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]

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.

under AQB takes 3 months for faster process 1month FD 30L can passthru TRV

 

[shashankrt]

under AQB takes 3 months for faster process 1month FD 30L can passthru TRV

Well whatever you do in Jan - now its not sufficient unless you apply offline. All deadlines for Jan 2024 eligibility have now passed.

 

[sns10]

I already hold the M4B (LTF) by meeting the TRV criteria. I now want to continue meeting the criteria by the AQB route. How will the AQB be computed to determine eligibility wrt Burgundy criteria?
Will it be Oct-Dec AQB or Jan-Mar AQB or Nov-Jan AQB i.e., immediately preceding three months?

 

[Raj2022]

I've been maintaining 10L AMB since Nov and today I called Burgundy support, and they informed me that I'm eligible for the Magnus Mastercard variant with 12.5k+gst. On further inquiry, they said I'm not yet eligible for Burgundy Magnus, and they don't have solid information regarding the points transfer ratio for this Mastercard variant, so I didn't give consent for an upgrade. Any idea about the new normal Magnus being issued on the Mastercard network, or is it actually Burgundy Magnus?

 

[mik777]

I have a question. As per the updated Magnus TnC, "Earn 12 eDGE Reward points per Rs.200 on spends up to Rs.1.50 Lakhs and 35 eDGE Reward points per Rs.200 on incremental spends above Rs.1.50 lakhs in a calendar month"

However, when I did a transaction of Rs. 2.25L, I only got 13500 RPs, which means it's calculated as 12RP/Rs200 on the whole amount.
Is that how they calculate? Since this is a single transaction, it won't be considered for cumulative spend over 1.5L?

Hi,
I have Magnus Burgundy.

I did 2 transactions today -
1st transaction for 2 lakhs
2nd transaction on gyftr - 10k worth apay vouchers at 2x

For incremental spends, Axis gives 35 ER points.
so for 1st transaction, i'll get 13 ERs till 1.5 Lakhs & 35 ERs for balance 50k - this is clear
for 2nd transaction - how many ERs will i get considering gyftr has 2x ER on apay vouchers & my calendar month transaction > 1.5 Lakhs?

 

[CVR]

Hi,
I have Magnus Burgundy.

I did 2 transactions today -
1st transaction for 2 lakhs
2nd transaction on gyftr - 10k worth apay vouchers at 2x

For incremental spends, Axis gives 35 ER points.
so for 1st transaction, i'll get 13 ERs till 1.5 Lakhs & 35 ERs for balance 50k - this is clear
for 2nd transaction - how many ERs will i get considering gyftr has 2x ER on apay vouchers & my calendar month transaction > 1.5 Lakhs?

Gyftr will give u 2x and not 35 ER

 

[HumorSimpson]

Gyftr will give u 2x and not 35 ER

 

[Rags]

Hi did you receive AEP for magnus spends f9r the month of November? 45 days I guess just completed yesterday

 

[ishanmontella]

Hi did you receive AEP for magnus spends f9r the month of November? 45 days I guess just completed yesterday

Not yet. 42 days have passed, not 45.

 

[BhavyaDoshi]

I just got my Axis account upgraded to burgundy, I was planning to maintain 30L in savings to fulfil the 30L TRV by the end of the month so that I can apply for Magnus burgundy next month (I don’t mind paying 30k for it), but my RM is saying that in order to be eligible for 30L TRV you’ll have to book an FD of 30L (Although the Axis Burgundy FAQ says otherwise). If someone who has used a similar path can guide then it’d help a lot.
Thanks!

 

[bing1309]

I just got my Axis account upgraded to burgundy, I was planning to maintain 30L in savings to fulfil the 30L TRV by the end of the month so that I can apply for Magnus burgundy next month (I don’t mind paying 30k for it), but my RM is saying that in order to be eligible for 30L TRV you’ll have to book an FD of 30L (Although the Axis Burgundy FAQ says otherwise). If someone who has used a similar path can guide then it’d help a lot.
Thanks!

