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]

Hi,
Quick question - the old magnus Burgundy card remains active after activation of MB card? Asking since I don't see the old magnus card in Axis Portal at my end.

Yes the old Magnus card will continue to be active after activating the new magnus card., but u won't see it in the app but the spends will appear under the new card transactions on the app ( as per the usage limits/controls you set before the upgrade ). I am using only the old card for all my online /pos spends and I am hoping to get ER points at 5:4 ( that will be credited after one week of transaction posted date ) for spends done on old card after activating new card on 22nd Nov 😂

 

[Harry1]

August GYFTR points added. Its now time to activate 🙂

Received.

Anyone got August grab deals cashback yet?

 

[palvannan]

The concern is insurance spends are excluded from AEP. I agree getting into AEP once a qtr is possible, but not 2 or 3 months a qtr in normal situation.

Yes I agree that spending a big amount on a single yearly insurance payment ( like 3 or 4 lakhs) is not going to earn any AEP . But you can split the insurance payment to monthly or quarterly, so that you can use the quarterly insurance payment and monthly rentals to build up the monthly eligible spends to cross 1.5 lakhs once in a quarter and also make your other big purchases only in that month so as to cross 2 or even 3 lakhs spends once in a quarter at least.

 

[SteelSh0t]

A totally unrelated question. Looking for opinions.
I am getting AU Zenith + card offer. The card has 5.9k joining and renewal fees but gives 5k voucher, so essentially its fee would be Rs 900. Should I take the card?

I am already holding Magnus which gives BMS buy 1 get 1 & Airport Meet & Greet.
Is it worth paying Rs 900 for the AU Bank card for their bank-specific discount offers?

 

[RupayMan]

A totally unrelated question. Looking for opinions.
I am getting AU Zenith + card offer. The card has 5.9k joining and renewal fees but gives 5k voucher, so essentially its fee would be Rs 900. Should I take the card?

I am already holding Magnus which gives BMS buy 1 get 1 & Airport Meet & Greet.
Is it worth paying Rs 900 for the AU Bank card for their bank-specific discount offers?

Not really, Any AU bank card gives the same bank discount, get LIT card if just need a AU card for bank discount, it's LTF probably. Zenith+ is not best.

 

[palvannan]

A totally unrelated question. Looking for opinions.
I am getting AU Zenith + card offer. The card has 5.9k joining and renewal fees but gives 5k voucher, so essentially its fee would be Rs 900. Should I take the card?

I am already holding Magnus which gives BMS buy 1 get 1 & Airport Meet & Greet.
Is it worth paying Rs 900 for the AU Bank card for their bank-specific discount offers?

This card is having one useful feature , if you are paying high rentals every month , as it doesn't charge transaction fee for first rental payment in a month ( upto some limit i think ). And also it gives reward points and Milestone benefits for rental transaction also ! Though you never know when it will get stopped .

 

[Rohit1991]

Yes the old Magnus card will continue to be active after activating the new magnus card., but u won't see it in the app but the spends will appear under the new card transactions on the app ( as per the usage limits/controls you set before the upgrade ). I am using only the old card for all my online /pos spends and I am hoping to get ER points at 5:4 ( that will be credited after one week of transaction posted date ) for spends done on old card after activating new card on 22nd Nov 😂

I just did a transaction on travel edge on old magnus card. The transaction went through with confirmation email. However, I didn't get any tickets plus the travel edge portal doesn't show the flight booking transanction only. The new MB card doesn't show the transaction as well. But strangely, my credit limit is lower. Not sure what has happened.

 

[palvannan]

I just did a transaction on travel edge on old magnus card. The transaction went through with confirmation email. However, I didn't get any tickets plus the travel edge portal doesn't show the flight booking transanction only. The new MB card doesn't show the transaction as well. But strangely, my credit limit is lower. Not sure what has happened.

The transaction, if it has gone through, will appear under the new card after it is posted to bank in a day or two ( under unbilled transactions) . That the credit limit has lowered means , the transaction went through successfully. Write to TE to get the ticket details using the email confirmation received.

