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

---

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]

Just Posting the last communication from Axis. I have escalated it to PNO and today have looped in RBI as well.. Lets see where it goes. As per this email they will upgrade mine only post October OGS is generated.

Dear Mr. XXXXXX,

Thank you for writing to Axis Bank.

This is with reference to your e-mail dated 11/10/2023 at 4:51 PM.

We understand that you wish to upgrade your existing Axis Bank Magnus Visa Credit Card ending with 9419 to Axis Bank Magnus Burgundy Credit Card based on your Burgundy account/relationship. We regret the inconvenience caused to you.

We acknowledge that we have received the One Glance Statement for the month of Sep' 2023 & bank account statement. We regret to inform you that, we are unable to view/open the Aug' 2023 month One Glance Statement as it is password protected file.

We wish to inform you that, if you recently have opened the Burgundy account with us then you need to wait for two months One Glance Statements (OGS) to be generated with eligible criteria.

As you confirmed that, only one month One Glance Statement (OGS) has been generated with eligible average balance so, we request you to wait till the next One Glance Statement (OGS) is generated i.e for Oct' 2023 month.

For us to check the eligibility for the card upgrade, we required the latest two months One Glance Statements (OGS).

We would like you to know that, if you are maintaining the requisite Burgundy Criteria with the bank then only we will be able to upgrade your card.

You have to maintained any of the below mentioned burgundy relationship eligibility criteria to avail the special Magnus Burgundy offer, calculated at an individual Customer ID level:

1. Maintenance of an Average Quarterly Balance of Rs. 10lakhs in the Savings Account, OR

2. Maintenance of an Average Quarterly Balance of Rs. 10lakhs across Savings Accounts and Current Accounts, OR

3. Maintenance of a minimum Total Relationship Value^(TRV) of Rs. 30lakhs, OR

4. Maintenance of a minimum Total Relationship Value^(TRV) of Rs. 1crore which includes Demat holdings, OR

5. In case of a salaried customer, one should be receiving a net salary credit in excess of Rs. 3lakhs every month in Axis Bank Salary Account, OR

6. Foreign Inward Remittance of at least Rs. 40lakhs received through Wire transfer or Remit Money in last 12 months (Only for NRI’s)

Please do note, the Total Relationship Value (TRV), aggregated at individual Customer ID level, is composed of:

1. Liability Relationship: Savings Account, Current Account, Term Deposits, Recurring Deposits and/or Specified Investment Relationships

2. Investment Relationship: Mutual Funds, Life Insurance, Private Equity Funds (Commitment amount), Structured Products, Discretionary Portfolio Management Service, Non-Discretionary Portfolio Management Service, RBI Bonds, PPF, NPS and other Alternate Assets.

Note- The said offer is valid till 30th Nov' 2023.

All Burgundy Account holders meeting the requisite Burgundy ‘Total Relationship Value’ criteria, as depicted in the latest One Glance Statement of the Burgundy account, will be eligible for the new Magnus Credit Card for Burgundy. Customers having a Burgundy account but not meeting the requisite Burgundy ‘Total Relationship Value’ criteria, will not be eligible for the new Magnus Credit Card for Burgundy.

Please note:

1. Card approval is subject to fulfillment of the credit policy of the bank.

2. By applying for Magnus Credit Card for Burgundy, you also agree to the bank’s policy of replacing Magnus Credit Card for Burgundy with new Magnus Credit Card in case the requisite Burgundy ‘Total Relationship Value’ is not maintained by you. The new Magnus Credit Card will also incur joining and annual fee of Rs. 12,500/-+GST.

This is to inform you that, all existing Edge Reward Points will be transferred to the new Magnus Burgundy Credit Card and can be redeemed at 5:4 points conversion rate.

For more details, please visit the below link:

https://www.axisbank.com/docs/defau...cards/magnus-credit-card-for-burgundy-faq.pdf

We would appreciate your understanding in this matter.

Please feel free to write back to us for further assistance, we will be happy to assist you with your query.

We thank you for banking with us & look forward to your continued patronage.

We assure you the best of our services all time.

The reference number for this interaction is 231011143849.

For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.

Personal Phone Banking Link

NRI Phone Banking Link

Business Phone Banking Link

Agri Rural Phone Banking Link

Burgundy Phone Banking Link

Forex Card Phone Banking Link



Warm Regards,
XXXXXX - (Premium Customer Support)
Team Axis Bank
Dil Se Open

 

[K.R]

i think Axis has silently changed the FAQ questionnaire in FAQ. Can someone post the old PDF version (not this Link as Axis has made the changes, and it will show latest)

 

[Quantum]

i think Axis has silently changed the FAQ questionnaire in FAQ. Can someone post the old PDF version (not this Link as Axis has made the changes, and it will show latest)

What have they changed? What is the change that you noticed..
PFA PDF that I had saved on 11 Oct Midnight.

