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

 

[Quantum]

So you mean 5:4 ratio is only for 30 Lac TRV. People who get the M4B card on 10 lac aqb won't get 5:4?

Nothing like that. Both are same:

30L TRV == 10L AQB == 5:4

 

[Quantum]

I was considering transferring PPF. Is it mentioned in the T&C that PPF transferred from another bank won't be considered for TRV. Would be quite odd though if that's indeed the case!

It's mentioned in the TnC that investment through Axis Bank to be considered, even for PPF/NPS.

 

[Quantum]

I have recently upgraded to the burgundy salary account ( so 45 days period not over yet). I called my RM about the Magnus Burgundy, but she was clueless.

The LTF Magnus for Burgundy offer is till 30 Nov. So you will be able to meet the 45 days criteria before that only.
Ask her to find more info about it, she may revert back saying 45 days criteria for salary Burgundy to get LTF M4B, tell her to at least start the process.

Are people automatically getting the invite for Magnus Burgundy after 45 days? Or calling customer care is the only option?

I'm not sure about invite via email/msg but for some of them their RM reached out to them and offered the upgrade.
As it is said, if you don't ask for it, you don't get it.
Make the RM work for you. They can't just remain clueless and leave you clueless too.

 

[Quantum]

It's interesting to see how axis is playing around with people and changin rules since months and still so many folks are doing everything they can for this card.

True, even I'm observing the same.

Magnus is suitable and beneficial for high spenders and frequent travelers.
If someone doesn't fall into this category then Magnus isn't really a good choice for them.
Either all these folks who are doing everything to get this card, are high spenders and frequent travelers, OR for some of them it is FOMO for Magnus.
I myself don't fall into the above category, but even I went for M4B.
Seems like it is inherent in us that we try to get something that we can't easily get.

For folks not falling into the above category, I think LTF DCB, IDFC Wealh, etc and other similar cards should be enough, given that for all such cards, the banks don't impose any criteria such as 10L AQB | 30L TRV etc.
We could just wait and watch till some other bank offers similar benefits and doesn't impose 10L AQB | 30L TRV criteria.

 

[Riva]

True, even I'm observing the same.

Magnus is suitable and beneficial for high spenders and frequent travelers.
If someone doesn't fall into this category then Magnus isn't really a good choice for them.
Either all these folks who are doing everything to get this card, are high spenders and frequent travelers, OR for some of them it is FOMO for Magnus.
I myself don't fall into the above category, but even I went for M4B.
Seems like it is inherent in us that we try to get something that we can't easily get.

For folks not falling into the above category, I think LTF DCB, IDFC Wealh, etc and other similar cards should be enough, given that for all such cards, the banks don't impose any criteria such as 10L AQB | 30L TRV etc.
We could just wait and watch till some other bank offers similar benefits and doesn't impose 10L AQB | 30L TRV criteria.

Rightly said.. even I don't fall into this category but I am so tempted by the hype and FOMO factor. And after hdfc denied my infinia / dcb upgrade, I feel this is th easiest super premium card at the moment.

I think maybe I should take the M4B for a year and see what axis does post 30 Nov.
I also feel infinia is better than Magnus, so if I do get infinia later, will close the M4B and downgrade Burgundy account and put the funds to better use.

 

[Quantum]

I want only one.
Initially they mentioned that I will be elgible for 5:4 ratio "Magnus for Burgandy" if you have a Burgandy account with TRV of 30 lakhs. I dont want to keep 30 lakhs in one account. So, I split in three accounds and had 10 lakhs FD in each. I can maintain Burgandy account this way but they will not give me 5:4 redemption ratio. I did not like this so I am planning to close Burgandy account.

If you want only one, and you don't want 30L TRV option, then you can go for 10L AQB option.
And if you don't want to go for this option too, then you would have to let go of LTF M4B..

 

[Quantum]

Maintaining 30L saving for October (new digital a/c opened on 1st oct) can i get b4m in first week of nov (without any income proof)

You can. At least you would be able to get in the offer period i.e. 30 Nov.
Ask your RM/BM to check and confirm for you.

 

[Quantum]

Rightly said.. even I don't fall into this category but I am so tempted by the hype and FOMO factor. And after hdfc denied my infinia / dcb upgrade, I feel this is th easiest super premium card at the moment.

