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

 

[vina]

i am having same issue as i upgraded from one to other.. it is genuine issue as in their system old card (from which we upgraded) is still active for 45 days post upgrade so as per system we already have too many cards.. u need to ask them to connect to card closure team and ask them to cancel the earlier card asap..

it is an issue for us and for the guy on the line

it is NOT a genuine issue; it is a f***ed up artificial issue created by them - why can't they close the new card immediately? I mean when they move a person from Magnus to Burgundy Magnus?

or why don't they temporarily give one more card and close after 45 days?

 

[vina]

It is correct information. All burgundy customers got the upgrade email. But only 30L TRV customers are eligible to get 5:4 ratio & they will be offered Burgundy Magnus.

https://www.axisbank.com/docs/defau...cards/magnus-credit-card-for-burgundy-faq.pdf has full detail about what it means to be a "Burgundy customer" for the purposes of Burgundy Magnus card (Section 1; new or renewal) and Section 2.1 describes process etc. for existing Magnus customers.

attaching the document here

 

[vina]

I tried that; they are not closing the Signature card, so I told them to close both; that's when this guy said "let me talk to my senior" - lots of wiat and then he says "I have taken your request"

I'll follow up first thing tomorrow morning

@drsel @CVR the "Senior lead" called just now. I told him to close Signature card. The man went into "we have a 45 day process blah blah blah"

I told him as per RBI regulations he has to close the card the minute I tell him to, as long as there is no outstanding amount on that card. the 45 days closure is applicable only if I do nothing from my side. The guy then went into "sir this has to be taken up with the retention department; we will call you tomorrow morning"

I'll call them and figure it out tomorrow morning.

 

[vina]

They are wisely playing with the word TRV and AQB.
I suspect one thing, wherever they mentions 45 days, its about TRV only. AQB itself means qarterly average balance, don't get in that trap. So in worst case, AQB criteria will be met only after one complete quarter with 10L+ in savings.
Additionally, if they are considering financial quarters (which is even worse), next quarter is Oct-Nov. In that case, no one will be eligble with 10L+ savings balance who started/upgraded to Burgundy after July 1st (on going quarter start date).
Anything can happen with Axis

you guys are giving them way too much credit

the reality is simpler - they are not playing with words, they have screwed up everything. I was on call with them in 5 calls, a total of some 2 hours or so - there is a total chaos on their side. The guys manning the phones are all stressed out, probably because they need to apologise to irate customers all day long

it is not some clever conspiracy, but incompetence.

 

[CVR]

it is an issue for us and for the guy on the line

it is NOT a genuine issue; it is a f***ed up artificial issue created by them - why can't they close the new card immediately? I mean when they move a person from Magnus to Burgundy Magnus?

or why don't they temporarily give one more card and close after 45 days?

coz generally when u upgrade new card takes 5-10 days to come and they keep the old card active for sometime till u get the card or u have standing instructions on old card

 

[vina]

They are wisely playing with the word TRV and AQB.
I suspect one thing, wherever they mentions 45 days, its about TRV only. AQB itself means qarterly average balance, don't get in that trap. So in worst case, AQB criteria will be met only after one complete quarter with 10L+ in savings.
Additionally, if they are considering financial quarters (which is even worse), next quarter is Oct-Nov. In that case, no one will be eligble with 10L+ savings balance who started/upgraded to Burgundy after July 1st (on going quarter start date).
Anything can happen with Axis

I have been Axis bank customer for well over two decades now. my first salary account was with them when they were called UTI Bank.

I'll tell you the real problem - it is not that they will screw you intentionally, it is that they are so incompetent you'll get screwed far worse from them simply because they will f*** it up some day.

 

[drsel]

 

[vina]

coz generally when u upgrade new card takes 5-10 days to come and they keep the old card active for sometime till u get the card or u have standing instructions on old card

yes, but there is absolutely no reason to keep to old card active once the new one has been activated by the customer. Especially when the customer is telling them "close it, now"

I mean, God forbid, I die, and somebody then goes ahead and uses the card to it's limit. What will the do then?



anyway, let's see what they say tomorrow. This is so bad - they are telling me retention team will talk to me. About what? trying to get me to retain a card that they themselves will close in 45 days?

 

[CVR]

yes, but there is absolutely no reason to keep to old card active once the new one has been activated by the customer. Especially when the customer is telling them "close it, now"

I mean, God forbid, I die, and somebody then goes ahead and uses the card to it's limit. What will the do then?

yes it should get canceled as soon as new card is activated

 

[vina]

It is correct information. All burgundy customers got the upgrade email. But only 30L TRV customers are eligible to get 5:4 ratio & they will be offered Burgundy Magnus.

that's not true

 

[vina]

yes it should get canceled as soon as new card is activated

Also

the old card while "active" is not showing on the phone app - go figure

 

[drsel]

Senior manager advised it is better to transfer another 20 lacs to your saving account and then put that 30 lacs in a term deposit
If you have a 30 lacs term deposit, you can keep your saving balance almost zero without any problem.

Then apply for the Magnus Burgundy card.
You need to keep the 30 lacs fixed deposit as long as you want Magnus Burgundy card.

I hope this make it very clear and there is no more controversy at all.

