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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

TF Legend
-- 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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BMR said:
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.
Click to expand...
aisa kya kaam karte ho ki india me 1 cr ka package hai 😂
💸
 
Upvote 0 Downvote
BMR said:
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.
Click to expand...
Over 3 lakhs every month is essential.

just give them a fixed deposit of 30 lakhs and open your Burgundy account
 
Upvote 0 Downvote
BMR said:
But then it will not be a salary account. I can't park that money in FD with them. I essentially need only a salary account.
Click to expand...
@BMR
Burgundy Criteria:
• Maintenance of Average Quarterly Balance of Rs.10 lakh (Across Savings Accounts and/or Current Accounts).
• Maintenance of minimum Total Relationship Value (TRV) of Rs.30 lakh.
• Maintenance of minimum Total Relationship Value (TRV) of Rs.1 crore (including Demat holdings).
• Net salary credit above Rs.3 lakhs per month in Axis Bank Salary Account (in case of salaried customer).
• Foreign Inward Remittance of at least Rs.40 lakh only by NRIs in the last 12 months (Received through Wire Transfer/ Remit money)


Refer these:
- Burgundy eligibility criteria, click here -> In Axis terms it is called True Burgundy, which has all the benefits as per the product description
- List of charges applicable in case Burgundy eligibility criteria is not met, click here -> This is the case when account type is Burgundy, but eligibility is not met. The account could be downgraded if it remains like that.
- Schedule of applicable fees and charges for Burgundy, click here - This is fee structure for True Burgundy (account type is Burgundy - as well as criteria is being met)

Bottomline - Wait for April salary, and then open the account if you are targeting for Magnus4Burgundy only.

If you just want a Burgundy account with Debit card and other benefits (without M4B), open the salary account online and enter your rough salary as 70 Lakhs (12*6). You will get Burgundy account with Burgundy Debit card and Select credit card. But for magnus for Burgundy - you will have to wait for April-May statement (OGS) to be generated.

Also, for certain established companies, Axis has tieups where they treat 2 lakh /month as the salary criteria. Check with your RM if you company falls in that list.
 
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R@J said:
@BMR
Burgundy Criteria:
• Maintenance of Average Quarterly Balance of Rs.10 lakh (Across Savings Accounts and/or Current Accounts).
• Maintenance of minimum Total Relationship Value (TRV) of Rs.30 lakh.
• Maintenance of minimum Total Relationship Value (TRV) of Rs.1 crore (including Demat holdings).
• Net salary credit above Rs.3 lakhs per month in Axis Bank Salary Account (in case of salaried customer).
• Foreign Inward Remittance of at least Rs.40 lakh only by NRIs in the last 12 months (Received through Wire Transfer/ Remit money)


Refer these:
- Burgundy eligibility criteria, click here -> In Axis terms it is called True Burgundy, which has all the benefits as per the product description
- List of charges applicable in case Burgundy eligibility criteria is not met, click here -> This is the case when account type is Burgundy, but eligibility is not met. The account could be downgraded if it remains like that.
- Schedule of applicable fees and charges for Burgundy, click here - This is fee structure for True Burgundy (account type is Burgundy - as well as criteria is being met)

Bottomline - Wait for April salary, and then open the account if you are targeting for Magnus4Burgundy only.

If you just want a Burgundy account with Debit card and other benefits (without M4B), open the salary account online and enter your rough salary as 70 Lakhs (12*6). You will get Burgundy account with Burgundy Debit card and Select credit card. But for magnus for Burgundy - you will have to wait for April-May statement (OGS) to be generated.

Also, for certain established companies, Axis has tieups where they treat 2 lakh /month as the salary criteria. Check with your RM if you company falls in that list.
Click to expand...
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 :-(
 
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BhavyaDoshi said:
Let’s say I have credit limit of 3L on my magnus, can I swipe transactions of 3L on a single day by paying the credit card bill rightaway?
Click to expand...

Technically I am not able to do, as I was paying bill of 7L but my card limit is 5L, after transaction I paid 2L and tried to pay balance 2L it got declined.

Let me know if worked for you.
 
Upvote 0 Downvote
BMR said:
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.
Click to expand...
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 juno.axisbank.com
 
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