Axis Magnus Burgundy Magnus 5:4 ratio

[drsel]

1) Please post here when your Magnus card with Burgundy status shows a 5:4 conversion ratio.

2) Also post if you have received a brand new Burgundy Magnus card or have the same old Magnus card.

3) Whether the brand new burgundy Magnus card is lifetime free or old Magnus card is made lifetime free because of your Burgundy 10 lac AQB savings account.

So far I don't think anyone in India is getting it, but its supposed to be starting from 15 to 21 September 2023.

Also kindly let us know how simple and easy it is to convert your existing ordinary savings account in Axis Bank to a Burgundy savings account. Thanks 🙏

 

[Dragon_slayer]

10 lakh is not eligible.
30 lacs in fixed deposit 15 months at 7.1% interest is the best option to get Magnus Burgundy lifetime free

Both 10L and 30L are eligible. But holding that much amount only makes sense if you generally keep that much liquidity in banks. It's not profitable otherwise.

 

[CARDBITRAGE]

That's actually not true if you do the maths. 10L in Axis Burgundy will get you 30K interest PA (not taking IT into account) and the same amount kept in banks like AU and IDFC will get you 70K. So effectively Magnus Burgundy is for 40K. Earlier maintaining Burgundy in a family ID wasn't all that difficult but now the bank wants the individual Burgundy criteria to be met for Magnus CC.

Huh? I was trying the investment route. Not through the liability relationship.
Your reasoning is considering the income interest that is generated(merely 7% pre tax). My equity investments give me a mean return in the high teens without being subject to taxation. I like to avoid taxation on my investments, so my investments in debt instruments are limited only to what is required. I have enough liquidity set aside for my emergency funds, so I'm not putting another 30L just for a card, especially when a sizable chunk of the return that it generates is going back to the government in the form of tax(based on tax slab+surcharges). Besides, for all we know, Axis might devalue the card any day so I'm okay passing this opportunity.

 

[drsel]

Did u get it?

Not yet, there is a 45 day cool off period.
They said mid November I should get

 

[Salvo08]

10 lakh is not eligible.

That's not correct. Many old Burgundy acct holders including me got the card on 10L basis.

 

[Salvo08]

Both 10L and 30L are eligible. But holding that much amount only makes sense if you generally keep that much liquidity in banks. It's not profitable otherwise.

Absolutely. Think more suited for businessmen or retired folks to park 30L in liquidity and that too in one bank.

 

[Salvo08]

Huh? I was trying the investment route. Not through the liability relationship.
Your reasoning is considering the income interest that is generated(merely 7% pre tax). My equity investments give me a mean return in the high teens without being subject to taxation. I like to avoid taxation on my investments, so my investments in debt instruments are limited only to what is required. I have enough liquidity set aside for my emergency funds, so I'm not putting another 30L just for a card, especially when a sizable chunk of the return that it generates is going back to the government in the form of tax(based on tax slab+surcharges). Besides, for all we know, Axis might devalue the card any day so I'm okay passing this opportunity.

Totally in agreement. Have been saying the same thing for a month. Not worth the time, effort and money.

 

[seekndestroy99]

Anyone who got it recently as it's mid-november? (45 day cooling period)

 

[SteelSh0t]

Anyone who got it recently as it's mid-november? (45 day cooling period)

Not yet no

 

[SteelSh0t]

This is with reference to your email dated 15-11-2023, We understand that you wish to upgrade your existing Magnus credit card ending with xxxx to Magnus Burgundy Credit Card.



We wish to inform you that, as per the update received against your request if you are maintaining the requisite Burgundy ‘Total Relationship Value' Criteria with the bank, you will be able to upgrade the card to a Burgundy Magnus card.



The upgrade is not possible for your credit card at the moment.



We kindly ask that you respond to us post 25th November 2023, so we can verify your eligibility to upgrade your card.

We thank you for banking with us & look forward to your continued patronage.

 

[palvannan]

Anyone who got it recently as it's mid-november? (45 day cooling period)

Many persons have got upgrade request approved including me since yesterday , based on either 10L AQB in July/ Aug/ Sep calendar quarter or 30L TRV value as per Sep & Oct OGS.

