Only Premium & Super Premium Cards Discussion

[1RC]

I have said it before, I am going to say it again. (others too have said it well)

If and ONLY if you have a Burgundy Salary relationship (i.e., Salary INR >= 3L) with Axis, then keep using Magnus. But simply for the purpose of 5:4 ratio reward return keeping a higher balance to justify Burgundy Savings account makes no sense.

However, I will also point out that I keep ~5 months of my salary as liquid asset in bank for contingencies. This is personal to each, and I respect your personal finance decision as it seem fit to you. For me I would not like to touch my investments even in bad times (hopefully they don't come, one can only wish).


Regarding Magnus LTF, I believe Axis is giving out "new" Magnus as LTF with Burgundy Accounts. Check with your RM. Maybe get another Magnus if you are switching your salary account.

 

[jack333]

It's not. I checked with Axis on twitter DM.

View attachment 24187

It's from 1sep only and for new applicants. Moreover lower customer care staff is usually ignorant about upcoming offers

 

[souvikdey2002]

It's not. I checked with Axis on twitter DM.

View attachment 24187

I think this is for new issuance, not existing one.

 

[souvikdey2002]

Guys I went through all the thread. I have a good suggestion here.
Although I don't have this amount of money to park in AXIS just for 5:4, but the reality is even if I had, I would have never done that. On the other hand not everyone's salary is 3,00,000/month so that Burgundy can be maintained at 0 MAB.

So that's enough of the Problem Statement, now let's come to the solution:-

Many of us don't know & most of the AXIS Bank Burgundy Manager even don't know or even if they know somehow they pretend to be ignorant about this. On top of that even if you approach they would give you tough time to extract the below mentioned from them as well as from AXIS.

AXIS is the only bank who provides Burgundy status even with Government Schemes(Such as PPF, NPS, RBI Bonds) which no other banks provide, not even SBI. If you go through the detailed terms & conditions you will see that they mentioned if officially but none of us know this & Burgundy managers also doesn't know.

https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf

I guess many of us have PPF account where the balance only goes high every year due to 7.1% Interest & 15 years of locking Period. So now supposed if you have a PPF Account held in Post Office or any Nationalized Bank(SBI, PNB, UBI) then only thing you need to do is to transfer the account to AXIS, remember(NOT CLOSE but TRANSFER) once, it is successfully done & if your investment is Near about 20-30 Lakhs which is very common in PPF Account then you are done.

Hold your Burgundy status with 7.1% Interest Rate with Magnus 5:4 with 0 balance savings account.

 

[Dragon_slayer]

Guys I went through all the thread. I have a good suggestion here.
Although I don't have this amount of money to park in AXIS just for 5:4, but the reality is even if I had, I would have never done that. On the other hand not everyone's salary is 3,00,000/month so that Burgundy can be maintained at 0 MAB.

So that's enough of the Problem Statement, now let's come to the solution:-

Many of us don't know & most of the AXIS Bank Burgundy Manager even don't know or even if they know somehow they pretend to be ignorant about this. On top of that even if you approach they would give you tough time to extract the below mentioned from them as well as from AXIS.

AXIS is the only bank who provides Burgundy status even with Government Schemes(Such as PPF, NPS, RBI Bonds) which no other banks provide, not even SBI. If you go through the detailed terms & conditions you will see that they mentioned if officially but none of us know this & Burgundy managers also doesn't know.

https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf

I guess many of us have PPF account where the balance only goes high every due to 7.1% Interest & 15 years of locking Period. So now supposed if you have a PPF Account held in Post Office or any Nationalized Bank(SBI, PNB, UBI) then only thing you need to do is to transfer the account to AXIS, remember(NOT CLOSE but TRANSFER) once, it is successfully done & if your investment is Near about 20-30 Lakhs which is very common in PPF Account then you are done.

Hold your Burgundy status with 7.1% Interest Rate with Magnus 5:4 with 0 balance savings account.

I think for investments / demat, the minimum is 1 Cr.
For FD its 30L
For Savings its 10L

 

[souvikdey2002]

I think for investments / demat, the minimum is 1 Cr.
For FD its 30L
For Savings its 10L

No it will come as 30,00,000 TRV, I have verified that, for Demat/Mutual Fund yes, it is 1 Crore.
But somehow if you can manage the Burgundy Manager they will give you even at 20,00,000 with a promise that it will grow very fast.
Considering the Compound Interest PPF has, it will grow very easily.

 

[prabanomics]

Guys I went through all the thread. I have a good suggestion here.
Although I don't have this amount of money to park in AXIS just for 5:4, but the reality is even if I had, I would have never done that. On the other hand not everyone's salary is 3,00,000/month so that Burgundy can be maintained at 0 MAB.

So that's enough of the Problem Statement, now let's come to the solution:-

Many of us don't know & most of the AXIS Bank Burgundy Manager even don't know or even if they know somehow they pretend to be ignorant about this. On top of that even if you approach they would give you tough time to extract the below mentioned from them as well as from AXIS.

