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

 

[palvannan]

Account was opened on 14th Sep this year.
Oct OGS showed 23L AMB

Maintaining over 30 lakhs in bank account liquid cash

Most likely you can't use AQB criteria. What was the TRV value ( sum of SB + FD) on 31st October as per OGS? And on which date did you reach 30L TRV in October?

 

[ankurarora898]

what was AMB for October OGS.. If it was above 30 lacs then you will get it

no sir,was just about 12 lakhs.

 

[palvannan]

Even then you would have got upgraded when Nov OGS was generated if it is AQB. Just my thoughts

You could be correct , as I met both the criteria ( from 30th September) and I don't know which one they took into account for upgrade.

 

[K.R]

I asked the same question about AQB eligibility , based on previous 3 months AMB ( after sending Aug/Sep/ Oct OGS) last week and finally after sending July month statement only , they confirmed I meet AQB criteria !

Sirji.. They are not doing anything with OGS.. They are just sending it to Burgundy team for queries.. Only if the Link is enabled which is automatic based on their criteria coded they/Customer care can upgrade or not upgrade

 

[palvannan]

Sirji.. They are not doing anything with OGS.. They are just sending it to Burgundy team for queries.. Only if the Link is enabled which is automatic based on their criteria coded they/Customer care can upgrade or not upgrade

I agree that is the case for new/upgrade requests done through RM ,which are already entered into the system for processing by back-end credit card team. But for upgrade requests ( not done through RM) involving recently opened Burgundy accounts and those meeting eligibility criteria only in Sep/Oct/ Nov, the upgrade request is registered into the system only after PE email team does the initial screening for meeting eligibility requirements ( after checking/reviewing OGS internally with another team) . And then only the registered request for upgrade is taken up for manual processing for actual eligibility verification/ approval by backend team. After final Approval for upgrade is entered into the system , the Premium phone support team gets the link enabled for upgrade , as you mentioned . Contacting phone support number for other queries regarding upgrade /meeting eligibility criteria etc is not very useful as they give only the standard message about not meeting True Burgundy criteria ,which is thrown up when they click the button for upgrade.

 

[jamesbond007]

Does anyone here has all the versions of the FAQ which they posted?
I will be raising a complaint to RBI and wanted to highlight this issue as well, this change in TNC cant be done without proper intimation

 

[chasni]

Does anyone here has all the versions of the FAQ which they posted?
I will be raising a complaint to RBI and wanted to highlight this issue as well, this change in TNC cant be done without proper intimation

You need to raise a complaint with Axis first I think. After no resolution, you can approach RBI.

Experts please chime in.

 

[chasni]

Got a call from Axis that backend team has shared an update and I am eligible. I should call on next weekend to place the upgrade request.

Update: Also received the email from Premium Support that I am eligible.

 

[jamesbond007]

You need to raise a complaint with Axis first I think. After no resolution, you can approach RBI.

Experts please chime in.

I already have it raised and the email thread is ongoing, I want to keep all the documents ready for a complaint to RBI

 

[K.R]

Got a call from Axis that backend team has shared an update and I am eligible. I should call on next weekend to place the upgrade request.

Update: Also received the email from Premium Support that I am eligible.

Next Weekend... They are delaying day by day..

 

[K.R]

I already have it raised and the email thread is ongoing, I want to keep all the documents ready for a complaint to RBI

If after 30 days post your formal Complaint raised with Axis , Axis does not resolve your issue you can reach out to RBI.. That's what RBI told me. Mine is almost 30 days.. Will raise a a complaint again next week. Was Planning this week but will wait as They said mine will be upgraded next week

 

[chasni]

Next Weekend... They are delaying day by day..

I am reading this as coming weekend.

 

[K.R]

I am reading this as coming weekend.

Oh Okay..Confirm it from Axis 🙂 Congrats 🙂

 

[chasni]

Oh Okay..Confirm it from Axis 🙂 Congrats 🙂

I called today as well after receiving the email. CC said I am not a true burgundy. 🙂

 

[K.R]

I called today as well after receiving the email. CC said I am not a true burgundy. 🙂

The refresh is happeneing on 20th October..Keep chaisng. Tak to Supervisor in escalation desk

 

[K.R]

Dear Mr.XXXXXX,

Thank you for writing to Axis Bank.

This is with reference to your e-mail dated 16/11/2023, we understand your concern regarding the upgradation of your existing Magnus credit card to new Magnus Burgundy credit card based on Burgundy relationship. We will definitely assist you regarding your concern.

As per telephonic conversation dated 16/11/2023 at 04:57 PM, we had initiated an internal interaction to check the feasibility for Magnus credit card upgrade and same has been resolved. We reviewed the possibility for upgradation and we request you to reach out our PBC (Phone banking team) post 20/11/2023 and before 30/11/2023 for further proceedings (Please note the offer is valid till 30th November 2023).

