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

 

[SM24]

but i already have pppf can i transfer ppf account and then get burgandy status?

If your PPF investments are through Axis it will be considered for TRV.
Transferred PPF investments are NOT considered.

Transferred DEMAT holdings, however, are considered for TRV.

 

[bigbrain]

I upgraded my liberty account to Burgandy. Opened accounts in wife's and son's name and linked to create family banking. I was aiming to have FDs to meet the TRV and getting Magnus with Burgandy.
I am currently having TRV of ~29lakhs.. But since axis announced that TRV of 30 lakhs per customer ID is needed, I am not interested to continue with Axis and Burgandy. I will move the FDs out as the mature.

 

[swipesmart]

You will get in 3-4 days automatically

You need to ask I think.. for me it's not yet delivered only check book was delivered. I haven't requested yet the Burgundy kit. I have Burgundy account from 5 months

 

[Quantum]

I upgraded my liberty account to Burgandy. Opened accounts in wife's and son's name and linked to create family banking. I was aiming to have FDs to meet the TRV and getting Magnus with Burgandy.
I am currently having TRV of ~29lakhs.. But since axis announced that TRV of 30 lakhs per customer ID is needed, I am not interested to continue with Axis and Burgandy. I will move the FDs out as the mature.

I believe that eligibility criteria is only for LTF Magnus for Burgundy for each customer id in family burgundy banking and NOT for the Axis Burgundy account.

 

[bigbrain]

I believe that eligibility criteria is only for LTF Magnus for Burgundy for each customer id in family burgundy banking and NOT for the Axis Burgundy account.

exactly. That is why I am pulling out.

 

[Vickymaster1010]

Wll the exisitng points be converted to 5:4?

You can directly open an Axis Burgundy account with Axis for a 10L Balance with initial deposit of 5L or more and get the Magnus LTF 5:4 card.
Get in touch with an Axis RM/BM and they should get it done for you.
AFAIK, this Axis Burgundy account needs to be opened in non-online mode i.e. physical form submission.
If they open the Axis Burgundy account online, then they can't offer the "Magnus for Burgundy" LTF just after account opening. In that case, the AQB/TRV maintenance for 1 month or 45 days or more condition would kick in.

 

[Quantum]

Wll the exisitng points be converted to 5:4?

Yes:

Existing Burgundy customers holding Magnus Credit Card:

Q 1. I am an existing Burgundy customer holding a Magnus Credit Card. Can I start redeeming EDGE points to partner miles at 5:4 ratio right away?

A. Once we have replaced your existing Magnus Credit Card with a new Magnus Credit Card for Burgundy, you will have to activate the new card within 30 days from card issuance date. Then you can redeem5 EDGE Reward points against 4 Partner miles.

Q 2. Will upgrading my card to new Magnus Credit Card for Burgundy, affect my EDGE Reward points?

A. Once your existing MAGNUS Credit Card is upgraded to new Magnus Credit Card, all your existing EDGE Reward Points that were earned (EDGE Reward points not redeemed yet) on your existing Magnus Credit Card will be transferred to the new MAGNUS Credit Card for you to enjoy the exclusive ratio of 5:4 partner miles transfer benefit.

Existing / New Burgundy customers not holding Magnus Credit Card:

Q 1. How many points can I transfer to partner miles?

A. New Magnus Credit Card for Burgundy customers can transfer up to 10 Lakh EDGE Reward Points to partner miles in a calendar year at a conversion ratio of 5 EDGE points : 4 Partner Miles.

Existing Magnus Credit Card customer without Burgundy Account:

Q 1. I have recently opened / upgraded to a Burgundy account and I am holding a Magnus Credit Card. Can I start redeeming EDGE points to partner miles at 5:4 ratio right away?

A. (In continuation to Scenario 2.3.1) Once we have upgraded and replaced your existing Magnus Credit Card with a new Magnus Credit Card for Burgundy, you will have to activate the new card within 30 days from card issuance date. Then you can redeem your EDGE points against partner miles at 5:4 ratio.

Q 2. Will upgrading my card to new Magnus Credit Card for Burgundy, affect my EDGE Reward points?

A. Once your existing MAGNUS Credit Card is upgraded to new Magnus Credit Card, all your existing EDGE Reward Points that were earned (EDGE Reward points not redeemed yet) on your existing Magnus Credit Card will be transferred to the new MAGNUS Credit Card. You may then redeem your EDGE points against partner miles at 5:4 ratio.

Customer without Magnus Credit Card and Burgundy Account:

Q 1. How many points can I transfer to partner miles?

A. New Magnus Credit Card for Burgundy customers can transfer up to 10 Lakh EDGE Reward Points to partner miles in a calendar year at a conversion ratio of 5:4.

 

[Riva]

exactly. That is why I am pulling out.

Why would you want 3 LTF Magnus cards?

 

[bigbrain]

Why would you want 3 LTF Magnus cards?

I want only one.
Initially they mentioned that I will be elgible for 5:4 ratio "Magnus for Burgandy" if you have a Burgandy account with TRV of 30 lakhs. I dont want to keep 30 lakhs in one account. So, I split in three accounds and had 10 lakhs FD in each. I can maintain Burgandy account this way but they will not give me 5:4 redemption ratio. I did not like this so I am planning to close Burgandy account.

