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

 

[rohitb]

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.

If I opened my account on 8th August with 10L , when will I meet AQB 10L criteria?
Will it be September OGS generation or will it be November 8th (let's assume I only keep 10L ) or will it be December end ? (Considering july-sep quarter and then oct-dec qtr)
I will be eligible post 45 days from which of the above date ?

 

[mastfun]

If I opened my account on 8th August with 10L , when will I meet AQB 10L criteria?
Will it be September OGS generation or will it be November 8th (let's assume I only keep 10L ) or will it be December end ? (Considering july-sep quarter and then oct-dec qtr)
I will be eligible post 45 days from which of the above date ?

The LTF offer is only till Nov 🙁 So you will have to fast track on Nov 5th!

 

[K.R]

If I opened my account on 8th August with 10L , when will I meet AQB 10L criteria?
Will it be September OGS generation or will it be November 8th (let's assume I only keep 10L ) or will it be December end ? (Considering july-sep quarter and then oct-dec qtr)
I will be eligible post 45 days from which of the above date ?

You are already eligible. You should give a tough fight and involve Ombudsman if required.
Note you have to give a fight over email and not calls. If at all calls record the calls and tell them that the call is being recorded and will be shared with RBI for false statements and misleading the customers. Then see the magic how their language and stand changes 😎
If you don't do this they will treat you like a door-to-door beggar, and they thinking themselves as the CEO of the Bank. Remember you are a customer, and you are not asking any favor or doing illegal.

 

[K.R]

Just to add, I do not think anyone over here would have received an email that they are not eligible (for folks meeting any of the 5 different criterias and completed 45 days)

 

[MilesMax]

If at all calls record the calls and tell them that the call is being recorded and will be shared with RBI for false statements and misleading the customers. Then see the magic how their language and stand changes 😎

Now they don't tell anything in the call about eligibility. All they say is option is not coming for us to upgrade, please reach out to your RM instead.

 

[K.R]

Now they don't tell anything in the call about eligibility. All they say is option is not coming for us to upgrade, please reach out to your RM instead.

You tell them RM has said Only Customer care is dealing with Magnus for Burgundy and ask them to resolve with your RM and ask them for a Ticket Number and to send them regular updates on the issue. RM is from Axis and not your Damad. Tell them that you are recording the call and as per Customer care Customer care is saying only Rm's are looking into Magnus for burgandy and that the customer care is asking not to cal with this regard. And then tell them that the same will be shared with Axis PNO and Ombudsman will be involved to intervene.. See what happens.

 

[K.R]

just FYI. I have given Customer care a task ( with a Ticket number assigned) to work with my RM and get my Card upgraded. If they cannot then drop me an email with the reason so that I can go to RBI for a resolution as Axis has been misleading customers demanding to pumpup up hefty amounts

If you guys are genuinely interested in the card then you have to fight with them asking for reasons etc on email. By just assuming things on this group while keeping our Money parked with Axis we are just helping Axis.

 

[bigbrain]

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"

I removed all my FDs in HDFC and reduced my balance to minimum and stopped using my Regalia. In parallel I sent the upgrade (Regalia to DCB) request form to Chennai. One month later, they offered my upgrade to infina. Using Infia since then 😀

 

[RupayMan]

I removed all my FDs in HDFC and reduced my balance to minimum and stopped using my Regalia. In parallel I sent the upgrade (Regalia to DCB) request form to Chennai. One month later, they offered my upgrade to infina. Using Infia since then 😀

How long you didn't use regalia? And what are the documents sent to chennai office? Existing card limit?

