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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
 

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Rags said:
Is TRV required for salary >3lacs cases as well?
Click to expand...
No, is what I understand after going through all the messages here.

But you never know with Axis.

Too many inconsistencies and contradictions.

They are just not bothered that a chunk of Burgundys are sick of their stupidity and lack of communication/ clarity.

But premium banking in India is a farce.

So nothing surprising, tbh.
 
Upvote 0 Downvote
srihari1977 said:
No, is what I understand after going through all the messages here.

But you never know with Axis.

Too many inconsistencies and contradictions.

They are just not bothered that a chunk of Burgundys are sick of their stupidity and lack of communication/ clarity.

But premium banking in India is a farce.

So nothing surprising, tbh.
Click to expand...
Hmmmmm, I agree. I have spent 4 days this month so far on infinia. Clear loss to axis as well.
 
Upvote 0 Downvote
chasni said:
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.
Click to expand...
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.
 
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Krishnaraju said:
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.
Click to expand...
Count me in, you can include me in complaints that I am facing the same scenario though my first OGS is yet to be generated but better to make noise so that they will take prompt action once my 45days are done in mid November.
 
Upvote 0 Downvote
Krishnaraju said:
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.
Click to expand...
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.
 
Upvote 0 Downvote
ishanmontella said:
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.
Click to expand...
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
 
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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
 
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