 

[Riva]

There is no harm in giving a try.max it gets rejected. But do not apply now as it will definitely get rejected because you do not have OGS as Burgandy yet. Wait for 1 OGS as Burgandy to be generated in first week of November. Then there may be a chance. Why iam saying there is a chance is because as per our understanding of TNC's you will be eligible post 45 days and one OGS with requisite Criteria met. But why not certain is because there are many including myself have met these criteria but Axis is now asking for 2 OGS and 45 days after 1st OGS is generated which will be technically in December for you.
If I were you.. I will give it a try post OGS is generated in Nov

Is Magnus worth: Its entirely dependent on a person's spend pattern. You have to do your own match against your history of spends and type of spends.
Is it a status Symbol .. Definitely not 😎 Go for Infinia ( if lucky) or Amex Platinum ( if willing to pay 72K anually) if it's about Status Symbol

The RM told me I can apply for it this month. But I don't know if I can trust the RM. The RM and the CC team have different understanding and I too get a feeling that it may get rejected if I apply now. I think I should wait for Nov OGS, and hopefully they won't ask for another months OGS.

 

[Riva]

As of now Citi and Axis are poles apart. Infact Axis does not even consider Citi Cards for Card based applications.

Correct. I have a Citi account and credit card as well. I asked the RM if Citi TRV will be considered for Burgundy, but he said the merger is not complete and they both are different. Asked me to transfer the funds to Burgundy account. The only update is Citi Credit card shows as Axis under Cibil.

 

[K.R]

What have they changed? What is the change that you noticed..
PFA PDF that I had saved on 11 Oct Midnight.

Thanks.. In the Link i shared earlier ( mail from Axis). They have added new FAQ wherein they included FAQ. So they have cleverly changed it without informing us. They Have added CASA making all new account with AQB of 10 lakhs ineligible.

 

[Riva]

Just Posting the last communication from Axis. I have escalated it to PNO and today have looped in RBI as well.. Lets see where it goes. As per this email they will upgrade mine only post October OGS is generated.

Dear Mr. XXXXXX,

Thank you for writing to Axis Bank.

This is with reference to your e-mail dated 11/10/2023 at 4:51 PM.

We understand that you wish to upgrade your existing Axis Bank Magnus Visa Credit Card ending with 9419 to Axis Bank Magnus Burgundy Credit Card based on your Burgundy account/relationship. We regret the inconvenience caused to you.

We acknowledge that we have received the One Glance Statement for the month of Sep' 2023 & bank account statement. We regret to inform you that, we are unable to view/open the Aug' 2023 month One Glance Statement as it is password protected file.

We wish to inform you that, if you recently have opened the Burgundy account with us then you need to wait for two months One Glance Statements (OGS) to be generated with eligible criteria.

As you confirmed that, only one month One Glance Statement (OGS) has been generated with eligible average balance so, we request you to wait till the next One Glance Statement (OGS) is generated i.e for Oct' 2023 month.

For us to check the eligibility for the card upgrade, we required the latest two months One Glance Statements (OGS).

We would like you to know that, if you are maintaining the requisite Burgundy Criteria with the bank then only we will be able to upgrade your card.

You have to maintained any of the below mentioned burgundy relationship eligibility criteria to avail the special Magnus Burgundy offer, calculated at an individual Customer ID level:

1. Maintenance of an Average Quarterly Balance of Rs. 10lakhs in the Savings Account, OR

2. Maintenance of an Average Quarterly Balance of Rs. 10lakhs across Savings Accounts and Current Accounts, OR

3. Maintenance of a minimum Total Relationship Value^(TRV) of Rs. 30lakhs, OR

4. Maintenance of a minimum Total Relationship Value^(TRV) of Rs. 1crore which includes Demat holdings, OR

5. In case of a salaried customer, one should be receiving a net salary credit in excess of Rs. 3lakhs every month in Axis Bank Salary Account, OR

6. Foreign Inward Remittance of at least Rs. 40lakhs received through Wire transfer or Remit Money in last 12 months (Only for NRI’s)

Please do note, the Total Relationship Value (TRV), aggregated at individual Customer ID level, is composed of:

1. Liability Relationship: Savings Account, Current Account, Term Deposits, Recurring Deposits and/or Specified Investment Relationships

2. Investment Relationship: Mutual Funds, Life Insurance, Private Equity Funds (Commitment amount), Structured Products, Discretionary Portfolio Management Service, Non-Discretionary Portfolio Management Service, RBI Bonds, PPF, NPS and other Alternate Assets.

