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Magnus bandwagon! Is Axis Magnus good for a use case like mine? Please advice.

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isatyajeet

isatyajeet

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I was really considering applying for the Magnus card, but I am not sure if it’s a good match for me or not. I have realised that there are many people in similar position like myself. This should help them as well. Here are my queries/confusions, and some points. I have already tried contacting Axis bank regarding these credit card queries before applying, but I am unable to go though the IVR without a credit card number 🤷🏻‍♂️
  1. About the 1lac/month milestone, I am not sure I’ll able to achieve that regularly with my necessary spends, it’s possible but uncertain. The point is at what point it is worth having the card. I have the HDFC Business Regalia right now, which I have received 3 months ago, and I have already spent 6+ lacs in last 3 months only, just 2 lacs away from Regalia’s 8lac milestone benefit. These spends were not just mine, family spends are included. But I don’t think this will be the case always, so let’s say I will achieve the Magnus’ 1lac/month milestone only 3-4 or may be 5 times in a year, would this still be a worthy card in this case is the question?

  2. The second point is I am going to apply this on C2C basis. I have the Amazon Pay card with 5Lac limit, no EMIs or anything, whole limit is vacant. I have read here that people have done C2C with this card successfully. But I would still need to pay around 11,800/year. Is this worth getting for me? If I am not wrong, this is annual fees. So if I apply right now, I pay 11,800, and then I will pay 11,800 on this day next year, is this correct? Confusion is because someone here said you have to pay joining+annual i.e 23,600.

  3. Now I am okay with this fees, only considering the welcome/annual benefits. Three queries regarding that as well.
    — Are the complimentary flight ticket and 10k Tata CLiQ voucher both just welcome benefit, or BOTH are annual benefits?
    — About the free flight ticket. I think this would be useless, as this is for a one way ticket, my usual domestic travel fare is Rs.5000 only. So I won't pick this.
    — About the 10k Tata CLiQ voucher, this is something I can utilise. I am guessing this is like money in the Tata CLiQ website, and I can use it multiple times? If this is the case, this is well worth it for me. I can easily order stuff worth 10k in a year, every year. This makes the 'effective' card cost down to Rs.1800 only, which I will gladly pay for the benefits of this card.

  4. I am a noob in miles conversion game, and I haven’t done this ever before. I reckon utilising this card to its full potential would require knowledge of miles game as well, is that too complicated? Pardon my ignorance. I have also bookmarked a few videos to learn that.

  5. As it must be evident, I am fairly new to the credit card game. My current portfolio is:
    — Amazon Pay LTF
    — IndusInd Legend LTF
    — HDFC Business Regalia LTF

  6. I will obviously direct all my transactions towards Magnus. After (if) reaching the monthly milestone, I am going to switch to Regalia.
I would really appreciate your suggestions/advice.

Thank you!
 
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- UPDATE. GOOD NEWS -

As I mentioned on the post, I have already tried applying C2C from two different branches and got rejected, saying C2C is closed now. I don't have an account with Axis, but one of my friend does. He asked his RM, he rejected quoting the same reason, even the BM rejected. I contacted customer care regarding confirmation of this, they didn't confirm anything.

Then I started going the other way, which was the only option left for me. I made a few calls, long story short, a friend of a friend of a friend, who works at Axis, sent out an 'internal lead' regarding this, and the very next day a representative came to my place, took KYC and Amazon Pay card's last month statement. Received a text next day saying it is under process, today I received a text saying it is approved and will be delivered shortly.

Finally! 😃

12345677.jpg
 
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isatyajeet said:
- UPDATE. GOOD NEWS -

As I mentioned on the post, I have already tried applying C2C from two different branches and got rejected, saying C2C is closed now. I don't have an account with Axis, but one of my friend does. He asked his RM, he rejected quoting the same reason, even the BM rejected. I contacted customer care regarding confirmation of this, they didn't confirm anything.

Then I started going the other way, which was the only option left for me. I made a few calls, long story short, a friend of a friend of a friend, who works at Axis, sent out an 'internal lead' regarding this, and the very next day a representative came to my place, took KYC and Amazon Pay card's last month statement. Received a text next day saying it is under process, today I received a text saying it is approved and will be delivered shortly.

Finally! 😃

View attachment 6862
Click to expand...
Congrats!
 
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isatyajeet said:
- UPDATE. GOOD NEWS -

As I mentioned on the post, I have already tried applying C2C from two different branches and got rejected, saying C2C is closed now. I don't have an account with Axis, but one of my friend does. He asked his RM, he rejected quoting the same reason, even the BM rejected. I contacted customer care regarding confirmation of this, they didn't confirm anything.

