Question about Magnus Burgundy

[sd.ac]

My RM is offering me a 'paid' Magnus Burgundy card bit I feel this is a bad choice for me. Before I say no to her, I wanted to confirm that I am thinking correctly about this: in the last year, my card spends crossed 2L in 1 month, 1.5L in 1 month and were around 1L (or lower) in other months - totalling to about 13L in the year. This may go up to 15L, this year, but not much higher...

Would you agree that the Magnus Burgundy card would be a poor choice for me? Since I will hit the accelerated rewards in perhaps 3 months of the year at most?

I currently hold an Infinia (for vouchers --> domestic travel redemption), an Atlas for all offline & travel spends and a Plat Travel (for milestones via exclusions).

Thank you

 

[knowbie]

Keep in mind that there are exclusions on spending. Unless you plan to move all your spending to the card to take maximum benefit, I would not recommend it.

 

[sourpai]

No not required... Paid M4B is good for people with at-least 3 months of 2 - 2.5L+ spending during an year

Axis Atlas + Infinia will do the job just fine in your case.

 

[sourpai]

Keep in mind that there are exclusions on spending. Unless you plan to move all your spending to the card to take maximum benefit, I would not recommend it.

Exclusions is not a problem. It is made out to be a bigger problem than it is with Axis cards. Insurance + Utilities can be easily solved by stacking Apay vouchers during AEP months. Jewellery can also be solved via vouchers during AEP months, or even non AEP months

 

[drabhishek90]

It doesn't make any sense for you to get the M4B card.

 

[sutarianiral]

What will be your spends on travel ? In case you use traveledge, your rewards can be much higher

 

[iROS]

Exclusions is not a problem. It is made out to be a bigger problem than it is with Axis cards. Insurance + Utilities can be easily solved by stacking Apay vouchers during AEP months. Jewellery can also be solved via vouchers during AEP months, or even non AEP months

When you say stack Amazon Pay vouchers, how to do it without raising red flag? Say i need 30K worth Amazon Pay vouchers from my M4B, what are my options? Thanks in advance.

 

[sourpai]

When you say stack Amazon Pay vouchers, how to do it without raising red flag? Say i need 30K worth Amazon Pay vouchers from my M4B, what are my options? Thanks in advance.

Amazon itself allows purchasing 30k vouchers every 90 days. Apart from that you have many platforms such as Cred, Maximise etc.... There are no reg flags here

 

[drabhishek90]

Amazon itself allows purchasing 30k vouchers every 90 days. Apart from that you have many platforms such as Cred, Maximise etc.... There are no reg flags here

30k vouchers by M4B every 90 days?
@drsel can you please shed some light on this? I know you can M4B for buying vouchers directly from Amazon website. And it is more profitable to do so in AEP months. But is there any limit as to how often or till what amount we can buy by this method? Or any unsaid limit after which axis can flag the account?

 

[drsel]

30k vouchers by M4B every 90 days?
@drsel can you please shed some light on this? I know you can M4B for buying vouchers directly from Amazon website. And it is more profitable to do so in AEP months. But is there any limit as to how often or till what amount we can buy by this method? Or any unsaid limit after which axis can flag the account?

All that @sourpai said in all his previous messages is absolutely correct

 

[drabhishek90]

This 90 day limit is per calender quarter or from the last day of purchase of amazon voucher?

 

[NikhilG]

I'm planning to buy skoda kylaq and want to pay all payment via card, Is m4b good choice for me if I swipe 8 lacs via that at once and never use it for the whole year?
Also my highest limit in any card is 8.9 lakhs icici saphiro. How can i get m4b quickly? I don't have axis sa yet and I just have axis neo with 5 lac limit. What do you suggest me?

 

[sourpai]

I'm planning to buy skoda kylaq and want to pay all payment via card, Is m4b good choice for me if I swipe 8 lacs via that at once and never use it for the whole year?
Also my highest limit in any card is 8.9 lakhs icici saphiro. How can i get m4b quickly? I don't have axis sa yet and I just have axis neo with 5 lac limit. What do you suggest me?

You can do the math yourself. m4B gives 4.8% upto 1.5L and 14% above 1.5L upto cc limit +1.5L. Returns calculated here in the form of airmiles / hotel miles

Directly open Axis Burgundy account with 30L FD. It is the only fastest way to get M4B card with 35.4K fees.

However with 5L credit limit, M4B is only of partial use. AEP will be applicable from 1.5L uptp 6.5L in this case

You can try for credit limit increase, but it will depend on your income documents you submit at the time of cc application. ICICI is generally not comparable as they are quite generous with credit limit compared to other banks

 

[NikhilG]

You can do the math yourself. m4B gives 4.8% upto 1.5L and 14% above 1.5L upto cc limit +1.5L. Returns calculated here in the form of airmiles / hotel miles

Directly open Axis Burgundy account with 30L FD. It is the only fastest way to get M4B card with 35.4K fees.

However with 5L credit limit, M4B is only of partial use. AEP will be applicable from 1.5L uptp 6.5L in this case

You can try for credit limit increase, but it will depend on your income documents you submit at the time of cc application. ICICI is generally not comparable as they are quite generous with credit limit compared to other banks

Why did you say 5lac credit limit if I'm opening an account with 30 lac fd?

 

[sourpai]

Why did you say 5lac credit limit if I'm opening an account with 30 lac fd?

Doing 30L FD is not going to increase your Axis credit limit of 5L. However income documents submitted during application process might

 

[tachniki]

There is absolutely no point taking this card with less than 10L credit limit.

 

[NikhilG]

this I agree

There is absolutely no point taking this card with less than 10L credit limit.

 

[NikhilG]

I just talked with axis cc guy, he says that when fd of 30 lac is opened, income proof not required and chances of getting good limit is there. But when I got my axis neo updated I submitted salary slips and they increased my limit to 5 lac so the bank would know my salary is 1.7 lakhs per month. What should I do in this case?

 

[NikhilG]

There is one more way he suggested to have 5 lac burgundy account wait for 3 months and show one cc with 10 lac limit and m4b can be applied?

 

[NikhilG]

There is absolutely no point taking this card with less than 10L credit limit.

Also is it true that m4b is required only while redeeming, so for now I can get magnus for earning as the earn rate is similar and when I transfer points I upgrade to m4b