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

 

[drsel]

You need to keep a credit balance in the card and then it will work

After spending 5 lakhs you should deposit 7 lakhs and then spend the remaining 2 lakhs

 

[HumorSimpson]

What rate of inflation are you considering?
Indian rupee doesn't fall so fast

I meant, will a 10 year experienced investment banker at present earns 5 cr?

 

[drsel]

I meant, will a 10 year experienced investment banker at present earns 5 cr?

Maybe around two and half crores if his salary compounds at 10% every year

 

[naren89]

Anybody got additional Accelerated Reward pending points for Nov 2023 spend ? I got it yesterday .

you mean Dec Accelerated points..havent received it yet...anyone else who hasn't received?

 

[shashank08]

Hi Team,

I posted this query in another thread but its an old thread and not sure if I'll get a reply. Hence posting it here:

I want to open a Burgundy Salary Account but not getting answer to my queries from Axis RMs. I approached 2 branches but they were clueless and not showing any interest. Hence I am posting this query here.

So my net take home salary is 5.88 lac/month. In oct 2023, the credit was 5.88 lac but in Nov 2023 and Dec 2023, it was 2.90 lac due to tax deductions. I should start getting net takehome above 5 lacs from April 2024 onward.

Will axis consider this and open my Burgundy account ? RM says your account may get opened but you will not get the Burgundy benefits - I don't know what that means.

Thanks for any help in advance.

Did you try opening account online?
Can you try opening salary account using following link:

Axis Bank

Axis Bank - Salary Savings Account

juno.axisbank.com

 

[Saijakie]

you mean Dec Accelerated points..havent received it yet...anyone else who hasn't received?

No . I meant november 2023 . Beacuse i recieved some points initially last month then again some more last week for Nov 2023 . I think axis made a mistake in calculating Accelerated points . So they are credting now .

 

[R@J]

Thank you so much for your elaborate explanation. I knew this, but I thought they would be linient and may consider my case knowing that its the temporary tax deduction thats preventing the >3L credit/month. If they are so strict, I have no option but to wait till April :-(

@BMR Glad I could be of help basis my (painful) interactions with Axis.
Also, they were/are very strict and mysterious regarding eligibility for free M4B upgrade. You need to have eligible salary credits or the MAB/QAB - even then they failed to qualify people for upgrade to M4B.

They are a bit lenient and will consider the temporary salary for normal Burgundy salary benefits (without M4B) - As I mentioned, You can just open account online with 70 LPA figures and within 3 months your salary will be 3+ hence no down gradation of the account type will happen.

 

[BMR]

@BMR Glad I could be of help basis my (painful) interactions with Axis.
Also, they were/are very strict and mysterious regarding eligibility for free M4B upgrade. You need to have eligible salary credits or the MAB/QAB - even then they failed to qualify people for upgrade to M4B.

They are a bit lenient and will consider the temporary salary for normal Burgundy salary benefits (without M4B) - As I mentioned, You can just open account online with 70 LPA figures and within 3 months your salary will be 3+ hence no down gradation of the account type will happen.

Thanks mate , appreciate all your help.

So here is what I have decided. I have some very big purchases coming up and so will continue using my old Magnus card and earn ER points ( since the earn rate of old and new Magnus is the same) but I will not redeem points. In April , I will open burgundy salary account and then upgrade to M4B card. It’s my understanding that once my card is upgraded to M4B, all my accumulated ER points would to transferred to M4B card and then I can redeem them at 5:4 ratio. I hope this makes sense.

 

[khaitan.rajesh29]

Can someone please confirm if Edge rewards to Accor transfer is going through in someone else name (once in quarter I believe you can change) and how much time does it take to reflect?

 

[drsel]

Can someone please confirm if Edge rewards to Accor transfer is going through in someone else name (once in quarter I believe you can change) and how much time does it take to reflect?

You can't, it will fail

 

[saketreddy]

Can someone please confirm if Edge rewards to Accor transfer is going through in someone else name (once in quarter I believe you can change) and how much time does it take to reflect?

Never do it.

 

[sahilgulati5]

Can someone please confirm if Edge rewards to Accor transfer is going through in someone else name (once in quarter I believe you can change) and how much time does it take to reflect?

No u can transfer it only in ur name

 

[Prav]

Normal edge points not credited from last 13/14 days ? For m4b
Any update?

 

[saketreddy]

Normal edge points not credited from last 13/14 days ? For m4b
Any update?

Nothing for anyone.

 

[Deleted member 9785]

Normal edge points not credited from last 13/14 days ? For m4b
Any update?

by march u will get

 

[sid16]

Again raised the concern yesterday and again got a call with update that by February end all issues will be resolved.

 

[rogerthat]

Again raised the concern yesterday and again got a call with update that by February end all issues will be resolved.

For all issues with Axis to get resolved they need to shut down the business only.

 

[Lobogris]

For all issues with Axis to get resolved they need to shut down the business only.

You want to close a large bank just because they haven't credited reward points for a couple of weeks!

 

[R@J]

Thanks mate , appreciate all your help.

So here is what I have decided. I have some very big purchases coming up and so will continue using my old Magnus card and earn ER points ( since the earn rate of old and new Magnus is the same) but I will not redeem points. In April , I will open burgundy salary account and then upgrade to M4B card. It’s my understanding that once my card is upgraded to M4B, all my accumulated ER points would to transferred to M4B card and then I can redeem them at 5:4 ratio. I hope this makes sense.

@BMR Yes, makes sense and should work (as of current scheme of things).
In future, even if Axis brings some rule/system update which would prevent ERs earned by other cards yo b transferred in 5:4 ratio, your case should still be justified as the ERs were earned by Magnus only! 👍

 

[SteelSh0t]

Got accelerated points for December spends today