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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

TF Legend
-- 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


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


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

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

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
 

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My account was upgraded to Burgundy couple of days ago. Any idea if I will be able to upgrade to Magnus for Burgundy? Customer care said I will need to wait until one glance statement is generated but LTF offer ending this month.

This is very annoying that bank cannot see I have been maintaining sufficient bank balance last many months and needs one glance statement proof only. How idiotic is this!
 
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ramarox said:
I satisfied 30L TRV on Nov 29 with Nov OGS reflecting the same. As of now, I have been told that I am not eligible.
Click to expand...
I think they calculate the average monthly balance of savings balance and AMB of fixed deposits ( based on day end balance on each of 30 days ) balance seperately for the whole month and add it up to arrive at the TRV value for the month. Hence if you keep 30 Lakhs only for 2 days in a month , then the TRV value ( based on fixed deposits value alone) will be only 2 lakhs for November ! If u keep 30 lakhs FD for full month then 30L TRV is achieved for that month , but if any 45 days cooling period is applicable differs from case to case .
 
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Y
palvannan said:
I think they calculate the average monthly balance of savings balance and AMB of fixed deposits ( based on day end balance on each of 30 days ) balance seperately for the whole month and add it up to arrive at the TRV value for the month. Hence if you keep 30 Lakhs only for 2 days in a month , then the TRV value ( based on fixed deposits value alone) will be only 2 lakhs for November ! If u keep 30 lakhs FD for full month then 30L TRV is achieved for that month , but if any 45 days cooling period is applicable differs from case to case .
Click to expand...
You are mixing the calculation of AQB and TRV. For AQB they do an average, for TRV the OGS outstanding is sufficient and averaging is not done. Though, what I have gathered from other people posts, they want the TRV to continue for some days (30/45 days).
Also, those who have November OGS and are meeting the TRV, pursue with your RM and the RM will get the approval for you for Magnus-Burgundy.
 
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Just one quick question: my manager told me that he could seek approval for Magnus for Burgundy, but since this will be a fresh application and I don't currently have a Magnus, he needs three months of salary slips and the statement from any current card that has a limit greater than 10L.

I have a card statement exceeding the 10L limit; however, do I really need to provide salary slips?
 
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H2O said:
Just one quick question: my manager told me that he could seek approval for Magnus for Burgundy, but since this will be a fresh application and I don't currently have a Magnus, he needs three months of salary slips and the statement from any current card that has a limit greater than 10L.

I have a card statement exceeding the 10L limit; however, do I really need to provide salary slips?
Click to expand...
Yes salary slips are required for new Magnus for Burgundy if you don't already have normal Magnus
 
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I need an advice: I am planning to make a large offline payment which more than my credit limit on M4B. I have the option to break the payments into multiple parts. Is there way, I can swipe the card and then repay the amount instantly to free the limit and make the remaining payment?
 
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chasni said:
I need an advice: I am planning to make a large offline payment which more than my credit limit on M4B. I have the option to break the payments into multiple parts. Is there way, I can swipe the card and then repay the amount instantly to free the limit and make the remaining payment?
Click to expand...
yes a friend of mine with a limit of 5L did it to buy Kia Seltos which is 25L, which he did in 6-7 payments
 
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