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

 

[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)

 

[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: Luxury perks with a reasonable annual fee - The Points Guy

The Capital One Venture X has premium benefits for a low annual fee, making it a no brainer for many luxury-seeking travelers. Elevate your travel experience with lounge access, travel credit, and excellent transfer partners.

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: Luxury perks with a reasonable annual fee - The Points Guy

The Capital One Venture X has premium benefits for a low annual fee, making it a no brainer for many luxury-seeking travelers. Elevate your travel experience with lounge access, travel credit, and excellent transfer partners.

thepointsguy.com

Is he living in US?