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

 

[SteelSh0t]

But I have other plans for 20L

If you don't mind, can you share a rough overview of those plans? Thanks

 

[K.R]

TRV of 30 lacs as FD or AQB of10 lacs depends on person to person and their risk portfolios. I would never keep an FD of 30 Lacs that too with Axis. Many believe in taking money from Bank till you are eligible and convert it to better returns. FD after taxes ( assuming 30% bracket ) for me is a negative gearing. Also 10 lacs Savings is liquid cash which can be used as and when required. The Average should be 10 lacs monthly and not 10 lacs each day
Also this Credit Card FOMO is psychological illness which many including myself have. It's goods to have these cards but the world is not over if we don't have.

 

[Dexter]

If you don't mind, can you share a rough overview of those plans? Thanks

Firstly, I never keep a large amount in one account. I need to make some investment so took out.

 

[jonamdhar]

I have successfully upgraded to Magnus Burgundy card.

Now what will happen if I don't maintain 10 Lakh average balance in my account??
My card will not remain LTF this is what they told. But when will they charge the fee?? after 1 year or same month??

As per the rules, there will be an eligibility check every 3 months. Not sure how strict they will be on this.

If you don't maintain the relationship criteria during this check, they will cancel the M4B and issue new normal paid Magnus card.

 

[shashankrt]

TRV of 30 lacs as FD or AQB of10 lacs depends on person to person and their risk portfolios. I would never keep an FD of 30 Lacs that too with Axis. Many believe in taking money from Bank till you are eligible and convert it to better returns. FD after taxes ( assuming 30% bracket ) for me is a negative gearing. Also 10 lacs Savings is liquid cash which can be used as and when required. The Average should be 10 lacs monthly and not 10 lacs each day
Also this Credit Card FOMO is psychological illness which many including myself have. It's goods to have these cards but the world is not over if we don't have.

Well in my case I have an option apart from FD and TRV. I can convert this in to salary account however I will need Axis to issue Burgundy Magnus before I go through process of salary account change. And I agree no credit card is worth having 30 Lakhs in FD or 10 lakhs in savings account. A simple index fund investment will return 12 -13 percent over 3 years than the stupid FD. Also the returns will be only taxed at 10% after 1 lakh exclusion.

 

[palvannan]

As per the rules, there will be an eligibility check every 3 months. Not sure how strict they will be on this.

If you don't maintain the relationship criteria during this check, they will cancel the M4B and issue new normal paid Magnus card.

As per FAQ page 15 , they will check eligibility criteria for CASA/AQB/TRV/Salary every 6 months and then downgrade or charge for the magnus card if eligibility not met. Possible areas for our heartburn from next year .

1. Whether not maintaining required AQB for 2 consecutive calendar quarters will be taken as the basis for downgrade or even any one quarter in the last 2 calendar quarters suffice ?
2. Similarly for TRV, if 3 months ( out of previous 6 ) of non maintenance of TRV will be considered as default or even any one month is enough for ineligibility ?
3. Whether a person meeting Burgundy relationship on the basis of AQB in one quarter , becomes eligible on the basis of TRV in next quarter , will it be considered ok for true Burgundy relationship?
4. After downgrade ,How to get back to True Burgundy status for 5:4 ratio after getting paid card with 5:2 ?

I have requested MD desk to include AQB and TRV values in the OGS statements every month mentioning Burgundy relationship status also . I think more persons will feel the need for the same to be included , when paid cards start getting issued inlieu of LTF next year 😂

 

[shashankrt]

As per FAQ page 15 , they will check eligibility criteria for CASA/AQB/TRV/Salary every 6 months and then downgrade or charge for the magnus card if eligibility not met. Possible areas for our heartburn from next year .

1. Whether not maintaining required AQB for 2 consecutive calendar quarters will be taken as the basis for downgrade or even any one quarter in the last 2 calendar quarters suffice ?
2. Similarly for TRV, if 3 months ( out of previous 6 ) of non maintenance of TRV will be considered as default or even any one month is enough for ineligibility ?
3. Whether a person meeting Burgundy relationship on the basis of AQB in one quarter , becomes eligible on the basis of TRV in next quarter , will it be considered ok for true Burgundy relationship?
4. After downgrade ,How to get back to True Burgundy status for 5:4 ratio after getting paid card with 5:2 ?

