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]

No need to maintain 10L AQB/3L Salary credited/ 30 NRV/TRV.

Haha lead with this next time and everyone would apply 😂

Interesting card. Also 90 days is a good enough period for around 3.2L spends.
Btw did they do any enquiry on CIBIL or Experitan?

I freelance full-time but never got ITIN. I'll check with my CA on that. Thanks for the details.

 

[mastfun]

Haha lead with this next time and everyone would apply 😂

Interesting card. Also 90 days is a good enough period for around 3.2L spends.
Btw did they do any enquiry on CIBIL or Experitan?

I freelance full-time but never got ITIN. I'll check with my CA on that. Thanks for the details.

My CA suggested to get an ITIN as I wanted to park some $$ in USA itself as it might help my kids for their expenditure in future (If they study in the USA 😀)
I invest in Certificate of Deposit (Discover Bank) which is giving me 5.2% yields and Dollar growth against Rupee helps as well.


Of course you have to pay taxes, my CA used to help me a lot in these aspects! Got a regular job after marriage !

 

[unwind]

Some Updates

Some Ping Pong emails are going on with PNO and Premium Service. They have now asked for 2 OGS statements. I have shared 2 but Aug one is password protected intentionally ;-) I have shared current statement for October, One Glance for Sep and One Glance for Aug. I want them to come back and say that 2 OGS is required with AQB of 10 Lacs so that I can escalate further saying you have mentioned 45 days now why are you asking for 2 OGS which means 60+ days ;-)

I am also playing the same ping pong! But with premium services only. They asked for 2 OGS, then back to 45 days. Not replying to my pointed questions about T&C. Will escalate to PNO

 

[MilesMax]

I am also playing the same ping pong! But with premium services only. They asked for 2 OGS, then back to 45 days. Not replying to my pointed questions about T&C. Will escalate to PNO

Mine was the opposite. 45 days first and now 2 OGS. PNO is pretty useless. In the first email they said you need 30L TRV.
For my second email they called back, they told will take 3 more days to reply back. But she never understood the issue in the first place.

Look at the reply and English, I expected better from a PNO desk.

 

[Rags]

Awesome. All they need is ITIN that's it? no income statements or anything?

But what did you find so lucrative about this card?
Base reward is 2 mile / dollar. 5 on flights and 10 on hotels. Doesn't match up to the Magnus standards.

Can we apply from India? How and where to do?

 

[K.R]

Mine was the opposite. 45 days first and now 2 OGS. PNO is pretty useless. In the first email they said you need 30L TRV.
For my second email they called back, they told will take 3 more days to reply back. But she never understood the issue in the first place.

Look at the reply and English, I expected better from a PNO desk.

View attachment 32025

I have also got an email from Premium Services asking for 2 OGS. I have written a nasty email copy pasting their previous commitments and looping PNO. I will also raise a formal complaint with RBI and post that will close mine, my wife's and ask my dad ans sister also to close their accounts with Axis

 

[unwind]

I have also got an email from Premium Services asking for 2 OGS. I have written a nasty email copy pasting their previous commitments and looping PNO. I will also raise a formal complaint with RBI and post that will close mine, my wife's and ask my dad ans sister also to close their accounts with Axis

I am also very close to that stage. I also have written nasty emails. Close to complaining to RBI too and am contemplating closing accounts. Just like you, if I close will close two more accounts in the family too. Now question I am grappling with is this.

Should we wait for another OGS and hope that we would get the card next month? Or say enough is enough and do whatever we have to do this time?

On one hand, Axis can not be trusted. Their terms and conditions have no meaning, they change it at their whim without informing customers. On the other, we have already spent lot of time and money on this. 4 more weeks and we would know.

Though I am leaning towards firing all the bullets right now and closing the account if it doesn't work still

 

[K.R]

I am also very close to that stage. I also have written nasty emails. Close to complaining to RBI too and am contemplating closing accounts. Just like you, if I close will close two more accounts in the family too. Now question I am grappling with is this.

