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]

Got the message as well (He said it will be done by tomorrow)

Were you applying for upgrade or new card?

 

[SM24]

Got the message as well (He said it will be done by tomorrow)

Brilliant ! Congrats.

If you can enlighten us about how it went with the RM, it will help us helpless folks too...

 

[K.R]

Finally done LTF Burgundy Magnus, Waiting for approval message now

Congrats !!! Waiting for you to enlighten us as to what you RM did

 

[mastfun]

Were you applying for upgrade or new card?

Ok the point is simple
I will be getting a new Burgundy Magnus card (Instead of Select LTF Card) with BM approval!

Process: This is for new Burgundy Relation, who hasn't applied Select card with Burgundy**
1. Open / Convert to Burgundy account. (10 Lakhs in Savings account)
2. Wait for 2 weeks for your account to reflect Burgundy and Customer ID is generated.
3. Request your BM/RM for courtesy approval of Magnus Burgundy card as LTF instead of Select LTF.
4. RM/BM will send out a mail to CC team for the same.
5. RM/BM will get an consent from CC team.
6. RM will apply for new card with LTF

The application will go through the normal Axis approval process and you will receive your Magnus LTF card.

Note: You will not be able to transfer your existing edge points to 5:4 ratio, as this will be new card.

Points to be noted according to my Zonal Head, This is applicable to all Burgundy customers

 

[mastfun]

The Zonal Head clearly mentioned that all Burgundy Customers with Burgundy relationship is eligible No TRV no 30 Lakhs etc ... 10L AQB, 3 Lakhs salary, and 30 L TRV all are eligible!!

 

[swipesmart]

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

Yes, I did just based on salary. I have salary account with Axis bank and my account was already burgundy

 

[Rags]

Yes, I did just based on salary. I have salary account with Axis bank and my account was already burgundy

Thats amazing. Much relieved. Since when is your salary getting credited in Burgundy?

 

[K.R]

Ok the point is simple
I will be getting a new Burgundy Magnus card (Instead of Select LTF Card) with BM approval!

Process: This is for new Burgundy Relation, who hasn't applied Select card with Burgundy**
1. Open / Convert to Burgundy account. (10 Lakhs in Savings account)
2. Wait for 2 weeks for your account to reflect Burgundy and Customer ID is generated.
3. Request your BM/RM for courtesy approval of Magnus Burgundy card as LTF instead of Select LTF.
4. RM/BM will send out a mail to CC team for the same.
5. RM/BM will get an consent from CC team.
6. RM will apply for new card with LTF

The application will go through the normal Axis approval process and you will receive your Magnus LTF card.

Note: You will not be able to transfer your existing edge points to 5:4 ratio, as this will be new card.

Points to be noted according to my Zonal Head, This is applicable to all Burgundy customers

what happens to your existing magnus. As I understand. You have/had a Magnus and now instead of Select you applied and got Magnus For Burgundy. Please correct my understanding . You said The RM is coming today and at the same time you mentioned the CC will go through the normal approval Process but at the same time you posted the Approved SMS. Is that so quick

 

[K.R]

I got a Response for my Escalation from PNO that they are looking into my escalation and that eTA for my SN number for which i escalated is tomorrow evening

 

[swipesmart]

Yes, I did just based on salary. I have salary account with Axis bank and my account was already burgundy

Thats amazing. Much relieved. Since when is your salary getting credited in Burgundy?

I got converted into Burgundy account in July, previously it was priority account but salary was still 3L+.

 

[Viper1057]

what happens to your existing magnus. As I understand. You have/had a Magnus and now instead of Select you applied and got Magnus For Burgundy. Please correct my understanding . You said The RM is coming today and at the same time you mentioned the CC will go through the normal approval Process but at the same time you posted the Approved SMS. Is that so quick

Basically he took a new burgundy magnus card through branch and kept his old magnus as well which he got in June(same as me). Mostly its like instead of giving select ltf, they are giving burgundy magnus ltf

Also one more thing @mastfun, I think you will still be able to redeem all your points using 5:4 because as I have seen from everyone who got burgundy magnus, the points are in same ER bucket and they were able to redeem it using that ratio only.

Yes Axis said they will do one time transfer for all edge points to magnus burgundy bucket but it hasn't occured yet and I doubt by when it will start but if you got card before that, you will be able to convert all your points at 5:4 since that's what they are offering at the moment I think Axis meant that you won't get the option to convert your existing points to Magnus Burgundy bucket...

 

[mastfun]

what happens to your existing magnus. As I understand. You have/had a Magnus and now instead of Select you applied and got Magnus For Burgundy. Please correct my understanding . You said The RM is coming today and at the same time you mentioned the CC will go through the normal approval Process but at the same time you posted the Approved SMS. Is that so quick

He brought the CC team along with him The application is online and got the message instantly for consent and not approval!

