in eligibility criteria since last 7 days and now you have to maintain TRV of 30 lacs. Savings balance of 10 lacs will not suffice. However, I was not satisfied and called them again and then I was told that he is getting an error message that "Your account is not a true Burgundy account". I checked online and my code is SBPRV. No idea what is going on and the executives are also confused in my opinion.
 
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That true My friend called and got the same answer he need to maintain 30 lakhs or TRV.
tomsawyer0 said:
I contacted the customer care team for upgrade to the Magnus for Burgundy. First he told me that there has been a change in eligibility criteria since last 7 days and now you have to maintain TRV of 30 lacs. Savings balance of 10 lacs will not suffice. However, I was not satisfied and called them again and then I was told that he is getting an error message that "Your account is not a true Burgundy account". I checked online and my code is SBPRV. No idea what is going on and the executives are also confused in my opinion.
Click to expand...
 
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tomsawyer0 said:
I contacted the customer care team for upgrade to the Magnus for Burgundy. First he told me that there has been a change in eligibility criteria since last 7 days and now you have to maintain TRV of 30 lacs. Savings balance of 10 lacs will not suffice. However, I was not satisfied and called them again and then I was told that he is getting an error message that "Your account is not a true Burgundy account". I checked online and my code is SBPRV. No idea what is going on and the executives are also confused in my opinion.
Click to expand...
Your customer care is correct.
you need to keep a fixed deposit of 30 lacs and there is also a cooling off period of 45 days, both criteria are required
 
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tomsawyer0 said:
I contacted the customer care team for upgrade to the Magnus for Burgundy. First he told me that there has been a change in eligibility criteria since last 7 days and now you have to maintain TRV of 30 lacs. Savings balance of 10 lacs will not suffice. However, I was not satisfied and called them again and then I was told that he is getting an error message that "Your account is not a true Burgundy account". I checked online and my code is SBPRV. No idea what is going on and the executives are also confused in my opinion.
Click to expand...
You mean to say Axis has released another TNCs statement in last 7 days? Every customer care guy of Axis has become the CEO ;-) to decide their own new TNC's
 
Last edited:
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Keeping 10 lacs in a savings account with 3% interest is a loss, because you have to keep it locked in as long as the card is active.

So effectively it becomes a fixed deposit with only 3% interest which is a big loss.

Keep 30 lacs fixed deposit and watch your average monthly balance going up by 1 lakh everyday
 
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drsel said:
Keeping 10 lacs in a savings account with 3% interest is a loss, because you have to keep it locked in as long as the card is active.

So effectively it becomes a fixed deposit with only 3% interest which is a big loss.

Keep 30 lacs fixed deposit and watch your average monthly balance going up by 1 lakh everyday
Click to expand...
If all your investment instruments are debt / bond then sure it's a loss.

What If you are an equity investor and ready to take a lil risk?
Put remaining 20L in Mutual funds which give 12-15% returns. Much better than FD.

At 7% FD rate for 10L you are losing out 4%.
40k effective taxed at highest slab. Say 30%?
= 28K
- 14.5k magnus fee
= 13.5k effective loss
Not a huge loss for 50% more miles.
 
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