Note- The said offer is valid till 30th Nov' 2023.

All Burgundy Account holders meeting the requisite Burgundy ‘Total Relationship Value’ criteria, as depicted in the latest One Glance Statement of the Burgundy account, will be eligible for the new Magnus Credit Card for Burgundy. Customers having a Burgundy account but not meeting the requisite Burgundy ‘Total Relationship Value’ criteria, will not be eligible for the new Magnus Credit Card for Burgundy.

Please note:

1. Card approval is subject to fulfillment of the credit policy of the bank.

2. By applying for Magnus Credit Card for Burgundy, you also agree to the bank’s policy of replacing Magnus Credit Card for Burgundy with new Magnus Credit Card in case the requisite Burgundy ‘Total Relationship Value’ is not maintained by you. The new Magnus Credit Card will also incur joining and annual fee of Rs. 12,500/-+GST.

This is to inform you that, all existing Edge Reward Points will be transferred to the new Magnus Burgundy Credit Card and can be redeemed at 5:4 points conversion rate.

For more details, please visit the below link:

https://www.axisbank.com/docs/defau...cards/magnus-credit-card-for-burgundy-faq.pdf

We would appreciate your understanding in this matter.

Please feel free to write back to us for further assistance, we will be happy to assist you with your query.

We thank you for banking with us & look forward to your continued patronage.

We assure you the best of our services all time.

The reference number for this interaction is 231011143849.

For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.

Personal Phone Banking Link

NRI Phone Banking Link

Business Phone Banking Link

Agri Rural Phone Banking Link

Burgundy Phone Banking Link

Forex Card Phone Banking Link



Warm Regards,
XXXXXX - (Premium Customer Support)
Team Axis Bank
Dil Se Open

Seems they are insisting on 2 OGS statements which may be a issue for me even though my statement for the last 3 months have the required 10 Lac AMB. Seems like i will have to convince the RM to request the cc teams to consider regular statement for the last month + 1 OGS for October.
Fingers crossed.

 

[MilesMax]

Thanks.. In the Link i shared earlier ( mail from Axis). They have added new FAQ wherein they included FAQ. So they have cleverly changed it without informing us. They Have added CASA making all new account with AQB of 10 lakhs ineligible.

What exactly is a new account in terms of Axis? Does having 2 OGS makes it an old account?

 

[Riva]

Thanks.. In the Link i shared earlier ( mail from Axis). They have added new FAQ wherein they included FAQ. So they have cleverly changed it without informing us. They Have added CASA making all new account with AQB of 10 lakhs ineligible.

Can you pls post the screenshot of the earlier and revised faq's with the change highlighted?

 

[K.R]

Added ..basically NEW AQB is not eligible at all

 

[Riva]

Just Posting the last communication from Axis. I have escalated it to PNO and today have looped in RBI as well.. Lets see where it goes. As per this email they will upgrade mine only post October OGS is generated.

Dear Mr. XXXXXX,

Thank you for writing to Axis Bank.

This is with reference to your e-mail dated 11/10/2023 at 4:51 PM.

We understand that you wish to upgrade your existing Axis Bank Magnus Visa Credit Card ending with 9419 to Axis Bank Magnus Burgundy Credit Card based on your Burgundy account/relationship. We regret the inconvenience caused to you.

We acknowledge that we have received the One Glance Statement for the month of Sep' 2023 & bank account statement. We regret to inform you that, we are unable to view/open the Aug' 2023 month One Glance Statement as it is password protected file.

We wish to inform you that, if you recently have opened the Burgundy account with us then you need to wait for two months One Glance Statements (OGS) to be generated with eligible criteria.

As you confirmed that, only one month One Glance Statement (OGS) has been generated with eligible average balance so, we request you to wait till the next One Glance Statement (OGS) is generated i.e for Oct' 2023 month.

For us to check the eligibility for the card upgrade, we required the latest two months One Glance Statements (OGS).

We would like you to know that, if you are maintaining the requisite Burgundy Criteria with the bank then only we will be able to upgrade your card.