Then I started going the other way, which was the only option left for me. I made a few calls, long story short, a friend of a friend of a friend, who works at Axis, sent out an 'internal lead' regarding this, and the very next day a representative came to my place, took KYC and Amazon Pay card's last month statement. Received a text next day saying it is under process, today I received a text saying it is approved and will be delivered shortly.

Finally! 😃

View attachment 6862
Click to expand...
Wow at last you did it👍
 
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Copycat said:
Note: My initial calculation had an error. Thanks to @thementalist for pointing it out. What you see in this post is the corrected version.

You pay 11,800 before getting the card and 11,800 1 year later
You can choose either the TataCliq voucher or the air ticket once a year, every year, even if your renewal fees are waived off because you met the spend target
Simple calculation
Your charges:
1) GST: 1800/-
2) If you buy a gold bar from TataCliq assume you will lose about Rs 2000/- when you try to sell it
So your total one time yearly charges are: 1800/- + 2000/- = 3800
3) Now let's consider what you will lose by not using your other cards because they have better offers. Assume that you have to spend 1 lakh. Your best card gives you 5% back on all spends (don't know if such a one exists). We will take this as your opportunity cost of Rs 5000/-

Now assume you hit the milestone for 1 month in 12. You get Rs 6200 worth of points (Milestone benefit Rs 5000, Normal RP Rs 1200). So your loss is
6200 - 3800 (yearly spend as explained in points 1 & 2) - 5000 (opportunity cost as explained in point 3) = Loss of Rs 2600
Now assume you hit the milestone for 2 months in 12. You get Rs 6200 + Rs 6200 worth of points (Milestone benefit Rs 5000, Normal RP Rs 1200). So your loss is 6200 (Month 1) + 6200 (Month 2) - 3800 (yearly spend from 1 & 2) - 5000x2 (2 months x opportunity charge as explained in point 3) = Loss of Rs 1400
Now assume you hit the milestone for 3 months in 12. You get Rs 6200 x 3 worth of points (Milestone benefit Rs 5000, Normal RP Rs 1200). So your loss is 6200x3 - 3800 (yearly spend from 1 & 2) - 5000x3 (3 months x opportunity charge as explained in point 3) = Loss of Rs 200
Now assume you hit the milestone for 4 months in 12. You get Rs 6200 x 4 worth of points (Milestone benefit Rs 5000, Normal RP Rs 1200). So your profit is 6200x4 - 3800 (yearly spend from 1 & 2) - 5000x4 (4 months x opportunity charge as explained in point 3) = Profit of Rs 1000

After that, every month you hit a milestone it is pure profit
If you are not going to hit the milestone in that month then use your other cards. So you need to plan your spends in advance

Naturally, if you don't have a card that gives you 5% then your opportunity cost from point 3 is much lower so your break-even point occurs earlier
Assumptions: You will buy the TataCliq voucher, you will choose Amazon GVs as redemption options (because they are as good as cash). If you are into the air-miles/hotel points game then you get better redemption rates
Click to expand...

I'd buy you a beer for this.

Kinda but not really off topic for this thread, but I had this feeling that if your spends are Rs 99,999 every month, then Reserve has better rewards. Can you do a calculation for that as well?
 
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isatyajeet said:
- UPDATE. GOOD NEWS -

As I mentioned on the post, I have already tried applying C2C from two different branches and got rejected, saying C2C is closed now. I don't have an account with Axis, but one of my friend does. He asked his RM, he rejected quoting the same reason, even the BM rejected. I contacted customer care regarding confirmation of this, they didn't confirm anything.

Then I started going the other way, which was the only option left for me. I made a few calls, long story short, a friend of a friend of a friend, who works at Axis, sent out an 'internal lead' regarding this, and the very next day a representative came to my place, took KYC and Amazon Pay card's last month statement. Received a text next day saying it is under process, today I received a text saying it is approved and will be delivered shortly.

Finally! 😃

View attachment 6862
Click to expand...
Hey hold on, check if you are eligible for this offer.
 

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Sidd said:
Hey hold on, check if you are eligible for this offer.
Click to expand...
A fee waiver on spending 1.2lacs in 90 days. That's a good offer! I don't know how to see if I am eligible for this. I guess I have to spend that much and see? There's no official link confirming this. The branch people are never updated with these limited time offers.
 
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