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

 

[rohitb]

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

I escalated to both , got response from premium banking. (Got one from PNO as well but that was boiler plate)

Regarding criteria, I think it will be either/both of AQB and TRV as i opened my account on 7th August and thus will have quarter AWB done by oct OGS. Also I upped my TRV to 30L plus around 27-28 September, so there too I will have OGS showing amb as 30+.

 

[K.R]

I escalated to both , got response from premium banking. (Got one from PNO as well but that was boiler plate)

Regarding criteria, I think it will be either/both of AQB and TRV as i opened my account on 7th August and thus will have quarter AWB done by oct OGS. Also I upped my TRV to 30L plus around 27-28 September, so there too I will have OGS showing amb as 30+.

Your OGS for Sept month should have shown TRV of 30 lakhs. Ideally you are eligible. Or may be TRV as well they are checking Average across the month. Thats the only reason I see why you are not eligible now based on TRV. Koi nahin by 5-7th November you should get it

 

[rohitb]

Your OGS for Sept month should have shown TRV of 30 lakhs. Ideally you are eligible. Or may be TRV as well they are checking Average across the month. Thats the only reason I see why you are not eligible now based on TRV. Koi nahin by 5-7th November you should get it

Yes . This was my take as well as that they probably wanted 30L trv for full month. Hopefully a matter of another couple of weeks (I have it in writing, so let's see)

 

[MilesMax]

Yes . This was my take as well as that they probably wanted 30L trv for full month. Hopefully a matter of another couple of weeks (I have it in writing, so let's see)

Are you sure that the case? My AMB might not show 30L even in October OGS. 😅

 

[palvannan]

I escalated to both , got response from premium banking. (Got one from PNO as well but that was boiler plate)

Regarding criteria, I think it will be either/both of AQB and TRV as i opened my account on 7th August and thus will have quarter AWB done by oct OGS. Also I upped my TRV to 30L plus around 27-28 September, so there too I will have OGS showing amb as 30+.

From my interactions with the premium experience team and customer care it appears that Axis is primarily giving the new M4B LTF credits cards initially only to those having old Magnus card ( issued prior to devaluation on 1st September) , who were already having Burgundy accounts as well as AQB of 10 lakhs in the previous 3 months ( July/August/September) or TRV of 30 lakhs as per September OGS. There are very few cards issued to those not having old Burgundy cards ( except with the help of RM may be) , but who were never the less maintaining AQB and TRV etc in their Burgundy account , meeting the eligibility requirements as per the FAQ. Only after issuing new Magnus cards to those persons ( with old Magnus cards) meeting the AQB/TRV eligibility criteria is completed (including those meeting the eligibility with 45 days cooling off period as per upcoming OCT OGS) , the second list of eligible customers ( i.e from those who opened accounts recently or having Burgundy accounts earlier) without old Magnus credit cards but applied afresh through RM , will be released ( possibly in middle of November or 1st week of December).

 

[unwind]

Yes . This was my take as well as that they probably wanted 30L trv for full month. Hopefully a matter of another couple of weeks (I have it in writing, so let's see)

I got my card upgraded on the basis of the TRV. But I maintained that TRV only post the First FAQ announcement by Axis. So just for 3-4 days in September but it reflected in the October OGS

Though initially they refused, finally got it upgraded with help of the RM. I did show some carrot of potential new business etc to push my RM

 

[rohitb]

I got my card upgraded on the basis of the TRV. But I maintained that TRV only post the First FAQ announcement by Axis. So just for 3-4 days in September but it reflected in the October OGS

Though initially they refused, finally got it upgraded with help of the RM. I did show some carrot of potential new business etc to push my RM

My RM seems useless in that case. 🙁

 

[rohitb]

From my interactions with the premium experience team and customer care it appears that Axis is primarily giving the new M4B LTF credits cards initially only to those having old Magnus card ( issued prior to devaluation on 1st September) , who were already having Burgundy accounts as well as AQB of 10 lakhs in the previous 3 months ( July/August/September) or TRV of 30 lakhs as per September OGS. There are very few cards issued to those not having old Burgundy cards ( except with the help of RM may be) , but who were never the less maintaining AQB and TRV etc in their Burgundy account , meeting the eligibility requirements as per the FAQ. Only after issuing new Magnus cards to those persons ( with old Magnus cards) meeting the AQB/TRV eligibility criteria is completed (including those meeting the eligibility with 45 days cooling off period as per upcoming OCT OGS) , the second list of eligible customers ( i.e from those who opened accounts recently or having Burgundy accounts earlier) without old Magnus credit cards but applied afresh through RM , will be released ( possibly in middle of November or 1st week of December).

I have old magnus card and my burgundy account was opened in August.
I don't know about first and second list, I only reproduced what premium banking rep told me over phone and backed up in writing over email.

 

[rohitb]

Are you sure that the case? My AMB might not show 30L even in October OGS. 😅

At this moment I am not sure of anything 🙁

 

[jonamdhar]

I got my card upgraded on the basis of the TRV. But I maintained that TRV only post the First FAQ announcement by Axis. So just for 3-4 days in September but it reflected in the October OGS

Though initially they refused, finally got it upgraded with help of the RM. I did show some carrot of potential new business etc to push my RM

And was this after 45 days of cooling period? I wasn't sure if 45 days cooling period was being counted from the day on which you started maintaining the balance or from the date of first eligible OGS is issued.

 

[unwind]

And was this after 45 days of cooling period? I wasn't sure if 45 days cooling period was being counted from the day on which you started maintaining the balance or from the date of first eligible OGS is issued.

No it wasn't. Initially they refused and first said 45 days cooling period. And then 2 OGS. My RM too said that it was beyond her control but she was trying.

As per the first T&C issued by Axis with 30L TRV you didn't need 45 days period. Though they were not honoring that T&C. I had messages from my RM confirming the same. I did send some nasty emails to Premium experiences and PNO CCing my RM and sending all attachments from T&C and my RM's confirmation. But ultimately my RM got it done. Either under pressure of the messages that I had or the carrot I dangled. Or may be she is better.

One difference though in my case and I think this could be in all RM led approvals, that your earlier Magnus gets upgraded and you do not have a separate new card and 45 days for the old card to get deactivated. So even if one has three cards, it wouldn't be seen as 4th

 

[palvannan]

I have old magnus card and my burgundy account was opened in August.
I don't know about first and second list, I only reproduced what premium banking rep told me over phone and backed up in writing over email.

As you were already holding old Magnus card , you should get the upgrade after October OGS with TRV of 30 lakhs, though getting upgrade for magnus credit card holders with 10L AQB for Burgundy accounts opened in September/October will be a little difficult, I think. My point about the various lists , is that Axis is primarily focussing on issuing upgraded Magnus cards , first to those holding Burgundy accounts and old Magnus card and meeting the eligibility criteria. Only after this process is completed, they will start issuing new Magnus cards for those not having old Magnus cards.

 

[ishanmontella]

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.

 

[K.R]

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.

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

 

[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.