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]

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 ;-)

 

[mastfun]

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 ;-)

For me still no updates 😀

 

[Aryan Malhotra]

Finally applied for Burgundy Magnus on the basis of TRV without income documents or other card's statement, RM and Branch had to take special approvals then the executive came and applied

 

[NeoOnWheels]

Thanks for all your replies. I am getting positive vibes because of your replies. My sep salary got credited still they haven't applied offer on my card as I am not maintaining TRV. I wrote to pno and waiting for response.

is it Magnus (5:2) or Magnus for burgundy (5:2)?

Magnus for Burgundy. Not sure if its 5:2 or 5:4.

 

[mastfun]

By the way my capitalone venture X is approved 🙂 Waiting for the card to arrive 😀 [PS: I had ITIN number as I was doing freelancing]

 

[mastfun]

For me still no updates 😀

Got an reference number for the request!! I will update once I get approval!!

 

[MilesMax]

By the way my capitalone venture X is approved 🙂 Waiting for the card to arrive 😀 [PS: I had ITIN number as I do freelancing]

View attachment 31997

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.

 

[mastfun]

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.

Yes ITIN and they asked me for the ID and Salary statements.

Advantages:
1. Yes but they have $750 worth of points (75000) if we spend $4000 within 90 days. (Term insurance, My Travel Plan in Dec and Prepayment of school fees will cover it 🙂 ) to get 75000 points equivalent to $750.
2. Unlimited lounge access + 2 guests to tag along. International + Domestic.
3. Free add-on card and they get the same benefit as Primary for Lounges.
4. $300 Credit for Travel every year!
5. $100 worth of points on renewal!
4 and 5 will cover your renewal charges!!
6. Cell Phone Protection - Protect your cell phone every time you pay your bill with your Venture X card. If it’s stolen or damaged, you’ll get reimbursed up to $800. Certain terms, conditions and exclusions apply. (Not sure if applicable to India)
5. Price Match for redeeming points/Travel/Hotel etc ...
6. Extended warranty for your purchases.
7. Enjoy a $100 experience credit, daily breakfast for 2 and other premium benefits, plus earn 10X miles on hotel stays booked through Capital One Travel.
8. Unlock premium benefits with every stay, like a $50 experience credit, room upgrades when available and more. Plus, earn 10X miles on hotel stays booked through Capital One Travel.
9. Get reimbursed for damage or theft when you pay for a rental car with the Venture X card (In India u can claim if u take rental cars from Hertz/Avis etc international brands)
10. Hertz President’s Circle® status - Get free upgrades of your rental cars!!

Another thing to note is: No Foreign Transaction Fees
All these with $105 back to your pocket 😀 You pay $395 , You get $300 travel credit, $100 Anniversary or renewal credit , $100 Experience credit for hotel stays!!
Unlimited lounges is a bonus 🙂 I did spend 8 hours in different lounges in the same day using PP from Amex (This is similar with capitalone V X). And more over this will be digital PP and u don't have to carry physical PP with u.

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

 

[mastfun]

Got an reference number for the request!! I will update once I get approval!!

I can see the new application now , fingers crossed... Not sure if they will approve my credit card as I already hold a Magnus card 😅

 

[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