I was denied "LTF" DCB too. They were offering DCB but not LTF.
For me, the main reason behind going for LTF Magnus is this only.
So that in future, if HDFC reverts back and offers some premium/super premium CC, and asks for current CC, then I can say LTF Magnus.
And you can be sure that HDFC will revert back to you as well at some point of time for upgrade. At that time, probably this would help.

I think maybe I should take the M4B for a year and see what axis does post 30 Nov.
I also feel infinia is better than Magnus, so if I do get infinia later, will close the M4B and downgrade Burgundy account and put the funds to better use.

True. Same here.
For spenders like us, if we have/get HDFC's super premium CCs, then we really don't need any other super premium CC.
Especially, for HDFC's super premium CCs, there are other routes as well where the AQB/TRV criteria is not needed.
Our target should be that only.

 

[Riva]

I was denied "LTF" DCB too. They were offering DCB but not LTF.
For me, the main reason behind going for LTF Magnus is this only.
So that in future, if HDFC reverts back and offers some premium/super premium CC, and asks for current CC, then I can say LTF Magnus.
And you can be sure that HDFC will revert back to you as well at some point of time for upgrade. At that time, probably this would help.

True. Same here.
For spenders like us, if we have/get HDFC's super premium CCs, then we really don't need any other super premium CC.
Especially, for HDFC's super premium CCs, there are other routes as well where the AQB/TRV criteria is not needed.
Our target should be that only.

Exactly my thoughts. The LTF Magnus could come handy when applying for other premium cards at a later stage.

 

[Rags]

What was the issue?

delay in magnus for bugundy upgrade inspite of meeting monthly aqb 10lacs.

 

[saketreddy]

delay in magnus for bugundy upgrade inspite of meeting monthly aqb 10lacs.

So, did u get the card?

 

[K.R]

You can directly open an Axis Burgundy account with Axis for a 10L Balance with initial deposit of 5L or more and get the Magnus LTF 5:4 card.
Get in touch with an Axis RM/BM and they should get it done for you.
AFAIK, this Axis Burgundy account needs to be opened in non-online mode i.e. physical form submission.
If they open the Axis Burgundy account online, then they can't offer the "Magnus for Burgundy" LTF just after account opening. In that case, the AQB/TRV maintenance for 1 month or 45 days or more condition would kick in.

Online,, offline. You meet 10 Lacs, AQB 30 lacs TRV met OGS.. whatever the case. As on today Axis has not honored it's TNC's So new aspirants be cautious about this. There are many in this forum who have met all the requisite TNC's but have not got any upgrades. Every person in axis is a CEO and has his or her own TNC's which you will never meet ;-)

 

[K.R]

For people who are upgrading to Burgandy either on Monday or Later may very likely not get upgrade offer for Magnus to Magnus for Burgandy LTF unless last date of 30th November is revised. People who opened in Sep or Aug are also struggling. Do not trust anyone over call. Only written Confirmation over email is the way (even for written email you will have a long struggle/fight). This includes promises by your RM

 

[K.R]

My Strategy For this upgrade is as follows.
Fight till 30th Nov. If it gets upgraded, then its fine. If not, then below are the steps.
1) Close my Burgandy bank Account
2) Close my sisters Axis bank Account
3) Close my Dad's Axis bank Account
4) Close my Wifes Axis bank Account
5) Stop using Axis magnus Card
6) Once all the ER are credited for the past usage Close the magnus Card
By 31st March 2024 close all relationship with Axis. ( Dil Se Closed ;-)

If it gets upgraded then the strategy is to only maintain the minimum possible relationship with Axis, no future products with Axis unless it's really worth the pain which Axis gives

 

[Quantum]

Online,, offline. You meet 10 Lacs, AQB 30 lacs TRV met OGS.. whatever the case. As on today Axis has not honored it's TNC's So new aspirants be cautious about this. There are many in this forum who have met all the requisite TNC's but have not got any upgrades. Every person in axis is a CEO and has his or her own TNC's which you will never meet ;-)

Actually I was talking about the case where a person doesn't already have an Axis account. In that case, an Axis BM can open an Axis Burgundy account via physical form mode, and LTF M4B can be offered along with the account opening itself.

 

[K.R]

Actually I was talking about the case where a person doesn't already have an Axis account. In that case, an Axis BM can open an Axis Burgundy account via physical form mode, and LTF M4B can be offered along with the account opening itself.

