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

---

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

 

[ishanmontella]

Partially correct and partially wrong. Their application has been coded for 3 months as you said and that's why the customer care is not able to see the upgrade option. Partially wrong because for new customers with aging of 45 days are also eligible but their system is not coded as per this because of this the customer care is not getting this option. Why should customer be penalized for their application issues. I have raised a ticket to get this fixed. So iam waiting for 45 days and which would be around next Friday. Post that I will ensure that I involve every email id possible and raise a formal complaint with RBI for misleading customers(if they do not live to their promises)
I would rather request all those customers here who have(genuinely) met any ..note any of the 5 criteria's they mentioned and have completed 45 days since becoming Burgundy should start escalating. now.

I will complete 45 days in October third week, so do let us know, and we shall definitely escalate this. Even my one glance statement shows average balance for September above 10 lacs, but customer care still says i’m not eligible.

 

[K.R]

Could be true🥲

These are distractions...Did Axis send any official communication. Answer is no. Did Axis send official email of 10 lacs AQB + 45 days..answer is yes

 

[CVR]

So a salary burgundy of >3lacs doesn't need TRV 30lacs for Magnus for burgundy?

yes not required

 

[K.R]

I will complete 45 days in October third week, so do let us know, and we shall definitely escalate this. Even my one glance statement shows average balance for September above 10 lacs, but customer care still says i’m not eligible.

Start escalating from today itself..so that atleast they reply back saying you have not completed 45 days..and then you have a background in your favour when you actually complete 45 days. Do it over emails

 

[K.R]

Just FYI. I had similar issues with Infinia. But after slowly building cases in my favor I jumped directly from HDFC Times Card to Infinia

 

[MilesMax]

Just FYI. I had similar issues with Infinia. But after slowly building cases in my favor I jumped directly from HDFC Times Card to Infinia

Please do make a thread on your journey to Infinia from HDFC times card when you are free. It would be very helpful for many.

 

[mastfun]

Please do make a thread on your journey to Infinia from HDFC times card when you are free. It would be very helpful for many.

Yup Exactly !! They didn't upgrade my DCP to DCB 😀

 

[ankurarora898]

got this email,does this mean the account is upgraded to burgundy?

 

[mastfun]

got this email,does this mean the account is upgraded to burgundy?

Yes! Sir, it says your request has been fulfilled. Now u have to wait for 30 days to reflect Burgundy!

 

[K.R]

got this email,does this mean the account is upgraded to burgundy?

If it is Bank Account. Once you Login It will show as Burgundy written

 

[mastfun]

If it is Bank Account. Once you Login It will show as Burgundy written

Yes but for the statement to reflect , one will have to wait for 30 days 🙁

 

[K.R]

If it is Bank Account. Once you Login It will show as Burgundy written

Also ypu will start getting 1-2 Burgundy emails every days ;-)

 

[skiscova]

Hi All,

I am new to the Axis Club just onboarded Magnus in July and Burgundy in August. I am shocked at the very sorry state of affairs at Axis. I opened an account is name of my minor child > 12 years. As per Axis norms the child is eligible for a Burgundy Debit Card. This was not issued in spite of submission of a special debit card application form as applicable for minors. I took up the matter with PNO and they reached out to be to inform that the debit card issue was taking time. This email from PNO came after the debit card was delivered. The Debit Card does not show on Netbanking or on Axis Mobile App. The customer care cannot see the card.

Though unrelated to this thread I am posting my email to the PNO below in which I took a dig at Axis Bank. Posting the contents of my email below. Also attached screenshot.

"Sir or Madam,

Axis Bank seems to be inspired by the Queen of Mystery, Agatha Christie.

Everything that happens at Axis Bank seems to be shrouded in mystery. I have received a Debit Card ending **** today against minor account # **************. To test the card, I have already activated it and drawn money from an ATM and performed a test POS transaction.

Yet:

• Your email below shows that even the PNO is not aware till date that the debit card has been issued and despatched on 05.10.2023!
• Your Customer Care is unable to see in their system that a card has been already issued!
• No Debit Card ending **** shows in the Mobile App!
• Your RM keeps silent for the last few days because he does not seem to possess the Supernatural powers required by him to solve the mystery of a ‘Ghost’ Card. Or maybe he is going around hiring sleuths to help him solve the mystery!

The above may be too much for you to comprehend, so all that I shall request as of now is that please treat the complaint as closed. Please do not try to rectify any of the above things. Also please do not issue any fresh debit card. These will make matters worse.

I repeat Please treat this complaint as closed.

Also wish that in future Axis Bank learns to be ‘Dimaag se open’ in addition to being ‘Dil se open’"

 

[MilesMax]

Yup Exactly !! They didn't upgrade my DCP to DCB 😀

HDFC is a lost cause for me. I meet the ITR criteria and I also had spends in the existing Regalia card. The most useless RMs they have.
I don't know what they need tbh.
I have escalated to all possible emails.
Even if I keep 30L TRV I am pretty much sure there reply would be "we regret to inform you that you don't meet the internal criteria"

 

[Rags]

yes not required

Thanks CVR. How do you know or how sure you are on this?

 

[Rags]

Yes that's right

How do you know? Did you get upgraded with out TRV, just curious.

 

[rohitb]

Customer care yesterday told me I'm not eligible, since I'm not a True Burgundy.
Hehe.

True Burgundy = Someone with TRV of 30L apparently.
This 30L should have been maintained for atleast 45 days.

Checked with my BM again a while back.

Waiting for his revert.

One Glorious Shambolic disaster...

This definition is what I got from my RM as well and mail from PNO (mail did not mention 30L or something, just mentioned eligibility criteria)

 

[rohitb]

This is not true. I have 3 recorded messages from Axis and 2 emails where they have accepted that 10 Lacs AQB with 45 days old (minimum) is eligible. You should escalate. Threaten to file a complaint with Ombudsman for misleading customers.

I was speaking to RM and he mentioned AQB is for July to September - if opened in August with 10L then by sept end it won't be 10 L average. That is how they are calculating. One shown is average maintained balance.
Now I am thinking of trying once in 3rd week of oct which is 45+ days from September OGS generation to see 10L aqb gets considered, or else will try around 15 nov to see 30L trv + 45 days come into picture. Else I have mail from PNO , will escalate and file complaint with ombudsman.

 

[rohitb]

After reading all the cases here posted on the forum, my hypothesis is that Axis is calculating last 3 months AQB. If anyone satisfies it then they are eligible for the offer. So, someone who got upgrade in Sep, should have maintained above 10 lac in Jun, Jul and Aug.

Moreover, if you opened account in mid July and kept exactly 10 lac till now, you will still not get the offer because the Axis Bank's system always calculates the AQB by dividing it by 90 even though you have been a customer for less than 90 days. This is very evident from AMB in OGS posted by many people here.

This is all just my analysis but I may be wrong given I am not as smart as Axis Bank's CC team.

In which case I will try once more in first week of November.

 

[rohitb]

Is TRV required for salary >3lacs cases as well?

No. But your account should reflectsalary burgundy (some internal code I think)