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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

bugmenot

TF Legend
-- 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
 

Attachments

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unwind said:
For me too I opened the account just for the upgraded card but opened in August. September OGS shows that I meet the criteria. But Call centre says I am ineligible and should get in touch with the RM. RM says speak to the call centre. Have done this ping pong between them a few times. Have finally given the ultimatum that I would close my account. I honestly think that no card is worth this much effort. They are saying they have escalated it internally. If it gets resolved good enough. Otherwise would close my account. My old magnus is free for the next year as I crossed the 15 L thing. After that would close Magnus too
Click to expand...
Closing is not an option. They have to give else Axis needs to pay the penality for misleading. Involve Ombudsman. This is exactly what iam going to do
 
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mastfun said:
My Zonal Manager also confirmed it's 10L AQB and he promised me to get the upgrade done 😀 He himself opened a ticket for the resolution! Meeting him tomorrow, I will keep you guys posted!
Click to expand...
How to find my zonal manager if I need to escalate this above Branch Manager just in case? My branch is from Ghaziabad (Delhi NCR/UP)
 
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srihari1977 said:
"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
Click to expand...
My September One Glance arrived on mail today.
Average Balance Maintained
>12L.

This makes it over 64 days of having over 10L in account.

Called up Burgundy line.
Guy checked and said upgrade not showing or I'm not eligible.

He asked me to get in touch with the RM.

I should get in touch with my BM after a couple of days.

Despite his above message, he had verbally told me to contact Burgundy care 2 days after
One Glance statement arrives.
 
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Hi, i am a burgundy customer and I have transferred 10L on 28th September.. My Oct oGS shows the balance but AQB is only showing 10k.. Now what should I do? Spoke to my RM also she said you have to wait for atleast a quarter or 2. Only after that you will be eligible
 
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I had first approached my RM to open a Burgundy account in late July but after several delays my account was finally opened in Mid September. I have FDs of ~27L with axis and had 4-5L cash in my account during the month of August. The latest one glance shows a ~31L TRV. However, I haven't yet been upgraded as Burgundy support keeps getting an error. RM as usual has proven useless too. Today, I had a long call with Burgundy support, and the outcome was that I will need to wait (for 45 days) and continue to maintain this balance. But knowing Axis, I don't trust things to go smoothly.

I've decided to not waste any more time on this and wait until early November.
 
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I am burgundy customer for past 6 years but do not have old Magnus CC as i do not fulfil their eligibility. Was visiting my branch this morning for some other work, where my RM told me that I can get paid Magnus CC. I knew he was bluffing but still gave my acceptance to apply for the same as I can recover the charges though welcome vouchers and spends. KYC was done by CC agent and SMS received confirming its a paid card with Rs. 12500 charges. So if by chance, my RM is able to get me a paid Magnus(which he is very confident of), then :
1. Can I convert it to LTF before Nov 30 as I am a burgundy customer ?
2. Can the welcome Yatra gift voucher be used for hotel bookings ?
3. Will I be getting 5:4 conversion ratio ?

RM & CC agent say that I will be enjoying all Magnus Burgundy benefits and once I get the card , call burgundy cc and convert it to LTF. My plan is to utilise it for the year(only other CC i hold is Axis Select) and then try to waive off renewal fees or close the card.
Hoping I am making a financially wise decision.
 
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Navigator_Ravi said:
I am burgundy customer for past 6 years but do not have old Magnus CC as i do not fulfil their eligibility. Was visiting my branch this morning for some other work, where my RM told me that I can get paid Magnus CC. I knew he was bluffing but still gave my acceptance to apply for the same as I can recover the charges though welcome vouchers and spends. KYC was done by CC agent and SMS received confirming its a paid card with Rs. 12500 charges. So if by chance, my RM is able to get me a paid Magnus(which he is very confident of), then :
1. Can I convert it to LTF before Nov 30 as I am a burgundy customer ?
2. Can the welcome Yatra gift voucher be used for hotel bookings ?
3. Will I be getting 5:4 conversion ratio ?

RM & CC agent say that I will be enjoying all Magnus Burgundy benefits and once I get the card , call burgundy cc and convert it to LTF. My plan is to utilise it for the year(only other CC i hold is Axis Select) and then try to waive off renewal fees or close the card.
Hoping I am making a financially wise decision.
Click to expand...
Please take the confirmation in writing. He is just trying to meet his targets.
 
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