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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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jonamdhar said:
Let us hope the Nov 15 date has some significance in releasing the list of eligible customers
Click to expand...
I don't think there is any relevance. They just give some dates. Some Customer care guys are smart enough to give you confidence that something is happening. 🙂 . Just see the trend.. First let the OGS be generated.. Then Let RM share the OGS, then wait for 3 days to reflect, then Eligible list will be shared on10th, then wait till 13th Nov, then wait till mid Nov refresh, then 20th Nov date, then 25th Nov date.. Same was done in October as well

I have dropped a note to my RM that I will be vising Axis once he is back from his vacation next week to close my accounts 🙂
Indus gives me 6% interest on my savings and as a Pioneer customer my RM gave me free Cricket Match Tickets' as well..
 
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I am in the same boat here. Have had a Burgundy account since mid September with 26L in FDs and 4L+ in cash. TRV hovering around 30-32L. Was told in mid October that since I only converted to Burgundy in September I should wait for October OGS. After sharing the October OGS, told to wait until 25 November and customer care like a broken record repeating that I'm not eligible without explaining how and what date/action would make me eligible. Trying through my (clueless) RM and spamming PNO but if it doesn't work I'm moving my business to another bank.
 
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baba123 said:
I am in the same boat here. Have had a Burgundy account since mid September with 26L in FDs and 4L+ in cash. TRV hovering around 30-32L. Was told in mid October that since I only converted to Burgundy in September I should wait for October OGS. After sharing the October OGS, told to wait until 25 November and customer care like a broken record repeating that I'm not eligible without explaining how and what date/action would make me eligible. Trying through my (clueless) RM and spamming PNO but if it doesn't work I'm moving my business to another bank.
Click to expand...
30L in FD or 10L in savings is the requirement. From your text, it seems right now you are not fulfilling either of these criteria.
 
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Update:
I received a call from Axis yesterday
asking if my issue was resolved. Upon explaining the Mahabharat he told give him 48 hours and they will get back
Today while driving back home I received a call from Axis saying that Backend team has validated and responded that I am eligible.My account will be upgraded on 20th of Nov. Upon saying you guys have promised many such dates earlier he said that they have received a confirmation email from Backend team and if there is any issue I should reach to escalation desk as they have acces to the email. Also all these days backend did not give any explicit confirmation. Only today they have sent an email that as per Burgundy team Iam due for upgradation and True Burgundy now.
Let's see. This time arround I had not made the call. They had called and updated. Also I fee therel are some Axis Bank people on Technofino 😁😁😁
So anyways I was planning to close my account next week. Next week is 20th. If they upgrade I may change my idea of closing the relationship with Axis
 
Last edited:
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Now started getting emails as well. This time by PNO. Not sure if it is distantly related to My RBI case which needs closure by Axis on or before 19th November
 
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chasni said:
I had escalated the complaint to PNO 1.5 weeks ago. Got a reply this week that I do not satisfy AQB criteria as per my Aug and Sep OGS. Then I forwarded that to MDs desk with clear explanation and calculation how I satisfy TRV and AQB both. They responded within an hour with just copy paste of M4B eligibility criteria.

Sometimes, I wonder how the bank is even functional.
Click to expand...
As a last resort, I have raised the request to RBI Ombudsman. If it get through then fine. Else, I have made my peace. Congrats to everyone who got it.
 
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K.R said:
Update:
I received a call from Axis yesterday
asking if my issue was resolved. Upon explaining the Mahabharat he told give him 48 hours and they will get back
Today while driving back home I received a call from Axis saying that Backend team has validated and responded that I am eligible.My account will be upgraded on 20th of Nov. Upon saying you guys have promised many such dates earlier he said that they have received a confirmation email from Backend team and if there is any issue I should reach to escalation desk as they have acces to the email. Also all these days backend did not give any explicit confirmation. Only today they have sent an email that as per Burgundy team Iam due for upgradation and True Burgundy now.
Let's see. This time arround I had not made the call. They had called and updated. Also I fee therel are some Axis Bank people on Technofino 😁😁😁
So anyways I was planning to close my account next week. Next week is 20th. If they upgrade I may change my idea of closing the relationship with Axis
Click to expand...

Congratulations! I just filed a complaint with RBI Ombudsman to give them another push. It is extremely frustrating that you literally have to go to war with them to get a simple thing done. Abysmal customer service.
 
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