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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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raviemailid said:
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 😛
Click to expand...
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?
 
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MilesMax said:
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
Click to expand...

raviemailid said:
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 😛
Click to expand...
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
 
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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?
 
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ankurarora898 said:
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?
Click to expand...
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.
 
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@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...

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.
 
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raviemailid said:
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.
Click to expand...
How much AMB or AQB or TRV one has to maintain for the Magnum one account?
 
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raviemailid said:
1L is the AMB. I have no idea what or why they have this account type. Or what benefit they offer to it.
Click to expand...
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?
 
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I visited the branch, The branch employee spoke to Burgundy Support on loudspeaker in front of me, the support person said post 3rd week of October we'll start sending emails & SMS regarding the upgrade, and after that, we can call for the upgrade it seems. Not sure how true is this.
 
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MilesMax said:
I visited the branch, The branch employee spoke to Burgundy Support on loudspeaker in front of me, the support person said post 3rd week of October we'll start sending emails & SMS regarding the upgrade, and after that, we can call for the upgrade it seems. Not sure how true is this.
Click to expand...

carry-minati-ajey-nagar.gif
 
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