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]

Got another call due to escalation to MD's desk. They again confirmed I am eligible. But this time told me to call between Nov 22 and Nov 30 for upgrade.

Another day and another date.

Did you manage to find out if you got upgrade approval, because of meeting AQB or TRV criteria, as you mentioned earlier that they didn't agree with your AQB calculation based on 2 months AMB ?

 

[chasni]

Did you manage to find out if you got upgrade approval, because of meeting AQB or TRV criteria, as you mentioned earlier that they didn't agree with your AQB calculation based on 2 months AMB ?

It was TRV. AQB email was rejected because I was not maintaining 10lac in Jul-Sep. When I raised with TRV, I got the approval email.

 

[shashankrt]

Hi All,

I have recently opened Burgundy account with Axis (not specifically for Magnus however shifting from HDFC imperia as its useless)
Already have monthly balance of 10 lakh. My RM is saying he can get Magnus approved post 1st OGS generation in December.

Question - I also have option to move my salary account to Axis - however should I wait till decision on Magnus is made? I dont want to move account and then find that Axis burgundy is also useless 😉

 

[RupayMan]

Hi All,

I have recently opened Burgundy account with Axis (not specifically for Magnus however shifting from HDFC imperia as its useless)
Already have monthly balance of 10 lakh. My RM is saying he can get Magnus approved post 1st OGS generation in December.

Question - I also have option to move my salary account to Axis - however should I wait till decision on Magnus is made? I dont want to move account and then find that Axis burgundy is also useless 😉

How post December? As a paid?

 

[shashankrt]

How post December? As a paid?

RM said the validity for LTF MB may be extended or else he will try for approval. Not sure of either hence not currently switching salary account.

 

[raunak]

Got another call due to escalation to MD's desk. They again confirmed I am eligible. But this time told me to call between Nov 22 and Nov 30 for upgrade.

Another day and another date.

Same with me.
What are they up to??
A customer maintaining 10L AMB is getting this kind of service from axis.

Maintaining 11L + AMB as per OGS from last 3 months (Aug Sep Oct) still anyhow I am not eligible for Burgundy Upgrade.
Escalated to MD desk, talked to different customer care executive no one have any firm reason or solution to my query.
Clueless what to do next.

 

[chasni]

Same with me.
What are they up to??
A customer maintaining 10L AMB is getting this kind of service from axis.

Maintaining 11L + AMB as per OGS from last 3 months (Aug Sep Oct) still anyhow I am not eligible for Burgundy Upgrade.
Escalated to MD desk, talked to different customer care executive no one have any firm reason or solution to my query.
Clueless what to do next.

I think for AQB there are checking the balance for financial qtr (Jul, Aug and Sep).

 

[raunak]

I think for AQB there are checking the balance for financial qtr (Jul, Aug and Sep).

They are not saying that also.
and what about that 45 day rule??

 

[jonamdhar]

Hi All,

I have recently opened Burgundy account with Axis (not specifically for Magnus however shifting from HDFC imperia as its useless)
Already have monthly balance of 10 lakh. My RM is saying he can get Magnus approved post 1st OGS generation in December.

Question - I also have option to move my salary account to Axis - however should I wait till decision on Magnus is made? I dont want to move account and then find that Axis burgundy is also useless 😉

Hope he is talking about the Magnus for Burgundy. As per the TNC, you would require atleast 3 OGS for qualifing under AQB criteria. It is much easier to qualify using salary account. Axis RMs are usually having very inconsistent information. So its better to double check and get it in writing.

 

[chasni]

They are not saying that also.
and what about that 45 day rule??

I have no idea. This is Axis being Axis.

My AQB in the last 3 months is more than 10 lacs but not in the last quarter. They denied it when I applied based on AQB. However, I was also maintaining TRV in October, they have responded in positive when I applied based on that. I was asked to wait till next week to register the upgrade request.

 

[shashankrt]

Hope he is talking about the Magnus for Burgundy. As per the TNC, you would require atleast 3 OGS for qualifing under AQB criteria. It is much easier to qualify using salary account. Axis RMs are usually having very inconsistent information. So its better to double check and get it in writing.

I am aware of the mess with Axis qualifying criteria. However I cannot move salary to axis and then again move back to hdfc if Axis does not offer me a MB ltf (there will be no advantage of moving to Axis from imperia in this case)

Hence waiting till start of next month. Will ask RM to apply before Nov 30 th so atleast the application goes through before deadline.

 

[Viper1057]

What a funny thing, just got a call from my branch manager and asked me my problems and assured me I will get it done even though I haven't raised any complaints in last few weeks and on top of that its after my Infinia is about to be shipped any day 🤣 He was very sad whenever I said I'm going back to HDFC Imperia and immediately gave me assurances.

But as I know Ax-shit employees themselves doesn't know shit, how they can assure then 🤣 🤣

 

[raunak]

I have no idea. This is Axis being Axis.

My AQB in the last 3 months is more than 10 lacs but not in the last quarter. They denied it when I applied based on AQB. However, I was also maintaining TRV in October, they have responded in positive when I applied based on that. I was asked to wait till next week to register the upgrade request.

I really doubt there will be anything happening even next week

 

[chasni]

I really doubt there will be anything happening even next week

All I can do is wait given that I have in writing that I am eligible. Rest all depends on Ax shit.

 

[SteelSh0t]

So I got a call from my RM today, he said that the Axis team has sent an email to him that I'm eligible for the upgrade based on my TRV and that I will have the option to upgrade by 24th November.
A few days ago the premium experience team said that I'm not eligible. Not sure whats going on

 

[K.R]

So I got a call from my RM today, he said that the Axis team has sent an email to him that I'm eligible for the upgrade based on my TRV and that I will have the option to upgrade by 24th November.
A few days ago the premium experience team said that I'm not eligible. Not sure whats going on

As Nov 30th is last date they may be running multiple refreshes next week. Call the escalation desk and check what is written in the email. Escalation desk can read the email

 

[SteelSh0t]

As Nov 30th is last date they may be running multiple refreshes next week. Call the escalation desk and check what is written in the email. Escalation desk can read the email

I called axis customer care randomly 30 mins ago and they said I'm eligible for the upgrade and I gave my consent and the card is now reflecting in my Axis app. So I guess I somehow got lucky after months of struggle

 

[K.R]

Just called Axis Bank. Iam eligible. And got my Card upgraded to Magnus for Burgundy. One hell of a chase has finally ended 🙂🙂🙂.

 

[palvannan]

Same with me.
What are they up to??
A customer maintaining 10L AMB is getting this kind of service from axis.

Maintaining 11L + AMB as per OGS from last 3 months (Aug Sep Oct) still anyhow I am not eligible for Burgundy Upgrade.
Escalated to MD desk, talked to different customer care executive no one have any firm reason or solution to my query.
Clueless what to do next.

Currently the 10Lakh AQB criteria ( JAS) can be utilised only by people who had Burgundy accounts already from July and not by those who opened accounts in September/October. Most likely they are going to extend the offer till end of December, so that those who maintain 10L AQB balance in OND quarter also become eligible for the LTF offer or with some other concession . After all they want customers to park huge money in savings or FD permanently so that they get lot of funds for liquidity.

 

[palvannan]

Just called Axis Bank. Iam eligible. And got my Card upgraded to Magnus for Burgundy. One hell of a chase has finally ended 🙂🙂🙂.

I got the upgrade done just now. Card is appearing in the mobile app now .