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

 

[MilesMax]

Infinia is almost free ( only GST needs to be payed) Spending 5 lakhs on DCB makes it free as well

8 lakhs in DCB Metal.

 

[MilesMax]

Infinia is almost free ( only GST needs to be payed) Spending 5 lakhs on DCB makes it free as well

Btw you got upgrade from Times directly to Infinia? Did you had to spend 7.5lakhs in 6 months for it?

 

[K.R]

Btw you got upgrade from Times directly to Infinia? Did you had to spend 7.5lakhs in 6 months for it?

My Limit was above 15 Lakhs on times. They gave me Infinia with 10 Lakhs and after 2 months increased the limit to 15 Lakhs plus. Spends were always above 1 Lakh each month.. HDFC, Citi premiere Miles and Amex were always my go to cards But I never got the upgrade option ..I had to finally escalate to PNO. The PNO was a nice guy. When i talked to him he asked to drop an email to Priority redressal coping him and he got it done. It was a 1-2 months of to and fro emails before that. But all the HDFC guys were definitely better than the Axis guys 😎

Now Infinia and Magnus are go to cards. All other cards are resting 🙂 . Closed Amex,

 

[K.R]

Just went through the new TNC once gain. And this is what i think is happening.
If your TRV is 30 Lakhs you may not be eligible if your Average Balance for that OGS is not 30 Lakhs plus. So if your average for one OGS is 30 lakhs your CASA for last 3 Months is minimum of 10 lacs and you qualify. So TRV here means average balance of 30 lacs plus in the last OGS
People with 2 OGS with 10 Lacs may qualify if their average is 15 laks plus as it will qualify for CASA of 10 lacs AQB for last 3 months. So some people with 2 OGS of 10 lacs plus qualified while others did not. For ecample Person A had 10 lacs average balance in last 2 OGS while person B had 15 lacs plus average in last 2 OGS. Person B qualified while Person A didnot. If this happens to be true we still have time of 5 days to make it average of 10 laks for last 3 months.

Otherwise also no issue you will get upgraded in December or January as and when you meet CASA of 10 lacs for last 3 months but only thing is if you miss this OGS your card will be a paid one.

 

[mastfun]

Did you put in an application through RM for issue of new Magnus card for Burgundy LTF , as well as request for upgrade of old Magnus credit card that was issued before 1st Sep ( or was it new magnus issued after 1st September) to new Magnus Burgundy card? For me also the application tracking says no information found and premium service says - wait for 45 days till the first week of December to know the next eligible list !

Yup exactly the same! Applied for new card and requested for the upgrade of the existing one!

 

[ishanmontella]

Hello everyone. I have received the new Magnus for Burgundy card today, and I am confused whether I should activate it right away. I have around 1 lac ER's right now, and 1 lac more incoming which should be received in November (For September accelerated ER's & August milestone).

I intend to transfer all 2 lac ER's (from spends on old Magnus) at 5:4 ratio. I have 2 options:

1. Activate the card right away and convert the existing ER's at 5:4 and hopefully, the new M4B points bucket segregation won't happen till I receive the remaining 1 lac ER to be received next month. As some people have reported, that after using the new M4B card, the existing ER's are now getting a transfer ratio of 5:2.

2. Just wait for all ER's to be credited in November, and then activate the card and transfer everything at 5:4

P.S. I am travelling to Europe today, for 3 weeks, and confused whether I should use the new M4B card or continue to use the old Magnus. I will spend about 3 lacs while travelling in November (so will be again eligible for accelerated ER's on 1.5 lacs excess, which will be received in January).

Please let me know what are my best choices. Any help would be much appreciated 🙂

 

[K.R]

Hello everyone. I have received the new Magnus for Burgundy card today, and I am confused whether I should activate it right away. I have around 1 lac ER's right now, and 1 lac more incoming which should be received in November (For September accelerated ER's & August milestone).

