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

 

[mastfun]

10L Savings should hold good then right?

 

[Rags]

10L Savings should hold good then right?

yes as per tnc

 

[raviemailid]

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.

 

[K.R]

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.

We are not begging for it. We are highlighting the Fraud. By not raising an alarm against a Fraud is in itself a crime

 

[jonamdhar]

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.

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.

 

[SM24]

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.

 

[mastfun]

Oh 10 L - 3 OGS 😀 that's a joke 😀

 

[Riva]

from where did you get the screenshot?

From the revised PDF itself.

 

[Rags]

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.

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.

 

[MilesMax]

Whenever I’ve called Burgundy support, they’ve told me I am not eligible, since I am not a True Burgundy.

Did you try emailing the MD Desk or PNO?

 

[nithin1992]

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.

It is not LTF though, is it? It's only LTF IF you maintain the TRV / AQB etc., so it's only conditional LTF

 

[SM24]

Oh 10 L - 3 OGS 😀 that's a joke 😀

For Existing Burgundy customers
3 OGS is needed with 10L as per pdf.

The 30L TRV and 3L salary OGSs I just gave as an example.

 

[SM24]

Did you try emailing the MD Desk or PNO?

Nope.

I am ping ponging with BM and RM.

With the new TnCs it’s pretty clear I’ll need to wait till my Oct OGS arrives.

Unless my RM and BM expedite this month only.

 

[Riva]

Anyone know someone from the press or media? Mark them on these mails too..
That would really shake Axis up and give them some real publicity!!

 

[jonamdhar]

For Existing Burgundy customers
3 OGS is needed with 10L as per pdf.

The 30L TRV and 3L salary OGSs I just gave as an example.

You don't need 3 OGS with 10lakhs. You just need your current OGS to show AQB of 10lakh i.e. average balance across last three months should be more than 10lakhs.

So if you didn't have any balance for first two months. You can have 30lakhs balance in the third month to have an AQB of 10lakhs. Just as an extreme example

 

[MilesMax]

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!

So a "true" super-premium card user should always pay the annual fee? Can you please elaborate on what exactly are you trying to say here?

Many people on this forum hold like 10+ cards which includes 3-4 super premium cards.
If you start paying fees for every card the renewal fee itself will pile up to lakhs.

 

[K.R]

So a "true" super-premium card user should always pay the annual fee? Can you please elaborate on what exactly are you trying to say here?

Many people on this forum hold like 10+ cards which includes 3-4 super premium cards.
If you start paying fees for every card the renewal fee itself will pile up to lakhs.

Guys .. My draft is almost 70% ready.. Iam escalating to RBI, Central Grevience . Do let me know if you have any other forums (government where it can be raised)

 

[SM24]

You don't need 3 OGS with 10lakhs. You just need your current OGS to show AQB of 10lakh i.e. average balance across last three months should be more than 10lakhs.

So if you didn't have any balance for first two months. You can have 30lakhs balance in the third month to have an AQB of 10lakhs. Just as an extreme example

My average balance over three months will be fulfilled once my Oct OGS is generated.

Hence my reference to 3 OGSs.

 

[seekndestroy99]

You don't need 3 OGS with 10lakhs. You just need your current OGS to show AQB of 10lakh i.e. average balance across last three months should be more than 10lakhs.

So if you didn't have any balance for first two months. You can have 30lakhs balance in the third month to have an AQB of 10lakhs. Just as an extreme example

The OGS for September doesn't show AQB for me, just has a field "Average Balance Maintained" (for Sept). Please correct me if I'm mistaken.

 

[chasni]

My average balance over three months will be fulfilled once my Oct OGS is generated.

Hence my reference to 3 OGSs.

If you put 30 lacs for one month then CASA AQB will be 10 lacs even if you had zero for the first 2 months.