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

 

[chasni]

2 years old with True Burgundy relationship from last 4 months based on AQB criteria.

Is it 4 complete months? or 2 full months and 2 partial months?

 

[MilesMax]

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

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! 😀

 

[jonamdhar]

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

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/magnus-credit-card-for-burgundy-faq.pdf

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.

 

[MilesMax]

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.

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.

 

[chasni]

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.

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.

 

[MilesMax]

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.

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.

 

[K.R]

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! 😀

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

 

[K.R]

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.

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

 

[MilesMax]

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

Nope. Only rewards catalogue

 

[Deleted member 11974]

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

try icici emirates emralde credit card
specific miles program but a flat 2.5% reward rate
and miles directly credited to emirates account

 

[Rishabh]

Is it 4 complete months? or 2 full months and 2 partial months?

3.5 months to be specific.

 

[ishanmontella]

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?

 

[K.R]

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?

Sir..Pehle card ko activate hone do 🙂

 

[chasni]

3.5 months to be specific.

Just out of curiosity, when did you upgrade to Burgundy? 1st July?
Have you been keeping exactly 10lacs or more?

 

[K.R]

If you guys have extra Money... and are doubtful ( broderline case) on AQB can still make the TRV to 30 lacs for next 6 days 🙂

 

[Harry1]

Still no impact on Axis of this broken reward system.

Axis Bank Q2 Results: Net profit jumps 10% to Rs 5864 crore, asset quality stays healthy

The bank's gross non-performing asset (NPA) stood at 1.73 percent, down from 2.5 percent recorded in the same quarter last year.

www.moneycontrol.com

 

[Deleted member 11974]

Still no impact on Axis of this broken reward system.

Axis Bank Q2 Results: Net profit jumps 10% to Rs 5864 crore, asset quality stays healthy

The bank's gross non-performing asset (NPA) stood at 1.73 percent, down from 2.5 percent recorded in the same quarter last year.

www.moneycontrol.com

Because this is miniscule for them
Their usp is taking deposits at 1-3% and selling loans at 15-20%

 

[mastfun]

I believe it's time to bid bye-bye to Axis 🙁 No updates and RM trying to sell MaxLife ULIP and other products. CC application vanished from website tracker 🙂 No updates on my existing card upgrade as well.

 

[K.R]

I believe it's time to bid bye-bye to Axis 🙁 No updates and RM trying to sell MaxLife ULIP and other products. CC application vanished from website tracker 🙂 No updates on my existing card upgrade as well.

You can wait till 30th Nov before closing..jab itna rukhe ho to thoda aur din hi sahi 🙂

 

[MilesMax]

I believe it's time to bid bye-bye to Axis 🙁 No updates and RM trying to sell MaxLife ULIP and other products. CC application vanished from website tracker 🙂 No updates on my existing card upgrade as well.

Wait till the 30th of Nov, also give a friendly reminder to your branch around 15th that you will close your account if they don't process the upgrade.
Banks wouldn't want to lose burgundy customers in general.
If they still don't do it, just close the account, put that 10L + 1L in HDFC FD, they'll be happy to give you Infinia.
I checked with my HDFC BM, they are still giving Infinia on FD.