 

[Prav]

Maintaining 30L saving for October (new digital a/c opened on 1st oct) can i get b4m in first week of nov (without any income proof)

 

[Riva]

So I have upgraded my salary axis priority account to Burgundy savings account via RM. Got this done on the basis of 10 lac TRV that I had accidentally maintained for the last 5-6 months. He asked me to physically sign and submit the forms. The request was processed yesterday after I submitted the docs a week ago. Account now shows as SBPRV. He also mentioned that I need to request for Burgundy debit card. I have yet to do this.

Now I am still contemplating if I should go for the M4B card, as I am don't think it's worth blocking 10 lac. I can link my wife's account and maintain the TRV, but for M4B the 10 Lac aqb or 30 Lac TRV for the account is required.

I have read posts where folks with good trv are getting rejected for the M4B card on basis of ITR. I do not meet the 20+ lac ITR, but the RM said I could apply card to card as I have a limit of 9 lac ok my Regalia card.

Before upgrading this, I reached out to hdfc cc to upgrade to infinia or dcb but they denied stating internal policies. Cibil is 803, and I have just 4 cards (2 HDFC, 1citi, 1 HSBC).

What do you guys think? What are the chances of rejection or getting the card and is it worth it?

 

[Riva]

I want only one.
Initially they mentioned that I will be elgible for 5:4 ratio "Magnus for Burgandy" if you have a Burgandy account with TRV of 30 lakhs. I dont want to keep 30 lakhs in one account. So, I split in three accounds and had 10 lakhs FD in each. I can maintain Burgandy account this way but they will not give me 5:4 redemption ratio. I did not like this so I am planning to close Burgandy account.

So you mean 5:4 ratio is only for 30 Lac TRV. People who get the M4B card on 10 lac aqb won't get 5:4?

 

[Tirajat]

If your PPF investments are through Axis it will be considered for TRV.
Transferred PPF investments are NOT considered.

Transferred DEMAT holdings, however, are considered for TRV.

I was considering transferring PPF. Is it mentioned in the T&C that PPF transferred from another bank won't be considered for TRV. Would be quite odd though if that's indeed the case!

 

[Riva]

I was considering transferring PPF. Is it mentioned in the T&C that PPF transferred from another bank won't be considered for TRV. Would be quite odd though if that's indeed the case!

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/magnus-credit-card-for-burgundy-faq.pdf

It states that Investment through axis will b considered.

 

[navam]

It's interesting to see how axis is playing around with people and changin rules since months and still so many folks are doing everything they can for this card.

 

[jonamdhar]

I have recently upgraded to the burgundy salary account ( so 45 days period not over yet). I called my RM about the Magnus Burgundy, but she was clueless.

Are people automatically getting the invite for Magnus Burgundy after 45 days? Or calling customer care is the only option?

 

[Rags]

I wrote to the ceo Amitabh.Chaudhry@axisbank.com and the issue got resolved in 48hours

 

[Viper1057]

I wrote to the ceo Amitabh.Chaudhry@axisbank.com and the issue got resolved in 48hours

What was the issue?

 

[Vickymaster1010]

Is it possible to open burgandy transfer all old points in 5:4 and then close the burgandy account?

 

[Quantum]

So I have upgraded my salary axis priority account to Burgundy savings account via RM. Got this done on the basis of 10 lac TRV that I had accidentally maintained for the last 5-6 months. He asked me to physically sign and submit the forms. The request was processed yesterday after I submitted the docs a week ago. Account now shows as SBPRV. He also mentioned that I need to request for Burgundy debit card. I have yet to do this.

Now I am still contemplating if I should go for the M4B card, as I am don't think it's worth blocking 10 lac. I can link my wife's account and maintain the TRV, but for M4B the 10 Lac aqb or 30 Lac TRV for the account is required.

I have read posts where folks with good trv are getting rejected for the M4B card on basis of ITR. I do not meet the 20+ lac ITR, but the RM said I could apply card to card as I have a limit of 9 lac ok my Regalia card.

Before upgrading this, I reached out to hdfc cc to upgrade to infinia or dcb but they denied stating internal policies. Cibil is 803, and I have just 4 cards (2 HDFC, 1citi, 1 HSBC).

What do you guys think? What are the chances of rejection or getting the card and is it worth it?

That's not a problem if you do not meet the 20L+ ITR.
You already got your salary Axis Priority a/c upgraded to Saving Axis Burgundy a/c. Step #1 is done.
Step #2: If you have been maintaining 10L AQB and your Burgundy a/c statement shows it, then you are eligible for LTF M4B. In that case, you can just ask your RM to initiate the provisioning of M4B on your behalf.
What Cibil score you maintain, what other CCs with what limit you have, doesn't come into picture here.
I don't see any point of rejection.
You already qualify for LTF M4B, now if you want to take that or not, that would be your decision.
And if you don't want to block 10L, then you can close this M4B card before non-maintenance of AQB/TRV. Otherwise, they may charge the Magnus fee.