Axis Magnus Magnus Burgandy Credit Card Rejected

[lazyme]

Hello everyone,

I previously had an Axis Magnus credit card, which I closed around six months ago. Since then, I’ve been using the Axis Atlas card and have spent over ₹12 lakh. Last month, I opened a Magnus Burgundy account with a deposit of over ₹30 lakh. This month, my Axis Bank RM applied for the Magnus Burgundy credit card on my behalf. However, today I received an SMS stating that my application was rejected due to the bank's credit norms.

We regret to inform you that we are unable to process your Credit Card application as it does not meet the Bank's credit norms - Axis Bank

My CIBIL score is close to 800. Has anyone experienced this before? Any suggestions on how I can get the application approved?

 

[Anupama_Jha]

Hello everyone,

I previously had an Axis Magnus credit card, which I closed around six months ago. Since then, I’ve been using the Axis Atlas card and have spent over ₹12 lakh. Last month, I opened a Magnus Burgundy account with a deposit of over ₹30 lakh. This month, my Axis Bank RM applied for the Magnus Burgundy credit card on my behalf. However, today I received an SMS stating that my application was rejected due to the bank's credit norms.

We regret to inform you that we are unable to process your Credit Card application as it does not meet the Bank's credit norms - Axis Bank

My CIBIL score is close to 800. Has anyone experienced this before? Any suggestions on how I can get the application approved?

Check ur pre-approved cards section and get normal magnus from there. Don't activate it and request RM for upgrade.

 

[uchitshah]

I feel RM applied in hurry
You need to wait atleast 3 to 4 months in Burgundy status and then apply.

Are you aware of the new joining and renewal charges ?

 

[lazyme]

I feel RM applied in hurry
You need to wait atleast 3 to 4 months in Burgundy status and then apply.

Are you aware of the new joining and renewal charges ?

10L is for the AQB. I made a deposit of more than 30L on the account so was eligible within the month he said. I'm aware of the fees and stuff.

 

[uchitshah]

I know the criteria, but you account need to be Burgundy for 3 to 4 months (atleast for a quater) then you can apply for Burgundy Magnus Credit Card.

 

[techstrom007]

10L is for the AQB. I made a deposit of more than 30L on the account so was eligible within the month he said. I'm aware of the fees and stuff.

Your RM tricked you into depositing 30L instead of 10L for burgundy that's all. You still need to wait for 3 complete months before applying.

 

[lazyme]

Your RM tricked you into depositing 30L instead of 10L for burgundy that's all. You still need to wait for 3 complete months before applying.

The RM told me when I opened the account that I could either deposit ₹10L and wait for three months to get the card or deposit ₹30L and get it once the first Burgundy statement was generated. So, I don’t think he was trying to trick me.

I spoke to my him yesterday, and he said it was rejected because I closed my Axis Magnus card less than a year ago. He said he's looking for ways to get it approved. 🤷‍♂️

 

[P3T3R_GOA]

Hello everyone,

I previously had an Axis Magnus credit card, which I closed around six months ago. Since then, I’ve been using the Axis Atlas card and have spent over ₹12 lakh. Last month, I opened a Magnus Burgundy account with a deposit of over ₹30 lakh. This month, my Axis Bank RM applied for the Magnus Burgundy credit card on my behalf. However, today I received an SMS stating that my application was rejected due to the bank's credit norms.

We regret to inform you that we are unable to process your Credit Card application as it does not meet the Bank's credit norms - Axis Bank

My CIBIL score is close to 800. Has anyone experienced this before? Any suggestions on how I can get the application approved?

Send them a message ;
"I regret to inform you that I am unable to maintain my deposit of 30L as your band does not meet my norms"

Then tell the RM you want to close the deposit and shift to another bank.

 

[techstrom007]

The RM told me when I opened the account that I could either deposit ₹10L and wait for three months to get the card or deposit ₹30L and get it once the first Burgundy statement was generated. So, I don’t think he was trying to trick me.

