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

 

[sumit_yadav]

Can we request HDFC to change from master card to Visa. There was a RBI circular on portability though

The circular was Draft and the banks have asked for more time. Hopefully this will be possible in coming months.

Card network portability set to miss October 1 start date - ET BFSI

Card Network Portability: The challenges include card duplication, increased operational costs, and potential impacts on commercial agreements with network and co-branded partners.

bfsi.economictimes.indiatimes.com

 

[SM24]

Already have it. It is just to satisfy my curiosity. I met TRV too. So don't know what got me upgraded but higher bet on TRV.

I’m unsure what helped with my upgrade, CASA AQB or TRV.

Could be either for me too.

Though 45 days via TRV I would have qualified only on November 15th., unless they only considered October OGS.
(Started maintaining TRV from September 30th).

 

[chasni]

I’m unsure what helped with my upgrade, CASA AQB or TRV.

Could be either for me too.

Though 45 days via TRV I would have qualified only on November 15th., unless they only considered October OGS.
(Started maintaining TRV from September 30th).

As per some Twitter posts, even 10 lac Amb for last 1-2 months have also been offered the card.

I feel Axis realized the conversion is low so gave to most people who were close to the criteria. To be honest, they are a bunch of morons, they should have offered anyone with an interest to maintain the criteria and then check the eligibility at the end of December and then charge fees to people who don't maintain it. This would have made more sense in terms of business.

 

[SS33]

As per some Twitter posts, even 10 lac Amb for last 1-2 months have also been offered the card.

I feel Axis realized the conversion is low so gave to most people who were close to the criteria. To be honest, they are a bunch of morons, they should have offered anyone with an interest to maintain the criteria and then check the eligibility at the end of December and then charge fees to people who don't maintain it. This would have made more sense in terms of business.

I think there may be multiple factors here -
1. Axis realized that the conversions are too low.
2. The recent RBI warning to banks and regulations on weightage of unsecured loans - credit cards also come under this and hence the requirement of higher liquidity at the banks. Giving more people the option of LTF by maintaining 10 L AQB definitely helps in improving the banks liquidity to whatever small extent.

 

[SS33]

Did you get Magnus for Burgundy Plus or Magnus for Burgundy. The first one is for TRV nad has different TNC..

Would you please share the difference in TnC if you have/know?

 

[Viper1057]

Would you please share the difference in TnC if you have/know?

He is just messing with you'll lol, its sarcasm and nothing else.

 

[SS33]

He is just messing with you'll lol, its sarcasm and nothing else.

Cool! Anything is possible with Ax-is though! The team that could give multiple revisions of their TnC during the course of the campaign, all the while warning that the special offer is ending on 30th Nov (such a rigid cutoff date!) in each and every email reply - and finally the outcome!

 

[K.R]

Had Axis written one single Line in the TNC all of us would have been shut off..
New Magnus for Burgundy Card & Upgrade of Magnus Cards to Magnus for Burgundy for Burgundy Account holders on Invitation Only. This is what HDFC does

Deep down we know that the card is good even now. ( subject to usage pattern) All who have received the card enjoy.. others keep trying.. who knows they may extend the offer beyond 30th. If not as well the card is available at annual fees ( one can decide if it is 12K worth). The mistake Axis did was confusing TNC and and changing TNC during offer period which is unacceptable
Note : Axis did not pay me to write this 🤣 🤣 🤣

 

[purush]

Got the card and activated. Good feeling. Got the card as 10 l Aqb.

 

[Ankit13]

I opened the account in Oct and it got activated on 11th Oct. I just finished the upgrade to M4B. The card is showing up in the App/Website.

Did you have 10lac MAB in Oct OGS?

 

[chasni]

Had Axis written one single Line in the TNC all of us would have been shut off..
New Magnus for Burgundy Card & Upgrade of Magnus Cards to Magnus for Burgundy for Burgundy Account holders on Invitation Only. This is what HDFC does

Deep down we know that the card is good even now. ( subject to usage pattern) All who have received the card enjoy.. others keep trying.. who knows they may extend the offer beyond 30th. If not as well the card is available at annual fees ( one can decide if it is 12K worth). The mistake Axis did was confusing TNC and and changing TNC during offer period which is unacceptable
Note : Axis did not pay me to write this 🤣 🤣 🤣

Now my old magnus is missing in the app. New one has not been delivered and I need to pay the dues.

 

[sumit_yadav]

Did you have 10lac MAB in Oct OGS?

I opened the account with required TRV and continue to maintain till today. My MAB in OGS is just 32k

 

[sumit_yadav]

Now my old magnus is missing in the app. New one has not been delivered and I need to pay the dues.

The old card should still be functional until we activate the new card.

 

[chasni]

The old card should still be functional until we activate the new card.

Card is functional but missing from the app. it was there yesterday when I upgraded.

 

[sumit_yadav]

Card is functional but missing from the app. it was there yesterday when I upgraded.

My card disappeared from both the website and app as soon as I accepted the upgrade.

 

[K.R]

Pay via CRED

 

[sumit_yadav]

Pay via CRED

Or better HDFC Debit card for additional 1% cashback instead of useless cred coins. 🤣

 

[Viper1057]

I got upgraded as well just on call, never maintained more than 12 lakhs, and opened account on 4th Oct, so definately on AQB criteria(don't know how they calculated anyways). Damn never the less.

HAHAHAAHAHHAHA 🤣 🤣 🤣 🤣

 

[chasni]

Or better HDFC Debit card for additional 1% cashback instead of useless cred coins. 🤣

Max cashback already received for the month 🙂

 

[Viper1057]

Max cashback already received for the month 🙂

Use burgundy debit card then, will fetch you unlimited 1% ER points, its still better than useless cred points.