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

 

[K.R]

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

It's not what you entered
.it's basically what they have against you.. All Banks have profiling.. even CBIl does profiling.. you can see the Offers in CIBI based on your profile

 

[K.R]

Just an example I hardly maintain much money in My ICICI but I have upgrade offer for Emerald ( paid offcourse) But since my profile has other strings attached Iam a big client for them.. other strings are 1 CR + homeloan ,multiple current accounts etc
So Basically your Main Bank will always have the best Profile for you as they know you for years. But when you enter a new Bank they don't know you and even if you are Sunder Pichai for them you might be still softwares engg untill the profile is updated

 

[MilesMax]

Just an example I hardly maintain much money in My ICICI but I have upgrade offer for Emerald ( paid offcourse) But since my profile has other strings attached Iam a big client for them.. other strings are 1 CR + homeloan ,multiple current accounts etc
So Basically your Main Bank will always have the best Profile for you as they know you for years. But when you enter a new Bank they don't know you and even if you are Sunder Pichai for them you might be still softwares engg untill the profile is updated

Are you a Wealth banking customer too?
Even my primary account has been ICICI for 8 years. All the big transactions happen there. And the only upgrade I have is Sapphairo paid.
Any idea how to approach ICICI to update the profile?

 

[raviemailid]

Any idea how to approach ICICI to update the profile?

I visited ICICI Bank last week to change my ICICI Magnum One account to a normal zero balance account. They opened a Wealth account saying this is a zero balance. I took it. The debit card is on the way.

I also have an LTF Sapphiro dual card from them, but I barely use it. ICICI is generally a good bank with not much of a sales pitch to me so far.

Whereas, the HDFC RM lady has reached another level of personal interaction where I guess we are just one call away from calling each other's families for birthday functions.

 

[MilesMax]

I visited ICICI Bank last week to change my ICICI Magnum One account to a normal zero balance account. They opened a Wealth account saying this is a zero balance. I took it. The debit card is on the way.

I also have an LTF Sapphiro dual card from them, but I barely use it. ICICI is generally a good bank with not much of a sales pitch to me so far.

Whereas, the HDFC RM lady has reached another level of personal interaction where I guess we are just one call away from calling each other's families for birthday functions.

Your account number remained the same or did it change after the upgrade? I thought Wealth requires 10L AMB that's the top tier account right?
Also, how did you get the LTF Sapphiro? Is it based on the salary Criteria?

Very true, They just let me be. No sales call at all. Also, even without me ever asking they started giving me amazing Forex inward remittance rates. Even better than IOB.

It's still nice to have Emeralde or Sapphairo LTF than the Coral Card. I never considered emailing pno about this as their cards are pretty meh. Will try to email and see today.

 

[mastfun]

Your account number remained the same or did it change after the upgrade? I thought Wealth requires 10L AMB that's the top tier account right?
Also, how did you get the LTF Sapphiro? Is it based on the salary Criteria?

Very true, They just let me be. No sales call at all. Also, even without me ever asking they started giving me amazing Forex inward remittance rates. Even better than IOB.

It's still nice to have Emeralde or Sapphairo LTF than the Coral Card. I never considered emailing pno about this as their cards are pretty meh. Will try to email and see today.

Not useful 😀 Even I have them LTF and never used them!

 

[raviemailid]

our account number remained the same or did it change after the upgrade

This is the trouble bro - I got a whole new account number with a new user ID. I had to go through the whole iMobile banking setup afresh. A pain in the a**, but a wealth zero balance account is good.

Also, how did you get the LTF Sapphiro? Is it based on the salary Criteria?

It was through the Alumni program. My salary is in Kotak.

thought Wealth requires 10L AMB that's the top tier account right?

Yeah - gave them 10L Axis Bank cheque 😛

 

[MilesMax]

This is the trouble bro - I got a whole new account number with a new user ID. I had to go through the whole iMobile banking setup afresh. A pain in the a**, but a wealth zero balance account is good.

Yeah - gave them 10L Axis Bank cheque 😛

Oh, Damm! that's a big no for me. This account number is like my Aadhar card 😛 it's pretty much used everywhere.

Wait you said Zero balance account, then why the 10L cheque?

