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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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bugmenot

bugmenot

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-- 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


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


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

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

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
 

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shashankrt said:
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?
Click to expand...
I faced the same challenge. I knew some other collegue who had a Burgundy salary account. I took his RM number and forwarded that to the Branch guy who was initiating my application. I asked the Branch guy to sort the issue after calling that RM.

Then it was sorted. Either that RM would have given some label ID or might have provided the procedure to apply without label ID.
 
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sourpai said:
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
Click to expand...
Not True. I have a Burgundy Salary account and I am M4B card holder. My account has been Burgundy salary for around a year now but the company I am currently working (for last 6-7 months) is a new startup that got registered in India only in June 2023. The criteria is simple - you should get salary >3L in the account and the remark/description should clearly mention as "Salary"
 
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Harry1 said:
That should be enough to keep others away from joining the program and hence any possibility of further devaluations any time soon.
Click to expand...
Absolutely correct .. there won't be any devaluation sooner for the existing M4B customers as no-one in their right mind will take up the paid M4B from Jan1 onwards, considering the past history of AXIS of changing the goal-post while game is still ON !!.
All the best existing M4B guys..
 
Last edited:
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vikramsrit said:
Not True. I have a Burgundy Salary account and I am M4B card holder. My account has been Burgundy salary for around a year now but the company I am currently working (for last 6-7 months) is a new startup that got registered in India only in June 2023. The criteria is simple - you should get salary >3L in the account and the remark/description should clearly mention as "Salary"
Click to expand...
May be your company has the tieup from the beginning.

Those who have further questions can DM this person (Axis banker). Quoting her post for more clarity.

https://www.technofino.in/community...is-of-aqb-instead-of-salary.21498/post-486867
 
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vikramsrit said:
Not True. I have a Burgundy Salary account and I am M4B card holder. My account has been Burgundy salary for around a year now but the company I am currently working (for last 6-7 months) is a new startup that got registered in India only in June 2023. The criteria is simple - you should get salary >3L in the account and the remark/description should clearly mention as "Salary"
Click to expand...
Can you please check with your company if they have tieup with axis?
sourpai said:
May be your company has the tie up from the beginning.

Those who have further questions can DM this person (Axis banker). Quoting her post for more clarity.

https://www.technofino.in/community...is-of-aqb-instead-of-salary.21498/post-486867
Click to expand...
Well different RMs seem to have different info. Hence not sure if we should depend on one person's info especially with mess that is Axis.
 
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vikramsrit said:
I am quite sure my company has no tie-up of any sorts with Axis bank (I head the India entity 🙂 )
Click to expand...
This pretty much ends the ambiguity.
I think the usual process would require the company to be identified in Axis System. If the company isn't available in the list probably the RM needs to take special clearance.

It maybe the case that most RMs are unaware of the second step or don't have much incentive to take that additional step.
 
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IMG_1397.jpeg

Please someone help me today i received extra 4x of travel edge under normal bucket not in magnus burgundy.
Are extra 4x for travel edge can’t be redeemed as 5:4?
 
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Hi, Are there any ethical hacks to increase spending on Axis Magnus or reserve? For example, I see some people in this forum buy ULIP investments, endowment plans, term insurance, jewellery purchases, etc. Are there any other ethical ways to increase spending but actual investments?
 
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jonamdhar said:
This pretty much ends the ambiguity.
I think the usual process would require the company to be identified in Axis System. If the company isn't available in the list probably the RM needs to take special clearance.

It maybe the case that most RMs are unaware of the second step or don't have much incentive to take that additional step.
Click to expand...
Yes, btw my account was automatically upgraded to Burgundy in a year's time I guess. I was a normal account holder earlier. Didn't do anything for the upgrade; no service requests, nothing.
 
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