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

 

[SM24]

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.

OGS always shows Average Balance Maintained, never AQB.

 

[K.R]

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.

Then they will say its not showing in OGS ;-)

 

[jonamdhar]

I'm guessing they should take the average of the "Average Balance Maintained" for the last 3 months as it appears in the last 3 OGS, to arrive at the AQB

 

[chasni]

Then they will say its not showing in OGS ;-)

OGS doesn't have CASA AQB which is usually 3 months rolling not by calendar quarters.

 

[seekndestroy99]

My August OGS Average Balance Maintained is 6.9L
My September OGS Average Balance Maintained is 10.54L

So if my October OGS Average Balance is >12.56L, it'll average out to 10L for last 3 months. Then I'll be eligible for Burgundy Magnus right?

 

[mastfun]

My August OGS Average Balance Maintained is 6.9L
My September OGS Average Balance Maintained is 10.54L

So if my October OGS Average Balance is >12.56L, it'll average out to 10L for last 3 months. Then I'll be eligible for Burgundy Magnus right?

Yes you will be eligible

 

[chasni]

My August OGS Average Balance Maintained is 6.9L
My September OGS Average Balance Maintained is 10.54L

So if my October OGS Average Balance is >12.56L, it'll average out to 10L for last 3 months. Then I'll be eligible for Burgundy Magnus right?

Technically yes, if Axis remains true to their word.

 

[K.R]

Guys My email is ready.. Those who want the content Iam typing please dm me. Also you can give your suggestions

 

[Prav]

Maintaining 10L saving for October (new offline a/c opened on 1st oct) can i get m4b
Before 30 nov

 

[MilesMax]

Guys My email is ready.. Those who want the content Iam typing please dm me. Also you can give your suggestions

Are you sending it right now or would you wait for the Oct OGS?

 

[K.R]

Are you sending it right now or would you wait for the Oct OGS?

Today and one more person from this forum has joined me as of now. I have shared my content with him in DM

 

[K.R]

Maintaining 10L saving for October (new offline a/c opened on 1st oct) can i get m4b
Before 30 nov

As per original TNC yes.. as per fraudulently changed TNC no

 

[K.R]

Today and one more person from this forum has joined me as of now. I have shared my content with him in DM

2 have joined 🙂

 

[H2O]

2 have joined 🙂

Please share. 🙏🏽

 

[psgvivek]

Please look at this reply from PNO. I'm an individual customer. No family banking.
Not sure what is True rate calculation. Not able to understand their English.

 

[K.R]

OGS doesn't have CASA AQB which is usually 3 months rolling not by calendar quarters.

I know Sir. Iam saying this is what the stupidity of Axis will tell

 

[mastfun]

Please look at this reply from PNO. I'm an individual customer. No family banking.
Not sure what is True rate calculation. Not able to understand their English.

😀 No one is bothered about the customers!

 

[rohitb]

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

I don't see an option of AQB in OGS. I only average balance maintained, which as per my RM is different.

 

[chasni]

I don't see an option of AQB in OGS. I only average balance maintained, which as per my RM is different.

Take 3 OGS and do the average of balance maintained, this will give you the AQB.

 

[rohitb]

Take 3 OGS and do the average of balance maintained, this will give you the AQB.

I will arrive, that is not a problem , but will axis arrive at aqb using same calculation. Looking at how things are running , I doubt , but I will wait till nov first week then. In any case I am expecting reply from their pno and premium desk this week and then I too will go the route @K.R ji is taking.