Should we wait for another OGS and hope that we would get the card next month? Or say enough is enough and do whatever we have to do this time?

On one hand, Axis can not be trusted. Their terms and conditions have no meaning, they change it at their whim without informing customers. On the other, we have already spent lot of time and money on this. 4 more weeks and we would know.

Though I am leaning towards firing all the bullets right now and closing the account if it doesn't work still

I will first raise RBI complaint. Post that I will decide

 

[Viper1057]

My new burgundy account is just activated for which I applied on 29th September. The date of opening account is showing me this in netbanking, is this some sort of glitch or bank guys did some hera-pheri here?
View attachment 31339

Found the reason, its because my instakit has 8th Aug mentioned and Axis picked that up. Such a shit tech process they have. I didn't even used anything from this kit because its not valid for Burgundy customers because they have different welcome kit with their own special debit card

 

[K.R]

The deadline from PNO was 6:00 PM today for resolution. But before I could remind them I received an email asking for few more days as they are still looking into the matter. So no more emails from my side for some time .

 

[Deleted member 11974]

where is the burgundy resolution promise now
ki 6 hours mein we weill solve your prblem else we will give you burgundy points or something

 

[jonamdhar]

Finally upgraded yo Burgundy Salary account from Priority Salary.

Do we get the Burgundy welcome kit with the Debit card automatically? Or we will have to ask for it?

 

[K.R]

Finally upgraded yo Burgundy Salary account from Priority Salary.

Do we get the Burgundy welcome kit with the Debit card automatically? Or we will have to ask for it?

You will get in 3-4 days automatically

 

[K.R]

where is the burgundy resolution promise now
ki 6 hours mein we weill solve your prblem else we will give you burgundy points or something

I got a call from Premium Service today saying Sir you have raised a complaint that you are not able to do Online transaction. This issue was raised in first week of Sep and was resolved in 1-2 days but I got a call today to understand the issue ,,,😁

 

[SM24]

where is the burgundy resolution promise now
ki 6 hours mein we weill solve your prblem else we will give you burgundy points or something

The assurance is not to resolve or 6 hours is not earth hours...

 

[SM24]

An update

My BM via RM and credit card guy are following up with Burgundy Green channel.

When the customer is eligible, why is M4B not activated for him, is their ask.

PS:
I’ve been having over 10L+ in savings account, across August and September One Glance Statements.

Will keep the group posted, once I hear back.

RM: Burgundy Green Channel asked you to call up customer care to check eligibility.

Me: I already called them for the nth time last week.

RM: Sir, it takes time for your account situation to get refreshed at CC end.
It would have got refreshed by now. Please call them now sir.

Me: What if they say i'm still not eligible?

RM: Then we will do from our end sir.

Me: Ok.

I call up customer care.
They tell me, I'm not a true burgundy, so not eligible.


Me: Mr. RM, Burgundy care tells me I'm not eligible.

RM: Sir, I will get it checked and ensure you get M4B.

To Be Continued...

 

[miles_guy]

How long is the Burgundy free Magnus card valid? Can I get it in January?

 

[K.R]

RM: Burgundy asked you to call up customer care to check eligibility.

Me: I already called them for the nth time last week.

RM: Sir, it takes time for your account situation to get refreshed at CC end.
It would have got refreshed by now. Please call them now sir.

Me: What if they say i'm still not eligible?

RM: Then we will do from our end sir.

Me: Ok.

I call up customer care.
They tell me, I'm not a true burgundy, so not eligible.


Me: Mr. RM, Burgundy care tells me I'm not eligible.

RM: Sir, I will get it checked and ensure you get M4B.

To Be Continued...

It basically means their applications are not integrated. All these 1 OGS 2 OGS 30 Lacs TRV etc is just excuses as the Customer Care guys are powerless. Even the Premium Service guys don't have access to our statements. They ask us to share 😂. I doubt if the PNO has acces ..

 

[K.R]

Just to add effective

How long is the Burgundy free Magnus card valid? Can I get it in January?

30th Nov 2023

 

[mastfun]

Updates as of today:

I can see the application stats online: