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

 

[ishanmontella]

45 days is for 10l. I assume putting 15l can make someone eligible in 23 days. Or Am I wrong?

Yes you are wrong 😀

 

[vikramsrit]

I connected with my RM today. 2 updates:

1. The LTF Magnus offer with corporate salary account and salary credit of more than 3 lakh is discontinued. Now they are offering only Atlas.
2. LTF Magnus with Burgundy is only for 'true Burgundy' holders where 10lakh AQB or 30 lakh TRV is required. Burgundy with salary criteria are not getting LTF Magnus or 5:4

This is incorrect. I received the Magnus upgrade offer email today. Connected with customer care and gave my consent for the card. Checked on all T&C and nothing has been discontinued as your RM claims.

 

[chasni]

Axis made a 15 page document to make things clear but it is still same as when we had only rumors but no document.

 

[SM24]

45 days is for 10l. I assume putting 15l can make someone eligible in 23 days. Or Am I wrong?

My reading

45 days is for 30L TRV.

1 quarter or 3 months is for 10L.

Again like someone mentioned, if it is quarter then Q2 is the possible criterion (Sept 30th).
If it is 3 months, then Oct 31st can still be a criterion.
In which case, OGS received in Nov should suffice as proof.

Anybody’s guess still !

 

[drsel]

It is the AQB of 90 days from the date you become burgundy and not the financial quarter

 

[Prav]

If i open burgundy today for 10-15 lakh savings, am I assured of getting magnus for burgundy?
If not why should i keep 10-15 idle and then become eligible for magnus for burgundy and after that they reject my application

 

[dyegosousas]

Just to let you guys know... Again axis is playing with it`s customers. Before it was said that a burgundy client would be eligible to the "new magnuns", then, that the true burgundy should have at least 10L on it`s saving account, and now the new information is that is not only 10L on the account, but 30L on whatever relationship with the bank. They just made a ton of people as clowns. I just spoke with them and this information was given, that 30L is needed, not 10L. Congratulations, Axis 🙂

 

[rogerthat]

Just to let you guys know... Again axis is playing with it`s customers. Before it was said that a burgundy client would be eligible to the "new magnuns", then, that the true burgundy should have at least 10L on it`s saving account, and now the new information is that is not only 10L on the account, but 30L on whatever relationship with the bank. They just made a ton of people as clowns. I just spoke with them and this information was given, that 30L is needed, not 10L. Congratulations, Axis 🙂

So a customer needs to continuously maintain BOTH 10L AQB in a savings account AND 30L TRV for a number of products with Axis Bank? Where Axis Bank can change the terms and conditions any moment as they see fit?

That's a hell lot of commitment to a bank in return for a credit card. Sounds like a one-sided abusive relationship.

 

[dyegosousas]

So a customer needs to have BOTH 10L AQB in a savings account AND 30L TRV for a number of products with Axis Bank? Where Axis Bank can change the terms and conditions any moment as they see fit?

That's a hell lot of commitment to a bank in return for a credit card. Sounds like a one-sided abusive relationship.

Absolutely and I will be canceling my magnus. For me it`s beyond the points now, it`s ethics.

 

[aashish2137]

This is incorrect. I received the Magnus upgrade offer email today. Connected with customer care and gave my consent for the card. Checked on all T&C and nothing has been discontinued as your RM claims.

You're confusing 2 things. Magnus upgrade offer is for Burgundy customers. If you've a salary Burgundy, you'll still get Magnus card but not the 'new Magnus' which comes with 5:4. What has been discontinued is the LTF Magnus for salary account holders offer.

 

[vikramsrit]

You're confusing 2 things. Magnus upgrade offer is for Burgundy customers. If you've a salary Burgundy, you'll still get Magnus card but not the 'new Magnus' which comes with 5:4. What has been discontinued is the LTF Magnus for salary account holders offer.

That's what I am saying. This information is not right. I am a Burgundy salary account holder. I am getting "New Magnus" which comes with 5:4 transfer ratio. I have already given my consent for it. My old Magnus is being upgraded to New Magnus.

You may chose to trust your RM or a customer that has first hand experience of this 🙂

 

[K.R]

Guys Please share Ombudsman email and Axis PNO email. I have received contradicting emails from AXIS ( email proof) I have written to them for final answer. Post their response Iam looping Ombudsman and PNO highlighting thier ethics

 

[drsel]

Guys Please share Ombudsman email and Axis PNO email. I have received contradicting emails from AXIS ( email proof) I have written to them for final answer. Post their response Iam looping Ombudsman and PNO highlighting thier ethics

Kindly copy and paste those 2 contradicting emails for us all to analyse and study. Thanks 🙏

 

[K.R]

Kindly copy and paste those 2 contradicting emails for us all to analyse and study. Thanks 🙏

Dear Axis Bank

i am a Axis Burgundy customer but your customer care says i am not eligible for "Magnus for Burgundy". My RM here at local branch says once you complete 45 days as Burgundy with 10 lacs plus AQB you will be eligible. It's been just 30 days since i opened the Burgandy account which explains
The customer care over call says only TRV of 30 lacs which is contrary to the email by you below and also contrary to the terms and conditions published by Axis website. The TNC and your email below are same but the customer care over call says otherwise

My Burgundady Account customer ID XXXXX
Magnus Card ending - XXXX

Could you please confirm the below.

