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]

if you have reserve with you. are you able to convert the points for reserve 5:4 or it will be 5:2?

I don't have Reserve card , but if the points are credited to ER bucket and if you hold Magnus Burgundy credit card then you should be able to get 5:4 , at least till the BM balance remains zero. Later the conversion ratio will change for ER points .

 

[jab]

10 lakhs is not enough.
You need 30 lacs in fixed deposit or savings or current account and after 45 days you will be eligible.
It usually takes 60 days with repeated follow up to convert your Magnus into Magnus burgundy

I got the card approved in one month after opening Burgundy account in November, Put in some cash around Nov 20 th Nov, made the AQB as 10 Lakhs for the Quarter, RM applied the card after Dec 5th OGS, and my card was issue by December by 15th. My take is all they cared was about the AQB per quarter.

 

[vaha]

It will take a couple of days for the MB bucket to show ( with zero balance) in travel edge login . Only after that you will be able to transfer existing ER points at 5:4 . First transfer all ER points fully . After that You can activate the new card but don't spend anything on it , if you have pending milestone/AEP points yet to be credited.

A few questions on this:

1. I see that I can transfer my existing ER points in 5:4 ratio now (got approved for MB last week). However, I don't have a need to move them (have 4.6 lakh points) right now - so, do I not activate my MB card at all until I finish off all transfers ?
2. Is there any deadline as such to complete the existing ER transfers (or) can it be done anytime in the future ?
3. I see that ALL ER points (even those from debit card usage) have been grouped together at 5:4 - I thought those points will only be available for 5:2 transfer ?

 

[shashankrt]

A few questions on this:

1. I see that I can transfer my existing ER points in 5:4 ratio now (got approved for MB last week). However, I don't have a need to move them (have 4.6 lakh points) right now - so, do I not activate my MB card at all until I finish off all transfers ?
2. Is there any deadline as such to complete the existing ER transfers (or) can it be done anytime in the future ?
3. I see that ALL ER points (even those from debit card usage) have been grouped together at 5:4 - I thought those points will only be available for 5:2 transfer ?

I believe you have 30 days to activate the card post issuance else it will get cancelled (as aper RBI guidelines) hence check at most how long you can wait.

 

[shashankrt]

After moving the 30L balance out , please ensure 10 L AQB balance is maintained. Otherwise the card will get downgraded and become chargeable with 5:2 ratio , when they check the AQB/TRV criteria for your account every six months. And TRV may not be calculated only on the basis of month end balance by maintaining 30L for just two or three days - please clarify with PE team .

Yep 10L AQB will be required each month. however my plan is to move to Axis salary account in a month or so. My TRV was calculated based on end of the month balance (not average of month balance). Strange that Axis calculates AQB on average and TRV on end of month balance.

 

[cartoon_soldier]

Yep 10L AQB will be required each month. however my plan is to move to Axis salary account in a month or so. My TRV was calculated based on end of the month balance (not average of month balance). Strange that Axis calculates AQB on average and TRV on end of month balance.

Lots of strange things with Axis, not surprised.

 

[sid16]

Yep 10L AQB will be required each month. however my plan is to move to Axis salary account in a month or so. My TRV was calculated based on end of the month balance (not average of month balance). Strange that Axis calculates AQB on average and TRV on end of month balance.

How is it strange? AQB is literally "average" quarterly balance. TRV is total relationship value, so obviously it will be seen based on a particular point in time.

 

[shashankrt]

How is it strange? AQB is literally "average" quarterly balance. TRV is total relationship value, so obviously it will be seen based on a particular point in time.

Well accounting wise it doesnt make any sense. Consider this - maintaining AQB of 10 lakhs requires 10lakhs on average to be maintained in your account. However for TRV, you can deposit 30Lakhs on 28th of each month and move them on 2nd and still OGS will show TRV of 30L. Now do the average and you will see maintaining TRV of 30lakhs is much easier (if you have 30L in any other account) than maintaining AQB of 10L as you will mandatory lose interest on 10L (compared to any other investments)

 

[jchandra49]

After how much of spends on Magnus, we can expect a fee waiver( I heard that people with 12 lakh spends getting waived )

 

[bing1309]

After how much of spends on Magnus, we can expect a fee waiver( I heard that people with 12 lakh spends getting waived )

25l if you spend then wavier is given with other terms with it
https://www.axisbank.com/retail/car...ank-magnus-card/more-benefits#AnnualFeeWaiver

 

[CardCraftsman.]

if i open burgundy account today and maintain 30L TRV. will i able to take M4B LTF?

 

[ajitshukla19]

After how much of spends on Magnus, we can expect a fee waiver( I heard that people with 12 lakh spends getting waived )

I had spend approx 12.5 lac and got fee reversed 10 days back

 

[bing1309]

if i open burgundy account today and maintain 30L TRV. will i able to take M4B LTF?

next month unless OGS statement generated for burgundy

 

[shashankrt]

if i open burgundy account today and maintain 30L TRV. will i able to take M4B LTF?

If opening account offline - then yes else have to wait for Jan OGS generation and apply via RM in Jan.

 

[CardCraftsman.]

next month unless OGS statement generated for burgundy

If opening account offline - then yes else have to wait for Jan OGS generation and apply via RM in Jan.

isn't last date 31 dec?

 

[bing1309]

isn't last date 31 dec?

as per burgundy account holders and its terms its 25th of every month but sometimes it wont work on 1st month it varies for me RM said 7th of JAN but some says 1st to 31st but it totally depends on accounts best way is to confirm with VRM

 

[bing1309]

isn't last date 31 dec?

in my case the OGS is still not generated as per terms so i am taking a call to keep funds on 29th and then check on 1st if not generated then again put funds on 4th and wait for 7th to generate

 

[shashankrt]

isn't last date 31 dec?

Nope - was unofficially told by Axis support that its extended to Jan 31st. Also I dont think that date matters anyway as Axis will keep extending it.

 

[bing1309]

Nope - was unofficially told by Axis support that its extended to Jan 31st. Also I dont think that date matters anyway as Axis will keep extending it.

https://campaign.axisbank.com/Disclaimer/Trv-Criteria-Document.Html
read it rest you decide

 

[shashankrt]

https://campaign.axisbank.com/Disclaimer/Trv-Criteria-Document.Html
read it rest you decide

Well seems we are talking 2 different things:

Axis "offer" for LTF which is extended till Jan 31st.

Cut off to calculate AQB / TRV which as per the letter you have attached is 25th. (which also contradicts what Axis does as they consider balance till 31st or end of the month)