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

 

[UKJ]

Given that only 10 days are now left for M4B upgrade, is there any way that a savings account can meet the eligibility criteria for the upgrade?

 

[jonamdhar]

Anyone faced this situation?? - I have a salary Burgundy account since 3 months. Salary over Rs. 3 lacs has been credited for 3 months. However my employer did not enter the narration "Salary" while making the RTGS for first 2 payments. For third salary payment my employer paid through NEFT where the narration "Salary" was received along with payment.

Now Axis team says that since "salary" word is not written in the RTGS remittance, it will not be counted as salary payment and so I am not eligible for M4B upgrade.

I am dumbfounded with this response. Don't know how to respond or how to resolve.

Anyone who has faced this issue, and knows how to get it resolved? Many thanks in advance.

None of my salary credits have sal / salary mentioned in the transaction description. However a brief company name was mentioned which matches my payslip. I received the M4B last saturday. Just mail PNO and premium experience. I think that should resolve the issue.

 

[MilesMax]

Anyone faced this situation?? - I have a salary Burgundy account since 3 months. Salary over Rs. 3 lacs has been credited for 3 months. However my employer did not enter the narration "Salary" while making the RTGS for first 2 payments. For third salary payment my employer paid through NEFT where the narration "Salary" was received along with payment.

Now Axis team says that since "salary" word is not written in the RTGS remittance, it will not be counted as salary payment and so I am not eligible for M4B upgrade.

I am dumbfounded with this response. Don't know how to respond or how to resolve.

Anyone who has faced this issue, and knows how to get it resolved? Many thanks in advance.

Your Burgundy account was opened as salary account right? Not savings account.
Sometimes the bank agents makes a mistake and open savings account, so any salary recieved in savings account is not considered even if narration is "Salary".

If it's indeed a salary account try sharing your salary slips along with the 3 month statement and last 2 OGS to pno & MD desk ASAP.
Add your RM to the email as well.

 

[shashankrt]

Your Burgundy account was opened as salary account right? Not savings account.
Sometimes the bank agents makes a mistake and open savings account, so any salary recieved in savings account is not considered even if narration is "Salary".

If it's indeed a salary account try sharing your salary slips along with the 3 month statement and last 2 OGS to pno & MD desk ASAP.
Add your RM to the email as well.

Not sure I follow. I may have similar scenario coming up. I am planning to move my Salary credit to Axis. The way it works for my employer is we can specify any savings account with any bank and Salary will be credited. However the account will remain as savings account as for salary account the account opening has to be done via employer.

Any idea?

 

[MilesMax]

Not sure I follow. I may have similar scenario coming up. I am planning to move my Salary credit to Axis. The way it works for my employer is we can specify any savings account with any bank and Salary will be credited. However the account will remain as savings account as for salary account the account opening has to be done via employer.

Any idea?

I don't think that works. To be eligible for True burgundy 3L+ salary credit, your account has to be Burgundy salary account & not Burgundy savings account as far as I know.

Check if your employer has a tie-up with Axis Bank, if yes the branch can directly open the salary account for you without the employer doing anything. After it's open you can give that account details to your employer.

Eg: I Work for a foreign employer who has no ties with Axis Bank so I cannot open a salary account with Axis.

check with your RM or branch. They will help

 

[palvannan]

Not sure I follow. I may have similar scenario coming up. I am planning to move my Salary credit to Axis. The way it works for my employer is we can specify any savings account with any bank and Salary will be credited. However the account will remain as savings account as for salary account the account opening has to be done via employer.

Any idea?

In the Axis mobile app , under services - accounts section , there is an option to migrate savings account to Salary account . You need to upload salary certificate and employer details etc and it will be converted, hopefully soon

 

[shashankrt]

In the Axis mobile app , under services - accounts section , there is an option to migrate savings account to Salary account . You need to upload salary certificate and employer details etc and it will be converted, hopefully soon

Thanks for the information. Will update account if they offer MB LTF. Else no point with even continuing with Axis and blocking 10 Lakhs

 

[shashankrt]

I don't think that works. To be eligible for True burgundy 3L+ salary credit, your account has to be Burgundy salary account & not Burgundy savings account as far as I know.

Check if your employer has a tie-up with Axis Bank, if yes the branch can directly open the salary account for you without the employer doing anything. After it's open you can give that account details to your employer.

Eg: I Work for a foreign employer who has no ties with Axis Bank so I cannot open a salary account with Axis.

check with your RM or branch. They will help

When i checked with RM, he said salary credit should work. Same scenario for me - I cannot open Axis salary account as my employer has no tie up with any bank. even for HDFC I have savings account which is imperia and have salary credits.

 

[palvannan]

Anyone faced this situation?? - I have a salary Burgundy account since 3 months. Salary over Rs. 3 lacs has been credited for 3 months. However my employer did not enter the narration "Salary" while making the RTGS for first 2 payments. For third salary payment my employer paid through NEFT where the narration "Salary" was received along with payment.

Now Axis team says that since "salary" word is not written in the RTGS remittance, it will not be counted as salary payment and so I am not eligible for M4B upgrade.

I am dumbfounded with this response. Don't know how to respond or how to resolve.

Anyone who has faced this issue, and knows how to get it resolved? Many thanks in advance.

Convert your Burgundy savings account to Burgundy salary account , using migrate account option in Services - accounts in the mobile app or netbanking and upload the required details immediately.

 

[SM24]

Here no 5:4 only till now 🤣

Steve Bucknor was called Slow Death...

He's retired.

Long live Axis.

 

[MilesMax]

When i checked with RM, he said salary credit should work. Same scenario for me - I cannot open Axis salary account as my employer has no tie up with any bank. even for HDFC I have savings account which is imperia and have salary credits.

If it's an Indian employer and you are getting salary credited in INR then I think they can work something out with salary slips.
Mine gets credited in CAD so no banks consider that as Salary 😅

 

[govisi]

I was also planning to move salary account to axis and same my employer had no tie-ups so branch manager said, can’t creat salary account. Though they took HRs number to start the tie-up.

 

[Rohit1991]

Not yet .

Same here. Still waiting. Wonder why it took only one day for other folks and 4+ days counting for me 🥶🥶

 

[saketreddy]

Same here. Still waiting. Wonder why it took only one day for other folks and 4+ days counting for me 🥶🥶

We are not truest burgundy.

 

[saketreddy]

Same here. Still waiting. Wonder why it took only one day for other folks and 4+ days counting for me 🥶🥶

Check now. 5:4 enabled for me

 

[Rohit1991]

Check now. 5:4 enabled for me

Enabled for me as well. Phew!

 

[UKJ]

None of my salary credits have sal / salary mentioned in the transaction description. However a brief company name was mentioned which matches my payslip. I received the M4B last saturday. Just mail PNO and premium experience. I think that should resolve the issue.

I called the helpline and also emailed premium experience multiple times. Every time the reply was that since the narration does not state Salary in it, my account cannot be considered true burgundy.

 

[chasni]

Called Customer care as I cannot see the full card details in Virtual Card. He mentioned we can pay against the old card as well. Also though we have not received any SMS as per him he checked and confirmed that the card was dispatched on 18th October. So most likely tomorrow or day after tomorrow we should get the cards as well.

Did you receive the physical card? No sms or update for me.

 

[SM24]

Fresh from the banking oven.

 

[MilesMax]

I called the helpline and also emailed premium experience multiple times. Every time the reply was that since the narration does not state Salary in it, my account cannot be considered true burgundy.

That makes no sense.
If I just transfer 3L from a different account and write remarks as salary I should become True burgundy based on salary criteria.

Afaik without tie-up they won't convert savings to salary account.