You have to maintained any of the below mentioned burgundy relationship eligibility criteria to avail the special Magnus Burgundy offer, calculated at an individual Customer ID level:

1. Maintenance of an Average Quarterly Balance of Rs. 10lakhs in the Savings Account, OR

2. Maintenance of an Average Quarterly Balance of Rs. 10lakhs across Savings Accounts and Current Accounts, OR

3. Maintenance of a minimum Total Relationship Value^(TRV) of Rs. 30lakhs, OR

4. Maintenance of a minimum Total Relationship Value^(TRV) of Rs. 1crore which includes Demat holdings, OR

5. In case of a salaried customer, one should be receiving a net salary credit in excess of Rs. 3lakhs every month in Axis Bank Salary Account, OR

6. Foreign Inward Remittance of at least Rs. 40lakhs received through Wire transfer or Remit Money in last 12 months (Only for NRI’s)

Please do note, the Total Relationship Value (TRV), aggregated at individual Customer ID level, is composed of:

1. Liability Relationship: Savings Account, Current Account, Term Deposits, Recurring Deposits and/or Specified Investment Relationships

2. Investment Relationship: Mutual Funds, Life Insurance, Private Equity Funds (Commitment amount), Structured Products, Discretionary Portfolio Management Service, Non-Discretionary Portfolio Management Service, RBI Bonds, PPF, NPS and other Alternate Assets.

Note- The said offer is valid till 30th Nov' 2023.

All Burgundy Account holders meeting the requisite Burgundy ‘Total Relationship Value’ criteria, as depicted in the latest One Glance Statement of the Burgundy account, will be eligible for the new Magnus Credit Card for Burgundy. Customers having a Burgundy account but not meeting the requisite Burgundy ‘Total Relationship Value’ criteria, will not be eligible for the new Magnus Credit Card for Burgundy.

Please note:

1. Card approval is subject to fulfillment of the credit policy of the bank.

2. By applying for Magnus Credit Card for Burgundy, you also agree to the bank’s policy of replacing Magnus Credit Card for Burgundy with new Magnus Credit Card in case the requisite Burgundy ‘Total Relationship Value’ is not maintained by you. The new Magnus Credit Card will also incur joining and annual fee of Rs. 12,500/-+GST.

This is to inform you that, all existing Edge Reward Points will be transferred to the new Magnus Burgundy Credit Card and can be redeemed at 5:4 points conversion rate.

For more details, please visit the below link:

https://www.axisbank.com/docs/defau...cards/magnus-credit-card-for-burgundy-faq.pdf

We would appreciate your understanding in this matter.

Please feel free to write back to us for further assistance, we will be happy to assist you with your query.

We thank you for banking with us & look forward to your continued patronage.

We assure you the best of our services all time.

The reference number for this interaction is 231011143849.

For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.

Personal Phone Banking Link

NRI Phone Banking Link

Business Phone Banking Link

Agri Rural Phone Banking Link

Burgundy Phone Banking Link

Forex Card Phone Banking Link



Warm Regards,
XXXXXX - (Premium Customer Support)
Team Axis Bank
Dil Se Open

Also no where in the FAQ does it say 2 months OGS. The words used are " latest OGS". So on what basis are they asking for 2 OGS?

 

[mastfun]

People who opened account by end of Sep will never be able to get 2 OGS , Stating Burgundy relationship! 😀

 

[MilesMax]

People who opened account by end of Sep will never be able to get 2 OGS 😀

Read the new FAQ, they need 3 month vintage account now 😂 people who opened in August is also not eligible for 10L AQB.

 

[Riva]

Added ..basically NEW AQB is not eligible at all

WTF!!.. so all 10 Lac savings Burgundy account holders are not eligible for the M4B card?
or.. this is just an example in these screenshots?

 

[Riva]

Read the new FAQ, they need 3 month vintage account now 😂 people who opened in August is also not eligible for 10L AQB.

Oh damn.. the vintage 3 month verbiage is new. Looks like Axis wants to make this card really exclusive!!

 

[K.R]

Also no where in the FAQ does it say 2 months OGS. The words used are " latest OGS". So on what basis are they asking for 2 OGS?

Oh damn.. the vintage 3 month verbiage is new. Looks like Axis wants to make this card really exclusive!!

Its open Fraud. They should have told in the first version itself

 

[Prav]

Is there any hope for account opened on 1 oct maintaining 10L aqb , can we get free m4b

 

[Viper1057]

People who opened account by end of Sep will never be able to get 2 OGS , Stating Burgundy relationship! 😀

I am one of them...applied on 29th Sept, account activated on 4th Oct. No OGS generated for October so waiting for November now..

 

[K.R]

Is there any hope for account opened on 1 oct maintaining 10L aqb , can we get free m4b

There is no hope for People who opened in Aug leave alone October. But this is a Fraud, and we should challenge Axis and drag it to RBI. I have already done it

 

[K.R]

I am one of them...applied on 29th Sept, account activated on 4th Oct. No OGS generated for October so waiting for November now..

10 Lacs CASA or 30 Lacs TRV