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

 

[K.R]

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

30 lacs Savings will be considered for both AQB and TRV while 30 Lacs FD will be only considered as TRV. My understanding. Axis can surprise though

 

[K.R]

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.

CASA AQB is average of preceding 3 months. Is what I have been told by Axis

 

[Trust Me]

Got my Infinia card last week. Though I literally arm-twisted my HDFC RM.

Oh, did you, really?! And nobody arrested you?! 🙂 🙂

 

[MilesMax]

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

Yes! And once you get Magnus, transfer 20L to somewhere else

 

[K.R]

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.

Q 3. I am an existing Burgundy Account holder and want to apply for Magnus Credit Card for Burgundy, but I am not meeting ‘Burgundy Relationship Eligibility Criteria’ basis TRV or Salary Credit or Foreign Inward Remittance. However, I am maintaining ₹ 10 lakhs balance in my Burgundy Account, can I apply? A. If you are an Existing-to-Burgundy customer with more than three months vintage in the program or in the other words- more than three ‘One Glance Statements’ have already been generated for you, then Burgundy Magnus Credit Card be applied basis ₹10 Lakhs CASA ‘Average Quarterly Balance’ (AQB) criteria. Minimum ₹10 Lakhs balance in your Burgundy Account on an average should be available for in the last three months.

If your average in last 3 months as mentioned above is 10 lacs minimum which is abasically the AQB you are a Vintage customer and is eligible for Upgrade. All you need is 3 OGS and the average of the 3 months should be 10 lacs. If 3 OGS is not generated you are new customer and you need 45 days post Requisite relationship is maintained.
Here there is slight confusion... for 10 Lacs AQB... where for new customers if you have 10 lacs with 2 OGS then most likely after 45 days post 1st OGS is generated the person is eligible is what I feel ( Note this is only for New customers. For Vintage last 2 is not applicable its last 3 OGS)

 

[jonamdhar]

Q 3. I am an existing Burgundy Account holder and want to apply for Magnus Credit Card for Burgundy, but I am not meeting ‘Burgundy Relationship Eligibility Criteria’ basis TRV or Salary Credit or Foreign Inward Remittance. However, I am maintaining ₹ 10 lakhs balance in my Burgundy Account, can I apply? A. If you are an Existing-to-Burgundy customer with more than three months vintage in the program or in the other words- more than three ‘One Glance Statements’ have already been generated for you, then Burgundy Magnus Credit Card be applied basis ₹10 Lakhs CASA ‘Average Quarterly Balance’ (AQB) criteria. Minimum ₹10 Lakhs balance in your Burgundy Account on an average should be available for in the last three months.

If your average in last 3 months as mentioned above is 10 lacs minimum which is abasically the AQB you are a Vintage customer and is eligible for Upgrade. All you need is 3 OGS and the average of the 3 months should be 10 lacs. If 3 OGS is not generated you are new customer and you need 45 days post Requisite relationship is maintained.
Here there is slight confusion... for 10 Lacs AQB... where for new customers if you have 10 lacs with 2 OGS then most likely after 45 days post 1st OGS is generated the person is eligible is what I feel ( Note this is only for New customers. For Vintage last 2 is not applicable its last 3 OGS)

New customers who don't have 3 months of OGS can't apply on the basis of AQB. They have clearly mentioned it in thier FAQ.

Now the pattern seems to be clear. Maintain the eligibility at individual level, you will be eligible for the card. OGS is the proof for meeting criteria. For AQB, by definition since it's quarterly, you need 3 OGS statements to establish that.

 

[K.R]

New customers who don't have 3 months of OGS can't apply on the basis of AQB. They have clearly mentioned it in thier FAQ.

Now the pattern seems to be clear. Maintain the eligibility at individual level, you will be eligible for the card. OGS is the proof for meeting criteria. For AQB, by definition since it's quarterly, you need 3 OGS statements to establish that.

Yes. that's why i said confusing for AQB 🙂 because they have mentioned in emails that for new customers 2 OGS is eligible while in FAQ they have contradictory information. We will know by Nov 6th.. As per your understanding what is AQB ? is it Average of last 3 months or Average of 10 Lacs in each of the last 3 months?