 

[SteelSh0t]

This card is having one useful feature , if you are paying high rentals every month , as it doesn't charge transaction fee for first rental payment in a month ( upto some limit i think ). And also it gives reward points and Milestone benefits for rental transaction also ! Though you never know when it will get stopped .

Interesting. But I dont do rent txns

 

[Rags]

Yes I agree that spending a big amount on a single yearly insurance payment ( like 3 or 4 lakhs) is not going to earn any AEP . But you can split the insurance payment to monthly or quarterly, so that you can use the quarterly insurance payment and monthly rentals to build up the monthly eligible spends to cross 1.5 lakhs once in a quarter and also make your other big purchases only in that month so as to cross 2 or even 3 lakhs spends once in a quarter at least.

I guess even any insurance payment is not eligible for AEP. even if it is 10,000 per month. please find the image attached.

 

[palvannan]

I guess even any insurance payment is not eligible for AEP. even if it is 10,000 per month. please find the image attached.

No it is eligible, if FAQ is to be believed. As per the info in the image , the full insurance payment paid using the M4B card every month gets base ER points ( upto 6000 ER points) . And the entire insurance payment paid ( for one policy) does seem to count towards the eligible spends in a month for calculating AEPs for spends done above 1.5 lakhs. If you look at the worksheet/image from the FAQ, you posted for calculating AEP for various spends , it shows spends of 30k +145k + 110k + 10k ( TE above 2 lakhs) + 150k ( insurance) + 50k ( rentals) have been added up to 4.95 lakhs as eligible spends and AEP calculated for 4.95 lakh - 1.5 lakhs i.e for 3.45 lakhs from the total eligible spends . Though there is a contradiction when they say base ER for insurance is only upto 1 lakhs but AEP considered for full amount of 1.5 lakhs paid !

 

[Virgo]

No it is eligible, if FAQ is to be believed. As per the info in the image , the full insurance payment paid using the M4B card every month gets base ER points ( upto 6000 ER points) . And the entire insurance payment paid ( for one policy) does seem to count towards the eligible spends in a month for calculating AEPs for spends done above 1.5 lakhs. If you look at the worksheet/image from the FAQ, you posted for calculating AEP for various spends , it shows spends of 30k +145k + 110k + 10k ( TE above 2 lakhs) + 150k ( insurance) + 50k ( rentals) have been added up to 4.95 lakhs as eligible spends and AEP calculated for 4.95 lakh - 1.5 lakhs i.e for 3.45 lakhs from the total eligible spends . Though there is a contradiction when they say base ER for insurance is only upto 1 lakhs but AEP considered for full amount of 1.5 lakhs paid !

Any idea of what does insurance for one policy mean? I have 3 separate policies and have insurance premiums payment frequency as monthly. I have received regular base rewards for all 3 premium payments each month since all premiums are less than 1 lakh. But I didn’t receive AEP for Sep and have raised a complaint with customer care.

 

[Rags]

No it is eligible, if FAQ is to be believed. As per the info in the image , the full insurance payment paid using the M4B card every month gets base ER points ( upto 6000 ER points) . And the entire insurance payment paid ( for one policy) does seem to count towards the eligible spends in a month for calculating AEPs for spends done above 1.5 lakhs. If you look at the worksheet/image from the FAQ, you posted for calculating AEP for various spends , it shows spends of 30k +145k + 110k + 10k ( TE above 2 lakhs) + 150k ( insurance) + 50k ( rentals) have been added up to 4.95 lakhs as eligible spends and AEP calculated for 4.95 lakh - 1.5 lakhs i.e for 3.45 lakhs from the total eligible spends . Though there is a contradiction when they say base ER for insurance is only upto 1 lakhs but AEP considered for full amount of 1.5 lakhs paid !

Let me write to them and have the documented one.

