• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

Apply For Lifetime Free IDFC First Credit Card
bugmenot

bugmenot

TF Legend
-- 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


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

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

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
 

Attachments

Last edited:
Apply For LTF AU LIT Credit Card
Sort by date Sort by votes
K.R said:
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
Click to expand...
Their email to to you says they need atleast two OGSs.

The new TnC pdf in the same mail says three OGSs required with 10L AQB.
Lol.

I wonder, like someone mentioned, if 30L TRV needs minimum 45 days of eligibility, that would need two OGSs for one to become eligible.

Pathetic Buffoons.

PS:
My 3rd OGS will arrive in November.
Hopefully that’ll make me eligible from 10L AQB angle.
 
Upvote 0 Downvote
Axis does something to its users/customers - I am not sure what.

There was a thread where a Magnus user was charged for using Kolkata lounge and many people on that thread tried defending Axis by blaming the lounge/Dreamfolks and pounced on the user for not being careful. I was confused.

And then, we have this thread where people are so passionate about getting M4B that they have literally gone begging for it. It is just a credit card, it doesn't define you, but people seem to be obsessed with getting it and getting it LTF. If a user is a true user of a super premium card, I doubt he/she will worry about a 12-14k of annual fee!

I have Infinia / Atlas and between them, I get enough reward points to not make me feel I am losing out. Rather, I am fairly confident that total reward points from Infinia and Atlas combo are better than M4B. People need to calm down and plan their credit card journey.
 
Upvote 0 Downvote
raviemailid said:
Axis does something to its users/customers - I am not sure what.

There was a thread where a Magnus user was charged for using Kolkata lounge and many people on that thread tried defending Axis by blaming the lounge/Dreamfolks and pounced on the user for not being careful. I was confused.

And then, we have this thread where people are so passionate about getting M4B that they have literally gone begging for it. It is just a credit card, it doesn't define you, but people seem to be obsessed with getting it and getting it LTF. If a user is a true user of a super premium card, I doubt he/she will worry about a 12-14k of annual fee!

I have Infinia / Atlas and between them, I get enough reward points to not make me feel I am losing out. Rather, I am fairly confident that total reward points from Infinia and Atlas combo are better than M4B. People need to calm down and plan their credit card journey.
Click to expand...
We are not begging for it. We are highlighting the Fraud. By not raising an alarm against a Fraud is in itself a crime
 
Upvote 0 Downvote
raviemailid said:
Axis does something to its users/customers - I am not sure what.

There was a thread where a Magnus user was charged for using Kolkata lounge and many people on that thread tried defending Axis by blaming the lounge/Dreamfolks and pounced on the user for not being careful. I was confused.

And then, we have this thread where people are so passionate about getting M4B that they have literally gone begging for it. It is just a credit card, it doesn't define you, but people seem to be obsessed with getting it and getting it LTF. If a user is a true user of a super premium card, I doubt he/she will worry about a 12-14k of annual fee!

I have Infinia / Atlas and between them, I get enough reward points to not make me feel I am losing out. Rather, I am fairly confident that total reward points from Infinia and Atlas combo are better than M4B. People need to calm down and plan their credit card journey.
Click to expand...
I think the two key terms are LTF and limited period.

If there is limited period LTF offer for infinia, I believe there would be similar craze.
 
Upvote 0 Downvote
Whenever I’ve called Burgundy support, they’ve told me I am not eligible, since I am not a True Burgundy.

They could have atleast added those holy words in the new pdf.

Also in the FAQs, while clarifying about which kind of Burgundy relationship makes one eligible for M4B, they haven’t included 1 Cr. TRV. (Page 7)
While 1 Cr. TRV is considered an eligibility for Burgundy Relationship in Page 2.

10L - 3 OGS
30L - 2 OGS
3L Salary - 1 OGS

That’s how simple they could have made it, on July 26th when the first pdf was released.

Best Digital Bank.

Lulz.
 
Upvote 0 Downvote
raviemailid said:
Axis does something to its users/customers - I am not sure what.

There was a thread where a Magnus user was charged for using Kolkata lounge and many people on that thread tried defending Axis by blaming the lounge/Dreamfolks and pounced on the user for not being careful. I was confused.

And then, we have this thread where people are so passionate about getting M4B that they have literally gone begging for it. It is just a credit card, it doesn't define you, but people seem to be obsessed with getting it and getting it LTF. If a user is a true user of a super premium card, I doubt he/she will worry about a 12-14k of annual fee!

I have Infinia / Atlas and between them, I get enough reward points to not make me feel I am losing out. Rather, I am fairly confident that total reward points from Infinia and Atlas combo are better than M4B. People need to calm down and plan their credit card journey.
Click to expand...
My perspective diverges slightly. To illustrate, I currently hold 45,000 points awaiting redemption and anticipate the addition of 25,000 points as part of the August milestone, resulting in a total of 70,000 points. In situations where I meet all the specified criteria yet do not receive an upgrade, the redemption value is halved, owing to the 5:2 ratio, a circumstance I wish to avoid. It is explicitly stated that from September 1st, a burgundy customer will maintain the ratio of 5:4, which I do not want to miss.
 
Upvote 0 Downvote
You must log in or register to reply here.

Similar threads

TechnoFino
  • Sticky
  • Question Question
Wiki Axis Bank Brutal Devaluation of Atlas/Reserve/M4B/Vistara/Samsung/Flipkart/Ace/Airtel/Myzone/IOCL & Other Credit Cards
83 84 85
Replies
2K
Views
85K
Shell
S
sleepysurya
  • Question Question
Axis Devaluation w.e.f September 1st 2023 - Links for different cards
Replies
4
Views
2K
Shrinit Padwal
Shrinit Padwal
captaintorchtm
  • Question Question
Axis - Multiple cards devaluation thread. (Reserve, Select, FK, Privilege, myzone)
5 6 7
Replies
124
Views
13K
bugmenot
bugmenot
bugmenot
  • Question Question
No CV points and milestone benefits on rent payment/wallet load using Axis Bank Vistara Credit Cards w.e.f 1st June 2023
2
Replies
28
Views
4K
drsel
drsel
tryabp
  • Question Question
RBL Credit Cards Devaluation W.E.F. October 09, 2023
Replies
9
Views
3K
cc_dc_explorer
cc_dc_explorer
Back
Top