 

[chasni]

Yes. that's why i said confusing for AQB 🙂 because they have mentioned in emails that for new customers 2 OGS is eligible while in FAQ they have contradictory information. We will know by Nov 6th.. As per your understanding what is AQB ? is it Average of last 3 months or Average of 10 Lacs in each of the last 3 months?

If they want 10lac balance in each month for last 3 months, then AQB is the incorrect term technically. This will mean that they are asking monthly average of 10lacs but calling it AQB.

 

[K.R]

If they want 10lac balance in each month for last 3 months, then AQB is the incorrect term technically. This will mean that they are asking monthly average of 10lacs but calling it AQB.

( in FAQ) They have never explicitly mentioned 10 lacs each month. They mentioned 3 OGS with Average AQB of 10 lacs

 

[MilesMax]

So new customers are not eligible based on AQB, Axis says you need 45 days post maintaining true burgundy status to be eligible for LTF Magnus new users.

That means you need to Have TRV in Sept OGS itself. And you would be eligible by Nov 15th given you maintained the TRV in Oct as well. If that is the case most the new users are not eligible.

Keeping 10L in savings and still paying for Magnus doesn't make any sense. 😅

 

[jonamdhar]

Yes. that's why i said confusing for AQB 🙂 because they have mentioned in emails that for new customers 2 OGS is eligible while in FAQ they have contradictory information. We will know by Nov 6th.. As per your understanding what is AQB ? is it Average of last 3 months or Average of 10 Lacs in each of the last 3 months?

I think AQB is average of AMBs in the last 3 OGS statements

 

[K.R]

In this same group one has got upgrade after maintaining one month TRV

 

[K.R]

Also they have mentioned reach out to RM which means if the System is not showing eligible RM can get an exception based on relationship.. Provided RM knows this 🙂

 

[K.R]

So new customers are not eligible based on AQB, Axis says you need 45 days post maintaining true burgundy status to be eligible for LTF Magnus new users.

That means you need to Have TRV in Sept OGS itself. And you would be eligible by Nov 15th given you maintained the TRV in Oct as well. If that is the case most the new users are not eligible.

Keeping 10L in savings and still paying for Magnus doesn't make any sense. 😅

It depends when you consider 45 days from. from 1st OGS or last OGS ;-). Also if you have 3 OGS you are Vintage ( Wisky) and not new customer ...

 

[MilesMax]

It depends when you consider 45 days from. from 1st OGS or last OGS ;-). Also if you have 3 OGS you are Vintage ( Wisky) and not new customer ...

As per customer care it's 45 days from the OGS which shows (true burgundy status) eligibility 🙁

 

[MilesMax]

Also they have mentioned reach out to RM which means if the System is not showing eligible RM can get an exception based on relationship.. Provided RM knows this 🙂

Now I have to first email pno to change my RM. 😂

 

[MilesMax]

@mastfun what happened to your new Magnus burgundy application? Did you finally get it?

 

[chasni]

As per customer care it's 45 days from the OGS which shows (true burgundy status) eligibility 🙁

That means, after the announcement of the offer on Sep 27th, no new customer can be eligible to get it LTF. because you need 30 days to get OGS and then 45 days to get eligibility, so that is 75 days in total, i.e. more than the 2 months offer duration.

 

[K.R]

That means, after the announcement of the offer on Sep 27th, no new customer can be eligible to get it LTF. because you need 30 days to get OGS and then 45 days to get eligibility, so that is 75 days in total, i.e. more than the 2 months offer duration.

I think if you maintain 30 lacs TRV ( Savings) in October ( Average and not available balance) there is no reason why you should not be eligible. This qualifies for both AQB and TRV. Incase if the system does not show we have to ask our RM to get it done. RM will most likely be the BM as its Burgundy account

 

[chasni]

I think if you maintain 30 lacs TRV ( Savings) in October ( Average and not available balance) there is no reason why you should not be eligible. This qualifies for both AQB and TRV. Incase if the system does not show we have to ask our RM to get it done. RM will most likely be the BM as its Burgundy account

I am hoping the same. I started maintaining TRV from 5th Oct but have kept higher amount to have >30lac average TRV for the whole month.