 

[K.R]

Are you a Wealth banking customer too?
Even my primary account has been ICICI for 8 years. All the big transactions happen there. And the only upgrade I have is Sapphairo paid.
Any idea how to approach ICICI to update the profile?i

This is the trouble bro - I got a whole new account number with a new user ID. I had to go through the whole iMobile banking setup afresh. A pain in the a**, but a wealth zero balance account is good.


It was through the Alumni program. My salary is in Kotak.


Yeah - gave them 10L Axis Bank cheque 😛

10 Lacs for Wealth 🤭 Mine is default wealth ..no monthly balance required.. leave alone mine ..they have made my wife's account as well as wealth.., 😁 She has left her job long back

 

[MilesMax]

Not useful 😀 Even I have them LTF and never used them!

Since they would be launching the Marriot Bonvoy co-branded card soon, If I have a top-tier card as LTF then I can ask them to upgrade to the Marriot card in future.

 

[Riva]

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

Last week, my RM told me that M4B can be applied card to card once burgundy eligibility has been met.
Has this too changed with the last updated FAQ?

 

[raviemailid]

Wait you said Zero balance account, then why the 10L cheque?

That is just for account opening in that status. I can withdraw after a week and keep it a zero balance.

 

[ankurarora898]

With all the conversations going on,seems difficult I will get m4b as I upgraded my account to burgundy only on 5th October and if I don't get m4b I don't have any plans to keep 10 lakh in that account.So the questions are when will they downgrade the account? should I apply for a burgundy debit card or not(got email for that) ,will there be any charges?

 

[MilesMax]

With all the conversations going on,seems difficult I will get m4b as I upgraded my account to burgundy only on 5th October and if I don't get m4b I don't have any plans to keep 10 lakh in that account.So the questions are when will they downgrade the account? should I apply for a burgundy debit card or not(got email for that) ,will there be any charges?

AFAIK it's half yearly check. If you have not maintained the AQB for 2 quarters they would downgrade.
M4B for 10L AMB account opened on 5th Oct is eligible with the old FAQ doc but not with the new one.
Keep it untill 30th Nov and see what Axis plans to do further.
If they extend or you can still get a paid M4B with 5:4 it's still a decent deal depending on how well you utilise that card.
As soon as you get the OCT OGS contact premium experience, PNO, your RM etc and put pressure on them.

 

[jamesbond007]

@K.R. New to this forum so unable to figure out how to DM, please send me the content you have sent to RBI, I opened my Burgundy account around end of August.. and looks like with all the fiasco of maintaining the AQB and not just the Burgundy Status for getting 5:4 it seems chances are now bleak, although I am gonna fight for it..

Please also include this PDF in the content which clearly states that they would be coming up with something to keep the 5:4 intact, but this valid till 30th November only seems total bullshit which they have included recently...

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf

Q. What is the special offering on Magnus? A. You will have an option to continue to avail 5:4 conversion on Magnus under a special time bound offering by opening a Burgundy account, in conjunction with the credit card terms and conditions, and internal policy of the bank. You can reach out to us after 1st September 2023 to avail the new offering.

 

[Saarthak Parihar]

I visited ICICI Bank last week to change my ICICI Magnum One account to a normal zero balance account. They opened a Wealth account saying this is a zero balance. I took it. The debit card is on the way.

I also have an LTF Sapphiro dual card from them, but I barely use it. ICICI is generally a good bank with not much of a sales pitch to me so far.

Whereas, the HDFC RM lady has reached another level of personal interaction where I guess we are just one call away from calling each other's families for birthday functions.

How much AMB or AQB or TRV one has to maintain for the Magnum one account?

 

[raviemailid]

Magnum one account

1L is the AMB. I have no idea what or why they have this account type. Or what benefit they offer to it.

 

[Saarthak Parihar]

1L is the AMB. I have no idea what or why they have this account type. Or what benefit they offer to it.

I've got a Wealth management account which is a zero balance account and I've been considering to upgrade it to a variant that gives benefits. It's there any account variant that's worth upgrading from the zero balance account to one with balance/relationship maintaining criteria?

 

[K.R]

I can't type here as it may be a matter of subjudice but there is some action. Things will be clear in a week's time

 

[Deleted member 11974]

I've got a Wealth management account which is a zero balance account and I've been considering to upgrade it to a variant that gives benefits. It's there any account variant that's worth upgrading from the zero balance account to one with balance/relationship maintaining criteria?

try wealth select