I have requested MD desk to include AQB and TRV values in the OGS statements every month mentioning Burgundy relationship status also . I think more persons will feel the need for the same to be included , when paid cards start getting issued inlieu of LTF next year 😂

Well - looking at the current mess while deciding eligibility, I will not be surprised if Axis starts randomly downgrading accounts. Next 1 year will be chaos as ppl will have random notifications from Axis. Time for popcorns

 

[palvannan]

I updated my employer and salary details in net banking with the hope of upgrading my account to a salary burgundy account as the bank has a tie-up with my company and the salary requirement for this account is only >=2L.

However, my account was downgraded to Priority instead of being upgraded. It has been more than 23 days, and the bank has not bothered to change the account status to salary burgundy from Priority. Despite being able to call me to sell a Bajaj Alliance policy. I am considering closing the account and telling them that they are useless...

For Burgundy salary account it should be >3 lakhs per month

 

[SteelSh0t]

I transferred around 81k points to Accor yesterday and today Axis refunded back those points and cancelled the transfer. Is there anyone else who tried transferring points to Accor and was successful?

 

[ishanmontella]

I transferred around 81k points to Accor yesterday and today Axis refunded back those points and cancelled the transfer. Is there anyone else who tried transferring points to Accor and was successful?

Yes, i initiated transfer to Accor yesterday morning and received it today morning without any issues.

 

[SteelSh0t]

Yes, i initiated transfer to Accor yesterday morning and received it today morning without any issues.

Interesting. Transferred again today. Lets see what happens tomorrow

 

[vkdleo]

I transferred around 81k points to Accor yesterday and today Axis refunded back those points and cancelled the transfer. Is there anyone else who tried transferring points to Accor and was successful?

Did your Accor Status level change recently?

 

[SteelSh0t]

Did your Accor Status level change recently?

No. Its silver since months

 

[unwind]

People who are maintaining TRV, is it safe to transfer remaining amount keeping 10L in the SB now? Or should we keep it till the month end?

I think it's a function of how you were maintaining the TRV. I had just kept balance in the saving account. A week or so after getting upgraded I brought the balance down to 10 L. And have today brought it down to about 5, as there were weeks where I maintained it above 30 so the AQB would still remain above 10.

My guess is it should be Okay. They have said they would check once in 6 months. I intend to keep AQB of 10 L every calendar quarter but not on a daily and monthly basis.

Its a guess still. One can't be sure with Axis. My December month OGS would show a lower than 10L AMB so there is always a risk. But beyond a point, one can't dance to Axis's lunatic tune on a daily basis. I guess had spent too much effort in getting this card so wanted to see it through. Have all intentions of meeting the AQB. If it still gets cancelled, so be it. Will take my business elsewhere

 

[sumit_yadav]

When we apply for M4B Add-on card are they just sending the Credit Card. What about the Priority Pass?

 

[SM24]

I transferred around 81k points to Accor yesterday and today Axis refunded back those points and cancelled the transfer. Is there anyone else who tried transferring points to Accor and was successful?

Did two transfers recently.
One on 22nd, another on 23rd.

Both got credited in less than 24 hours.

 

[SM24]

When we apply for M4B Add-on card are they just sending the Credit Card. What about the Priority Pass?

Priority Pass too.

*Edit*
I meant for the Primary Card Holder. I missed 'Add on' !

 

[MilesMax]

I think it's a function of how you were maintaining the TRV. I had just kept balance in the saving account. A week or so after getting upgraded I brought the balance down to 10 L. And have today brought it down to about 5, as there were weeks where I maintained it above 30 so the AQB would still remain above 10.

My guess is it should be Okay. They have said they would check once in 6 months. I intend to keep AQB of 10 L every calendar quarter but not on a daily and monthly basis.

Its a guess still. One can't be sure with Axis. My December month OGS would show a lower than 10L AMB so there is always a risk. But beyond a point, one can't dance to Axis's lunatic tune on a daily basis. I guess had spent too much effort in getting this card so wanted to see it through. Have all intentions of meeting the AQB. If it still gets cancelled, so be it. Will take my business elsewhere

Same here. All in savings just for the sake of M4B.
Now that the upgrade is done, I am thinking of just keeping 10L and moving the rest.
I'll probably keep it till this month end and then move it next month.

 

[hello11]

Priority Pass too.

I thought add ons don’t get priority pass for magnus. Has this changed?

 

[H2O]

For Burgundy salary account it should be >3 lakhs per month

It's different for different companies, for my company it's >=2L PM.