Even for the new ones we have not heard of any good success stories yet. Unless I hear good success stories, I have my doubts with Axis as a bank.
Mastfun has applied and waiting for his outcome. Even if he gets through it's not necessary that everyone will get. Axis Bank is a big pain, but yes there is a chance, and we can give it a shot.

 

[Quantum]

Even the for the new ones we have not heard of any good success stories yet. Unless I hear good success stories, I have my doubts with Axis as a bank.
Mastfun has applied and waiting for his outcome. Even if he gets through it's not necessary that everyone will get. Axis Bank is a big pain, but yes there is a chance and we can give a shot.

Actually, my account opening via the same process is in progress. I will definitely update the outcome that I get next week.
They have promised me this over call/chat/in-person discussion. If they don't fulfill it, I would just get my (and couple of my friends') account closed.
Actually, I have been a Citibank salary account holder over a decade, and since Citi operations were transferred to Axis, I asked my Citi RM for account in Axis based on my relationship with Citi.
Context: https://www.technofino.in/community/threads/axis-burgundy-account-what-to-negotiate-for.18531/

 

[Quantum]

My Strategy For this upgrade is as follows.
Fight till 30th Nov. If it gets upgraded, then its fine. If not, then below are the steps.
1) Close my Burgandy bank Account
2) Close my sisters Axis bank Account
3) Close my Dad's Axis bank Account
4) Close my Wifes Axis bank Account
5) Stop using Axis magnus Card
6) Once all the ER are credited for the past usage Close the magnus Card
By 31st March 2024 close all relationship with Axis. ( Dil Se Closed ;-)

That would be brutal

If you could give this hint to your Axis RM/BM over call, then probably that would help you, unless they don't care about losing 4+ accounts.

If it gets upgraded then the strategy is to only maintain the minimum possible relationship with Axis, no future products with Axis unless it's really worth the pain which Axis gives

 

[K.R]

So I have upgraded my salary axis priority account to Burgundy savings account via RM. Got this done on the basis of 10 lac TRV that I had accidentally maintained for the last 5-6 months. He asked me to physically sign and submit the forms. The request was processed yesterday after I submitted the docs a week ago. Account now shows as SBPRV. He also mentioned that I need to request for Burgundy debit card. I have yet to do this.

Now I am still contemplating if I should go for the M4B card, as I am don't think it's worth blocking 10 lac. I can link my wife's account and maintain the TRV, but for M4B the 10 Lac aqb or 30 Lac TRV for the account is required.

I have read posts where folks with good trv are getting rejected for the M4B card on basis of ITR. I do not meet the 20+ lac ITR, but the RM said I could apply card to card as I have a limit of 9 lac ok my Regalia card.

Before upgrading this, I reached out to hdfc cc to upgrade to infinia or dcb but they denied stating internal policies. Cibil is 803, and I have just 4 cards (2 HDFC, 1citi, 1 HSBC).

What do you guys think? What are the chances of rejection or getting the card and is it worth it?

There is no harm in giving a try.max it gets rejected. But do not apply now as it will definitely get rejected because you do not have OGS as Burgandy yet. Wait for 1 OGS as Burgandy to be generated in first week of November. Then there may be a chance. Why iam saying there is a chance is because as per our understanding of TNC's you will be eligible post 45 days and one OGS with requisite Criteria met. But why not certain is because there are many including myself have met these criteria but Axis is now asking for 2 OGS and 45 days after 1st OGS is generated which will be technically in December for you.
If I were you.. I will give it a try post OGS is generated in Nov

Is Magnus worth: Its entirely dependent on a person's spend pattern. You have to do your own match against your history of spends and type of spends.
Is it a status Symbol .. Definitely not  Go for Infinia ( if lucky) or Amex Platinum ( if willing to pay 72K anually) if it's about Status Symbol

 

[K.R]

Actually, my account opening via the same process is in progress. I will definitely update the outcome that I get next week.
They have promised me this over call/chat/in-person discussion. If they don't fulfill it, I would just get my (and couple of my friends') account closed.
Actually, I have been a Citibank salary account holder over a decade, and since Citi operations were transferred to Axis, I asked my Citi RM for account in Axis based on my relationship with Citi.
Context: https://www.technofino.in/community/threads/axis-burgundy-account-what-to-negotiate-for.18531/

As of now Citi and Axis are poles apart. Infact Axis does not even consider Citi Cards for Card based applications.