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

 

[Prav]

Great so fulfill one of the three criteria and then apply with your income tax returns

Itr is only 16.1L pa but icici card limit is 7 L

 

[drsel]

If your salary is below 3 lakhs you can fulfill one of the other two criteria

 

[drsel]

There is no option to apply for Magnus burgundy card on card.
There is no point in applying for the old Magnus

 

[Prav]

If your salary is below 3 lakhs you can fulfill one of the other two criteria

Criteria eligibility is being fulfilled by 10aqb
But what about normal new application procedure

 

[drsel]

Atlas is better than old Magnus.

 

[drsel]

Criteria eligibility is being fulfilled by 10aqb
But what about normal new application procedure

Tell the Burgundy relationship manager to send the representative to your house for application.
Keep your income tax return/salary statement, Aadhar and PAN card ready

 

[Prav]

Tell the Burgundy relationship manager to send the representative to your house for application.
Keep your income tax return/salary statement, Aadhar and PAN card ready

Salary is 16.1 Lpa

 

[MilesMax]

Rm is saying that m4b fresh can only be applied by itr/salary slip

If that is the case then apply for Old Magnus and request for M4B upgrade. Keep track of the timeline, idk if there is any cooling period for this process. First year joining fee you have to pay. No other option
@mastfun Had applied for M4B directly from Branch LTF. He might be able to help you.

 

[MilesMax]

So i ll have to pay14k initially 😂

I updated the post check

 

[Prav]

I updated the post check

Thnx so it’s confirmed that no c2c for fresh m4b

 

[K.R]

Criteria eligibility is being fulfilled by 10aqb
But what about normal new application procedure

Sir if your Fulfil Burgundy criteria then for fresh card you need to fulfill the credit card criteria for Magnus which used to be 18 or 20 lakhs salary, or C2C with a reputed Bank Like ICICi or HDFC for 10 lakhs and above. For C2C they don't accept every card..fir example they don't accept Citi card 😂No For Magnus for Burgundy Iam not sure if they are not entertaining C2C but in general for New CC they have C2C options with limits based on the card you are applying for

 

[K.R]

Thnx so it’s confirmed that no c2c for fresh m4b

Check in another Branch as well. Your RM might not be interested that much as Magnus for Burgundy is a controversial card right now ,😁

 

[K.R]

Salary is 16.1 Lpa

As Per Axis you are not eligible but they had Given Magnus with 10 lakhs as well in the past at Airports

 

[mastfun]

My application for LTF magnus is still stuck 😀

 

[MilesMax]

Thnx so it’s confirmed that no c2c for fresh m4b

I don't know about that. Wait for @mastfun's reply. I am not sure what income proofs he submitted to apply. As of I remember he got it as an alternative for LTF Select. If you go back a few pages you might find that post.

 

[mastfun]

I don't know about that. Wait for @mastfun's reply. I am not sure what income proofs he submitted to apply. As of I remember he got it as an alternative for LTF Select. If you go back a few pages you might find that post.

Yes just the salary slip for 3 months

 

[MilesMax]

View attachment 32450

My application for LTF magnus is still stuck 😀

If it's not processed CC won't expedite or anything. You have to wait for 10 working days. Even after that, it's still in the Eligibility check step, then can call them.
They'll just take the OTP consent and you can see the card instantly on the app.

It happened to me for Atlas.

 

[K.R]

Also just to let you know there is something called Profiling. A lot d pends on how you have been updated for your profile. A profile with income above 50 Lakhs in their system will get approved easily without salary slips etc 😁

 

[MilesMax]

Also just to let you know there is something called Profiling. A lot d pends on how you have been updated for your profile. A profile with income above 50 Lakhs in their system will get approved easily without salary slips etc 😁

Is it based on the Annual income you entered in the Burgundy Account opening form? If it was so, I would have entered 1Cr 😛

 

[K.R]

Also just to let you know there is something called Profiling. A lot d pends on how you have been updated for your profile. A profile with income above 50 Lakhs in their system will get approved easily without salary slips etc

Also just to let you know there is something called Profiling. A lot d pends on how you have been updated for your profile. A profile with income above 50 Lakhs in their system will get approved easily without salary slips etc 😁

I came to know through HDFC as my profile was wrongly set in their system and I used to get only personal loan offers and EMI conversions. Never got any offer for an upgrade from Times Card,: When I escalated the PNO was very nice he checked and told me the issue and he corrected it after taking some documents from me,,😁 .Now I have Infinia and I get calls once in 3 months asking if the can increase the credit limit