Call on 1800 419 0065 (PBC) & give your consent to upgrade to new Magnus Credit Card for Burgundy. Once the consent for upgrade is given by you, the existing MAGNUS Credit Card will then be upgraded to new Magnus Credit Card for Burgundy and a new card will be dispatched to you.

It's important to note that the issuance of the card is subject to Banks internal policies.

Meanwhile, we request you to keep maintaining the burgundy requisite.

As a premium customer, your satisfaction is our top priority. If you have any question or require further assistance, please don't hesitate to respond to this email.

We would appreciate your understanding in this matter and hope to serve you better in the future.

We thank you for banking with us & look forward to your continued patronage.

We assure you the best of our services at all times.

The reference number for this interaction is XXXXXXX

For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.

Personal Phone Banking Link

NRI Phone Banking Link

Business Phone Banking Link

Agri Rural Phone Banking Link

Burgundy Phone Banking Link

Forex Card Phone Banking Link

Warm Regards,
XXXXXXX – (Premium Customer Support)
Team Axis Bank
Dil Se Open



Go from Help to Self-Help with #EASYBANKING Video Series.

Visit https://www.axisbank.com/support to check out our self-help videos in the Video Library.



Axis Bank will not ask for your CVV, OTP, PIN, Card Number, Passwords, etc. Do not share these details with anyone.

Practice safe banking! Visit Fraud Awareness Repository (axisbank.co.in)

Report any financial or cyber related crimes immediately to Ministry of Home Affairs (MHA) – National Cyber Crime Reporting Portal via their toll-free helpline number ‘1930’ or website –https://cybercrime.gov.in/ .

 

[Viper1057]

I am done with this all. Will just do an FD/MF investment with those burgundy amount requirements and get hands on my new infinia through ULIP. Good bye folks, its been a pleasure to come up since last 50pages till now.

 

[ishaangarg]

I am done with this all. Will just do an FD/MF investment with those burgundy amount requirements and get hands on my new infinia through ULIP. Good bye folks, its been a pleasure to come up since last 50pages till now.

Dont fall for Infinia via ULIP, its not guaranteed, you can get infinia with >6L spends on DCB/regalia.

 

[SteelSh0t]

Dont fall for Infinia via ULIP, its not guaranteed, you can get infinia with >6L spends on DCB/regalia.

What is the process? My limit in Regalia is 4.2 lakhs

 

[SM24]

Dear Mr.XXXXXX,

Thank you for writing to Axis Bank.

This is with reference to your e-mail dated 16/11/2023, we understand your concern regarding the upgradation of your existing Magnus credit card to new Magnus Burgundy credit card based on Burgundy relationship. We will definitely assist you regarding your concern.

As per telephonic conversation dated 16/11/2023 at 04:57 PM, we had initiated an internal interaction to check the feasibility for Magnus credit card upgrade and same has been resolved. We reviewed the possibility for upgradation and we request you to reach out our PBC (Phone banking team) post 20/11/2023 and before 30/11/2023 for further proceedings (Please note the offer is valid till 30th November 2023).

Call on 1800 419 0065 (PBC) & give your consent to upgrade to new Magnus Credit Card for Burgundy. Once the consent for upgrade is given by you, the existing MAGNUS Credit Card will then be upgraded to new Magnus Credit Card for Burgundy and a new card will be dispatched to you.

It's important to note that the issuance of the card is subject to Banks internal policies.

Meanwhile, we request you to keep maintaining the burgundy requisite.

As a premium customer, your satisfaction is our top priority. If you have any question or require further assistance, please don't hesitate to respond to this email.

We would appreciate your understanding in this matter and hope to serve you better in the future.

We thank you for banking with us & look forward to your continued patronage.

We assure you the best of our services at all times.

The reference number for this interaction is XXXXXXX

For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.

Personal Phone Banking Link

NRI Phone Banking Link

Business Phone Banking Link

Agri Rural Phone Banking Link

Burgundy Phone Banking Link

Forex Card Phone Banking Link

Warm Regards,
XXXXXXX – (Premium Customer Support)
Team Axis Bank
Dil Se Open



Go from Help to Self-Help with #EASYBANKING Video Series.

Visit https://www.axisbank.com/support to check out our self-help videos in the Video Library.



Axis Bank will not ask for your CVV, OTP, PIN, Card Number, Passwords, etc. Do not share these details with anyone.

Practice safe banking! Visit Fraud Awareness Repository (axisbank.co.in)

Report any financial or cyber related crimes immediately to Ministry of Home Affairs (MHA) – National Cyber Crime Reporting Portal via their toll-free helpline number ‘1930’ or website –https://cybercrime.gov.in/ .

All they needed to do was, send out such emails to everyone, who was eligible, immediately after they became eligible.
But Lax-is being Axis...

Our correct balances didnt trigger anything at their end, till we got triggered and set the house on fire...