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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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-- 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
 

Attachments

Last edited:
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K.R said:
Has it been Launched. When I last discussed with ICICI it's just on paper and they didnot know if it will be launched as well
Click to expand...
A very few people have already applied. Some screenshots on Twitter.
Some have approached the RM for an invite which would come in the 2nd week of November.
The card is definitely launched and live on the website.

Minimum 25L TRV or 25L net salary criteria or existing Emeralde customers.
 
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Rishabh said:
I have applied with 2 OGS in first week of Oct. Still waiting for application to be approved. Application status showing on hold since last 2 weeks but finally saw Credit enquiry in CIBIL from Axis made on 23rd Oct so expecting some update in a week from now.
Click to expand...
How old is your Burgundy account?
 
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MilesMax said:
A very few people have already applied. Some screenshots on Twitter.
Some have approached the RM for an invite which would come in the 2nd week of November.
The card is definitely launched and live on the website.

Minimum 25L TRV or 25L net salary criteria or existing Emeralde customers.
Click to expand...
Checked on website. Other than PP it's a useless card. Atlas or Magnus for Burgandy is better. If rewards points is not a criteria it's a good card
 
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K.R said:
Checked on website. Other than PP it's a useless card. Atlas or Magnus for Burgandy is better. If rewards points is not a criteria it's a good card
Click to expand...
You get 12500 RP at 1Re value on statement credit each time you pay fee.
Flat 3% reward rate.
You are basically only paying GST each time.

For that you can get upto 4 priority passes.
Taj epicure with complimentary night (1st year)
Purchase protection upto 1.4L
Highest off on BMS 750 for 2nd movie ticket.

Except airmile or accelerated points, it's very much similar to Infinia.

And last but not the least you don't have to keep 10L in savings account to get the card! 😀
 
Last edited:
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MilesMax said:
The screenshot is from the new TnC itself which I took today from website. Or maybe they changed the TnC yet again the 3rd time?
Check Scenario 2.3. Q3
Click to expand...
But the criteria of AQB by definition seems to be Average Quarterly balance (3 months). In Section 2.2 they explicitly mentioned that if the account is not having the 10 lakhs balance for more than 3 months, it isn't eligible. Somehow in Section 2.3 it isn't explicitly mentioned. However do keep us posted on the status.
 

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jonamdhar said:
But the criteria of AQB by definition seems to be Average Quarterly balance (3 months). In Section 2.2 they explicitly mentioned that if the account is not having the 10 lakhs balance for more than 3 months, it isn't eligible. Somehow in Section 2.3 it isn't explicitly mentioned. However do keep us posted on the status.
Click to expand...
CASA is for old burgundy customers with at least 3 months of vintage.
For new customers, it's based on whatever shows on the OGS to be 10L+. This is what the CC executive told me today.
 
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jonamdhar said:
But the criteria of AQB by definition seems to be Average Quarterly balance (3 months). In Section 2.2 they explicitly mentioned that if the account is not having the 10 lakhs balance for more than 3 months, it isn't eligible. Somehow in Section 2.3 it isn't explicitly mentioned. However do keep us posted on the status.
Click to expand...
I think AQB is calculated on 3 months rolling basis. So someone who has less than 3 months (complete 3 months) in the system, their AQB will still be less than 10 lacs as the Axis bank's system calculated AQB by dividing it by number of days in last 3 months, irrespective of your account opening date. Unless, the customer has kept more than 10lacs to compensate for the shortfall due to incomplete months.

So, if you opened your account sometime in Aug, then you won't be eligible by Nov first week, unless you compensate by puttig more balance (above 10 lacs) to account for the days you missed in the earlier part of the August month.

This is just my undertanding by trying to make sense of a non-sense bank and their TnC. But I may be wrong.
 
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chasni said:
I think AQB is calculated on 3 months rolling basis. So someone who has less than 3 months (complete 3 months) in the system, their AQB will still be less than 10 lacs as the Axis bank's system calculated AQB by dividing it by number of days in last 3 months, irrespective of your account opening date. Unless, the customer has kept more than 10lacs to compensate for the shortfall due to incomplete months.

So, if you opened your account sometime in Aug, then you won't be eligible by Nov first week, unless you compensate by puttig more balance (above 10 lacs) to account for the days you missed in the earlier part of the August month.

This is just my undertanding by trying to make sense of a non-sense bank and their TnC. But I may be wrong.
Click to expand...
Correct. My AQB was just around 3L as per premium experience as they calculate (July Aug Sept). The account opened on Sept 1st.
Also, they don't consider the current month for AQB. only the previous 3 months.
 
Upvote 0 Downvote
MilesMax said:
You get 12500 RP at 1Re value on statement credit each time you pay fee.
Flat 3% reward rate.
You are basically only paying GST each time.

For that you can get upto 4 priority passes.
Taj epicure with complimentary night (1st year)
Purchase protection upto 1.4L
Highest off on BMS 750 for 2nd movie ticket.

Except airmile or accelerated points, it's very much similar to Infinia.

And last but not the least you don't have to keep 10L in savings account to get the card! 😀
Click to expand...
Thanks.. this helps..I messaged my RM and he told he will apply tomorrow. Does ICICI have Miles program. I mean can the Reward points be converted to miles
 
Upvote 0 Downvote
MilesMax said:
Correct. My AQB was just around 3L as per premium experience as they calculate (July Aug Sept). The account opened on Sept 1st.
Also, they don't consider the current month for AQB. only the previous 3 months.
Click to expand...
Then I will qualify for AQB as well on Nov 6th as my average for last 3 months..Aug Sep October when October OGS will be generated will be above 20 Lacs . Fingers crossed
 
Upvote 0 Downvote
Hello guys,
I can see the new Magnus Burgundy credit card generated online, though yet to receive it. I checked traveledge, and the transfer ratio for existing points is still 5:2.

How long does it take for the 5:4 to kick in for existing ER's? Does it happen soon after I receive the card and activate it?
 
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