Axis Magnus I got so close to getting Magnus as LTF

[gg123]

I have digital savings account in axis which I opened 6 months ago. and I use axis ACE card.

And my father wants to open a bank account and maintain good balance in that account as emergency fund and the amount is well above burgundy eligibility criteria. so I called my local branch guys and told them

"We want to open a good bank account to maintain X Lakh rupees and ICICI is offering me emeralde LTF (Which is a bluff BTW) if I open wealth account with them"

They said burgundy offers better value blah blah . I just said they are offering me HNI card if you guys offer me MAGNUS LTF I'll open the account with you guys. they tried to reason with me and tried to convince first open account and then after using you'll get pre approved offer. and I did not budge at all. I just said I'll open the account as soon as I Get Magnus LTF approval.

This went back and forth for like 3 days and I was pushing them since yesterday that I am leaving town and I won't be available till next month.

The bank manager said they'll try to get approval from Zonal Head this is the process they have to follow for Magnus LTF.

The CC rep said it can be processed but only from the senior management side (Not Sure how true this is)

I was on call with zonal sales manager for my region he said:
"Usually we will process this request and branch will bear the charge of the card for first 5 years since the BM is okay with it, we can process but for the month 2023-08-01 the internal guideline is not allowing us to process it like this. and this option is not available while processing the application like this anymore (Not Sure how true this is) but this could change for next month (Apparently axis changes guidelines every month on how to process the CC applications to give special offers like he gave me an examples like sometime ago they provided atlas cards LTF for salary account above 75k Salary and back in march they processed LTF Flipkart card for everyone who has savings account ) and i will try to process it next month provided that guideline goes back to normal but anyway from Sept 1st Magnus card will be Free for burgundy customers"

At least we kinda got a confirmation that Magnus is gonna be free for new Magnus cards. I feel like there is gonna be mass cancellations for existing paid cards

So what do you guys think should I open burgundy account or should we wait till sept 1st ? or these guys are just playing their tricks ?

 

[saucy]

Third time I'm reading about ltf magnus from sept.
Can't hurt to wait 20 more days 🤷

 

[ankitfintech]

I would highly recommend to wait for 20 days

 

[gg123]

Third time I'm reading about ltf magnus from sept.
Can't hurt to wait 20 more days 🤷

I think the fee will be waived off and not 0, I feel like the card is gonna be chargeable but after paying for it. if we are maintaining burgundy there will be fee reversal. if not people will open burgundy account and after getting the card they will not maintain the AQB

and once the card will is processed as Free. like card details document we receive in with card. if there is 0 joining and 0 annual. they can't charge for that card at all. according to RBI Guidelines

This is what happened with axis select card but for Magnus this rule will be strict

 

[saucy]

I think the fee will be waived off and not 0, I feel like the card is gonna be chargeable but after paying for it. if we are maintaining burgundy there will be fee reversal. if not people will open burgundy account and after getting the card they will not maintain the AQB

and once the card will is processed as Free. like card details document we receive in with card. if there is 0 joining and 0 annual. they can't charge for that card at all. according to RBI Guidelines

This is what happened with axis select card but for Magnus this rule will be strict

Potato potaato, in your case 😄

 

[gg123]

Potato potaato, in your case 😄

But if I am under family banking and we are holding 10L AQB together and only one account is burgundy will all the accounts have burgundy status.
some reps said. you'll only get burgundy status and not burgundy debit card and no select LTF

But the BM said you'll get the select LTF and no charges for burgundy debit

Not sure who to trust anymore.

 

[gg123]

I would highly recommend to wait for 20 days

I am traveling for a couple of weeks and serious spendings coming my way. I would've liked to spend them on Magnus and get that accelerated reward

 

[anup4solutions]

But if I am under family banking and we are holding 10L AQB together and only one account is burgundy will all the accounts have burgundy status.
some reps said. you'll only get burgundy status and not burgundy debit card and no select LTF

But the BM said you'll get the select LTF and no charges for burgundy debit

Not sure who to trust anymore.

I can answer the first part. I have a Burgundy account and have added my wife's account under Family banking. Her account also has Burgundy status and she received a Burgundy debit card.

 

[gg123]

I can answer the first part. I have a Burgundy account and have added my wife's account under Family banking. Her account also has Burgundy status and she received a Burgundy debit card.

Is her account scheme code burgundy?

I have opened the account and added my account under family. My father is primary member and we are a burgundy family.
will the burgundy debit card automatically dispatched?

FYI my account schema code still stayed DBEZY

 

[Trust Me]

Her account also has Burgundy status and she received a Burgundy debit card.

will the burgundy debit card automatically dispatched?

What's so special about the Burgundy debit card?!

 

[anup4solutions]

What's so special about the Burgundy debit card?!

I can list what I find good / use it for:

1. Unlimited withdrawals + free usage
2. 1+1 on Bookmy show with 6 free movie ticket upto Rs.500 each and 4 free non movie tickets upto Rs.1000 each. Most other cards have a lower threshold both for number of tickets and amount.
3. 1.5 percent edge points on payment of credit card bills which can be utilised at 5:4 conversion just like magnus points. For other spends / intl usage it is slightly more but I haven't used for other spends.

