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

 

[Rags]

I think this thread will reach 1000 pages soon.

 

[amitr29]

Burgundy DC gives 1 ER for every 100/- with every spend, now it's capped at 2000 points per month. I have made 3 lac ERs on DC alone last one year

So, you spent 3cr on debit card 🙄

 

[CardScout]

Burgundy DC gives 1 ER for every 100/- with every spend, now it's capped at 2000 points per month. I have made 3 lac ERs on DC alone last one year

So 2000 ER per month + 1ER for 100/- means spend of monthly 2 lakh. I feel this to be good enough.

If you are having huge savings account value (of 3 cr) last year, shouldn't you be trying even more premium product like Burgundy Private?

 

[sourpai]

So 2000 ER per month + 1ER for 100/- means spend of monthly 2 lakh. I feel this to be good enough.

If you are having huge savings account value (of 3 cr) last year, shouldn't you be trying even more premium product like Burgundy Private?

All the categories where DC was being used are now part of MCC exclusion list (for e.g. cc bill payment and wallet loads). Thats where major devaluation has happened. Otherwise hardly anyone would use DC where CC can be used easily

 

[SM24]

There is a trick.

In the first transfer, put 99999999 as the amount in the miles number while transferring, it will automatically switch to the highest number available in your bucket and your bucket will become 0 after the transfer and you'll get ER points transferred to MB Bucket

By far the easiest way to get this done, from all the reading I've done here.

Wonder if it is a chance, recent hack ?

Either ways, thanks !

Will check and report back.

 

[SM24]

Works like a charm

Plus one. +1

 

[Rags]

So, you spent 3cr on debit card 🙄

Not just by swiping. You get ERs for being active on app. Bonus points for transferring 2 lacs atleast 2 times every month, opening FDs, min DMAT txns etc...yes still I made 70% of my spends by paying CC dues

 

[COmM4nDer]

My first card was Fk Axis (Limit 2.10lkh) & then I took Magnus(Limit 8lkh). After few mails I got merged limit of 8lkh. So now if i close Magnus will I still be having 8lkh limit in Fk Axis?

 

[Swastik]

My first card was Fk Axis (Limit 2.10lkh) & then I took Magnus(Limit 8lkh). After few mails I got merged limit of 8lkh. So now if i close Magnus will I still be having 8lkh limit in Fk Axis?

Yup ,it should be

 

[arjunking]

There is a trick.

In the first transfer, put 99999999 as the amount in the miles number while transferring, it will automatically switch to the highest number available in your bucket and your bucket will become 0 after the transfer and you'll get ER points transferred to MB Bucket

Using this trick I am able to transfer all MB miles but they refresh back to same amount after the transfer.
I have 1024 miles in MB and 274000 in ER.
Every time, I transfer 1024 miles, I again end up with 1024 miles again in MB bucket.
Is there any other trick?
I have never used my MB card apart from for a ₹10 transaction to activate it
All the points are from Reserve and Burgundy.

 

[iamfaisy]

Using this trick I am able to transfer all MB miles but they refresh back to same amount after the transfer.
I have 1024 miles in MB and 274000 in ER.
Every time, I transfer 1024 miles, I again end up with 1024 miles again in MB bucket.
Is there any other trick?
I have never used my MB card apart from for a ₹10 transaction to activate it
All the points are from Reserve and Burgundy.

Only few Magnus Burgundy holders are able to keep it to zero and transfer out entire point at a stretch..For some card holders like you and me, even after making it to zero, some points from ER Bucket will fill it again.. Only way to transfer out is keep using all your cards, including Magnus burgundy for high spends..Atleast try to earn around 9k more Points so that your new MB points will be around 10K..Then you can transfer the points in the batch of 10K each and repeat the same untill you reach your target..
Maybe after few transfers, MB points may come down again..Keep earning maximum points and then transfer is the only way

 

[Rags]

I spoke to My axis RM few days back regarding March AEP. I have highlighted that I need to get AEP before 19 April as the changes in redemption is effective 20th April. He called back today and confirmed he will help with a special SR in 2nd week of April. Happy and relieved

 

[saketreddy]

I spoke to My axis RM few days back regarding March AEP. I have highlighted that I need to get AEP before 19 April as the changes in redemption is effective 20th April. He called back today and confirmed he will help with a special SR in 2nd week of April. Happy and relieved

Unless axis proactively says they will give out march AEP before April 20 just like they said for the 25K ER milestone devaluationin 2023, don't believe any RM or any special SR.

Your RM is only fooling you, you will get AEP by May 15, that's the official T&C.

 

[Rags]

Unless axis proactively says they will give out march AEP before April 20 just like they said for the 25K ER milestone devaluationin 2023, don't believe any RM or any special SR.

Your RM is only fooling you, you will get AEP by May 15, that's the official T&C.

I understand. But isn't it unethical not to credit AEP before the changes come into effect? Are you escalating or talking to RMs. As of now I have no option but to believe my RM.

 

[saketreddy]

I understand. But isn't it unethical not to credit AEP before the changes come into effect? Are you escalating or talking to RMs. As of now I have no option but to believe my RM.

There's no ethics in dealing with axis.

Also, there's no point of escalating/talking to RMs, they are just there to answer your calls and to pitch insurance, demat, locker, FD, etc...

Especially in axis, RMs are of no use when it comes to credit cards, all they do is send a mail on behalf of you, nothing much.

The sooner you understand that, the better it would be.

I would say to keep 0 hopes on RM. They keep acting like they are doing something for you, even if they want to, they have nothing in their hands for credit cards.

There's a chance that they might credit points before 20th April, but keep very low hopes. That's what did they did for gyftr and grabdeals points by crediting them in Aug without even mentioning in the devaluation mail before the 5:2 ratio came into effect in Sept 2023.

If you want to escalate, then write to PNO and MD desk stating the issue. That's the best one can do.

 

[Ramakgmc]

Paying monthly - programs like Tanishq Golden Harvest or Dhanvarsha of Kalyan
Will it be considered jewelry spending?
How do I find the MCC code from previous spends? Thanks

 

[saketreddy]

Paying monthly - programs like Tanishq Golden Harvest or Dhanvarsha of Kalyan
Will it be considered jewelry spending?
How do I find the MCC code from previous spends? Thanks

Call axis and ask for MCC code of those particular txns.

 

[Ankit13]

I understand. But isn't it unethical not to credit AEP before the changes come into effect? Are you escalating or talking to RMs. As of now I have no option but to believe my RM.

You can file a complaint with RBI if they don't. During the September devaluation of Magnus, I didn't get my points before deval. So, I filed an RBI complaint and Axis agreed to do manual transfer at 5:4 for me. This is the only way. Nothing else will work.

 

[Rags]

You can file a complaint with RBI if they don't. During the September devaluation of Magnus, I didn't get my points before deval. So, I filed an RBI complaint and Axis agreed to do manual transfer at 5:4 for me. This is the only way. Nothing else will work.

Thanks, as of now I have written to the MD desk. Let's see. Meanwhile, can you share the RBI id you have used?

 

[Ankit13]

Thanks, as of now I have written to the MD desk. Let's see. Meanwhile, can you share the RBI id you have used?

I filed it through the portal cms.rbi.org.in.