I spoke to my him yesterday, and he said it was rejected because I closed my Axis Magnus card less than a year ago. He said he's looking for ways to get it approved. 🤷‍♂️

That 30L is cash and not FD right ? If it's FD then 30L will be required if cash 10 will work.

But i still doubt if that's the case , then by depositing 50L we can get it in 10 days .

I still feel RM is saying random stuffs now.

 

[lazyme]

Send them a message ;
"I regret to inform you that I am unable to maintain my deposit of 30L as your band does not meet my norms"

Then tell the RM you want to close the deposit and shift to another bank.

Yeah, if they don't approve the card within the next few days will remove 20L and keep just 10L in the account.

That 30L is cash and not FD right ? If it's FD then 30L will be required if cash 10 will work.

But i still doubt if that's the case , then by depositing 50L we can get it in 10 days .

I still feel RM is saying random stuffs now.

Yes, 30L in cash. The RM told me once my card is approved, I can take out 20L and keep 10L balance in the account.

 

[lazyme]

The bank branch manager called me today and mentioned that there’s a one-year cooling period before I can reapply for the Axis Magnus card. Since I closed my card 8 months back, I would have to wait 4 more months to reapply.

However, he said he could still get the card approved through the relevant team if I agree to invest ₹50,000 per year in their ULIP plan for five years 😡😡

 

[Anupama_Jha]

The bank branch manager called me today and mentioned that there’s a one-year cooling period before I can reapply for the Axis Magnus card. Since I closed my card 8 months back, I would have to wait 4 more months to reapply.

However, he said he could still get the card approved through the relevant team if I agree to invest ₹50,000 per year in their ULIP plan for five years 😡😡

Tell him you want LTF M4B along with LTF ATLAS

After getting the card approved, cancel the ULIP immediately (there's 15/30 days cooling period)

**Conditions apply

 

[techstrom007]

Tell him you want LTF M4B along with LTF ATLAS

After getting the card approved, cancel the ULIP immediately (there's 15/30 days cooling period)

**Conditions apply

My HDFC manager asked for 5.5L/Yr for 6 Yr for Paid INFINIA, still poor guy was not able to take approval. He even deducted 1st Yr instalment just to be safe, but i mentioned to do KYC after card.

Though i get it through direct escalation.

 

[Anupama_Jha]

My HDFC manager asked for 5.5L/Yr for 6 Yr for Paid INFINIA, still poor guy was not able to take approval. He even deducted 1st Yr instalment just to be safe, but i mentioned to do KYC after card.

Though i get it through direct escalation.

Bruh, people here got easily with just 6-7L ITR on just 1.5L yr investment. With some bargaining one can even have managed at 1L

 

[techstrom007]

Bruh, people here got easily with just 6-7L ITR on just 1.5L yr investment. With some bargaining one can even have managed at 1L

Old shiny days are gone. Now no ULIP based INFINIA are given atleast as per my knowledge since Oct last yr, when the criteria was revisied to 5l/month.

This demand was before me when my last salary was 4.7/month 🤣

 

[Ayushsingh_2001]

Old shiny days are gone. Now no ULIP based INFINIA are given atleast as per my knowledge since Oct last yr, when the criteria was revisied to 5l/month.

This demand was before me when my last salary was 4.7/month 🤣

Still the same tried for my brother few days back he qualify the salary criteria still rm asked you need relationship with HDFC 4L/ year ulip to get the card for 5 years.

 

[techstrom007]

Still the same tried for my brother few days back he qualify the salary criteria still rm asked you need relationship with HDFC 4L/ year ulip to get the card for 5 years.

i would say start escalting if you have account with HDFC.

Start with PNO and mention RM is asking whicj you didn't feel right.

 

[lazyme]

i would say start escalting if you have account with HDFC.

Start with PNO and mention RM is asking whicj you didn't feel right.

Does escalating to PNO work with Axis as well?