I will close the existing Magnus card later! (After using the meet and greet ) This is like a new application for new card.

 

[SM24]

Basically he took a new burgundy magnus card through branch and kept his old magnus as well which he got in June(same as me). Mostly its like instead of giving select ltf, they are giving burgundy magnus ltf

Also one more thing @mastfun, I think you will still be able to redeem all your points using 5:4 because as I have seen from everyone who got burgundy magnus, the points are in same ER bucket and they were able to redeem it using that ratio only.

Yes Axis said they will do one time transfer for all edge points to magnus burgundy bucket but it hasn't occured yet and I doubt by when it will start but if you got card before that, you will be able to convert all your points at 5:4 since that's what they are offering at the moment I think Axis meant that you won't get the option to convert your existing points to Magnus Burgundy bucket...

Lol.

I upgraded my Select to Samsung Infinite a couple of months back for the 30K bonus.

Looks Iike an easier way for me is to close Samsung Infinite and pitch for Magnus for Burgundy.

Hope the easier way doesnt get into December.

 

[CVR]

Thanks CVR. How do you know or how sure you are on this?

i have got email confirmation

 

[K.R]

He brought the CC team along with him The application is online and got the message instantly for consent and not approval!

I will close the existing Magnus card later! (After using the meet and greet ) This is like a new application for new card.

Bingo.. Thanks... My Credits Card Guy was behind me to take Atals ( I showed the initial interest though) But I kept it on Hold saying Magnus for Burgundy Conversion ke baad hi keroonga..and I do not want some new rules like "since you applied for a new card you magnus cannot be converted". I will send him these details and he will do it. I will wait for 2 days as my current escalation is also being looked into But you gave a Ray of hope . Thanks

 

[mastfun]

Bingo.. Thanks... My Credits Card Guy was behind me to take Atals ( I showed the initial interest though) But I kept it on Hold saying Magnus for Burgundy Conversion ke baad hi keroonga..and I do not want some new rules like "since you applied for a new card you magnus cannot be converted". I will send him these details and he will do it. I will wait for 2 days as my current escalation is also being looked into But you gave a Ray of hope . Thanks

Anytime As mentioned we are in the same boat! You can contact me anytime!

 

[psgvivek]

Ok the point is simple
I will be getting a new Burgundy Magnus card (Instead of Select LTF Card) with BM approval!

Process: This is for new Burgundy Relation, who hasn't applied Select card with Burgundy**
1. Open / Convert to Burgundy account. (10 Lakhs in Savings account)
2. Wait for 2 weeks for your account to reflect Burgundy and Customer ID is generated.
3. Request your BM/RM for courtesy approval of Magnus Burgundy card as LTF instead of Select LTF.
4. RM/BM will send out a mail to CC team for the same.
5. RM/BM will get an consent from CC team.
6. RM will apply for new card with LTF

The application will go through the normal Axis approval process and you will receive your Magnus LTF card.

Note: You will not be able to transfer your existing edge points to 5:4 ratio, as this will be new card.

Points to be noted according to my Zonal Head, This is applicable to all Burgundy customers

What documents will be needed ? How long the approval process will take if we go through this route ?

 

[Aryan Malhotra]

Do you meet Magnus Criteria. If yes then there is no reason to deny you

Currently don't have enough limit for card to card also ITR is 3-4 lakhs less than the criteria

 

[Aryan Malhotra]

Did

Ok the point is simple
I will be getting a new Burgundy Magnus card (Instead of Select LTF Card) with BM approval!

Process: This is for new Burgundy Relation, who hasn't applied Select card with Burgundy**
1. Open / Convert to Burgundy account. (10 Lakhs in Savings account)
2. Wait for 2 weeks for your account to reflect Burgundy and Customer ID is generated.
3. Request your BM/RM for courtesy approval of Magnus Burgundy card as LTF instead of Select LTF.
4. RM/BM will send out a mail to CC team for the same.
5. RM/BM will get an consent from CC team.
6. RM will apply for new card with LTF

The application will go through the normal Axis approval process and you will receive your Magnus LTF card.

Note: You will not be able to transfer your existing edge points to 5:4 ratio, as this will be new card.

Points to be noted according to my Zonal Head, This is applicable to all Burgundy customers

Did they ask for income documents or any other thing

 

[MilesMax]

Ok the point is simple
I will be getting a new Burgundy Magnus card (Instead of Select LTF Card) with BM approval!

Points to be noted according to my Zonal Head, This is applicable to all Burgundy customers

Congrats!!
well unfortunately this wouldn't work for me as I already hold 3 axis cards so they wouldn't issue a 4th card.