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

 

[shashankrt]

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

OGS is generated on 6th of each month. Hence keep your funds atleast till end of the month.

 

[cartoon_soldier]

Keep your funds till Axis confirms Burgundy Magnus would be a better strategy.

We know that different people are having different experiences with getting Burgundy Magnus for their account.

 

[CardCraftsman.]

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.

That is time till we can apply card, right Or am i missing something? See Thread 'Axis Magnus for Burgundy offer extended till 31st December 2023' https://www.technofino.in/community...offer-extended-till-31st-december-2023.20273/ where i got the details you said.

 

[s4more]

Also waiting to know if its too late to apply for Burgundy account and M4B or will the deadline be extended to Jan?

 

[CardCraftsman.]

Also waiting to know if its too late to apply for Burgundy account and M4B or will the deadline be extended to Jan?

Wait for 1 January. If the date will be extended then you can open burgundy with 30L TRV and you will be able to apply for LTF M4B.

 

[mastfun]

Can you please suggest which partner transfer is best for the rewards? I have around 1L points and want to transfer before I accumulate points in MB bucket

 

[shashankrt]

Also waiting to know if its too late to apply for Burgundy account and M4B or will the deadline be extended to Jan?

Wait for 1 January. If the date will be extended then you can open burgundy with 30L TRV and you will be able to apply for LTF M4B.

Unofficially I was told by Axis support that offer is already extended till Jan end. Hence if possible it's best to open account now and load money before 30th so that Jan OGS has 30 TRV and you can ask RM to upgrade. Else you may have to wait till Feb.

 

[CardCraftsman.]

Unofficially I was told by Axis support that offer is already extended till Jan end. Hence if possible it's best to open account now and load money before 30th so that Jan OGS has 30 TRV and you can ask RM to upgrade. Else you may have to wait till Feb.

MFB offer will be ended this month so you will not be able to get LTF since offer is ending.
You can wait for 2-3 days more in case it's getting extended you enter on basis of TRV of 30L so it will only take 1month to get you a LTF MFB card.

told by axis banker here (TF)

 

[shashankrt]

MFB offer will be ended this month so you will not be able to get LTF since offer is ending.
You can wait for 2-3 days more in case it's getting extended you enter on basis of TRV of 30L so it will only take 1month to get you a LTF MFB card.

told by axis banker here (TF)

Well if u wait for 1st for fund transfer then u will not get the card even if offer is extended as your balance will reflect on in feb Ogs. Hence either you open account now or it doesnt matter anyways. Btw my info is based on axis burgundy support discussion.

 

[vaha]

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.

Thanks for pointing this out - saw the same notice on the card when I got it delivered today !

So, does anyone know if I can activate card, but not use it at all, for the 5:4 ratio until I've transferred all my ER points ?

 

[BhavyaDoshi]

Has anyone opened a burgundy account recently with 10L AQB criteria and was able to get M4B?

Can you guys help me how long did it take?
And if I open a burgundy account within the next couple of days then how long would it take for me to get M4B?

 

[sid16]

Inspite of having family burgundy account, my RM told me that the individual for which it is to be applied should have 30L TRV (without demat) themselves. He told me that FDs upto 30 lakhs can be done this month, application can go this month itself, and in the next month he'll show the one glance statement and get it approved.

 

[MilesMax]

Inspite of having family burgundy account, my RM told me that the individual for which it is to be applied should have 30L TRV (without demat) themselves. He told me that FDs upto 30 lakhs can be done this month, application can go this month itself, and in the next month he'll show the one glance statement and get it approved.

For TRV route, Your RM is correct.

 

[bing1309]

Has anyone opened a burgundy account recently with 10L AQB criteria and was able to get M4B?

Can you guys help me how long did it take?
And if I open a burgundy account within the next couple of days then how long would it take for me to get M4B?

before ogs statement is generated you should upgrade to burgundy and keep 30L then immediately you will get Magnus burgundy cc. The deadline is 5th of Jan upgrade via bank application takes 2 days

 

[anupam77]

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.

I was also told by Magnus customer support that it will get extended to Jan 31st.

 

[BhavyaDoshi]

before ogs statement is generated you should upgrade to burgundy and keep 30L then immediately you will get Magnus burgundy cc. The deadline is 5th of Jan upgrade via bank application takes 2 days

OGS for December will be generated around 5-7th January, correct?

 

[palvannan]

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 had activated my BM card more than one month back but not done any transactions on that card ( above rs 199) and I am able to transfer all old and new ER points at 5:4 , and I am using still the old magnus card only.

The transfers at 5:4 ( for normal ER points) will happen only till the BM balance is zero. No one knows how long this window to transfer at a higher ratio will be kept open. . But it will come to an end , as this offer was only to old Magnus card holders after upgrade to transfer already accumulated points at 5:4 ( till the old card gets deactivated after 45 days of upgrade, maybe) and not meant for new Magnus Burgundy card holders to convert other ER points also at 5:4. After some time the 5:4 transfer ratio will be restricted only to balance in BM bucket and ER points transfer ratio will revert to 5:2 or 5:1 depending on the highest banking/card relationship with the Bank.

 

[palvannan]

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.

Amazing . How much cash you had to put in SB, just for 10 days to achieve AQB of 10 lakhs ? Must be in excess of 50 lakhs ??

 

[bing1309]

OGS for December will be generated around 5-7th January, correct?

YES FOR DEC ON JAN 5 TO 7 FUND

OGS for December will be generated around 5-7th January, correct?

Ogs will generate on that time but funds must be within 30th of this month

 

[bing1309]

Amazing . How much cash you had to put in SB, just for 10 days to achieve AQB of 10 lakhs ? Must be in excess of 50 lakhs ??

See they are least bothered about AQB they generate OGS and in that nothing like AQB you get balance and other things in it so one month ogs is sufficient.