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

 

[Riva]

Yes looks like it. I am just hoping either my mails, RBI complaints or anything works or maybe luckily I become eligible by Nov 30 else this will be my last resort though before next year I will rather get Infinia with FD instead. I have a trip planned for mid Feb so only keeping Axis for a year

I have not heard of infinia being offered with FD.

If anyone has, pls post the process.

 

[jonamdhar]

Its very simple if you put some past reference and logics.

Magnus for Burgundy has a joining/renewal bonus of 5000 for yatra/postcard/luxe but it isn't being offered for LTF cards which are being issued right now.

There must be a reason why Axis released about the joining offer before releasing whole burgundy faq pdf, even the pdf mentions about the joining bonus at several places. There was a pdf released about Magnus Burgundy Joining bonus but I can't find the file now so can't attach here..

Now, Axis has a general habit to match the joining fee in the joining bonus which tells us 5000+GST(5900/-) will be the fee most likely. Axis can't put a fee for this to 14k+ because that is for normal users who don't have burgundy or doesn't maintain burgundy. If a user is burgundy, which means he is already has a savings of 10L atleast or higher which gives Axis enough interest/benefit thus the fees is lower for Magnus Burgundy card and most likely will be 5900

The joining bonus is currently only applicable for people applying directly for new burgundy Magnus card and not for those upgrading from old Magnus card.

 

[rohitb]

Added ..basically NEW AQB is not eligible at all

Bunch of unethical people these axis folks.

 

[K.R]

I woul request every one to escalate to RBI copying both the version right away. I have done that. When RBI see so many email..it will take action. Copy Axis Premium Experience and PNO as well

Email ID for RBI Ombudsman is crpc@rbi.org.in

 

[K.R]

Dear Axis Bank

I see that you have smartly changed the TNC's recently without informing the customer. I am attaching the two versions. This is open Fraud by Axis.
Basically Axis Lured customers from July to September to Open Burgundy accounts to Convert Magnus to Magnus for Burgundy. People fell for it as they had loads of inflight Reward Points which get devalued
Until End of September you have told that AQB of 10 lacs are eligible for new customers who have completed 45 days and OGS is generated
Then Silently changed the TNC's in the backend saying for AQB you have to complete 3 months making them ineligible while smartly eating the interest of people's money.

I am attaching the 2 versions for RBI to make a note of it

The email I sent

 

[readers900]

Bunch of unethical people these axis folks.
View attachment 32256

I think this is it. This one point clears everything and all the confusion we had. Something which all of us knew but were hoping is not true but now its official.

 

[Riva]

Bunch of unethical people these axis folks.
View attachment 32256

Another typo states that INR 40 inward remittance is required.. so expect another change in the document!

 

[readers900]

What about TRV of 30 Lacs.. My OGS for Sep month was 16.2 Lacs.. But on Oct 9th TRV was 31 Lacs and on Oct 11 it was 41 Lacs.. Which means Oct OGS will have a TRV of 30 Lac plus+ Will this be elogible

Krishnaji, are you maintaining 10 lacs balance or >30 lacs TRV?

 

[bigbrain]

If you want only one, and you don't want 30L TRV option, then you can go for 10L AQB option.
And if you don't want to go for this option too, then you would have to let go of LTF M4B..

I am not going to keep 10 lakhs in savings account for sure. And after so many change in regulations, I dont trust Axis would keep its word for long.
I am more interested in 5:4 ratio than making it free. Anyways, I am going to close my Axis Reserve nearing to its renewal and Axis Magnus next year (I have hit the spend milestone for fees renewal this year).

 

[chasni]

Dear Axis Bank

I see that you have smartly changed the TNC's recently without informing the customer. I am attaching the two versions. This is open Fraud by Axis.
Basically Axis Lured customers from July to September to Open Burgundy accounts to Convert Magnus to Magnus for Burgundy. People fell for it as they had loads of inflight Reward Points which get devalued
Until End of September you have told that AQB of 10 lacs are eligible for new customers who have completed 45 days and OGS is generated
Then Silently changed the TNC's in the backend saying for AQB you have to complete 3 months making them ineligible while smartly eating the interest of people's money.

I am attaching the 2 versions for RBI to make a note of it

The email I sent

I am also going to draft an email using your email. Moreover, I will add the part where they mentioned Burgundy Family criteria in the initial Magnus document and then removed it at the last minute. So, this is also misleading a customer.

 

[K.R]

Krishnaji, are you maintaining 10 lacs balance or >30 lacs TRV?

I was always in for 10 Lacs AQB. But I had shared my Axis account with some business partners and the deposits came to this account on 9th October . So was asking If I keep these funds till Nov end will I be eligible. Anyways once card is issued 10 lakhs AQB will still work

 

[K.R]

I am also going to draft an email using your email. Moreover, I will add the part where they mentioned Burgundy Family criteria in the initial Magnus document and then removed it at the last minute. So, this is also misleading a customer.

I would request not one or 2 but all who were maintaining 10 Lacs AQB should escalate and keep chasing RBI..Keep Axis in loop. I am sure RBI will put some penalities on Axis.. we should be huge in number so that Axis cannot escape with this fraud

 

[Quantum]

I would request not one or 2 but all who were maintaining 10 Lacs AQB should escalate and keep chasing RBI..Keep Axis in loop. I am sure RBI will put some penalities on Axis.. we should be huge in number so that Axis cannot escape with this fraud

I'm not sure how many folks would see this msg, but if you could post a new thread by adding relevant tags, asking folks to send the email, that would be having more reach.
You could point out the differences, both the PDFs, and email IDs.

 

[jonamdhar]

I would request not one or 2 but all who were maintaining 10 Lacs AQB should escalate and keep chasing RBI..Keep Axis in loop. I am sure RBI will put some penalities on Axis.. we should be huge in number so that Axis cannot escape with this fraud

I think technically there is no case against Axis though. AQB / Average Quarterly Balance by definition is three months average balance. And many people expected 3 months wait even when it wasn't explicitly mentioned.

 

[K.R]

I think technically there is no case against Axis though. AQB / Average Quarterly Balance by definition is three months average balance. And many people expected 3 months wait even when it wasn't explicitly mentioned.

If you read the first version they clearly mentioned 45 days of wait for AQB. Also there are email from Axis. Also there is always a case even if there is intentional Misleading TNCs. RBI is very strict about it.

 

[K.R]

I would also request the admin to release a Video on this Axis fraud so that there is a wider reach and RBI takes a note if it.

 

[Riva]

I think technically there is no case against Axis though. AQB / Average Quarterly Balance by definition is three months average balance. And many people expected 3 months wait even when it wasn't explicitly mentioned.

If Axis wanted to be strict on AQB, they should have released the FAQ before September end. They have released it during the last week of September with a offer end date of Nov 30.
They might as well have not given the offer if they didn't want to give new customer the 3 months time to get 3 OGS.

This is misleading and a lot of people have moved funds into Axis and opened accounts. Axis is generating revenue on these amounts and not delivering on their promise.

 

[Thomas244]

The delay in releasing clear statements is defintely an issue. They should be extending from nov 30 since its thier mistake

 

[MilesMax]

Dear Axis Bank

I see that you have smartly changed the TNC's

We should be addressing the email directly to RBI officer right?

 

[K.R]

We should be addressing the email directly to RBI officer right?

Yes and copy Premium Experience , PNO and Amitabh.Chaudhry@axisbank.com