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Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

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
 

Attachments

Last edited:
Login to net banking -> Go to statements -> Account details

You can see like below. This is financial quarters. We don't really know if Axis is looking for financial quarters or last 3 months.

I think what shows up in One Glance is also financial quarters. @Krishnaraju can clarify on this.

Btw age of the account doesn't matter. Even a 2 day old account will have this.

View attachment 31289

This is projected account balance. Don't think it is AQB
 
Login to net banking -> Go to statements -> Account details

You can see like below. This is financial quarters. We don't really know if Axis is looking for financial quarters or last 3 months.

I think what shows up in One Glance is also financial quarters. @Krishnaraju can clarify on this.

Btw age of the account doesn't matter. Even a 2 day old account will have this.

View attachment 31289
This is projected score for next month/quarter etc. Not past AQB.
 
The 3rd quarter just started this month. Oct-Dec.
Someone with a few previous One Glace statements has to confirm how AQB is calculated in that.
If it's a Financial Quarters then this value is the same as AQB.
AQB is summation of each day into the amount in your account that particular day since the account is open in the last quarter divided by no of days your account is open in the last quarter.
 
AQB is summation of each day into the amount in your account that particular day since the account is open in the last quarter divided by no of days your account is open in the last quarter.
By last quarter do you mean the financial quarter or last 3 months?
If it is a financial quarter then the AQB in the previous OGS for July, August, and September should be the same. (AQB maintained in Apr, may, june)
 
By last quarter do you mean the financial quarter or last 3 months?
If it is a financial quarter then the AQB in the previous OGS for July, August, and September should be the same. (AQB maintained in Apr, may, june)
Iam not sure if they are calculating by Quarter or Last 90 days from present date.. but lets ensure we are 10 Lacs plus for both.
Also if you opened your account on Sep 15 Per say with 10 lacs..dont worry your QAB will be 10 Lacs.. They will divide by 15 days and not 90 days
 
Iam not sure if they are calculating by Quarter or Last 90 days from present date.. but lets ensure we are 10 Lacs plus for both.
Also if you opened your account on Sep 15 Per say with 10 lacs..dont worry your QAB will be 10 Lacs.. They will divide by 15 days and not 90 days
True, for a new account it's not a problem.

For an old account holder the way the AQB calculated actually matters.
Let's say if the balance was 0 in last 2 months and 10L in 3rd month. AQB would be come 3.3L in Nov OGS if the calculation is done for last 90 days.

If it is financial quarters. Then Oct comes to new quarter so 10L in Oct month will have 10L AQB in Nov OGS irrespective of last 2 months.

Maybe I am wrong, anyway my account is new so it won't be a problem.
 
Atlas is second best
For Infinia you need
1) 42 lakhs income
2) 10 lakhs limit on another bank card for card to card offline application.
3) 8 lakhs limit on your existing HDFC card and you should have spent 7.5 lakhs in the previous 6 months
2 and 3rd point no need to maintain, i have previously DCB with 9L limit. i have requested to convert to infinia but they declined due to low spends.
Now i don't have any card with more than 2L limit, I have closed the card this year july, and applied Infinia two weeks back and approved.
 
2 and 3rd point no need to maintain, i have previously DCB with 9L limit. i have requested to convert to infinia but they declined due to low spends.
Now i don't have any card with more than 2L limit, I have closed the card this year july, and applied Infinia two weeks back and approved.
That's incredible, after you closed your DCB card with 9 lakh limit how did they approve and what documents did they want?
 
That's incredible, after you closed your DCB card with 9 lakh limit how did they approve and what documents did they want?

Indeed,
after closing the card i left with no other card, I just gave my two months pay slip (agent told me we should have net 2.7L salary credit for Infinia).
I have called my RM Imperia, to issue a tata nue CC, he told me he will get it Infinia and it will be converted to LTF by EOY. Arranged agent for salary slip pickup as my salary crediting to another bank.
 
Finally applied for Magnus Burgundy credit card today (new card application with no existing Magnus) on basis of AQB criteria via C2C basis. Provided OGS for August since September one not received yet.

New criteria to apply Magnus Burgundy via C2C now requires minimum 10lac Credit Limit on other bank credit card and it shall be minimum 1 year old with minimum 40% credit limit available in the latest statement as per the agent who processed the application.
But again it might vary agent to agent in case if no clear guideline from bank to them.

Will share updates on the application as it progress.
 
Finally applied for Magnus Burgundy credit card today (new card application with no existing Magnus) on basis of AQB criteria via C2C basis. Provided OGS for August since September one not received yet.

New criteria to apply Magnus Burgundy via C2C now requires minimum 10lac Credit Limit on other bank credit card and it shall be minimum 1 year old with minimum 40% credit limit available in the latest statement as per the agent who processed the application.
But again it might vary agent to agent in case if no clear guideline from bank to them.

Will share updates on the application as it progress.
Is it LTF?
 
So tried upgrading again today and was rejected. Although I maintain trv and all for 2 months and it was confirmed by exec too, it was rejected and exec told me it's because it's not true burgundy and suggested to talk to my RM.

Called my RM and he mentioned it's because I opened digital account and my scheme code is DB PRV. He said he will change the scheme code (need to send some mail from his side) and post this I should be able to get burgundy magnus.

What a shit show this company is.
 
My new burgundy account is just activated for which I applied on 29th September. The date of opening account is showing me this in netbanking, is this some sort of glitch or bank guys did some hera-pheri here?
1696428481542.png
 
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