 

[Viper1057]

All cards by Axis which are got through over call through customer support are always in Upgrade mode only where your existing card and new card both remains active. I got magnus on call through enough limit on my vistara card and then both my vistara & magnus card were active always. 2 days ago, I took Samsung Infinite through call & I closed my Vistara card but they said tomorrow our team will connect for this for more details for cancellation etc., I said I need it to be closed asap because I want to get Airtel Axis card which has FYF offer till 30th sept and they closed it immediately after forwarding my call to retention/closing team and the card was immediately gone and the retention guys said now you apply today as well😂. Later I didn't applied for Airtel Axis card through Airtel Thanks app xD

So, understand this: Axis trying to be in credit card game and doesn't want its cards closed easily (most probably support executive have orders from management for this).

 

[chasni]

@drsel @CVR the "Senior lead" called just now. I told him to close Signature card. The man went into "we have a 45 day process blah blah blah"

I told him as per RBI regulations he has to close the card the minute I tell him to, as long as there is no outstanding amount on that card. the 45 days closure is applicable only if I do nothing from my side. The guy then went into "sir this has to be taken up with the retention department; we will call you tomorrow morning"

I'll call them and figure it out tomorrow morning.

Today, I just got to know that MyZone card which I closed in 2018 is in upgrade mode, whatever the hell that is. It is neither closed nor active. So, I need to close that tomorrow with retention team. The card has never showed up on my app or netbanking in last 5 years.

 

[Riva]

Are these the only conditions required to get the Burgundy Magnus card for a customer who doesn't have an Axis card and doesn't have a Burgundy account?

Are they asking for ITR/ income proofs when applying for the new Burgundy Magnus card?

The new income requirements for Burgundy Magnus is 24Lac annual salary or 24Lac ITR

 

[drsel]

Are these the only conditions required to get the Burgundy Magnus card for a customer who doesn't have an Axis card and doesn't have a Burgundy account?

Are they asking for ITR/ income proofs when applying for the new Burgundy Magnus card?

The new income requirements for Burgundy Magnus is 24Lac annual salary or 24Lac ITR

Yes, open a Burgundy savings account with 30 lacs.
Once your monthly statement shows 30 lacs relationship then
Apply for Magnus for Burgundy card with 24 lacs ITR or annual salary.
You can also transfer the same 30 lacs to a fixed deposit with Axis bank

 

[mastfun]

Okies, I did lot of calculations and finally time to say good bye to burgundy account



Open a account with https://www.equitasbank.com,
1. Upto 1 Lakh 3.5% = 3,500
2. 1 to 5 Lakhs will fetch = 21,000
3. 5 to 10 Lakhs will fetch = 35,000

Total = 59,500 (41,650 after 30% tax)
Axis - 3.5% (10,00,000) AQB = 35000 (24500 after 30% tax)

My day to day expenditures:

Groceries - > Tata Neu app + Tata HDFC neu Infinity (LTF)
Fuel -> FIRST Power Credit Card (Up to 5% savings on your fuel expenses of up to ₹5,000 every month) (LTF)
Movies -> IDFC Wealth Credit card ( Buy 1 Get 1 Free 3 to 4 times), ICICI Sapphiro (Buy 1 get 1 Free 2 times a Month) (LTF)
Online Shopping -> SBI Cashback Card (FYF and 1180 Per Year), ICICI Amazon (LTF), IDFC Wealth 6X points for online spends(LTF)
Utilities -> Axis Airtel Card (590 Per Year FYF) 25%* Cashback | On Airtel Mobile, Wi-Fi and DTH Payments10%* Cashback | On bigbasket, Swiggy and Zomato

Lounge Access ->

Domestic is covered by Tata Neu, Airtel Axis, IDFC Wealth (4 complimentary Domestic & International airport lounge, spa visits per quarter, on minimum monthly spends of Rs.5000 *) , Sapphiro (Enhance your airport lounge experience with the all new feature of 2 complimentary airport lounge visits outside India and 2 spa sessions at selected airports in India every year, through complimentary Dreamfolks membership*)

International -> IDFC Wealth , Sapphiro 2 free visits per year, Yes Bank First Exclusive Credit Card (LTF) , RBL World Safari Credit Card (LTF - Converted from Zomato), Niyo (1 Per quarter) LTF

On top of all the above , We will get Peace of mind Not to worry about maintaining the TRV , AQB or what so ever!!

If u really want to see your 30L grow, Buy a nice corner plot in Developing area and sell it after 14 to 15 % returns and buy another plot elsewhere

 

[raviemailid]

I don't know why people are so upset with Axis. The banks are doing business - they'll not shell out Burgundy Magnus for garib insaan like us. It is meant for true blue HNI who don't care about 10L in saving or 30L in FD.

If their criteria works for you, go ahead, if it doesn't, move ahead.

Calculation by @mastfun are very sincere effort. You all can run a similar calculation and see if it works for you not.

 

[shann9999]

Kindly upload that Magnus burgundy FAQs pdf

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/magnus-credit-card-for-burgundy-faq.pdf

 

[Deleted member 9785]

I don't know why people are so upset with Axis. The banks are doing business - they'll not shell out Burgundy Magnus for garib insaan like us. It is meant for true blue HNI who don't care about 10L in saving or 30L in FD.

If their criteria works for you, go ahead, if it doesn't, move ahead.

Calculation by @mastfun are very sincere effort. You all can run a similar calculation and see if it works for you not.

magnus miles ne sabko rahees bana dia hai - meet greet , first class, 5 star hotels.