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

 

[bing1309]

In that case the Product Manager seems to be delusional. Other banks are downgrading only their mid and low tier cards. Except normal exclusions most HNI cards - Infinia, SC ultimate, Amex Plat, Yes Private etc have maintained their core USP. Axis asking 35K for only 5:4 is really stupid and no one will pay for this garbage ! The whole point of Private banking is to reduce banking headaches and Axis seems to be doing exactly opposite !

there call is the same. take the card or leave it. if you dont take we will introduce new card (i felt the same way, but end of the day its upto customer to take it or leave it )

 

[shashankrt]

there call is the same. take the card or leave it. if you dont take we will introduce new card (i felt the same way, but end of the day its upto customer to take it or leave it )

Yes. Let them make this card chargeable. Lets see which dumbos keep 10L in account and pay 35K. It willa ctually be a good move if they remove 10L requirement and make this card 35K with good welcome and renewal benefits.

 

[bing1309]

Yes. Let them make this card chargeable. Lets see which dumbos keep 10L in account and pay 35K. It willa ctually be a good move if they remove 10L requirement and make this card 35K with good welcome and renewal benefits.

to maintain burgundy account status you need 10L plus after 6 month account downgrade happens if you dont maintain (there is nothing here) only point conversion ratio matters here which 5:4 and 5:2

 

[sahilag]

Also realized before becoming M4B, I used to get all 5x together post Sep'23 change. Now, it has reverted back to the original scheme.

Hi, what is M4B?

 

[Virgo]

First u need to understand how edge points and magnus burgundy calculation works. And then see ur edge reward history to know where those 372 points are coming from and how much u need to reduce in order to get it zero. Otherwise it won't work.

Axis Magnus - Rumor with burgundy axis magnus could be LTF (by Sep 2023 it should be official by axis i think you never know though)

Just received confirmation from bank officials that they will provide Magnus LTF for Burgundy customers from Sep 1st onwards

www.technofino.in

I am not sure it is that complicated. In the edge rewards portal, it shows the Edge Rewards and the MB points separately (see attached). The MB points are a subset of the Edge Rewards balance. Not sure what is the right way to ensure MB points are used first for points plus cash order.

 

[singhapurv]

I recieved this document from axis support team today.

 

[mastfun]

I recieved this document from axis support team today.

Which one brother?

 

[SM24]

Which one brother?

pdf.N point Shoonya

 

[Harry1]

I recieved this document from axis support team today.

Nice, so it seems like people still need to maintain burgundy amb even for paid version. That should be enough to keep others away from joining the program and hence any possibility of further devaluations any time soon.

 

[Rags]

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 .

You don't need to maintain trv if salary is higher than 3 lacs

 

[jack333]

Nice, so it seems like people still need to maintain burgundy amb even for paid version. That should be enough to keep others away from joining the program and hence any possibility of further devaluations any time soon.

But they are still giving only 5k vouchers for 36k fees. Ab kaun hi lega. Is se acche to Indus wale hain. 90k fee pe 1l ke vouchers dete

 

[jonamdhar]

I recieved this document from axis support team today.

Thanks for sharing. This pretty much clears most of the confusion around the paid card.

 

[shashankrt]

But they are still giving only 5k vouchers for 36k fees. Ab kaun hi lega. Is se acche to Indus wale hain. 90k fee pe 1l ke vouchers dete

Exactly. These idiots are trying to copy indusind however they are forgetting that Indusind gives vouchers more than joining fee.

 

[Yugi]

Hi, what is M4B?

M4B = Magnus for Burgundy

 

[Vickymaster1010]

if i open burgandy account now , will i still have to pay 35k joining fees after 3 months of maintaining 10 lakhs balance? and what will be the interest rate on 10 lakhs?

 

[bing1309]

if i open burgandy account now , will i still have to pay 35k joining fees after 3 months of maintaining 10 lakhs balance? and what will be the interest rate on 10 lakhs?

Yes you have to pay 35k. Interest rate holds from 6% onwards depending on your number of years you keep etc

 

[HumorSimpson]

I request mods to close this thread once it reaches 420 posts as an ode to Axis and open a new thread.

 

[jonamdhar]

Yes you have to pay 35k. Interest rate holds from 6% onwards depending on your number of years you keep etc

FDs do not count for AMB, only Savings and Current accounts. And interest on savings account is at best 3%

 

[bing1309]

FDs do not count for AMB, only Savings and Current accounts. And interest on savings account is at best 3%

They are asking AQB not AMB no AMB considered as per terms where as FD falls Under TRV so he can go with FD under TRV consideration. Once the card is issued you can just hold with AMB cretria.

 

[jonamdhar]

They are asking AQB not AMB no AMB considered as per terms where as FD falls Under TRV so he can go with FD under TRV consideration. Once the card is issued you can just hold with AMB cretria.

AQB/ AMB both criteria are for savings and current accounts for maintenance of 10lakhs.

FD falls under TRV but need to maintain 30lakhs.

So either have 30lakh FD at 6%+ interest...or maintain average 10lakhs in savings account for 3% interest.