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

 

[Harsh30]

What's the duration of the 30L FD required to get TRV to to burgundy status? If the least time is say 3-6 months, can we then move to 10L AQB?

I asked this to premium banking team and they had no clue about it.

 

[ishanmontella]

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 ....

Ideally, all points should get 5:4 benefit, as per their Tnc. But, the confusion is only because "it's Axis!", and they are indeed capable of utter buffoonery. I just wanted to hear from other M4B users, if we can go ahead and activate the card. Because recently we heard that a separate bucket of M4B points was created for few users, where 5:4 was possible, but the Edge Reward points category redemption was 5:2. I hope it's a temporary technical glitch. @Salvo08 @hrish88 @Tirajat Any update on this? Are you now able to redeem existing ER's at 5:4 ratio?

 

[K.R]

What's the duration of the 30L FD required to get TRV to to burgundy status? If the least time is say 3-6 months, can we then move to 10L AQB?

I asked this to premium banking team and they had no clue about it.

Why do you need 30 Lacs FD.. you can keep 30 lacs in savings as well. Rate difference between Savings and FD for 3 months duration is not much 🙂

 

[hrish88]

Is the magnus really worth taking so much hassle after all the devaluations.i have M4B but i have only spent 5-10k on it so far whereas on my other cards i have spent close to 6L in last 30 days.

I am only keeping this card because its free and for meet n greet.

 

[Avijeet]

Is the magnus really worth taking so much hassle after all the devaluations.i have M4B but i have only spent 5-10k on it so far whereas on my other cards i have spent close to 6L in last 30 days.

I am only keeping this card because its free and for meet n greet.

Good for High Spenders ... 35/200 beyond 1.5L is really good ...
i think only a small bracket of people will take advantage of it ...

 

[hrish88]

Good for High Spenders ... 35/200 beyond 1.5L is really good ...
i think only a small bracket of people will take advantage of it ...

beyond 1.5L has so many restrictions no gyfter,no traveledge,no utilities government spends,wallet etc etc.good luck in figuring out whats included and whats not.

even if you spend correctly axis will find a way to mess up crediting those points.we will see posts about that in the coming months in this thread only

In my case, it has already messed up with only showing Magnus points for redemption and not the total edge rewards points.

The only use case at least for me now is booking tickets via traveledge if the prices are similar to other portals.

 

[hrish88]

Ideally, all points should get 5:4 benefit, as per their Tnc. But, the confusion is only because "it's Axis!", and they are indeed capable of utter buffoonery. I just wanted to hear from other M4B users, if we can go ahead and activate the card. Because recently we heard that a separate bucket of M4B points was created for few users, where 5:4 was possible, but the Edge Reward points category redemption was 5:2. I hope it's a temporary technical glitch. @Salvo08 @hrish88 @Tirajat Any update on this? Are you now able to redeem existing ER's at 5:4 ratio?

for me its still only showing Magnus burgundy bucket.

 

[palvannan]

30th Nov is last date for you to accept TNC in the link they will share. Are you TRV or AQB if AQB how Many OGS with 10 Lacs AQB

I meet eligibility of TRV since first week of September and 10L AQB from Feb , but still not in the approved list. Premium service seems to suggest that only the application through RM for New Magnus card ( as well as for upgrade of old Magnus card) needs to made before 30th November and if you meet their criteria for LTF card , then it will be issued in December also.

 

[K.R]

I meet eligibility of TRV since first week of September and 10L AQB from Feb , but still not in the approved list. Premium service seems to suggest that only the application through RM for New Magnus card ( as well as for upgrade of old Magnus card) needs to made before 30th November and if you meet their criteria for LTF card , then it will be issued in December also.

Is it something we are missing. There is no reason why you should not be upgraded automatically.

 

[CVR]

Is the magnus really worth taking so much hassle after all the devaluations.i have M4B but i have only spent 5-10k on it so far whereas on my other cards i have spent close to 6L in last 30 days.

I am only keeping this card because its free and for meet n greet.

I don’t think it is worth the hassle at all especially if you already have Infinia or DCB Metal. I have Burgundy salary so got the Magnus Burgundy easily but ppl doing trv and aqb I don’t think it worth the hassle.. even with no effort and getting it LTF i am frustrated with amount of time one has to follow up for getting points credited.. new issue of not able to transfer ER bucket points.. issues in everything.. I don’t understand why so many ppl bothering with aqb and trv for this madness.. reward rate is no doubt gr8 with 5:4 but problem is nothing is smooth at backend and everything needs multiple follow ups.. if ever my Burgundy goes due to shift of salary account I will never bother with all this crap.. same for doing FD for Infinia, never do all that..

 

[Riva]

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

Yes, this I can try..

 

[jonamdhar]

I don’t think it is worth the hassle at all especially if you already have Infinia or DCB Metal. I have Burgundy salary so got the Magnus Burgundy easily but ppl doing trv and aqb I don’t think it worth the hassle.. even with no effort and getting it LTF i am frustrated with amount of time one has to follow up for getting points credited.. new issue of not able to transfer ER bucket points.. issues in everything.. I don’t understand why so many ppl bothering with aqb and trv for this madness.. reward rate is no doubt gr8 with 5:4 but problem is nothing is smooth at backend and everything needs multiple follow ups.. if ever my Burgundy goes due to shift of salary account I will never bother with all this crap.. same for doing FD for Infinia, never do all that..

When was your Salary account opened?

 

[CVR]

When was your Salary account opened?

I have Axis salary account for many years. Obviously it kept on upgrading gradually from basic to priority to Burgundy..

 

[SM24]

Is the magnus really worth taking so much hassle after all the devaluations.i have M4B but i have only spent 5-10k on it so far whereas on my other cards i have spent close to 6L in last 30 days.

I am only keeping this card because its free and for meet n greet.

I am gunning for M4B mostly for better value for my lakhs of existing points.

This apart, M4B makes sense only for traveledge flights for me.

 

[Tirajat]

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 🙂

Doesn't matter which card you use. The will be be credited under M4B bucket, as and when it gets created for you.

 

[Tirajat]

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!

I was promised LTF Infinia (confirmed on email) on taking a 30-year policy. However, didn't procedd given poor (6.6% IRR) returns.

 

[Tirajat]

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.

It would be naive to put money in a long term plan only to get a card. Make your decision based on the attractiveness of policy and returns - card is an ancillary benefit if you get it (paying for it should be out of question).

 

[Tirajat]

Given the inconsistency, I am leaning towards cancelling my M4B once November bonus is credited. It is only good for travel edge but Atlas with Milestone rewards should make up for it! I would rather prefer a simple no-nonsense product and Magnus fails on all counts!

 

[govisi]

Lol don’t waste money on garbage ULIP schemes for a card, try with different branch or change bank itself.

 

[Riva]

I was promised LTF Infinia (confirmed on email) on taking a 30-year policy. However, didn't procedd given poor (6.6% IRR) returns.

Ha.. exactly.. I declined for the exact same reasons. Also 40 years relationship with a bank for a card makes no sense.