AQB Means 3 months balance. TRV means FD in 1 month can qualify, which you wanted you can decide. keep in mind if you later don't qualify, your card will be downgraded from 5:4 to 5:2 points redeem

 

[SS33]

I just got my Axis account upgraded to burgundy, I was planning to maintain 30L in savings to fulfil the 30L TRV by the end of the month so that I can apply for Magnus burgundy next month (I don’t mind paying 30k for it), but my RM is saying that in order to be eligible for 30L TRV you’ll have to book an FD of 30L (Although the Axis Burgundy FAQ says otherwise). If someone who has used a similar path can guide then it’d help a lot.
Thanks!

You could just have 30L in Savings account for a month to qualify basis TRV at the earliest and slowly taper down so that an AQB of 10L is maintained to continue with the Magnus for Burgundy card. Alternately, maintaining 10L AQB for this quarter makes one eligible to apply for M4B in March.

 

[BhavyaDoshi]

You could just have 30L in Savings account for a month to qualify basis TRV at the earliest and slowly taper down so that an AQB of 10L is maintained to continue with the Magnus for Burgundy card. Alternately, maintaining 10L AQB for this quarter makes one eligible to apply for M4B in March.

That’s what I thought, thanks for the help.
I guess I’ll have to argue with my RM which is pretty common considering Axis 😵‍💫

 

[Rags]

If an individual receives a salary exceeding 3 lakhs credited to their Axis Burgundy account and already holds an M4B, it appears they could maintain a zero balance and continue to enjoy the exclusive 5:4 privileges that come with the M4B status. I verified this information with Axis Credit Card representatives, and they have confirmed it. Does anyone have any thoughts on this? I currently have my EMIs and other financial relationships with HDFC and prefer not to disrupt my existing accounts. Any insights or opinions are welcome.

 

[sourpai]

If an individual receives a salary exceeding 3 lakhs credited to their Axis Burgundy account and already holds an M4B, it appears they could maintain a zero balance and continue to enjoy the exclusive 5:4 privileges that come with the M4B status. I verified this information with Axis Credit Card representatives, and they have confirmed it. Does anyone have any thoughts on this? I currently have my EMIs and other financial relationships with HDFC and prefer not to disrupt my existing accounts. Any insights or opinions are welcome.

Yes. Only thing is that company needs to have tieup with Axis for it to be recognised as Salary based Burgundy with 3L+. If it is already there with you then no issues and you need not maintain any balance

 

[jonamdhar]

Yes. Only thing is that company needs to have tieup with Axis for it to be recognised as Salary based Burgundy with 3L+. If it is already there with you then no issues and you need not maintain any balance

The tieup isn't required. The company needs to be recognised in thier system. My company doesn't have tie up but thier system shows the name.

 

[sourpai]

The tieup isn't required. The company needs to be recognised in thier system. My company doesn't have tie up but thier system shows the name.

Thats what I meant by tieup. Axis system does not recognise all companies for Burgundy salary. Some companies they do. For others, it needs HR - Bank connects and entry in Axis system which I am calling as tie up

 

[Ramakgmc]

One small query: I am likely to exceed 1.5 lakhs per month on M4B this month. Should I make a big-ticket purchase from Amazon using the card or using the ASV (Amazon shopping voucher) on Gyftr? I feel using the card directly is more beneficial. Is my assumption correct?

 

[Harry1]

One small query: I am likely to exceed 1.5 lakhs per month on M4B this month. Should I make a big-ticket purchase from Amazon using the card or using the ASV (Amazon shopping voucher) on Gyftr? I feel using the card directly is more beneficial. Is my assumption correct?

Use the card directly.

If u want to take some risk, redirect via grab deals for additional 1500 cb. Ideally grab deals transaction is not eligible for additional 23/200. But Amazon might be exception, as Amazon is not an axis partner.

 

[shashankrt]

The tieup isn't required. The company needs to be recognised in thier system. My company doesn't have tie up but thier system shows the name.

Well I am trying to convert to salary and seems my company is recognized in their system. However my RM is asking me to check for tie up and some label id which the finance team is unable to confirm. SO not sure how to proceed. Any idea?