AXIS is the only bank who provides Burgundy status even with Government Schemes(Such as PPF, NPS, RBI Bonds) which no other banks provide, not even SBI. If you go through the detailed terms & conditions you will see that they mentioned if officially but none of us know this & Burgundy managers also doesn't know.

https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf

I guess many of us have PPF account where the balance only goes high every year due to 7.1% Interest & 15 years of locking Period. So now supposed if you have a PPF Account held in Post Office or any Nationalized Bank(SBI, PNB, UBI) then only thing you need to do is to transfer the account to AXIS, remember(NOT CLOSE but TRANSFER) once, it is successfully done & if your investment is Near about 20-30 Lakhs which is very common in PPF Account then you are done.

Hold your Burgundy status with 7.1% Interest Rate with Magnus 5:4 with 0 balance savings account.

Please check the terms and conditions you had attached.. amount invested via Axis will be considered.. I don't think if transfer will work

 

[souvikdey2002]

Please check the terms and conditions you had attached.. amount invested via Axis will be considered.. I don't think if transfer will work

As long as you are transferring from Savings to PPF, is ok.

 

[NOOBY]

As long as you are transferring from Savings to PPF, is ok.

I think what @prabanomics is trying to say is that moving PPF account to Axis might not count as TRV, as acc to the wording they want 30L to be transferred from Axis savings to PPF and not moving your 30L PPF account to Axis (which, I don't think should be the case)

clever word play so that they can accept/deny as per their requirement/mood I assume 🤣

 

[prabanomics]

I think what @prabanomics is trying to say is that moving PPF account to Axis might now count as TRV as they they want 30L to be transferred from Axis savings and not moving your 30L PPF account to Axis (which, I don't think should be the case)

clever word play so that they can accept/deny as per their requirement/mood I assume 🤣

Just to make it more clear.. what i think is as below:
1) Transferring a PPF account with a balance of 30L+ from another bank or post office to Axis might not be considered.
2) Opening a new PPF account in Axis or investing additional funds into the transferred PPF account will be considered. However, it will take time to reach a balance of 30L+ due to the annual investment limit of 1.5L

But it is up to us to convince Burgundy manager .. anything is possible in banking !

 

[CC_Fire]

Folks, we need to look at the hard math to establish this

Cost of opening a Burgundy A.C = 3.5% lost interest on 10L amount. Assuming most of us are in the 30% tax bracket, the lost interest = 25,000 per year. This will party be offset by waived off fees of Magnus (c.15k). So net "fees" is 10,000 per year

Lets assuming spends of 10L per annum, this would yield 60,000 base ERs. if we assume 30% spends earn accelerated points through Gyft/Traveledge (at average 3x), then that would be an extra 36,000ERs. So total approx, 100k ERs

It will convert to 80,000 equivalent miles. At Rs1 per mile, this yields a 8% return rate with burgundy

The burgundy relationship by itself will yield an EXTRA 40,000 miles (5:4 instead of 5:2).

So if we value 40k ERs at more than 10k INR then it is worth pursuing this

So if you anticipate spends of >10L per year, it could make sense. I guess everyone can work their own math based on this flow

Aside, i had worked these numbers for infinia too. Base rewards at 3.33+ accelerated points (at 5x) will add 3 percentage points. So overall returns would be c.6.3% but their points are easier to redeem. But downside are monthly caps so could get lower than 6.3% returns

 

[R!ppEr]

the imp thing to consider here is that i was told by axis bank deputy manager to not go through the hassle of transferring the PPF account SBI since its not worth it and takes months 😀 i had gone to check on this earlier this year 😛

 

[souvikdey2002]

the imp thing to consider here is that i was told by axis bank deputy manager to not go through the hassle of transferring the PPF account SBI since its not worth it and takes months 😀 i had gone to check on this earlier this year 😛

This I already told you.
They will never say because it is not beneficial for them but for us yes it is.

If you follow up in a proper manner then it's done within 15 days even.
Rest is on you, need to know how to make lemonade out of lemon.

 

[souvikdey2002]

Just to make it more clear.. what i think is as below:
1) Transferring a PPF account with a balance of 30L+ from another bank or post office to Axis might not be considered.
2) Opening a new PPF account in Axis or investing additional funds into the transferred PPF account will be considered. However, it will take time to reach a balance of 30L+ due to the annual investment limit of 1.5L

But it is up to us to convince Burgundy manager .. anything is possible in banking !

1. You transfer the PPF account to AXIS Directly.
2. Open a Burgundy Savings account in parallel & put 5 Lakh as an initial funding.
3. Once the account is created then first make sure the scheme code is SBPPR. Then create the Family ID with your PPF so that the total balance(PPF+Savings) is shown at a glance(Along with PPF) once you logged in to Axis Mobile Application.
4. Once the Family ID is created & PPF is mapped then you are done, remove all the fund from savings. It will stay there forever.

 

[hrishig]

Coming to the original point of If Magnus is worth with burgundy, my answer is yes provided

1) The transfer ratio remains as 5:4
2) you can spend 12 lkh but in 3-4 blocks of 3-4 lkh in year ( same amount as 1 lkhX 12 month ).

I see a lot of speculation that the axis will change the transfer rate later. Though this can be true, hdfc also can bring down transaction limits/ points from the current 15k per month to, say 10k.
So we have to plan from present data and not speculation.


