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

 

[bonheur]

Video has been taken down by Axis bank.

Goes to show how ill-organised even their public communication events hosted by the CEO are — it was so bad that they couldn't keep it online, just like their flip-flopping PDF docs on devaluation.

Good riddance, and commiseration for Citibank customers!

 

[austin360]

I just got info from rm that the ltf burgundy only if we maintain 30 lakhs trv. 10 lakhs in aqb is not enough

this is correct..or in case of salary >3lpm

 

[Andy1]

If this is how they are managing then better to close relationship and stay away from Axis

 

[raji]

Has anyone transferred their ER to JAL Mileage Bank? Any idea how long it takes to credit? I transferred on 26th August, still not credited

Done twice. Each Time credit in JAL exactly on 10 th day

 

[drsel]

1st time my Kris Flyer got done in 3 days. 2nd time 6 days passed & not done

 

[sahilgulati5]

1st time my Kris Flyer got done in 3 days. 2nd time 6 days passed & not done

same.... waiting for 2nd transaction to complete

 

[shashank08]

Suna hai k Axis k live streaming video mai kuch aisa dhamaakedaar aaya hai k wo video private kar diya hai.. 😀 😀 😀 😀

 

[Avatar Aang]

For some companies axis is offering Burgundy for 2L salary credit.

 

[anish1516]

Goes to show how ill-organised even their public communication events hosted by the CEO are — it was so bad that they couldn't keep it online, just like their flip-flopping PDF docs on devaluation.

Good riddance, and commiseration for Citibank customers!

Agree

 

[anish1516]

Suna hai k Axis k live streaming video mai kuch aisa dhamaakedaar aaya hai k wo video private kar diya hai.. 😀 😀 😀 😀

Dhamake nahi fussi tha 🤣🤣

 

[ENIAC]

For some companies axis is offering Burgundy for 2L salary credit.

Can you name them

 

[Thomas244]

Also the difference is 4% and not 7.5% because you will get interest in a savings account also.so one has to lose 40-45k in interest if he decides to put 10L in savings vs 10L in FD. Also, 10L savings is not the only way. people can get burgundy via 30L TRV also.

Anyways it depends on the individual.its not always about saving money sometimes its about aspirations also.for someone targeting high-end Marriot property costing 15L for 5 nights in Maldives this card is more important than getting 45K more in interest.

From what I understand 10 lakhs will not get u the benefit

 

[R_A_J]

For some companies axis is offering Burgundy for 2L salary credit.

was this repeated in today's event or you telling based on what the RM told you?

 

[rohitb]

I just got info from rm that the ltf burgundy only if we maintain 30 lakhs trv. 10 lakhs in aqb is not enough

From what I understand 10 lakhs will not get u the benefit

What made you come to this conclusion? RM's word ? Or some document?

 

[praneeth999]

What made you come to this conclusion? RM's word ? Or some document?

There's no such document and I don't think even RMs have absolute clarity on it. It is still a waiting game.

 

[drsel]

From what I understand 10 lakhs will not get u the benefit

Anyway doesn't make sense to keep 10 lakhs idle in savings account.
Better to keep 30 lacs in fixed deposits

 

[austin360]

For some companies axis is offering Burgundy for 2L salary credit.

yes, this is the eligibility to 'open' the account but the eligibility to 'get' the LTG magnus is >3LPM. Select card as usual is complimentary

 

[drsel]

1 x 4/5 = 0.8
0.8 x 1.8 = 1.44

You are telling me that Edge reward points are worth Rs.1.44, if converted to Accor points (which you WRONGLY assume to be worth Rs.1.80).
I asked for the value of Accor points in reality.

In reality, Accor doesn't let you use all your points for room booking.
So if the max public rate is 12030 (one room for one night,) you cannot use 6000 points (to save 10800) or 8000 points (to save entire 12030) but you are limited to using ONLY 4000 points (to save 7200) and forced to pay the balance 4830 in real cash.

I have seen another thread here (with photo evidence) where only 4000 points could be used to save Rs.7200 (for 1 room booked for 1 night) and Rs.4830 had to paid in cash at the public (much higher) rate of Rs.12030 per room night for a hotel in India.
However the members rate was Rs.9000 including all taxes.

The points can only be used at the higher public rate and not the member rate.
In this photo evidence case, the public rate was around Rs.12030 and the members rate Rs.9000, which means that 4000 points are worth about Rs.9000 - 4830= Rs.4170.
So 1 Accor point is worth around Rs.1.04 and nowhere near Rs.1.80.

Even Accor knows this very well, better than all of us.
Because when you transfer Accor points to any Airline partner, you need to pay double the number of Accor points (2:1 ratio).

 

[SM24]

Tech Support waale ka appraisal to gaya iss baar ka 🤣

I'm sure it was botched up by folks who didnt get good appraisal and who are serving notice period...

 

[ccent]

yes, this is the eligibility to 'open' the account but the eligibility to 'get' the LTG magnus is >3LPM. Select card as usual is complimentary

If after few years we move the salary account to some other bank and do not maintain AQB, still the select card will be LTF?