 

[mastfun]

One of my friend got very frustrated with Axis and applied for US bank card 😀

Venture X Rewards | Capital One

Earn miles on hotels and rental cars as well as miles on flights booked with Capital One Travel, plus miles on all other purchases. Apply today.

www.capitalone.com

They have unlimited lounge access to self + 3 guests. And the fee is 395, where 300 will be given back as Travel credit



Review:

Capital One Venture X credit card review: Full details - The Points Guy

The Capital One Venture X has premium benefits, making it a no brainer for many luxury-seeking travelers. But is it a no-brainer for you? Let's find out.

thepointsguy.com

 

[RupayMan]

One of my friend got very frustrated with Axis and applied for US bank card 😀

Venture X Rewards | Capital One

Earn miles on hotels and rental cars as well as miles on flights booked with Capital One Travel, plus miles on all other purchases. Apply today.

www.capitalone.com

View attachment 31804


They have unlimited lounge access to self + 3 guests. And the fee is 395, where 300 will be given back as Travel credit

View attachment 31805

Review:

Capital One Venture X credit card review: Full details - The Points Guy

The Capital One Venture X has premium benefits, making it a no brainer for many luxury-seeking travelers. But is it a no-brainer for you? Let's find out.

thepointsguy.com

Is he living in US?

 

[mastfun]

Is he living in US?

Nope, he is in India!! He got the card using ITIN!
Looks like anyone can apply for ITIN.

He got it approved with 20,000 USD.

 

[Viper1057]

One of my friend got very frustrated with Axis and applied for US bank card 😀

Venture X Rewards | Capital One

Earn miles on hotels and rental cars as well as miles on flights booked with Capital One Travel, plus miles on all other purchases. Apply today.

www.capitalone.com

View attachment 31804


They have unlimited lounge access to self + 3 guests. And the fee is 395, where 300 will be given back as Travel credit

View attachment 31805

Review:

Capital One Venture X credit card review: Full details - The Points Guy

The Capital One Venture X has premium benefits, making it a no brainer for many luxury-seeking travelers. But is it a no-brainer for you? Let's find out.

thepointsguy.com

Is the friend name Ganesh?🌚

 

[mastfun]

Is the friend name Ganesh?🌚

How do u know Ganesh 😀

 

[Dexter]

How do u know Ganesh 😀

He is secretly Ganesh 😛

 

[bigbrain]

How long you didn't use regalia? And what are the documents sent to chennai office? Existing card limit?

I did not use Regalia for 6 months. Before stopping I had used about 6 lakhs in 6 months. HDFC refused to upgrade and decided to stop using except for Rs189 every month for a subscription. However, i continuesd to use TATA neu infinity card for about a max of 5k per month.
I sent a copy of my payslip only. I had a salary of ~2lakhs so i thought it is of no use to try Infinia and asked for DCB
Existing card limit 10 lakhs.

 

[RupayMan]

I did not use Regalia for 6 months. Before stopping I had used about 6 lakhs in 6 months. HDFC refused to upgrade and decided to stop using except for Rs189 every month for a subscription. However, i continuesd to use TATA neu infinity card for about a max of 5k per month.
I sent a copy of my payslip only. I had a salary of ~2lakhs so i thought it is of no use to try Infinia and asked for DCB
Existing card limit 10 lakhs.

Ok makes sense now, 6 lakhs and 10 L limit, plus salary all match for their infinia criteria.

 

[Rags]

You are already eligible. You should give a tough fight and involve Ombudsman if required.
Note you have to give a fight over email and not calls. If at all calls record the calls and tell them that the call is being recorded and will be shared with RBI for false statements and misleading the customers. Then see the magic how their language and stand changes 😎
If you don't do this they will treat you like a door-to-door beggar, and they thinking themselves as the CEO of the Bank. Remember you are a customer, and you are not asking any favor or doing illegal.

Is there any one in the group who got new Magnus for burgundy purely on the basis of salary criteria without meeting TRV?

 

[MilesMax]

Just got a call today morning from Premium experience after sending my OGS.
You have maintained 10L for September month, same has to be maintained for 45 days more to get an upgrade.
He asked me to call back on Nov 15 and they would upgrade it.

 

[ishanmontella]

Just got a call today morning from Premium experience after sending my OGS.
You have maintained 10L for September month, same has to be maintained for 45 days more to get an upgrade.
He asked me to call back on Nov 15 and they would upgrade it.

Cool. Do get the same in writing from them as well. So, basically there would be many new Burgundy account openers looking to maintain 10 lacs for October, but waiting 45 days for them would mean breaching the deadline for this offer.

And if TRV of 30 lacs too requires to a wait of 30+45 days, then why would anyone open a Burgundy account after their official announcement 😂