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

 

[chasni]

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

How did he pay the amount after swiping? Where to make the card payment for faster credit and credit limit release?

 

[ujjawal]

How did he pay the amount after swiping? Where to make the card payment for faster credit and credit limit release?

You can make it via upi or IMPS
UPI Id will cc.91<10 digit mobile number><last 4 digits of card>@axisbank

 

[chasni]

Or you can call axis cc and they will increase your limit temporarily, I have heard this often from other people that they increase limit to 15-20L temporarily, you make the purchase and pay to the card back

This will be a great option if this is true. Does anyone has experience with it?

 

[alwayzgame]

Or you can call axis cc and they will increase your limit temporarily, I have heard this often from other people that they increase limit to 15-20L temporarily, you make the purchase and pay to the card back

this isn't possible my friend tried it and they denied having such a service.

 

[alwayzgame]

How did he pay the amount after swiping? Where to make the card payment for faster credit and credit limit release?

you can pay on axis app itself or cred, paytm works almost instant settlements

 

[Virgo]

Or you can call axis cc and they will increase your limit temporarily, I have heard this often from other people that they increase limit to 15-20L temporarily, you make the purchase and pay to the card back

Axis doesn’t do this…it’s more of an Amex practice. Have experience with both. Was buying a high end watch around Diwali. Though my Reserve had limit of 15L, but Magnus had a limit of 7L only (of which only 5L was free). Axis customer care refused to temporarily increase limit on Magnus or even merge limit with Reserve. Very weird practice. Thankfully, around Nov end, they have changed the practice and the card with highest limit will be considered as the limit for all cards.

On other hand, Amex customer care does it easily for big ticket purchases

 

[SM24]

This will be a great option if this is true. Does anyone has experience with it?

Amex recently shifted my MRCC limits to Plat Travel on call.

Check if Axis can do the same in case you have different credit lines.

 

[palvannan]

This will be a great option if this is true. Does anyone has experience with it?

After spending the maximum limit for a single transaction with a swipe , you can do an immediate Transfer through imps ( from another bank) to the credit card number or even from the same axis mobile app - clear the full outstanding amount ( not last billed amount) from bank balance and the credit limit comes back to the original amount immediately. In fact I had once loaded the required amount through neft before the purchase itself on the same day to increase credit limit temporarily ( I think with upto 50% > credit limit is possible) so that I could do two swipes , one after another to make a big purchase exceeding the credit limit , though this method is not recommended .

 

[palvannan]

What's the requirement in terms of salary? any other solution? like ITR.

If applied on C2C basis ( with 10L plus limit on other card) , then the ITR requirement will be slightly relaxed (less than 24lakhs) and salary slips are not required in that case

 

[ramarox]

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.

Spoke to customer care and got it upgraded.
23 days it took post maintaining TRV. 🙂

 

[kapsshah42]

Just got upgraded to MB over the call centre.Now my question is till when will I be able to transfer the old points in the ration 5:4.Do I have wait till I get the card delivery and activation or can I do it before to take advantage of conversion limit upto 31 Dec.

 

[saketreddy]

Just got upgraded to MB over the call centre.Now my question is till when will I be able to transfer the old points in the ration 5:4.Do I have wait till I get the card delivery and activation or can I do it before to take advantage of conversion limit upto 31 Dec.

You'll get 5:4 once magnus burgundy points bucket is visible in traveledge in a couple of days.

 

[mastfun]

Actually an unexpected happened 😀
I got a call from retention team and upgraded my magnus to burgundy magnus 😀

They said they are sorry from their side, they were not considering my main account for the AMB calculations and they were looking at my 0 balance account which was opened for my kid !! No words, it's all a big drama.

 

[sahilgulati5]

I'm still waiting for my upgrade 😢

 

[sns10]

You'll get 5:4 once magnus burgundy points bucket is visible in traveledge in a couple of days.

So do they convert the existing Edge Rewards to Magnus Burgundy ERs to enable 5:4 transfer?

 

[H2O]

If applied on C2C basis ( with 10L plus limit on other card) , then the ITR requirement will be slightly relaxed (less than 24lakhs) and salary slips are not required in that case

But again, do I need to provide ITR as well? or just the CC statement will work?

 

[palvannan]

But again, do I need to provide ITR as well? or just the CC statement will work?

ITR is usually not asked if you already have some other premium Axis credit cards . Though ITR is not necessary for C2C applications, they sometimes ask for it as an additional document to justify the application. Also slightly borderline CIBIL credit score may need ITR documents for verification.

 

[sahilgulati5]

I'm still waiting for my upgrade 😢

finally got the approval yesterday!!

 

[shashankrt]

Hey all.. so finally my MB got approved yesterday based on TRV route.

Account opened on 7th Nov. Maintained 10 lakhs till 25th and then 30 lakhs till date. OGS of 5th Dec reflected TRV of 30 lakhs.

Card approved yesterday and now showing in Axis app.

Question - Should I unbox it now or 1st convert existing ERs ? Have some 6K ERs in old magnus.

 

[kapsshah42]

Got message of magnus burgundy card dispatched but the still transfer ratio is 5:2.When will it become 5:4.