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]

Under 2.2, question 2 second parra contradict questions 3.

One says 45 days after maintain burgundy relationship and the other says 3 OGS!!

Axis being axis will now choose which condition to fulfill as they wish.

 

[Viper1057]

10 Lacs CASA or 30 Lacs TRV

10lakhs CASA. I am holding more than 11lakhs since 4th Oct to get my OGS more than 10lakhs. Anyways with the new FAQ it clearly looks they won't allow us, but I am now pretty confirmed that card will still be available at 5900/- post Nov 30. So we can get it with joining bonus if we want once 3months are completed.

 

[K.R]

10lakhs CASA. I am holding more than 11lakhs since 4th Oct to get my OGS more than 10lakhs. Anyways with the new FAQ it clearly looks they won't allow us, but I am now pretty confirmed that card will still be available at 5900/- post Nov 30. So we can get it with joining bonus if we want once 3months are completed.

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

 

[MilesMax]

but I am now pretty confirmed that card will still be available at 5900/- post Nov 30.

Where did you get this info of 5.9k? RM or BM?

 

[MilesMax]

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

As of premium experience call they told it's exactly on the date you start your TRV of 30L + 45 days. But ofcourse they make up their own rules.

 

[Riva]

10lakhs CASA. I am holding more than 11lakhs since 4th Oct to get my OGS more than 10lakhs. Anyways with the new FAQ it clearly looks they won't allow us, but I am now pretty confirmed that card will still be available at 5900/- post Nov 30. So we can get it with joining bonus if we want once 3months are completed.

From where did you get info that the card will be available at 5900/- post Nov 30?

 

[mastfun]

From where did you get info that the card will be available at 5900/- post Nov 30?

Yes Curious to know!

 

[NeoOnWheels]

wow, super confusing. I might go for Burgundy salary account of Axis and as per my corporate RM, I am eligible for FYF Magnus. He specifically mentioned that maintaining 10L balance is not required for salary account holder and yet I would get the Magnus card. Now I am confused it Magnus and Magnus for Burgundy are 2 different cards.

Meantime, HDFC corporate RM is trying best to secure me Infinia given my 20 years salary account, my ITR and other MF investments. Only thing I dont fulfill is 7L spend in last 6 months. If HDFC thing does not work, I am planning to move to Axis but looking at latest messages, I am super confused.

 

[Riva]

wow, super confusing. I might go for Burgundy salary account of Axis and as per my corporate RM, I am eligible for FYF Magnus. He specifically mentioned that maintaining 10L balance is not required for salary account holder and yet I would get the Magnus card. Now I am confused it Magnus and Magnus for Burgundy are 2 different cards.

Meantime, HDFC corporate RM is trying best to secure me Infinia given my 20 years salary account, my ITR and other MF investments. Only thing I dont fulfill is 7L spend in last 6 months. If HDFC thing does not work, I am planning to move to Axis but looking at latest messages, I am super confused.

Magnus and Magnus for Burgundy are two different cards, at least on conversation ratio. Features on both are the same.

Suggest you take infinia and stay away from this axis bullshit.

Axis is changing the goal post in the middle of the game!! Speaks huge in terms of ethics!!

 

[Viper1057]

Where did you get this info of 5.9k? RM or BM?

From where did you get info that the card will be available at 5900/- post Nov 30?

Yes Curious to know!

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

 

[jonamdhar]

This seems to be a tricky language. It can mean 2 things

1) Maintain relationship for 45 days and till the OGS reflects the eligibility critetia.

2) Maintain the relationship for 45 days after the first OGS reflecting the AQB / TRV / Salary Credit. It this case, by default you will have to wait for the second OGS anyway.

 

[Riva]

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.

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. 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

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

So burgundy customers will need to still keep 10 lac + pay the 5900? Especially those upgraded post Aug!
They should just extend the offer period or remove the deadline altogether.

 

[Viper1057]

So burgundy customers will need to still keep 10 lac + pay the 5900? Especially those upgraded post Aug!
They should just extend the offer period or remove the deadline altogether.

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

 

[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!