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]

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 🙂

I don't have burgundy account and planning to open one now. I understand my OGS may not get generated in time for AQB to reflect the status of Burgundy. Hence, I thought of the FD route. But of course, prefer to park that in FD for the shortest possible duration only allowed here. Hence, this question.

 

[yogbansi]

A cleartrip hotel booking is reflecting as "Utility payment" in magnus card statement and hence, not getting even regular edge reward points.

Any idea, how this can be fixed? I could have cancelled the hotel booking and rebook from elsewhere but prices has gone up now.

I suggest to not use cleartip portal for bookings until this is fixed.

 

[Deleted member 11974]

only thing is to cancel and book again
or if you want to book via cleartrip then buy amazon gvs from axis gyftr for 2x rps and use it on cleartrip

 

[vikramsrit]

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

Got my Infinia card last week. Though I literally arm-twisted my HDFC RM. He was trying to act smart by asking me the same thing. Buy a stupid ULIP or an insurance.

 

[mojo_jojo123]

Got my Infinia card last week. Though I literally arm-twisted my HDFC RM. He was trying to act smart by asking me the same thing. Buy a stupid ULIP or an insurance.

so u eventually got ULIP for Infinia or he gave without it .. is it LTF ?

 

[Deleted member 11974]

metal LTF is very rare

 

[Rishabh]

Finally MAGNUS BURGUNDY Card approved after 23 days since application via meeting AQB criteria only, no 30l NRV needed.

Journey:-
4th Oct - Applied via Agent using August OGS(Sept OGS not generated) & other bank card statement for C2C criteria (minimum 10lac limit asked for C2C)
7th Oct- Submitted September OGS
14th Oct - Application put on Hold
21st Oct - Agent re-submitted Sept OGS
23rd Oct - CIBIL Enquiry made by Axis
24th Oct - Dropped email to Burgundy Email address for card approval
27th Oct - Card started visible under Netbanking/Mobile app
28th Oct - Approved SMS/Email received 🙂

Now waiting for card to be dispatched. Feels like a long battle won, was confident enough to get it due to assurance given by Agent since Day 1 for eligibility based on AQB criteria as well.

So anyone still having doubts - 30l NRV is not required to get this card.
Also I have Burgundy account since last 2 years & minimum AQB balance maintained since July onwards at individual account Level.

 

[palvannan]

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.

I think for 10L AQB , you should have OGS for 3 months proving the average monthly balance is >10L and for TRV of 30 Lakhs , they need 2 OGS showing that TRV value is maintained ( and not temporarily parked for applying), to be eligible for Magnus for Burgundy credit card. For LTF version you need to apply through RM before 30th Nov , though it is not clear when they will issue these lifetime free cards and whether all applicants who meet the criteria will be issued card in November ( or December ?) , as the next 2 approved lists are likely to released in mid November and first week of December only.

 

[palvannan]

C

Finally MAGNUS BURGUNDY Card approved after 23 days since application via meeting AQB criteria only, no 30l NRV needed.

Journey:-
4th Oct - Applied via Agent using August OGS(Sept OGS not generated) & other bank card statement for C2C criteria (minimum 10lac limit asked for C2C)
7th Oct- Submitted September OGS
14th Oct - Application put on Hold
21st Oct - Agent re-submitted Sept OGS
23rd Oct - CIBIL Enquiry made by Axis
24th Oct - Dropped email to Burgundy Email address for card approval
27th Oct - Card started visible under Netbanking/Mobile app
28th Oct - Approved SMS/Email received 🙂

Now waiting for card to be dispatched. Feels like a long battle won, was confident enough to get it due to assurance given by Agent since Day 1 for eligibility based on AQB criteria as well.

So anyone still having doubts - 30l NRV is not required to get this card.
Also I have Burgundy account since last 2 years & minimum AQB balance maintained since July onwards at individual account Level.

Congratulations and thanks for detailing your journey. Looks like there is a long wait list and applications in queue are getting cleared slowly, if criteria is met - based on the application date 😂.
I applied on 10th Oct and CIBIL enquiry done 20th by Axis , and now application on hold. Asked to wait till first week of December !

 

[chasni]

I think for 10L AQB , you should have OGS for 3 months proving the average monthly balance is >10L and for TRV of 30 Lakhs , they need 2 OGS showing that TRV value is maintained ( and not temporarily parked for applying), to be eligible for Magnus for Burgundy credit card. For LTF version you need to apply through RM before 30th Nov , though it is not clear when they will issue these lifetime free cards and whether all applicants who meet the criteria will be issued card in November ( or December ?) , as the next 2 approved lists are likely to released in mid November and first week of December only.

AQB is not same as average monthly balance. I may have average monthly balance <10lac for a month or two but still my AQB can be higher than 10lac.

What is your source of information that average monthly balance for 3 months is required for the card? Because TnC documents mentions only CASA AQB.

 

[edm]

when does 35 points credit after 150k

 

[saketreddy]

when does 35 points credit after 150k

Within 45 days from end of month

 

[palvannan]

AQB is not same as average monthly balance. I may have average monthly balance <10lac for a month or two but still my AQB can be higher than 10lac.

What is your source of information that average monthly balance for 3 months is required for the card? Because TnC documents mentions only CASA AQB.

If the 10L AQB is achieved , by holding higher savings balance just in one or two months then there will be a waiting /cooling period of 45 days from that month end OGS , which effectively means you are better off if you were maintaining 10L average monthly balance for previous 3 or more months to become eligible for the card immediately and to be able to apply before 30th Nov, is my understanding of the FAQ.

 

[chasni]

If the 10L AQB is achieved , by holding higher savings balance just in one or two months then there will be a waiting /cooling period of 45 days from that month end OGS , which effectively means you are better off if you were maintaining 10L average monthly balance for previous 3 or more months to become eligible for the card immediately and to be able to apply before 30th Nov, is my understanding of the FAQ.

It is impossible for someone to hold 10lac balance for 3 months or more in retrospective. The only thing that can be done is to increase balance to compensate for the lower balance in the past months.

 

[palvannan]

It is impossible for someone to hold 10lac balance for 3 months or more in retrospective. The only thing that can be done is to increase balance to compensate for the lower balance in the past months.

Instead of trying to meet AQB criteria in recently opened Burgundy accounts ( in Sep/Oct ) , you can alternatively try to achieve the eligibility criteria by showing TRV value of 30 lakhs or more , in 2 OGS and hopefully become eligible before 30th Nov. Not sure though if it will get us free LTF card or paid version only .

 

[chasni]

Instead of trying to meet AQB criteria in recently opened Burgundy accounts ( in Sep/Oct ) , you can alternatively try to achieve the eligibility criteria by showing TRV value of 30 lakhs or more , in 2 OGS and hopefully become eligible before 30th Nov. Not sure though if it will get us free LTF card or paid version only .

The process is same for both. Putting 30lac in account will also make your AQB go up.

 

[MilesMax]

The process is same for both. Putting 30lac in account will also make your AQB go up.

Putting 30L in FD wouldn't be counted for AQB right? It's only for TRV

 

[chasni]

Putting 30L in FD wouldn't be counted for AQB right? It's only for TRV

Isn't it better to put 30lac in Savings for a month and it will count towards both?

 

[Prav]

Maintaining 30L in savings from 1st October ll i be eligible for m4b in 1st week of nov?

 

[K.R]

Maintaining 30L in savings from 1st October ll i be eligible for m4b in 1st week of nov?

It's a matter of another 7 days ..pata chal jayega 😁