 

[Rags]

No it is eligible, if FAQ is to be believed. As per the info in the image , the full insurance payment paid using the M4B card every month gets base ER points ( upto 6000 ER points) . And the entire insurance payment paid ( for one policy) does seem to count towards the eligible spends in a month for calculating AEPs for spends done above 1.5 lakhs. If you look at the worksheet/image from the FAQ, you posted for calculating AEP for various spends , it shows spends of 30k +145k + 110k + 10k ( TE above 2 lakhs) + 150k ( insurance) + 50k ( rentals) have been added up to 4.95 lakhs as eligible spends and AEP calculated for 4.95 lakh - 1.5 lakhs i.e for 3.45 lakhs from the total eligible spends . Though there is a contradiction when they say base ER for insurance is only upto 1 lakhs but AEP considered for full amount of 1.5 lakhs paid !

Can you also share image or document of FAQ page

 

[UKJ]

Yes, category code says SBPRS. Burgundy Salary.

I called several times and asked for reason for rejection. Even mailed several times to premium experiences. Every time the answer is same - "Burgundy team says you are not eligible". I offered to submit pay slip but they said it was not required.

I have 3 lacs points stuck with them else I would have given up a long time ago.

I just spoke to csr team again.

Yes, your account is Salary Burgundy.

Yes, we can see that 3 salary payments have been credited, amounts over 3 lacs.

Yes, we can see name of employer in the narration. No need to send payslip.

Yes, your 2 OGS statements show the salary receipts.

Yes, you meet the upgrade criteria.

But sorry, the magnua upgrade team states that you are not eligible. They have not assigned any reason.

And no, we cannot do anything about it other than communicate this to you.

Yes, we realize that only 2 days are left for the upgrade. We regret the inconvenience being caused to you due to this.

 

[palvannan]

Any idea of what does insurance for one policy mean? I have 3 separate policies and have insurance premiums payment frequency as monthly. I have received regular base rewards for all 3 premium payments each month since all premiums are less than 1 lakh. But I didn’t receive AEP for Sep and have raised a complaint with customer care.

Has the cumulative premiums paid for the 3 policies in a month exceeded 1.5 lakhs any time for you ? And are you getting base ER ( beyond 6000) points when the 3 premium amounts totalled together exceed 1 lakh in a month ? From the wording in the document it should mean that you can pay premium for only one policy ( say health) in one month. , and another same or different policy ( say Ulip) in the second month , and a third one ( like life insurance) in the third month and still get ERs for all the 3 policies , but not when they are paid in the same month. Though not very sure how it is actually implemented.

 

[palvannan]

Can you also share image or document of FAQ page

Attached the document for calculating accelerated Edge points from the eligible spends , which forms part of the FAQ for Burgundy Magnus card as well.

 

[palvannan]

Any idea of what does insurance for one policy mean? I have 3 separate policies and have insurance premiums payment frequency as monthly. I have received regular base rewards for all 3 premium payments each month since all premiums are less than 1 lakh. But I didn’t receive AEP for Sep and have raised a complaint with customer care.

For AEP calculation they may taking only one insurance policy amount ( and not all 3) plus the other regular spends on the card to arrive at the eligible spends for each calendar month . Does the eligible spend amount exceed 1.5 lakhs for September if calculated this way including only one policy ( with the biggest amount ) ?

 

[ash_13]

I called up the customer care today and was surprised to find that I am eligible for the upgrade - which i did over the call. Have been using Magnus since Feb'22, and held burgundy salary account since March'23 - only first two salary credits were 3L+. As per Nov OGS, ABM <3L. Magnus spends for this annual cycle 25L+.

 

[palvannan]

Any idea of what does insurance for one policy mean? I have 3 separate policies and have insurance premiums payment frequency as monthly. I have received regular base rewards for all 3 premium payments each month since all premiums are less than 1 lakh. But I didn’t receive AEP for Sep and have raised a complaint with customer care.

I got a confirmation from another person that the cap of 6000 ER points for insurance through Magnus card is on per transaction basis .That means you can pay for multiple policies in a month making seperate credit card transactions for each payment and get ER for each transaction ( upto 6000 ER ). Hence paying a big insurance amount ( for a single policy) in a single swipe is not going to get you base ER points beyond 6000. However if such big spends do get AEPs , then it will be very interesting investment. Anyone got AEP for making insurance payments for more than 1.5 lakhs in a month using Magnus card recently ?