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

 

[maynigam]

7.5L spends on regalia

seems quite worthless given the reward rate of this card! after that also they may or may not give Infinia and say that spend continuously for 3 months!

 

[Makkar]

@maynigam what route you are following now ?? I am in the same boat, opened a Burgundy account today, they said that within 2 weeks they'll issue the Magnus Burgundy card but can't waive off the joining fees.

Do you see any miss here ??

 

[_ayush]

@maynigam what route you are following now ?? I am in the same boat, opened a Burgundy account today, they said that within 2 weeks they'll issue the Magnus Burgundy card but can't waive off the joining fees.

Do you see any miss here ??

On what basis they opened your burgundy account?

 

[Wealth is my birth right!]

@maynigam what route you are following now ?? I am in the same boat, opened a Burgundy account today, they said that within 2 weeks they'll issue the Magnus Burgundy card but can't waive off the joining fees.

Do you see any miss here ??

They will say minimum 3 months to be a Burgundy account client then only magnus card possible not sure how they offer you

 

[_ayush]

for me the agent said that they'll open account with 5L funding and using the OGS next month, they'll apply for m4b. But I confirmed with m4b team, they said this will lead to application rejection.

 

[shashankrt]

does it matter if its downgraded? this is more like a one night stand for OP.

Downgrade will come with cost. Normal Magnus will cost 12.5K + taxes or if the keep MB then it will be 30K + taxes.

 

[shashankrt]

for me the agent said that they'll open account with 5L funding and using the OGS next month, they'll apply for m4b. But I confirmed with m4b team, they said this will lead to application rejection.

Agent is bluffing just to get you to open account. Ask him to provide this in writing from his axis email.

 

[shashankrt]

What did you write about pioneer account earlier? Did not understand

Indusind Pioneer is premium account of Indusind which needs 10L balance or 30L FD. It gives you Pioneer DC as well as makes u eligible for Pioneer Heritage Metal CC (which some have got for 15K fees). Check both online and see if its ok for your use.

 

[sourpai]

for me the agent said that they'll open account with 5L funding and using the OGS next month, they'll apply for m4b. But I confirmed with m4b team, they said this will lead to application rejection.

Have you tried speaking to a branch BM or RM directly by visiting the branch? They may have a different suggestion. Agents have targets to open accounts and not sure if all of them say the truth

 

[_ayush]

Have you tried speaking to a branch BM or RM directly by visiting the branch? They may have a different suggestion. Agents have targets to open accounts and not sure if all of them say the truth

Agent is bluffing just to get you to open account. Ask him to provide this in writing from his axis email.

yeah I didnt fall for it, the agent was lying just to get the account opened

 

[_ayush]

Downgrade will come with cost. Normal Magnus will cost 12.5K + taxes or if the keep MB then it will be 30K + taxes.

in that case the OP can close the magnus before paying fees.

 

[maynigam]

Do you see any miss here ??

I did not understand you.

I tried calling Axis manager today. He didn't pick the call. Will visit branch tomorrow.

 

[shashankrt]

in that case the OP can close the magnus before paying fees.

No. In that case he will have to close his Magnus card before account downgrade. Its next to impossible to get axis to reverse fees once charged.

 

[_ayush]

No. In that case he will have to close his Magnus card before account downgrade. Its next to impossible to get axis to reverse fees once charged.

he can choose not to activate Magnus.
also axis gives one month to close the card once fees is charged. this only works if you haven't made any transaction after fees is charged. in my case, renewal fees was charged on magnus before I closed it. just call them and ask them to close, they will reverse charges and close the card.

 

[maynigam]

No. In that case he will have to close his Magnus card before account downgrade. Its next to impossible to get axis to reverse fees once charged.

Lolz. I will close the card first. Then I'll withdraw all my money!

 

[Makkar]

On what basis they opened your burgundy account?

Went to Brach, BM was known person. They asked for 5 lakh check and ITR above 40 lakh. And opened the burgundy account. Not sure if that is sufficient to get Burgundy magnus card.

 

[_ayush]

Went to Brach, BM was known person. They asked for 5 lakh check and ITR above 40 lakh. And opened the burgundy account. Not sure if that is sufficient to get Burgundy magnus card.

This will open a burgundy account but most likely will not qualify you for m4b.
I was also promised the same but didn't go through it.

 

[maynigam]

I visited the branch today. Manager said that he will try to get M4B LTF with 30L initial funding. I have asked him to email me once he gets the approval.

 

[maynigam]

I was also promised the same but didn't go through it

Did you insist on an email?

 

[_ayush]

Did you insist on an email?

He wasn't even sure on call.H e kept saying we can try but no guarantee.

I checked with another BM who checked with m4b team and said the application will get rejected from backend.