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

 

[chasni]

Worse for us.
2 separate buckets 5:2 and 5:4

How are they gonna create two separate buckets? Are they planning to review each points and categorize them?
All the TE and 1.5l AEP points are getting credited to ER bucket instead of MB even though all the spends are on MB. No way, any MB holder will accept to redeem AEP points at 5:2

 

[sourpai]

How are they gonna create two separate buckets? Are they planning to review each points and categorize them?
All the TE and 1.5l AEP points are getting credited to ER bucket instead of MB even though all the spends are on MB. No way, any MB holder will accept to redeem AEP points at 5:2

They might do one time segregation activity for all past points. For example all magnus burgundy related points will move to 5:4 bucket and rest to 5:2 buckets. At the same time for future they will give option to redeem respective 5:4 and 5:2 points separately

 

[CVR]

They might do one time segregation activity for all past points. For example all magnus burgundy related points will move to 5:4 bucket and rest to 5:2 buckets. At the same time for future they will give option to redeem respective 5:4 and 5:2 points separately

Thats the correct way bur Axis systems are too poor to manage all this. i think issues and complexity are going to just increase and not decrease

 

[Deleted member 9785]

There is recession in IT sector. Now axi shit can easily hire good coders at affordable salaries. Whats the issue? Are they hiring ITI engineers instead of IIT

 

[sid16]

Worse for us.
2 separate buckets 5:2 and 5:4

There won't be a 5:2 bucket with a 5:4 bucket. Technically, Select CC will fall in 10:1 bucket and DC will fall in 20:1 bucket.

 

[Ankit13]

Thats the correct way bur Axis systems are too poor to manage all this. i think issues and complexity are going to just increase and not decrease

Agreed. I don’t think axis can handle that level of complexity for segregation of past points. I would be surprised even if they can manage to build a bug free system for segregation of future points.

 

[BhavyaDoshi]

Let’s say I have credit limit of 3L on my magnus, can I swipe 3 transactions of 3L on a single day by paying the credit card bill rightaway?

 

[drsel]

Let’s say I have credit limit of 3L on my magnus, can I swipe 3 transactions of 3L on a single day by paying the credit card bill rightaway?

Yes if you pay IMPS

 

[BhavyaDoshi]

Yes if you pay IMPS

I’ll load extra money before hand, get 1% ER on Burgundy debit as well 😛

But are you sure about this because there is nothing mentioned online

 

[drsel]

I’ll load extra money before hand, get 1% ER on Burgundy debit as well 😛

But are you sure about this because there is nothing mentioned online

You can always give an interest free loan to Axis, because the money in your bank gets interest and excess money given to your card gets no interest

 

[CCUser_1999]

Let’s say I have credit limit of 3L on my magnus, can I swipe 3 transactions of 3L on a single day by paying the credit card bill rightaway?

You will not be able to as there is a daily spend limit as well which is upto your credit card limit

 

[sahilgulati5]

Yes u can I have tried onces and it worked

 

[CCUser_1999]

Yes u can I have tried onces and it worked

Please share how. It used to work before for me when there was no limit control mandated by RBI but I tried it last month, it didn't work for me.

 

[R@J]

Worse for us.
2 separate buckets 5:2 and 5:4

whether it will be one bucket or two or three.....one thing is constant is that any "upgrade" from Axis is for worst!

 

[BhavyaDoshi]

Please share how. It used to work before for me when there was no limit control mandated by RBI but I tried it last month, it didn't work for me.

Customer care told me that it is possible to make multiple transactions but the only condition is that the transaction should be settled and then the bill should be paid and then you can use it again

 

[CCUser_1999]

Customer care told me that it is possible to make multiple transactions but the only condition is that the transaction should be settled and then the bill should be paid and then you can use it again

Theoretically you can do that but now there is daily limit on your card which is in line with your card limit. So even if you have paid excess before and hence you have not hit your limit, you can't spend in a day more than the limit. I faced this issue in Jan end itself.

 

[hari99]

Do we get reward points for payment done for Land registeration, stamp duty charges

 

[Rags]

Do we get reward points for payment done for Land registeration, stamp duty charges

No on magnus and reserve, you will get on atlas and sc ultimate

 

[sid16]

Hopefully we do get ERs on offline jewelry purchase in Magnus Burgundy? There is no exclusion of jewelry mentioned.

 

[Rags]

Hopefully we do get ERs on offline jewelry purchase in Magnus Burgundy? There is no exclusion of jewelry mentioned.

Yes, eligible to get ERs