I intend to transfer all 2 lac ER's (from spends on old Magnus) at 5:4 ratio. I have 2 options:

1. Activate the card right away and convert the existing ER's at 5:4 and hopefully, the new M4B points bucket segregation won't happen till I receive the remaining 1 lac ER to be received next month. As some people have reported, that after using the new M4B card, the existing ER's are now getting a transfer ratio of 5:2.

2. Just wait for all ER's to be credited in November, and then activate the card and transfer everything at 5:4

P.S. I am travelling to Europe today, for 3 weeks, and confused whether I should use the new M4B card or continue to use the old Magnus. I will spend about 3 lacs while travelling in November (so will be again eligible for accelerated ER's on 1.5 lacs excess, which will be received in January).

Please let me know what are my best choices. Any help would be much appreciated 🙂

Focus on your Trip Sir. Even Axis has wished you by ensuring the card reaches you before your Trip starts 🙂 . If I were you I will use my new card

 

[MilesMax]

Just went through the new TNC once gain. And this is what i think is happening.
If your TRV is 30 Lakhs you may not be eligible if your Average Balance for that OGS is not 30 Lakhs plus. So if your average for one OGS is 30 lakhs your CASA for last 3 Months is minimum of 10 lacs and you qualify. So TRV here means average balance of 30 lacs plus in the last OGS
People with 2 OGS with 10 Lacs may qualify if their average is 15 laks plus as it will qualify for CASA of 10 lacs AQB for last 3 months. So some people with 2 OGS of 10 lacs plus qualified while others did not. For ecample Person A had 10 lacs average balance in last 2 OGS while person B had 15 lacs plus average in last 2 OGS. Person B qualified while Person A didnot. If this happens to be true we still have time of 5 days to make it average of 10 laks for last 3 months.

Otherwise also no issue you will get upgraded in December or January as and when you meet CASA of 10 lacs for last 3 months but only thing is if you miss this OGS your card will be a paid one.

If someone had 10L average in Sept OGS and 20L average in Oct OGS then CASA AQB would still be 10L so he should be qualified right?

 

[ishanmontella]

Focus on your Trip Sir. Even Axis has wished you by ensuring the card reaches you before your Trip starts 🙂 . If I were you I will use my new card

Thank you sir. Yes, it’s a co-incidence. Had zero expectations from Axis though. My RM doesn’t even know that the card was dispatched 😂

 

[K.R]

If someone had 10L average in Sept OGS and 20L average in Oct OGS then CASA AQB would still be 10L so he should be qualified right?

My understanding is yes... So if some one can meet this by adding small funds for next 5 days , giving this a shot is not a bad idea. This is just my understanding by joining the dots on people who successfully received the card , who all have not and the new TNC...please do not blame me if Axis has other plans ;-)

 

[Prav]

Just went through the new TNC once gain. And this is what i think is happening.
If your TRV is 30 Lakhs you may not be eligible if your Average Balance for that OGS is not 30 Lakhs plus. So if your average for one OGS is 30 lakhs your CASA for last 3 Months is minimum of 10 lacs and you qualify. So TRV here means average balance of 30 lacs plus in the last OGS
People with 2 OGS with 10 Lacs may qualify if their average is 15 laks plus as it will qualify for CASA of 10 lacs AQB for last 3 months. So some people with 2 OGS of 10 lacs plus qualified while others did not. For ecample Person A had 10 lacs average balance in last 2 OGS while person B had 15 lacs plus average in last 2 OGS. Person B qualified while Person A didnot. If this happens to be true we still have time of 5 days to make it average of 10 laks for last 3 months.

Otherwise also no issue you will get upgraded in December or January as and when you meet CASA of 10 lacs for last 3 months but only thing is if you miss this OGS your card will be a paid one.

And if we keep 30L in savings for one month then also aqb ll be 10L per month
In that case ll the person be eligible?

 

[K.R]

And if we keep 30L in savings for one month then also aqb ll be 10L per month
In that case ll the person be eligible?

My understanding is yes for New customers.. Average in one OGS more than 30 lacs and have at least 2 OGS generated.. This is based on cases where people have reported that they got the upgrade.. But I might be wrong as Axis never clarifies properly. If extra funds are there..no harm in giving a try. Note only balances till this monh end. Next month if it is more than 30 lacs..you may get but it will not be a LTF as it will be post Nov 30th

 

[Riva]

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.