 

[anup4solutions]

Is her account scheme code burgundy?

I have opened the account and added my account under family. My father is primary member and we are a burgundy family.
will the burgundy debit card automatically dispatched?

FYI my account schema code still stayed DBEZY

Check your account statement which is sent every month and Burgundy would be mentioned in the statement. I am not sure about the account scheme code.

For debit card - on the app, there will be an option to upgrade the card. If it's not there, cancel / block existing card and they will send a new Burgundy debit card.

 

[insight]

I can list what I find good / use it for:

1. Unlimited withdrawals + free usage

2. 1+1 on Bookmy show with 6 free movie ticket upto Rs.500 each and 4 free non movie tickets upto Rs.1000 each. Most other cards have a lower threshold both for number of tickets and amount.

Hmm.. this is monthly? Higher compared to Magnus?

3. 1.5 percent edge points on payment of credit card bills which can be utilised at 5:4 conversion just like magnus points. For other spends / intl usage it is slightly more but I haven't used for other spends.

How is this compared to the HDFC Billpay for CC Bills?

 

[anup4solutions]

Hmm.. this is monthly? Higher compared to Magnus?

Yes, these are monthly.
Magnus I think is 5 or 6 tickets across movies/non movie a month but capped at Rs. 500 per ticket. So Debit card is better if booking non movie above Rs.500 per ticket.

How is this compared to the HDFC Billpay for CC Bills?

I don't have hdfc account and haven't used hdfc bill pay so far. So unable to comment.

 

[Trust Me]

I can list what I find good / use it for:

1. Unlimited withdrawals + free usage
2. 1+1 on Bookmy show with 6 free movie ticket upto Rs.500 each and 4 free non movie tickets upto Rs.1000 each. Most other cards have a lower threshold both for number of tickets and amount.
3. 1.5 percent edge points on payment of credit card bills which can be utilised at 5:4 conversion just like magnus points. For other spends / intl usage it is slightly more but I haven't used for other spends.

1. So do many other debit cards from almost all banks (as issued for their better-than-basic SB account variants)!

2. Fair enough, if that is your thing. It's not mine. I have many cards offering it, but I've never compared, since I've no use for this feature.

3. How do you earn 1.5%, -- after converting ERs at the 5:4 rate? (And is it guaranteed? I thought it's getting devalued to 5:2). I personally don't care for piddly ERs from Axis that may or may not come after waiting for 120 days. The 1% cashback from the HDFC Platinum DC within 2-3 days is good enough for me.

For other spends the Select CC gives 5x more ER points compared to the Burgundy DC.

My Burgundy DC has been lying idle in my locker for years now!
.

 

[anup4solutions]

How do you earn 1.5%, -- after converting ERs at the 5:4 rate? (And is it guaranteed? I thought it's getting devalued to 5:2). I personally don't care for piddly ERs from Axis that may or may not come after waiting for 120 days. The 1% cashback from the HDFC Platinum DC within 2-3 days is good enough for me.

For other spends the Select CC gives 5x more ER points compared to the Burgundy DC.

1.5 pct ER and not value.. as of now conversion is 5:4 and of course it's 5:4 till it's there and nothing is guaranteed.

Fyi - Am not saying to use Debit card instead of select CC or fir that matter any other CC. I have been using this Debit card for settling CC bills and earn ERs. Again, ERs on DC spends are not bonus spends and usually come within 2-3 days of making the spends.

Piddly ERs : no comments 🙂

 

[Trust Me]

1.5 pct ER and not value..

Isn't it 2 ER points per 200 rupees for the Burgundy DC (which would be 1% only)? It is 3 per 200 only for the Burgundy Private DC. Even then, in value terms it would translate to just 0.3% (so, piddly ERs 🙂.). HDFC Platinum gives 1% as real cashback.

 

[R@J]

Is her account scheme code burgundy?

I have opened the account and added my account under family. My father is primary member and we are a burgundy family.
will the burgundy debit card automatically dispatched?

FYI my account schema code still stayed DBEZY

DBEZY is not burgundy but Digital Easy access (or similar) account - the basic one.
You need to get your account upgraded manually by visiting branch (after getting added in family). The child accounts do not get upgraded automatically, but the charges etc. will be waived.

 

[gg123]

DBEZY is not burgundy but Digital Easy access (or similar) account - the basic one.
You need to get your account upgraded manually by visiting branch (after getting added in family). The child accounts do not get upgraded automatically, but the charges etc. will be waived.

Yes I know. that's why I said "code still stayed DBEZY" . I am working with branch executives to get this done. I'll get this SR raised tomorrow from branch

 

[gg123]

Check your account statement which is sent every month and Burgundy would be mentioned in the statement. I am not sure about the account scheme code.

For debit card - on the app, there will be an option to upgrade the card. If it's not there, cancel / block existing card and they will send a new Burgundy debit card.

I'll wait for the statement to be generated.
and I had a online rewards card earlier but it doesn't justify the 590 charges. so I canceled it a month ago.

in app when I apply for new debit card I could only see

1. online rewards master card
2. online rewards VISA
3. value plus debit card