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

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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

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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

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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

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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

 

[MilesMax]

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 😂

Yes got the email too. Is the deadline only to get it LTF or to get the card itself? As in people who get it post nov 30th can still get 5:4 but not LTF right?

It's sad that they never communicated the 30+45 days earlier. Most people who opened recently didn't know about this. It would have saved many people from going through the hassle of opening the Burgundy only to get disappointed.
If it's not for the Magnus Burgundy I wouldn't maintain 10L AQB in Axis for sure.

 

[chasni]

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.

If you have maintained for Sep then shouldn't you be eligible for upgrade by 15th Oct, as per 45 days thing?

 

[Vaastav]

Is Magnus accelerated 35/200 On Monthly Basis or on Billing Cycle Basis??

 

[RupayMan]

I applied for 2 addon card for my current magnus a month back, and it got approved within 2 weeks, in app also was showing 2 addon cards, and some tech glitch to dispatch the card physically, it took another 2 weeks, but inbetween one of my addon card gone from the app, CC told my addon is getting upgraded to burgundy Magnus, funny part primary card is yet to be upgraded. But got both cards physically after one card got blocked.

Typical Axis. Typical Problems. Typical Waiting time.

 

[K.R]

I applied for 2 addon card for my current magnus a month back, and it got approved within 2 weeks, in app also was showing 2 addon cards, and some tech glitch to dispatch the card physically, it took another 2 weeks, but inbetween one of my addon card gone from the app, CC told my addon is getting upgraded to burgundy Magnus, funny part primary card is yet to be upgraded. But got both cards physically after one card got blocked.

Typical Axis. Typical Problems. Typical Waiting time.

Congrats 😂😊 . Take it in writing.

 

[SM24]

One

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.

I've maintained >10L in August. Reflected in OGS.
I've maintained >12L in September. Reflected in OGS.

This would make me eligible when please ? 🙂

 

[ishanmontella]

According to the formula of 30+45 days stated by @MilesMax , you should be eligible on 15th of October 😀

I've maintained >10L in August. Reflected in OGS.
I've maintained >12L in September. Reflected in OGS.

This would make me eligible when please ? 🙂

 

[SM24]

According to the formula of 30+45 days stated by @MilesMax , you should be eligible on 15th of October 😀

L-ax-is

Dumb effs.

 

[K.R]

I've maintained >10L in August. Reflected in OGS.
I've maintained >12L in September. Reflected in OGS.

This would make me eligible when please ? 🙂

They are giving all possible Fake stories ;-) Srihari you are eligible and you should escalate. I am in the process of escalating today

My RM told they have not received any email (based on my ticket) on How the RM can get it upgraded. Also When I asked to check the status of the Ticket the guy read that the response, they go on the Ticket is to wait till 11th as the One Glance gets reflected on 10th of every month. Upon which I said But I received it on 6th October and everyone received on the same date. May be be for them it reflects only on 10th.. Irrespective of that I am going to write a stinker today asking to Upgrade by 11th or give an concrete ETA in a written email by when or let me know It cannot be upgraded s That I can raise a dispute with RBI for misleading.

 

[Viper1057]

According to the formula of 30+45 days stated by @MilesMax , you should be eligible on 15th of October 😀

And according to this I won't be eligible because my account got activated on 4th October 😢

 

[K.R]

And according to this I won't be eligible because my account got activated on 4th October 😢

Their FAQ clearly says reach out to customer care in 45 days since opening the account.

 

[ALOAK]

And according to this I won't be eligible because my account got activated on 4th October 😢

It should be from account opening date not when they want to activate it. They are giving bull**** to u.

 

[MilesMax]

If you have maintained for Sep then shouldn't you be eligible for upgrade by 15th Oct, as per 45 days thing?

Technically yes, that should have been the scenario based on the 14-page document.
But their new thing is to maintain for 30 days + wait for 45 days. It wasn't mentioned anywhere in the document about this. They are making up things on the go.

 

[ALOAK]

All pri aye banks are know for their bull shit stories and govt banks they don't even give u story because they don't respond at all until compliant goes to RBi. Sometimes that also they take time to respond.

 

[MilesMax]

Their FAQ clearly says reach out to customer care in 45 days since opening the account.

Exactly. I don't get replies from PNO at all. Are you getting any replies?

 

[chasni]

Technically yes, that should have been the scenario based on the 14-page document.
But their new thing is to maintain for 30 days + wait for 45 days. It wasn't mentioned anywhere in the document about this. They are making up things on the go.

This is total BS from Axis.

First, in the initial release document in July, there was no criteria for Burgundy card at Individual level. That document clearly mentioned family ID too. They added a new clause in Sep. So, this is clearly misleading people.

Second, the document was supposed to be release on Sep 1 but they delayed it to 26th Sep, and the offer end date is Nov 30. Moreover, they are asking the customer to wait 30 + 45 = 75 days that is more than the offer validity duration. This clearly shows that they do not want new customers. So, they should have clarified in the first (Jul) and second document (Sep) clearly instead of wasting time and money of new customers.

 

[MilesMax]

This is total BS from Axis.

First, in the initial release document in July, there was no criteria for Burgundy card at Individual level. That document clearly mentioned family ID too. They added a new clause in Sep. So, this is clearly misleading people.

Second, the document was supposed to be release on Sep 1 but they delayed it to 26th Sep, and the offer end date is Nov 30. Moreover, they are asking the customer to wait 30 + 45 = 75 days that is more than the offer validity duration. This clearly shows that they do not want new customers. So, they should have clarified in the first (Jul) and second document (Sep) clearly instead of wasting time and money of new customers.

According the the document





Well technically the 45 days is for old burgundy accounts.
For the new ones, you don't even have to wait 45 days. As soon as your One glance statement shows the required criteria you should be able to get it.

 

[Rishabh]

Finally applied for Magnus Burgundy credit card today (new card application with no existing Magnus) on basis of AQB criteria via C2C basis. Provided OGS for August since September one not received yet.

New criteria to apply Magnus Burgundy via C2C now requires minimum 10lac Credit Limit on other bank credit card and it shall be minimum 1 year old with minimum 40% credit limit available in the latest statement as per the agent who processed the application.
But again it might vary agent to agent in case if no clear guideline from bank to them.

Will share updates on the application as it progress.

Current update received from bank agent who has applied: -

Application currently on hold; Remarks: Not meeting TRV Criteria of 30L. Required OGS for September.

Don't know what axis is doing, I am getting feeling that bank will not be issuing card on basis of only AQB criteria. I have applied card based on AQB criteria since July onwards being old Burgundy account holder.
Chasing RM to get clarity and help in getting application processed. Shared OGS for September today to attach with application.

Will share further updates.

 

[chasni]

According the the document

View attachment 31822

View attachment 31823

Well technically the 45 days is for old burgundy accounts.
For the new ones, you don't even have to wait 45 days. As soon as your One glance statement shows the required criteria you should be able to get it.

This isn't happening too. There are many with OGS but no upgrade.

 

[K.R]

Iam initiating my fight today evening via emails. The actual fight will start on 11th . Let see where it goes.