Remember, HDFC DCB, Infinia went through painful devaluations in the past. ( I have witnessed most of them.) Ideally, based on the inflation or whatever, HDFC should have upgraded the transaction + points earning caps to keep it relevant. Now after Magnus devaluation, I see no chance of that in the coming years.

( Check the increase in Air tickets in last 24 months, you will understand what I am saying )


In summary

Axis Magnus strategy is to encourage big spends in a month to provide the best rewards. ( 1.5 lk above )

HDFC infinia strategy is to encourage small transactions in a month to provide the best rewards. (7.5k*2 or less)

You have to select card depending on your style.

If you are real 15+lkh spender ( Target audience of both cards ) than keeping both of them make sense.

 

[mojo_jojo123]

1. You transfer the PPF account to AXIS Directly.
2. Open a Burgundy Savings account in parallel & put 5 Lakh as an initial funding.
3. Once the account is created then first make sure the scheme code is SBPPR. Then create the Family ID with your PPF so that the total balance(PPF+Savings) is shown at a glance(Along with PPF) once you logged in to Axis Mobile Application.
4. Once the Family ID is created & PPF is mapped then you are done, remove all the fund from savings. It will stay there forever.

have someone done this ? how to transfer PPF account ?

 

[MilesMax]

This will party be offset by waived off fees of Magnus (c.15k). So net "fees" is 10,000 per year

Are you sure about this?
Because when I asked Axis customer care on twitter they told me the card is still chargeable even if we take Burgundy account.

 

[CC_Fire]

Are you sure about this?
Because when I asked Axis customer care on twitter they told me the card is still chargeable even if we take Burgundy account.

I am not sure about this, this is as per just a quick glance over their new TnCs

 

[Copycat]

Guys I went through all the thread. I have a good suggestion here.
Although I don't have this amount of money to park in AXIS just for 5:4, but the reality is even if I had, I would have never done that. On the other hand not everyone's salary is 3,00,000/month so that Burgundy can be maintained at 0 MAB.

So that's enough of the Problem Statement, now let's come to the solution:-

Many of us don't know & most of the AXIS Bank Burgundy Manager even don't know or even if they know somehow they pretend to be ignorant about this. On top of that even if you approach they would give you tough time to extract the below mentioned from them as well as from AXIS.

AXIS is the only bank who provides Burgundy status even with Government Schemes(Such as PPF, NPS, RBI Bonds) which no other banks provide, not even SBI. If you go through the detailed terms & conditions you will see that they mentioned if officially but none of us know this & Burgundy managers also doesn't know.

https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf

I guess many of us have PPF account where the balance only goes high every year due to 7.1% Interest & 15 years of locking Period. So now supposed if you have a PPF Account held in Post Office or any Nationalized Bank(SBI, PNB, UBI) then only thing you need to do is to transfer the account to AXIS, remember(NOT CLOSE but TRANSFER) once, it is successfully done & if your investment is Near about 20-30 Lakhs which is very common in PPF Account then you are done.

Hold your Burgundy status with 7.1% Interest Rate with Magnus 5:4 with 0 balance savings account.

This is something that I had considered initially when trying to decide whether I could manage to opt for a Burgundy instead of a Priority family account. I can't maintain 10L in Savings and my salary is much lesser than 3L. I did consider the PPF route but gave it up because I wasn't sure whether the PPF account with Axis would enjoy all the same protections as the PPF account with SBI. Or in case Axis goes belly up, whether the sum insured by DICGC would be capped at 5L or whether the PPF account would have its own cap it being a government fund. My knowledge is non-existent on this, I don't know if PPF is separate from regular accounts. There was no way I was going to risk the balance in my PPF a/c with Axis.

Anyway, my take on the matter is that you could transfer your PPF account but only the amount invested via Axis (i.e. fresh amounts added to the account after the transfer to Axis) would be considered in calculating the 30L cap.


I'even considered moving my MFs instead but gave that up too because there would be extra redemption charges when in demat form instead of SOA (I think, not 100% sure)

 

[NikTravelEnthusiast]

This is something that I had considered initially when trying to decide whether I could manage to opt for a Burgundy instead of a Priority family account. I can't maintain 10L in Savings and my salary is much lesser than 3L. I did consider the PPF route but gave it up because I wasn't sure whether the PPF account with Axis would enjoy all the same protections as the PPF account with SBI. Or in case Axis goes belly up, whether the sum insured by DICGC would be capped at 5L or whether the PPF account would have its own cap it being a government fund. My knowledge is non-existent on this, I don't know if PPF is separate from regular accounts. There was no way I was going to risk the balance in my PPF a/c with Axis.

Anyway, my take on the matter is that you could transfer your PPF account but only the amount invested via Axis (i.e. fresh amounts added to the account after the transfer to Axis) would be considered in calculating the 30L cap.


I'even considered moving my MFs instead but gave that up too because there would be extra redemption charges when in demat form instead of SOA (I think, not 100% sure)

After long time I have seen any of your post @Copycat .


So , you are not opting for Burgandy then. It's better to close Magnus then😀