Q. Why are you changing the
current Magnus proposition?
A. We review our product features and customer offerings
from time to time. This exercise is done to ensure that we are able to provide
the best-in-class features to our customers sustainably.
Q. I like current feature of
Miles conversions (5:4) on my existing Magnus Credit Card and I do not need a
revision.
A. We have created a special
time bound offering in which you can keep enjoying the existing Miles
conversion ratio at 5:4.
Q. What is the special
offering on Magnus?
A. You will have an option to
continue to avail 5:4 conversion on Magnus under a special time bound offering
by opening a Burgundy account, in conjunction with the credit card terms and
conditions, and internal policy of the bank.
You can reach out to us after 1st September 2023
to avail the new offering.
Q. I have a Magnus Credit
Card and an existing Burgundy account where I maintain balance. Will I be
eligible for the special offering?
A. Yes, you will be eligible for
the special offering on maintaining Burgundy account relationship as per
details outlined at the end of this document, in conjunction with the credit
card terms and conditions, and internal policy of the bank.
Q. I have a Magnus Credit
Card and an existing Burgundy account where I do not maintain any balance. Will
I be eligible for the special offering?
A. No, you will not be eligible
for the special offering. To avail the special offering, you will have to
maintain Burgundy account relationship as per details outlined at the end of
this document.
Q. What is the fee of special
offering?
A. Special offering is provided
to you at zero fee on an ongoing basis provided you maintain a Burgundy account
relationship as per details outlined at the end of this document.
Q. Will I be eligible for
welcome benefit if I opt for special offering?
A. Yes, you will be eligible for
a welcome benefit of a voucher worth INR 5,000.
Q. What will be my Miles
conversion proposition if I do not opt for the special offering?
A. You can transfer EDGE Reward
Points to domestic and international partners across airlines and hotels as per
the revised transfer ratio of 5:2 (5 EDGE Reward Points = 2 Partner
Point/Mile).
Q. Will I continue to earn
25,000 EDGE Reward Points by achieving a monthly milestone of INR 1,00,000?
A. Monthly milestone benefit of
25,000 EDGE Reward Points on monthly eligible spends of INR 1,00,000 will be
discontinued from 1st September 2023. Spends done in August 2023 will be
eligible for monthly milestone and 25,000 EDGE Reward Points for eligible
customers will be posted within 90 days as per normal time frame.
Q. By when will I receive
25,000 Reward points for milestone achievement in May 2023, Jun 2023 & July
2023?
A. 25,000 EDGE Reward Points for
May 2023 and June 2023 eligible customers will be posted by 31st July 2023
25,000 EDGE Reward Points for
July 2023 eligible customers will be posted by 10th August 2023
Q. What will be I getting in place of monthly milestone?
A. From 1st September 2023,
you can earn 12 EDGE Reward Points for every INR 200 on cumulative eligible
monthly spends up to INR 1,50,000. Additionally, now you will earn 35 EDGE
Reward Points for every INR 200 on cumulative eligible monthly spends above INR
1,50,000.
Q. Currently I pay a fee of
INR 10,000 + GST. Will I have to pay a higher fee of INR 12,500 + GST for
Magnus?
A. No, existing customers have
to pay a fee of INR 10,000 + GST. Customers on-boarded from 1st September 2023,
will have to pay a fee of INR 12,500 + GST.
Q. Why will I renew Magnus
from second year onwards if there is no renewal benefit?
A. Customers on-boarded from 1st September 2023,
will receive fee waiver of INR 12,500 on spends of INR 25,00,000 in the
preceding card anniversary year as renewal benefit.
For customers onboarded before 1st September 2023,
annual fee waiver will be applicable on cumulative spends of INR 15,00,000 in
preceding card anniversary year. However, for such customers, on card
anniversary dates after 1st September 2024, fee waiver will be applicable on
cumulative spends of INR 25,00,000 in the preceding card anniversary year.
Burgundy relationship
eligibility criteria, calculated at a
Customer ID level or Family ID# level:
• Maintenance of
an Average Quarterly Balance of INR 10,00,000 in the Savings Account, OR
• Maintenance of
an Average Quarterly Balance of INR 10,00,000 across Savings Accounts and
Current Accounts, OR
• Maintenance of a
minimum Total Relationship Value^(TRV) of INR 30,00,000, OR
• Maintenance of a
minimum Total Relationship Value^(TRV) of INR 1,00,00,000, which includes Demat
holdings, OR
• In case of a
salaried customer, one should be receiving a net salary credit in excess of INR
3,00,000 every month in Axis Bank Salary Account, OR
• Foreign Inward Remittance of at least INR 40,00,000 received through Wire transfer or Remit Money in last 12 months (only for NRI’s)
^Total Relationship Value (TRV),
aggregated at Customer ID or Family ID# level, is composed of:
• Liability
Relationship: Savings Account, Current Account***, Term Deposits, Recurring
Deposits and/or Specified Investment Relationships
• Investment**
Relationship: Mutual Funds, Life Insurance, Private Equity Funds (Commitment
amount), Structured Products, Discretionary Portfolio Management Service,
Non-Discretionary Portfolio Management Service, RBI Bonds, PPF, NPS and other
Alternate Assets
**Investment through Axis Bank
to be considered
#Family ID is generated at the
time customer enrolls into Family Banking Program.
***Subject to
family banking / grouping & applicable only for Resident individual, Sole
Proprietor, HUF, Partnership, LLP, Private Limited Companies
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