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

 

[mastfun]

How can I apply for Magnus card as I already hold Burgundy salary account with 3 lakhs salary

Talk to your RM!

 

[unwind]

I am also very close to that stage. I also have written nasty emails. Close to complaining to RBI too and am contemplating closing accounts. Just like you, if I close will close two more accounts in the family too. Now question I am grappling with is this.

Should we wait for another OGS and hope that we would get the card next month? Or say enough is enough and do whatever we have to do this time?

On one hand, Axis can not be trusted. Their terms and conditions have no meaning, they change it at their whim without informing customers. On the other, we have already spent lot of time and money on this. 4 more weeks and we would know.

Though I am leaning towards firing all the bullets right now and closing the account if it doesn't work still

Update on my case. While I am yet to get a reply from PNO, other than we will get back to you mailers, my RM got back to me yesterday that she has managed to get an approval for upgrade of my Magnus to M4B. And that I would soon receive an email and message to give the consent

When no msg came, I called up the call centre to be again told the same thing that I am not eligible. My RM told me not to call them up anymore as she has sought approval through a different route. And today I recd an email from my RM asking me to give consent for the upgrade.

No message etc has come indicating my acceptance. PNO again sent a mail today asking for another couple of days to reply. I am still not sure I would get an upgrade or not. But some positive development is there. I think RMs/BMs do have some leeway to get it approved

 

[Viper1057]

Update on my case. While I am yet to get a reply from PNO, other than we will get back to you mailers, my RM got back to me yesterday that she has managed to get an approval for upgrade of my Magnus to M4B. And that I would soon receive an email and message to give the consent

When no msg came, I called up the call centre to be again told the same thing that I am not eligible. My RM told me not to call them up anymore as she has sought approval through a different route. And today I recd an email from my RM asking me to give consent for the upgrade.

No message etc has come indicating my acceptance. PNO again sent a mail today asking for another couple of days to reply. I am still not sure I would get an upgrade or not. But some positive development is there. I think RMs/BMs do have some leeway to get it approved

Is it based on 10L savings or >30L TRV?

 

[meumangarora]

Update on my case. While I am yet to get a reply from PNO, other than we will get back to you mailers, my RM got back to me yesterday that she has managed to get an approval for upgrade of my Magnus to M4B. And that I would soon receive an email and message to give the consent

When no msg came, I called up the call centre to be again told the same thing that I am not eligible. My RM told me not to call them up anymore as she has sought approval through a different route. And today I recd an email from my RM asking me to give consent for the upgrade.

No message etc has come indicating my acceptance. PNO again sent a mail today asking for another couple of days to reply. I am still not sure I would get an upgrade or not. But some positive development is there. I think RMs/BMs do have some leeway to get it approved

My RM also asked for my consent on email sent by her on 16th October. Today, I my card got upgraded. Didn't receive any communication from Axis Bank. Opened the app and saw the card is upgraded.

 

[jamesbond007]

Another doubt which still remains is, lets say I am not able to get Burgundy within 30th November offer period, considering Axis doesn't increase the offer period, and I pay to get the Burgundy for Magnus card.., are they still gonna transfer the current Edge Reward Points I have to the 5:4 bucket or not ?

 

[shrekster]

My RM also asked for my consent on email sent by her on 16th October. Today, I my card got upgraded. Didn't receive any communication from Axis Bank. Opened the app and saw the card is upgraded.

On the basis of 30 L TRV maintained, correct?

 

[meumangarora]

On the basis of 30 L TRV maintained, correct?

Yes. But 45 days not completed.
Latest OGS shows 30L though.

 

[jonamdhar]

Another doubt which still remains is, lets say I am not able to get Burgundy within 30th November offer period, considering Axis doesn't increase the offer period, and I pay to get the Burgundy for Magnus card.., are they still gonna transfer the current Edge Reward Points I have to the 5:4 bucket or not ?

Based on the language used in the FAQ, post 30 Nov, it seems like all the benefits of Marnus Burgundy will continue including 5:4 conversion. The card will become chargable though, if the deadline isn't extended.

 

[shibili]

 

[unwind]

Is it based on 10L savings or >30L TRV?

Yes. Not for 45 days though and with one One Glance statement not two

 

[mastfun]

Lol they put my new Magnus Card application on hold.

 

[K.R]

Lol they put my new Magnus Card application on hold.

They will approve post October OGS is genated.. Just a guess work ;-)

 

[ishaangarg]

When is OGS generated does anyone know? My magnus is due for renewal by mid-Nov and I wanna get upgraded before that based on salary

 

[palvannan]

My RM also asked for my consent on email sent by her on 16th October. Today, I my card got upgraded. Didn't receive any communication from Axis Bank. Opened the app and saw the card is upgraded.

For how long you were holding the previous magnus credit card , before opting for upgrade? Hope u will get a new magnus card soon .

If I apply for the old Magnus card afresh and receive it in a couple of days, is it eligible for upgrading to M4B immediately or only after some cooling off period ( if I am maintaining AQB of 10L for last 6 months and also 30L TRV) ? If possible Can u get this info from your RM.

 

[meumangarora]

When is OGS generated does anyone know? My magnus is due for renewal by mid-Nov and I wanna get upgraded before that based on salary

Between 3rd and 6th each month.

 

[meumangarora]

For how long you were holding the previous magnus credit card , before opting for upgrade? Hope u will get a new magnus card soon .

If I apply for the old Magnus card afresh and receive it in a couple of days, is it eligible for upgrading to M4B immediately or only after some cooling off period ( if I am maintaining AQB of 10L for last 6 months and also 30L TRV) ? If possible Can u get this info from your RM.

If you're already maintaining Burgundy relationship for past 6 months, you can directly apply for LTF Magnus Burgundy. No need to apply for old Magnus, just ask your RM to apply for Magnus Burgundy.

 

[rohitb]

Got a response for my escalations.
Premium banking says that I am eligible for magnus for burgundy upgrade and should apply post October OGS generation.

 

[MilesMax]

Got a response for my escalations.
Premium banking says that I am eligible for magnus for burgundy upgrade and should apply post October OGS generation.

On which eligibility criteria? AQB / TRV / salary?
Did you escalate to pno or premium experience?

 

[palvannan]

If you're already maintaining Burgundy relationship for past 6 months, you can directly apply for LTF Magnus Burgundy. No need to apply for old Magnus, just ask your RM to apply for Magnus Burgundy.

I applied through RM on Oct 10th on that basis only , but the application has been put on hold since yesterday inspite of sending 6 month OGS proving my 10L AQB and I am asked to wait for another 45 days ( may be till 1st Dec) for the further eligible list of customers to be prepared for approval of M4B LTF cards. My TRV became 30L only on 11th September. Premium experience is also not sure if I can get it approved after 45 days cool off period, on 26th Oct !

 

[ankitfintech]

I actually applied for Magnus Burgundy thrugh local RM(since no previous Magnus) on 19th Oct.
I am not sure whats with Axis and why did they create a backdated application. Anybody else saw the same? THis looks very fishy to me and I suspect they want to take some advantage of this at a later point of time.