Is it possible to get LTF Magnus for new Burgundy accounts?

[maynigam]

Hello guys
I am considering opening a new burgundy account and I have the following queries.
I was holding magnus last year and I closed it in February 2024. Since then, I am using a paid Atlas. I don't have any other relationship with Axis.

1. Can I open a new burgundy account and request for a LTF Magnus? If not LTF, atleast FYF?
2. Can I request that my Atlas be made LTF?
3. How soon can I expect to receive the card if approved?
4. If burgundy criteria is not met after few months, is there any penalty or I'll just loose the 5:4 privilege? What happens to the LTF card?

Let me clarify my purpose:
1. I need to keep a large amount in some savings account (for liquidity) for around 6 months only. So this seems to be the most rewarding deal if they give me LTF/FYF Magnus.
2. I need to make 10L down payment for a new car. M4B seems much more rewarding than Atlas for this amount! As per my calculations, a paid M4B is also more rewarding than Atlas for this transaction. (Please correct me if I'm wrong)

Please guide! Thanks in advance

 

[Makkar]

I am looking for a solution for the same. I have booked a car waiting for 3-4 months.

 

[maynigam]

I am looking for a solution for the same. I have booked a car waiting for 3-4 months.

Which car has 3-4 months waiting?

 

[sourpai]

There is no set answer to this question…. Theoretically answer is NO…

But talk to your nearest branch BM to negotiate and see how it goes. Only then you will get answers you are looking for

 

[HumorSimpson]

cc : @drsel

 

[Makkar]

Which car has 3-4 months waiting?

Mahindra 3xo. AX5L Petrol variant has around 12-14 weeks of waiting in Bangalore as per the Dealer/ Acko Drive.

 

[drsel]

Now you can't get it lifetime free, not anymore.
You need to pay 35400 joining free and 35400 renewal fee every year.

But just paying joining fee 35400 and renewal fee 35400 is not enough.
You also have to open a burgundy savings account and invest 30 lacs in fixed deposits, mutual funds, etc through Axis Bank

If Magnus Burgundy is always available lifetime free, then how would other banks SELL any credit card at all ???
Nobody would be willing to PAY for any other credit card.
PAID credit cards would all go out of business!!

Like if Mercedes is given lifetime free, who will PAY for Nano, Swift dzire, Honda City and all other cars?

 

[HumorSimpson]

Like if Mercedes is given lifetime free, who will buy the Nano, Swift dzire, Honda City and all other cars?

I will, for bangalore roads nano is better.

 

[drsel]

I will, for bangalore roads nano is better.

Nano is out of business

 

[HumorSimpson]

Nano is out of business

Or any equivalent to it

 

[drsel]

Now you can't get it lifetime free
You need to pay 35400 joining free and 35400 renewal fee every year.

Just paying joining fee 35400 and renewal fee 35400 is not enough.
You also have to open a burgundy savings account with 10 lacs deposit and keep 30 lacs in fixed deposits, mutual funds, etc through Axis Bank

If they were giving Magnus Burgundy lifetime free then how would other banks SELL any credit card at all ???
Nobody would be willing to PAY for any other credit card.
PAID credit cards would all go out of business!!

Like if Mercedes is given lifetime free, who will PAY for Nano, Swift dzire, Honda City and all other cars?

This implies that --
Whoever has got a lifetime free Magnus Burgundy (when it was available lifetime free last year) should not pay any joining fee or renewal fee for any other card except maybe Biz Black, which gives points for Government GST and income tax payment

 

[sonuyos]

You can get it within a week if you go investment route.

 

[maynigam]

There is no set answer to this question…. Theoretically answer is NO…

But talk to your nearest branch BM to negotiate and see how it goes. Only then you will get answers you are looking for

Thanks. Will try.

 

[maynigam]

Now you can't get it lifetime free, not anymore.
You need to pay 35400 joining free and 35400 renewal fee every year.

Just paying joining fee 35400 and renewal fee 35400 is not enough.
You also have to open a burgundy savings account with 10 lacs deposit and keep 30 lacs in fixed deposits, mutual funds, etc through Axis Bank

If Magnus Burgundy is always available lifetime free, then how would other banks SELL any credit card at all ???
Nobody would be willing to PAY for any other credit card.
PAID credit cards would all go out of business!!

Like if Mercedes is given lifetime free, who will PAY for Nano, Swift dzire, Honda City and all other cars?

Thanks for the reply.
I am willing to meet the burgundy criteria. I think it is 10L in saving OR 30L in investment.
I think I'll just speak to the BM as see what they are offering. Even FYF Magnus works for me. Could you please clear the other doubts?

 

[maynigam]

You can get it within a week if you go investment route.

Is it lengthier if we go through savings account route?

 

[sonuyos]

Is it lengthier if we go through savings account route?

3-5 months atleast.

 

[maynigam]

3-5 months atleast.

That is too long! So basically they wait for you to maintain QAB! I needed the card right away

 

[Wealth is my birth right!]

Hello guys
I am considering opening a new burgundy account and I have the following queries.
I was holding magnus last year and I closed it in February 2024. Since then, I am using a paid Atlas. I don't have any other relationship with Axis.

1. Can I open a new burgundy account and request for a LTF Magnus? If not LTF, atleast FYF?
2. Can I request that my Atlas be made LTF?
3. How soon can I expect to receive the card if approved?
4. If burgundy criteria is not met after few months, is there any penalty or I'll just loose the 5:4 privilege? What happens to the LTF card?

Let me clarify my purpose:
1. I need to keep a large amount in some savings account (for liquidity) for around 6 months only. So this seems to be the most rewarding deal if they give me LTF/FYF Magnus.
2. I need to make 10L down payment for a new car. M4B seems much more rewarding than Atlas for this amount! As per my calculations, a paid M4B is also more rewarding than Atlas for this transaction. (Please correct me if I'm wrong)

Please guide! Thanks in advance

Short reply be ready to spend 35400/- even though you deposit 30lac
By account route u need 3 to 4 month waiting to get 3 months account statement

 

[nikhilesh71]

That is too long! So basically they wait for you to maintain QAB! I needed the card right away

But still you have to pay 35400 INR to get this card.

 

[sonuyos]

That is too long! So basically they wait for you to maintain QAB! I needed the card right away

If you put 50lk they will give u in a week.