Axis Burgundy Magnus Fresh Application Possible?

[seekndestroy99]

I wish to apply (Paid) Burgundy Magnus for my sister. She already has a Burgundy Account, but only Privilege CC.
Anyone who applied for Burgundy Magnus recently can shed some light on the process?
Is there strict criteria for salary?

 

[Vishal K]

Invest ₹30 lakh in a Fixed Deposit (FD), you will receive an interest of ₹2.13 lakh per annum, excluding taxes. Additionally, with four meet-and-greet sessions costing approximately ₹10,000 each, the total cost is ₹40,000. Assuming you can transfer 10 lakh reward points per annum, which would be worth around ₹2 lakh, your total return would be ₹2.13 lakh (FD interest) + ₹2 lakh (reward points) + ₹40,000 (meet-and-greet value) - ₹30,000 (joining fee), amounting to ₹4.22 lakh annually, excluding FD tax.

In contrast, if you invest ₹30 lakh in different assets yielding a net return of approximately 2% per month, you would earn ₹7.2 lakh per annum.

Therefore, considering the restrictions associated with holding this card and the returns from the FD and reward points, it may be more beneficial to invest in other assets with higher returns. I might be incorrect about the reward points redemption, but this is my overall analysis.

 

[Adk7]

Given the requirement of maintaining an average quarterly balance (AQB) of 10 lakh or 30 lakh and paying a joining fee of 30k, is it advisable to hold an M4B (Magnus 4B) account considering the primary differences between the standard Magnus and M4B accounts are the 5:4 transfer ratio and 4 meet-and-greet services?

In my experience it’s worth it, PROVIDED you spend in lacs per month on the card.
If you’re spending is not very high, then not much point in chasing this card.

 

[SSV]

In my experience it’s worth it, PROVIDED you spend in lacs per month on the card.
If you’re spending is not very high, then not much point in chasing this card.

In essence it is for very very high spenders ...
may be we can safely say top 5 % to 10% of CC spenders in the country..

 

[Dragon_slayer]

Magnus Burgundy is not longer given for FREE. It will cost you 30K + GST each year, even if you maintain the Burgundy AQB.

I dont think it makes any sense to apply

 

[archit120]

You know you can invest 30L in regular mutual funds and still get magnus burgundy. Cost is 0 or 30k (1% excess cost of regular mutual fund)

 

[surgan]

investing regular mutual is one of the worst decisions to take avoid.

 

[seekndestroy99]

Chennai and i think u can contact Vimal who is in our TF community

Vimal helped me get the CC. Only OGS was asked. 10L AMB was maintained for 1.5 month.


Haven't unboxed the card. Is unboxing/activating the card necessary for 5:4 to kick in?

 

[Wealth is my birth right!]

Vimal helped me get the CC. Only OGS was asked. 10L AMB was maintained for 1.5 month.


Haven't unboxed the card. Is unboxing/activating the card necessary for 5:4 to kick in?

Yes you have to activate
With ogs hope he asked for other cc with 10l limit?
BTW paid right i heard no ltf magnus card nowadays

 

[seekndestroy99]

Yes you have to activate
With ogs hope he asked for other cc with 10l limit?
BTW paid right i heard no ltf magnus card nowadays

Nope other CC with 10L limit wasn't asked (although that was indeed required before)
But certain approvals need to be taken, which didn't need my intervention.

 

[m4b]

Nope other CC with 10L limit wasn't asked (although that was indeed required before)
But certain approvals need to be taken, which didn't need my intervention.

p a i d?

 

[swipesmart]

Good question
Currently axis want magnus or M4B card to be truly premium so they made tough decisions like 2lac take home or other bank cc 10lac limit or their salary burgundy with 3lac mly credits and on top of these basic requirements of 10lac aqb for a quarter or 30lac instant FD is must for M4B application.
On top of all these criteria some region head to approve the proposal from any branch manager recommendation

Isn't it's 3L?

 

[Wealth is my birth right!]

Salary account if your company in their list its 2l only with approvals
Normal other bank salary account 3l payslip required

Isn't it's 3L?

 

[eldraco]

Good question
Currently axis want magnus or M4B card to be truly premium so they made tough decisions like 2lac take home or other bank cc 10lac limit or their salary burgundy with 3lac mly credits and on top of these basic requirements of 10lac aqb for a quarter or 30lac instant FD is must for M4B application.
On top of all these criteria some region head to approve the proposal from any branch manager recommendation

Not true for regular Magnus. A month back, I saw it pre-approved on my profile just because I have a Axis vistara card of around 4 lakh limit. No other relation with bank.

 

[m4b]

Not true for regular Magnus. A month back, I saw it pre-approved on my profile just because I have a Axis vistara card of around 4 lakh limit. No other relation with bank.

Sometimes I forget that a vanilla magnus still exists

 

[Wealth is my birth right!]

Sometimes I forget that a vanilla magnus still exists

Vanilla no more use since its 5:2
Only if someone have plan in next year to get Burgundy account magnus card then only benefit

 

[swipesmart]

Salary account if your company in their list its 2l only with approvals
Normal other bank salary account 3l payslip required

With whom we have to take approval ? My company is in their list.

 

[Wealth is my birth right!]

With whom we have to take approval ? My company is in their list.

You have to contact any offline agent
They have to take some product head approval not us

 

[Rithin]

Hi good evening
Check your DM
LTF not possible sir

Hey, i had a question hope you can clarify. I have trv of 17 lakhs and i am planning to add 14 more through rbi bonds. will i be eligible for m4b instantly?

 

[sahilgulati5]

Hey, i had a question hope you can clarify. I have trv of 17 lakhs and i am planning to add 14 more through rbi bonds. will i be eligible for m4b instantly?

Min 3months they will take.. if it’s a 30Lakhs FD then they might do it instantly. But u would be still paying annual fee.

 

[Wealth is my birth right!]

Min 3months they will take.. if it’s a 30Lakhs FD then they might do it instantly. But u would be still paying annual fee.

With 30l fd also 30 days required nowadays