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

 

[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.

 

[readers900]

For anyone opened burgundy in August/September,

Is there anyone with 30L TRV as per OGS but was denied upgrade for burgundy magnus?

Also is there anyone with 10L average balance as per OGS and has completed the upgrade for burgundy magnus?

 

[MilesMax]

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

I already started mine.
As per docs, there is no mention of waiting 45 days for new accounts. It's only for old accounts. Why wait till the 11th?

If it is old then what they say is true. OGS + 45 days as mentioned in the doc.

 

[K.R]

I already started mine.
As per docs, there is no mention of waiting 45 days for new accounts. It's only for old accounts. Why wait till the 11th?

If it is old then what they say is true. OGS + 45 days as mentioned in the doc.

Iam just giving them a grace period.. as they mentioned in an email to me.. 🙂

 

[K.R]

Sent an ultimatum email to update me by 11th Oct. Told them its' Okay if they are not upgrading but share me the reasons so that I can close my relationship with Axis and raise an alarm with RBI

 

[RupayMan]

Congrats 😂😊 . Take it in writing.

Why congrats me 🤣 Still no use

 

[bigbrain]

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

For infinia the salary should be greater than 3 lakhs right? And I had stopped using reglia for 6 months.

 

[baba123]

For anyone opened burgundy in August/September,

Is there anyone with 30L TRV as per OGS but was denied upgrade for burgundy magnus?

Also is there anyone with 10L average balance as per OGS and has completed the upgrade for burgundy magnus?

Account got converted to Burgundy in September and 30L+ TRV based on OGS generated on 4th October - denied upgrade for now, told to wait

 

[mastfun]

Sent an ultimatum email to update me by 11th Oct. Told them its' Okay if they are not upgrading but share me the reasons so that I can close my relationship with Axis and raise an alarm with RBI

My RM is coming home today 😔 He said this has to be done manually!! Not sure what

 

[K.R]

My RM is coming home today 😔 He said this has to be done manually!! Not sure what

Please see how it is done. I will ask my RM to do the same.. It will be of great help

 

[SM24]

My RM is coming home today 😔 He said this has to be done manually!! Not sure what

I think he is volunteering to get his arm twisted 🙂

 

[MilesMax]

Premium experience had called again. Now with different Criteria. They need two months of OGS, As soon as I get the October month OGS they will take the request, no need to wait for 45 days after 1st OGS. 🤣
She said she does acknowledge what there in the document but now the criterias have changed it seems.