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

 

[ishanmontella]

This means that as per system ( the terminal Customer care sees) you were not eligible but exception approvals are working

That is correct.

 

[govisi]

Wait so if I open a burgundy account and keep >30L balance from now till first week of next month, I’ll be eligible or RM can push for it?

 

[unwind]

This means that as per system ( the terminal Customer care sees) you were not eligible but exception approvals are working

But I am guessing exception approvals so far are working for people with 30L TRV. Atleast going by the 3 cases, including mine, on this forum.

 

[K.R]

But I am guessing exception approvals so far are working for people with 30L TRV. Atleast going by the 3 cases, including mine, on this forum.

Yes..Not heard any exception approvals ( Aug/Sep onwards) in this thread as of now for new customers with 10 Lacs AQB

 

[jonamdhar]

What is the plan after getting the card? Will you be removing the 20lakhs and maintain 10lakhs to meet AQB? Or retain the 30lakhs?

Hi guys. An update- After being denied the upgrade multiple times by Axis CC, escalated it to RM. Last Monday, he informed me that the upgrade request was approved, and today he asked me to provide the consent over email. So, it appears that after a long wait, I will receive the upgraded card in a few days hopefully.

PS- I opened Burgundy account on 3rd September. Average balance in September OGS was around 11 lacs, and closing balance of savings account on 30th September was > 30 lacs. So, I believe I got the upgrade on the basis of TRV only. Transferred around 20 lacs on 28th September to the Burgundy Savings account to push the TRV above 30 lacs.

 

[ishanmontella]

What is the plan after getting the card? Will you be removing the 20lakhs and maintain 10lakhs to meet AQB? Or retain the 30lakhs?

Will put 30L in FD. I was anyways planning to open an FD of that amount regardless of the M4B upgrade.

 

[vaibhav111vaibhav111 is verified member.]

wowwww i'm on 299 page.... damnnnnnnnn people are till talking about magnus & Burgundy.

 

[Prav]

wowwww i'm on 299 page.... damnnnnnnnn people are till talking about magnus & Burgundy.

Bhai card banwa do 500 page b kr duga

 

[govisi]

But I am guessing exception approvals so far are working for people with 30L TRV. Atleast going by the 3 cases, including mine, on this forum.

How long this needs to be kept? 1-2 week is enough?

 

[K.R]

They call Burgundy a premium account but charge for SMS services 😁

 

[H2O]

They call Burgundy a premium account but charge for SMS services 😁

 

[Deleted member 11974]

They call Burgundy a premium account but charge for SMS services 😁

aadmi jitna bhi seher ghum le (private banking) raat ko ghar hi laut ta hai (UTI Bank)
kutte ki dum tedi to tedi

 

[MilesMax]

Does anyone have clarity on the AQB part?
I do have 30L+ TRV right now which makes me eligible for Magnus officially after October OGS. I am not planning on expediting it by contacting the RM as it's just a matter of 2 weeks.

My question is how soon can I remove the 20L? Burgundy account holder since Sept 1st.
I have no intention of keeping 20L in FD. I would want to keep the card with the AQB criteria only.

 

[Trust Me]

They call Burgundy a premium account but charge for SMS services 😁

Since when did that start ?!

 

[Trust Me]

I have no intention of keeping 20L in FD. I would want to keep the card with the AQB criteria only.

Keeping 10L @ 3%, -- is the M4B really worth that much ?!

 

[K.R]

Since when did that start ?!

Not sure.. but every transfer I make they deducted.
Service charges for A/c no. XX7444 for Sep 23: SMS Alert Fee: INR 9.5 for period 09-2023; Total: INR 9.5 (excl GST). View detailed charges on Net Banking and Axis Mobile - Axis Bank

 

[K.R]

Does anyone have clarity on the AQB part?
I do have 30L+ TRV right now which makes me eligible for Magnus officially after October OGS. I am not planning on expediting it by contacting the RM as it's just a matter of 2 weeks.

My question is how soon can I remove the 20L? Burgundy account holder since Sept 1st.
I have no intention of keeping 20L in FD. I would want to keep the card with the AQB criteria only.

Once you maintained 10 Lakhs plus for 3 consecutive months ( as per latest TNC. Earlier this was not there. Tomorrow they might remove 10 lakhs AQB and keep only TRV silently in the backend)

 

[K.R]

Keeping 10L @ 3%, -- is the M4B really worth that much ?!

Depends on your usage.. if you spend a lot then yes..else old Magnus is almost same as Infinia ( note almost)

 

[Lootera]

keeping 10L for just 5:4 transfer rate is real stupidly.

 

[Trust Me]

Not sure.. but every transfer I make they deducted.
Service charges for A/c no. XX7444 for Sep 23: SMS Alert Fee: INR 9.5 for period 09-2023; Total: INR 9.5 (excl GST). View detailed charges on Net Banking and Axis Mobile - Axis Bank

Ask your RM if the Burgundy fee structure has changed recently. I haven't been charged for anything for > 2 years.