1. A burgundy customer ( New) once completes 45 days with AQB of 10 Lacs or more is eligible for Magnus for Burgundy
2. Post getting Magnus for Burgundy as long as the Burgandy customer maintains AQB of 10 Lacs plus the customer will continue to hold magnus for Burgundy

Regards
XXXXXX
99XXXXX



On Mon, Sep 25, 2023 at 11:41 AM <Premium.Experience@axisbank.com> wrote:

Dear Mr. XXXX,
Thank you for writing to Axis Bank.
This is with reference to your e-mail dated 25/09/2023, we understand that you wish to avail of the special offering on a points conversion ratio of 5:4 towards your credit cards. We will certainly check and assist you.
We would like to inform you that, we are in the process of announcing the special offer for Burgundy customers. We shall be writing to you shortly with the process to avail of the benefit. Till then we request your cooperation on the same.
To be eligible for the new version, the customer has to have burgundy eligible status as defined below:
Burgundy relationship eligibility criteria, calculated at a Customer ID level:
1) Maintenance of an Average Quarterly Balance of INR 10,00,000 in the Savings Account, OR
2) Maintenance of an Average Quarterly Balance of INR 10,00,000 across Savings Accounts and Current Accounts, OR
3) Maintenance of a minimum Total Relationship Value (TRV) of INR 30,00,000, OR
4) Maintenance of a minimum Total Relationship Value (TRV) of INR 1,00,00,000, which includes Demat holdings, OR
5) In case of a salaried customer, one should be receiving a net salary credit in excess of INR 3,00,000 every month in Axis Bank Salary Account, OR
6) Foreign Inward Remittance of at least INR 40,00,000 received through Wire transfer or Remit Money in last 12 months (only for NRI’s)
7) Each member of the family id should be individually eligible basis cust ID to avail Magnus credit card.

Hence, we request you to wait till the announcement.
Your cooperation is much appreciated in this interim.
We thank you for banking with us & look forward to your continued patronage.
We assure you the best of our services at all times.
The reference number for this interaction is 230925266643.
For an instant response, you may also “CHAT” with us from https://www.axisbank.com/support or for any other query you may visit below links.
Personal Phone Banking Link
NRI Phone Banking Link
Business Phone Banking Link
Agri Rural Phone Banking Link
Burgundy Phone Banking Link
Forex Card Phone Banking Link

Warm Regards,
XXXX- (Premium Customer Support)
Team Axis Bank
Dil Se Open
Go from Help to Self-Help with #EASYBANKING Video Series. Visit https://www.axisbank.com/support to check out our self-help videos in the Video Library.

 

[Viper1057]

That's what I am saying. This information is not right. I am a Burgundy salary account holder. I am getting "New Magnus" which comes with 5:4 transfer ratio. I have already given my consent for it. My old Magnus is being upgraded to New Magnus.

You may chose to trust your RM or a customer that has first hand experience of this 🙂

And you don't maintain 30L TRV or even 10L in savings, right?
I think most of the folks who started maintaining 10L and opened burgundy accounts started from mid August which explains that 45 days are still not completed. I think from mid october or end of october we will start getting a lot of confirmations for savings account as well.

 

[shann9999]

Absolutely and I will be canceling my magnus. For me it`s beyond the points now, it`s ethics.

The benefits we are getting as part of being burgundy and not disclosing information in proper manner causing this chaos. I understand i also feel same way but i am not owning magnus as i was late to LTF game. Now its more like rabbit hole to use services which were devalued already.

 

[Zarieal]

That's what I am saying. This information is not right. I am a Burgundy salary account holder. I am getting "New Magnus" which comes with 5:4 transfer ratio. I have already given my consent for it. My old Magnus is being upgraded to New Magnus.

You may chose to trust your RM or a customer that has first hand experience of this 🙂

Are you maintaining 30L TRV or 1CR TRV including investments at the individual level?

 

[vikramsrit]

And you don't maintain 30L TRV or even 10L in savings, right?
I think most of the folks who started maintaining 10L and opened burgundy accounts started from mid August which explains that 45 days are still not completed. I think from mid october or end of october we will start getting a lot of confirmations for savings account as well.

Nope, I maintain neither TRV nor 10L savings. And my company doesn't have any tie-up with Axis. It's just that my salary comes in Axis Bank. And Axis upgraded my account to Burgundy salary account by themselves without me requesting for it a few months ago.

 

[shann9999]

Nope, I maintain neither TRV nor 10L savings. And my company doesn't have any tie-up with Axis. It's just that my salary comes in Axis Bank. And Axis upgraded my account to Burgundy salary account by themselves without me requesting for it a few months ago.

is your salary credit above 3L?

 

[vikramsrit]

is your salary credit above 3L?

Yes, it has been above 3L for last few years.