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]

Milesmax just in case your Average TRV is not 30 lacs you should still fight as someone with the Profile name Unwind in this group has got it with TRV of 30 Lacs maintenance for just 3-4 days

 

[mastfun]

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

Nope it's still in processing

 

[navam]

I've decided - jis din yeh thread shaant hoga, uss din sochenge account kholna hai ki nahi.

 

[MilesMax]

Milesmax just in case your Average TRV is not 30 lacs you should still fight as someone with the Profile name Unwind in this group has got it with TRV of 30 Lacs maintenance for just 3-4 days

For October OGS I will have 30L TRV / AMB.
AQB would be 20L+ (sept + October)

But only thing I am concerned is the Sept OGS, in that saving account it was 11L+ but AMB is around 9L.

 

[MilesMax]

I've decided - jis din yeh thread shaant hoga, uss din sochenge account kholna hai ki nahi.

This thread becoming silent would mean Axis is not offering M4B LTF anymore. Till then we'll keep it alive 😄

 

[MilesMax]

Nope it's still in processing

Stuck in eligibility check step?
Got a CIBIL hit?

 

[K.R]

This thread becoming silent would mean Axis is not offering M4B LTF anymore. Till then we'll keep it alive 😄

Will be buzzing again post october OGS is generated 😎

 

[unwind]

Milesmax just in case your Average TRV is not 30 lacs you should still fight as someone with the Profile name Unwind in this group has got it with TRV of 30 Lacs maintenance for just 3-4 days

Yes..though maintained for more than 3 weeks. Broadly started on 29th September. Kept till I got my upgraded card and have now brought it down to 10 L saving bank balance. But lot of follow ups and arguments with the RM and PNO were also involved

Incidentally, someone I know followed the same procedure with the same RM, same branch, same opening date etc. Actually maintained higher balance than me till the time TnC came out. Yet to be upgraded. Though gets the promise everyday that its a matter of few days

We did everything together except for the followup part, where in I was very active both with RM and emails but my friend left it after a mail or two exchange. So may be that helps.

Will update the status of my friend's upgrade if and when there is some development.

 

[K.R]

Yes..though maintained for more than 3 weeks. Broadly started on 29th September. Kept till I got my upgraded card and have now brought it down to 10 L saving bank balance. But lot of follow ups and arguments with the RM and PNO were also involved

Incidentally, someone I know followed the same procedure with the same RM, same branch, same opening date etc. Actually maintained higher balance than me till the time TnC came out. Yet to be upgraded. Though gets the promise everyday that its a matter of few days

We did everything together except for the followup part, where in I was very active both with RM and emails but my friend left it after a mail or two exchange. So may be that helps.

Will update the status of my friend's upgrade if and when there is some development.

Thanks

On a lighter note.. Hope your RM doesnt have a crush on you ;-)

 

[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.

Received the card today, it got dispatched on 28th itself from New Delhi but due to Sunday in between it got delivered 1 day late 🙂

 

[palvannan]

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

I think the person (unwind) got the upgrade of old Burgundy card to new Burgundy , by maintaining 30L TRV value in Sep , but also was already holding the Burgundy account for than 3 months. Maybe AQB was also more than 10L in July-August -Sep quarter. For new applications by those not having old Magnus cards , but with existing 3 month vintage Burgundy accounts it is progressing slowly. But for newly opened account holders ( Sep/October ) , only salary transfer cases are getting approval as of now , I heard !

 

[palvannan]

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.

As you are having TRV of 30L from 5th October itself, technically you should be eligible to apply on 20th Nov after the 45 days cooling off period for becoming eligible , as per FAQ Section 2.2 Q3 ( page 7).

 

[unwind]

I think the person (unwind) got the upgrade of old Burgundy card to new Burgundy , by maintaining 30L TRV value in Sep , but also was already holding the Burgundy account for than 3 months. Maybe AQB was also more than 10L in July-August -Sep quarter. For new applications by those not having old Magnus cards , but with existing 3 month vintage Burgundy accounts it is progressing slowly. But for newly opened account holders ( Sep/October ) , only salary transfer cases are getting approval as of now , I heard !

No Sir..opened the account in the third week of August. Average balance was 3.77 lakhs in September according to October OGS. Did not receive the OGS in September but balance must have been around the same amount.

Transferred funds only in the last 3-4 days of September. But had messages from my RM confirming that if I increase the TRV to 30 lakhs I would be instantly eligible for an upgrade. Put them to good use in my mails etc while fighting for the upgrade

Also I got the upgrade mail before the revised T&C came about. Hope it helps

 

[unwind]

Thanks

On a lighter note.. Hope your RM doesnt have a crush on you ;-)

Haha..even if that was the case, she would have been over it soon enough after I started sharing the screenshot of her messages with PnO that I would be instantly eligible for an upgrade if I increase my TRV to 30 lakhs

Actually I am still getting calls from Axis saying that we are investigating your complaint against your RM. Have to tell them that I was wrong and she is a great RM 😀

 

[K.R]

Haha..even if that was the case, she would have been over it soon enough after I started sharing the screenshot of her messages with PnO that I would be instantly eligible for an upgrade if I increase my TRV to 30 lakhs

Actually I am still getting calls from Axis saying that we are investigating your complaint against your RM. Have to tell them that I was wrong and she is a great RM 😀

Seems you are also developing a soft corner for her now 😄

 

[vikramsrit]

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

I mean the business arm twisting 😀 that would be literal in dealing with the RM.

 

[unwind]

Seems you are also developing a soft corner for her now 😄

Haha..thankfully my wife is not on this thread🤣

 

[chasni]

Haha..thankfully my wife is not on this thread🤣

Now, this comes from your heart....Dil se nikli baat....LOL

 

[chasni]

One question out of curiosity, has anyone with 3 existing Axis cards been able to upgrade to Magnus for Burgundy?

 

[RupayMan]

One question out of curiosity, has anyone with 3 existing Axis cards been able to upgrade to Magnus for Burgundy?

Am also looking for them