My HDFC BM wants me to take a 40 yr insurance policy inorder to get the Infinia for me. This is after having 4 accounts with them, a 20 yr insurance policy and demat with them already!! Al these accounts are atleaet 8 or more years old! He denied FD based card.
I told him it's not worth it for a paid Infinia card!

 

[K.R]

My HDFC BM wants me to take a 40 yr insurance policy inorder to get the Infinia for me. This is after having 4 accounts with them, a 20 yr insurance policy and demat with them already!! Al these accounts are atleaet 8 or more years old! He denied FD based card.
I told him it's not worth it for a paid Infinia card!

Say yes..but only after the card has been delivered to you. Once Delivered you say..sorry I cant have one more Insurance ;-)

 

[Riva]

Say yes..but only after the card has been delivered to you. Once Delivered you say..sorry I cant have one more Insurance ;-)

He wants me to make the first premium payment, post which he will take the necessary approvals and process the card. That too a paid Infinia card!
And he wants it to be a minimum 3lac per year premium.
Else he's selling me a ULIP plan for the card.

 

[Riva]

Also he was fully aware of the axis burgundy for Magnus fiasco.. so I guess hdfc kinda knows that Infinia is now in a better position.

 

[chasni]

He wants me to make the first premium payment, post which he will take the necessary approvals and process the card. That too a paid Infinia card!
And he wants it to be a minimum 3lac per year premium.
Else he's selling me a ULIP plan for the card.

My suggestion would be not to invest so much just for a card. In high probability he is just trying to meet his target before Diwali. At later date, he can just deny you the upgrade citing any of the million of reasons. I had a similar experience but it was just opening a new account with 5 lac funding. I opened 3 accounts and wasted 2 months. At the end, the RM turned out to be useless.

 

[Riva]

My suggestion would be not to invest so much just for a card. In high probability he is just trying to meet his target before Diwali. At later date, he can just deny you the upgrade citing any of the million of reasons. I had a similar experience but it was just opening a new account with 5 lac funding. I opened 3 accounts and wasted 2 months. At the end, the RM turned out to be useless.

Totally agree. I told him iv put the card on hold for now.
I don't want a 40 year relationship with a bank just for a paid card. He's asking too much.

 

[Avijeet]

Hello everyone. I have received the new Magnus for Burgundy card today, and I am confused whether I should activate it right away. I have around 1 lac ER's right now, and 1 lac more incoming which should be received in November (For September accelerated ER's & August milestone).

I intend to transfer all 2 lac ER's (from spends on old Magnus) at 5:4 ratio. I have 2 options:

1. Activate the card right away and convert the existing ER's at 5:4 and hopefully, the new M4B points bucket segregation won't happen till I receive the remaining 1 lac ER to be received next month. As some people have reported, that after using the new M4B card, the existing ER's are now getting a transfer ratio of 5:2.

2. Just wait for all ER's to be credited in November, and then activate the card and transfer everything at 5:4

P.S. I am travelling to Europe today, for 3 weeks, and confused whether I should use the new M4B card or continue to use the old Magnus. I will spend about 3 lacs while travelling in November (so will be again eligible for accelerated ER's on 1.5 lacs excess, which will be received in January).

Please let me know what are my best choices. Any help would be much appreciated 🙂

I am expecting my card to reach me in 5-7 days ..

Now your post made me to ponder ...

I am also expecting AUG Bonus & Balance of 35/200 as well....

I thought all points will get the 5:4 benefit ....

 

[MilesMax]

My HDFC BM wants me to take a 40 yr insurance policy inorder to get the Infinia for me. This is after having 4 accounts with them, a 20 yr insurance policy and demat with them already!! Al these accounts are atleaet 8 or more years old! He denied FD based card.
I told him it's not worth it for a paid Infinia card!

The easy solution is move your account to a different branch who is ready to offer you Infinia based on FD