 

[satyamkaushik]

Hi Folks,
My Magnus card got upgraded to a Burgundy Magnus last month and I am now facing a weird issue while redeeming my edge points towards miles. The Edge points from my old Magnus are not reflecting under the Burgundy Magnus bucket and hence Travel Edge is only allowing me to trasfer the points earned on the new Burgundy Magnus card.

Anyone else experiencing this issue ?

Though I have written to premiumexperiences for this, is there a way around this?

 

[svs_23]

Hi Folks,
My Magnus card got upgraded to a Burgundy Magnus last month and I am now facing a weird issue while redeeming my edge points towards miles. The Edge points from my old Magnus are not reflecting under the Burgundy Magnus bucket and hence Travel Edge is only allowing me to trasfer the points earned on the new Burgundy Magnus card.

Anyone else experiencing this issue ?

Though I have written to premiumexperiences for this, is there a way around this?

First you need to use up all the burgundy magnus points if any. After that small % of points will move from ER to Magnus points everytime you use up those small % points for partner transfer

 

[satyamkaushik]

First you need to use up all the burgundy magnus points if any. After that small % of points will move from ER to Magnus points everytime you use up those small % points for partner transfer

Thanks for the reply.

Will try transferring some points and test this approach.

 

[MilesMax]

Many persons have got upgrade request approved including me since yesterday , based on either 10L AQB in July/ Aug/ Sep calendar quarter or 30L TRV value as per Sep & Oct OGS.

30L TRV should be shown in both Sept & Oct OGS?

 

[palvannan]

30L TRV should be shown in both Sept & Oct OGS?

It helps if you have two months OGS each showing 30Lakhs TRV , especially if TRV was achieved in late September. I am not sure if the 45 days wait period will start from 30L TRV achievement date or the end of the OGS month end date . But no harm in trying if TRV was achieved in October only. Try to get the upgrade request registered before 30th November.

 

[tdot]

Why is Axis asking customers for their OGS statement shouldn’t this be available with them ?

What am I misssing

 

[MilesMax]

It helps if you have two months OGS each showing 30Lakhs TRV , especially if TRV was achieved in late September. I am not sure if the 45 days wait period will start from 30L TRV achievement date or the end of the OGS month end date . But no harm in trying if TRV was achieved in October only. Try to get the upgrade request registered before 30th November.

I only have Oct OGS with 30L TRV. Upon requesting for upgrade they said I am not eligible because it's 45 days wait since the OGS. They were making up things as we spoke.
Customer care doesn't have anyway to do. If it comes from backend they can process else they'll just say you are not eligible.

 

[baba123]

It helps if you have two months OGS each showing 30Lakhs TRV , especially if TRV was achieved in late September. I am not sure if the 45 days wait period will start from 30L TRV achievement date or the end of the OGS month end date . But no harm in trying if TRV was achieved in October only. Try to get the upgrade request registered before 30th November.

There is no guarantee you will get it after this either. I have 30L TRV in both the OGSs and all I'm receiving from the so called 'Premium' experience team are copy pasted responses of no. I registered complaints with both the RBI Ombudsman and consumer court and emailed MD to send some fire up their a**. Now I've been told that my case is being looked at individually.

 

[palvannan]

Why is Axis asking customers for their OGS statement shouldn’t this be available with them ?

What am I misssing

The premium experience team doesn't have direct access to the OGS info , though they are supposed to check the basic eligibility criteria for upgrade , before registering the request for upgrade into the system. However they send the OGS received from customers to another team to verify if eligibility criteria is met before logging the request and how long further to wait if not met ( which is mostly a standard reply asking you to wait for 10 or 15 days). There is another back end credit card processing team that processes all the applications for including into the eligible/approved list periodically ( for this LTF offer) and updates the PE about status and progress , if any query is made.

 

[palvannan]

There is no guarantee you will get it after this either. I have 30L TRV in both the OGSs and all I'm receiving from the so called 'Premium' experience team are copy pasted responses of no. I registered complaints with both the RBI Ombudsman and consumer court and emailed MD to send some fire up their a**. Now I've been told that my case is being looked at individually.

I think you will get it approved soon , as escalation to MD desk usually works, as you must have met the TRV criteria from 30th September OGS date and the 45 days waiting period is over now. Though there is some doubt if they calculate TRV as FD plus month end date savings balance or FD+AMB for September . Since u opened the account in middle of September, just check it from OGS what is the value of FD+ AMB for September.