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

 

[sid16]

I upgraded to burgundy salary account with 2.8L salary in month of November. But now when I ask for M4B LTF card, they are saying we need 3L+ credit
is It true or did anyone succeed in getting LTF card with lower salary and with burgundy salary account.
RM is offering Atlas LTF, which is not great for sure

How are you getting Atlas LTF?

 

[sriniak1303]

How are you getting Atlas LTF?

check with RM, they are offering atlas for burgundy accounts . but any day magnus is magnus 😛

 

[sid16]

check with RM, they are offering atlas for burgundy accounts . but any day magnus is magnus 😛

I already have Select LTF and Magnus for Burgundy LTF, but Atlas is being offered only on paid basis. I tried for Atlas LTF, but they said that it is only for Burgundy salaries people or those who work in listed companies with tie up existing between Axis Bank and company. They are not giving Atlas LTF for self employed people.

 

[bing1309]

even after sharing 3 ogs of more than 10 lakhs they are saying they can't upgrade and telling me the fees of 30k 😩🫢

Yes, it is insane. There is no point of this useless card no renewal benefits no milestone. what joy in this card now

 

[sriniak1303]

I already have Select LTF and Magnus for Burgundy LTF, but Atlas is being offered only on paid basis. I tried for Atlas LTF, but they said that it is only for Burgundy salaries people or those who work in listed companies with tie up existing between Axis Bank and company. They are not giving Atlas LTF for self employed people.

why u need atlas BTW?
magnus is good any day right that too with 5:4 which u hold.
BTW u had salary of 3L+?
They are denying for having 2.8L damm! axis I had made some plans already and axis dumped them now 🙁

 

[ishaangarg]

why u need atlas BTW?
magnus is good any day right that too with 5:4 which u hold.
BTW u had salary of 3L+?
They are denying for having 2.8L damm! axis I had made some plans already and axis dumped them now 🙁

offer was for >3L salary

 

[sid16]

why u need atlas BTW?
magnus is good any day right that too with 5:4 which u hold.
BTW u had salary of 3L+?
They are denying for having 2.8L damm! axis I had made some plans already and axis dumped them now 🙁

Presently for advance tax transactions. Once Atlas devalues, will shut it unless it gives LTF option. 4 miles for Rs. 100/= government spends is outrageous.

I am self employed. I maintain Burgundy via 10L savings route. Burgundy customer since a very long time actually.

 

[sriniak1303]

offer was for >3L salary

Yeah thats bad. They are not ready to negotiate

 

[MilesMax]

Interesting, so no trv required for paid card? That seems a good deal for people who didn't want to park money in savings or FD.

Any idea about the joining benefits revision? Or is it still only 12.5k vouchers?

This is a good option for people having Burgundy through family account. But 30k + GST is quite steep for a card without renewal benefits.

 

[Harry1]

Any idea about the joining benefits revision? Or is it still only 12.5k vouchers?

This is a good option for people having Burgundy through family account. But 30k + GST is quite steep for a card without renewal benefits.

Nop, and i guess it is 5k voucher only for magnus burgundy 😂. We need to wait for details on paid version.

 

[baba123]

Does anyone here hold both Reserve & Magnus Burgundy? I presume that the transfer ratio on spends through Reserve is also 5:4 if you hold Magnus Burgundy?

 

[bing1309]

Does anyone here hold both Reserve & Magnus Burgundy? I presume that the transfer ratio on spends through Reserve is also 5:4 if you hold Magnus Burgundy?

no! reserve takes as 5:2... Magnus for burgundy takes 5:4 both takes separately
reserve shows with burgundy private as 5:4 just like Magnus for burgundy

 

[baba123]

no! reserve takes as 5:2... Magnus for burgundy takes 5:4 both takes separately
reserve shows with burgundy private as 5:4 just like Magnus for burgundy

That's strange. Even Burgundy debit card points get moved to Magnus Burgundy eventually and convert at 5:4. Do they have a separate bucket altogether for Reserve?

 

[bing1309]

That's strange. Even Burgundy debit card points get moved to Magnus Burgundy eventually and convert at 5:4. Do they have a separate bucket altogether for Reserve?

yes they have shown clearly in burgundy private

 

[CMGCMG is verified member.]

That's strange. Even Burgundy debit card points get moved to Magnus Burgundy eventually and convert at 5:4. Do they have a separate bucket altogether for Reserve?

That transfer might stop soon. After that, only your MB points will have a 5:4 ratio, and ER to MB won't happen.

 

[MilesMax]

That transfer might stop soon. After that, only your MB points will have a 5:4 ratio, and ER to MB won't happen.

This will take more time than we think.
Most accelerated points are still ERs.
Gyftr, traveledge, Grabdeals, AEP etc.

Axis has to continue giving 5:4 for ERs till all these are sorted. This is a huge charge on technical perspective on all their platforms.

Especially Gyftr having 120 days timeline for ERs to get credited.

 

[CMGCMG is verified member.]

This will take more time than we think.
Most accelerated points are still ERs.
Gyftr, traveledge, Grabdeals, AEP etc.

Axis has to continue giving 5:4 for ERs till all these are sorted. This is a huge charge on technical perspective on all their platforms.

Especially Gyftr having 120 days timeline for ERs to get credited.

5:4 to 5:2 devaluation was from September 1. So 130 Days TAT will conclude by Jan 10th(gyftr/traveledge/grabdeals of Magnus). AEP is 5:2 for Magnus. Only thing left is one time transfer benefit for newly onboarded MB clients and accelarated points of MB switching to MB bucket.

 

[Harry1]

@CMG Have you tried ordering any item via points plus pay and cancelling the same? Do they give full refund including edge points? From the terms, it seems they do. If that works, it is a good way to bring Magnus Burgundy balance to zero.

 

[arjunking]

I became eligible for burgundy magnus in the new year and just upgraded it using the link.
When can we transfer our old ER points at 5:4 ratio? After the card has been activated?

 

[CMGCMG is verified member.]

@CMG Have you tried ordering any item via points plus pay and cancelling the same? Do they give full refund including edge points? From the terms, it seems they do. If that works, it is a good way to bring Magnus Burgundy balance to zero.

You can do refundable hotel booking via Traveledge using points + card. It takes sometime to receive the refund and to credit back the points. I have no idea whether they have enabled this for MB points.