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

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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
 

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Last edited:
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mastfun said:
Mail templates and address please 🥺
Click to expand...
Email ID for RBI Ombudsman is crpc@rbi.org.in
Copy Premium Esperience, PMO and their CEO emai id shared in this same discussion on page 288
Template: Should be as per their experience. I will definitely copy paste here once I have sent..may be by tonight or tomorrow morning.. Need to enjoy India thrasing Pakiiiis 😎
 
Upvote 0 Downvote
K.R said:
My Strategy For this upgrade is as follows.
Fight till 30th Nov. If it gets upgraded, then its fine. If not, then below are the steps.
1) Close my Burgandy bank Account
2) Close my sisters Axis bank Account
3) Close my Dad's Axis bank Account
4) Close my Wifes Axis bank Account
5) Stop using Axis magnus Card
6) Once all the ER are credited for the past usage Close the magnus Card
By 31st March 2024 close all relationship with Axis. ( Dil Se Closed ;-)

If it gets upgraded then the strategy is to only maintain the minimum possible relationship with Axis, no future products with Axis unless it's really worth the pain which Axis gives 😎
Click to expand...
did you try writing to their MD amitabh.ahaudhry@axisbank.com it really helps
 
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jonamdhar said:
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.
Click to expand...
it means the TRV 30lacs is mandatory even though you have >3lac salary???? not really in my experience.
 
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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...
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. It means TRV 30lacs mandatory even through you have met salary or AQB criteria?
 
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K.R said:
I have copied him in couple of emails today. His PA will see them on Monday and if it passes to him maybe he will take a note of it. I could have waited but this change of TNC's silently without informing customers in the background is a serious fraud which cannot be left as is
Click to expand...
Agree, the PA you mean Nancy? dont expect much hope from their desk. you need to chase a lot. after last 15days chase and mentioning their tnc i got it done.
 
Last edited:
Upvote 0 Downvote
jonamdhar said:
No you can maintain either TRV or Salary Credit or AQB. Any one of them should be sufficient
Click to expand...
But, the tnc is different. 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.
 
Upvote 0 Downvote
Rags said:
But, the tnc is different. 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.
Click to expand...
Yes and Total relation Value is AQB with 45 days of relationship, TRV of 30 lacs, TRV with Demat of 1 Cr , Inward remittances of 40 Lakhs.. as per original document which they changed now fraudulently.
 
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Rags said:
But, the tnc is different. 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.
Click to expand...
In the latest document TRV has been replaced with "Burgundy Relationship Eligibility Criteria"
 

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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.
 
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