Axis has just killed Burgundy Magnus with joining fees of Rs30k plus taxes and that too with a joining benefit of just Rs 5k voucher.
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RIP Burgundy Magnus card
- Thread starter khaitan.rajesh29
- Start date
HumorSimpson
TF Prestige
Please don't promote tobacco.
Watch the bio Pic of Mukesh ki kahani
readers900
TF Buzz
Isn't M4B 14% base reward rate for spends over 1.5 lakh?
D₹V
TF Prestige
People are really funny. When Magnus was giving unbelievable 24% rewards on 1 lakhs spends, did anyone complain and say Axis had lost it? Now that the bank wants a fee (a little high, sure), everyone is up in arms. Life isn't a one way street. The banks are there to make money and if they see a product getting popular, they are bound to monetise it or at least try to reduce their losses. How do you expect them to keep giving 24% cashback? A person booking a trip to Europe or the US can easily recover the 30k fee and earn a bit and then make good use of the rewards for the rest of the year. That's the sort of customers Axis wants.
🥸 Why u have to defend bank ? For High fees & low welcome benefit.?
They gave 24% on lavish spending not for free . Ton loads of HNi customer retention.
Every high spender paying such fee would like to get good rewards/air miles and expect quality service apart from the non-spend benefits. However, Axis just wanted to poach customers from the likes of HDFC/Amex and they had no idea how super premium card segment is handled. There were no clear on-boarding and eligibility criteria, and they had a system full of loopholes and corrupt employees. They burn their hands because of their own deficiencies. Few stories..
1. I met someone who had accumulated 25 Lacs edge reward points in 6 months with Reserve and Magnus and he had no clue where to transfer. Most of his earning was based on rotation, reserve and magnus reissuance and gift edge loopholes.
2. Axis employees/agents took 25k to 50k bribe just to issue Magnus and Reserve to clients who did not fulfill any eligibility criteria. Hell, an agent took 15k bribe from a Peon of my organisation to issue Magnus LTF with high limit. That fellow gave his credit card and login details on rent to some forex trader.
3. Gift edge used to give 45X reward points on Marks & Spencer and Jockey. That means a purchase of INR 3000 could get you 8100 edge points on Magnus and 10125 on Reserve. People used to order online via gift edge and later go to physical store and return everything to get their money back.
4. My organisation had Axis bank as their corporate partners for employee salary account. One fine morning they stormed and started distributing Magnus for free to all employees. Thanks to twitter and other financial coaches, everyone churned their cards upto the bones.
Axis says exploiters were a small percentage of customers, but it has definitely hit them real bad. Now they are trying to filter Burgandy abusers. Axis is having a hard time coping this PTSD 😂
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No.. Bank should curb the abuse, make the product benefits sustainable, deserving ones get the card and pay the fee whether it's 10k or 30k.
yes.. the issue is with how axis is dealing with the situation, its product and brand..magnus was a huge branding mistake.. it got tooo much attention and everyone paid the price.. they need to approach it sensibly and differentiate their product.. customers are ready to pay for good products..
their processes need fixing.. and their service to correct their mistakes is terrible.. hdfc / amex and even icici have better service..citi retained csms only on service.. hdfc is attaching a premium to dcb metal and infinia.. making it aspirational.. axis needs a product like that
I agree there is exploit & loopholes .
See there is loop hole everywhere.who r ahead exploited.
If u knew about crypto in 2013 u would have encashed hard Money.
But offering moon & giving 5 star treatment before marriage & suddenly after marriage you throw under the bus 😅.
Atleast they would have gave 1:1 value in joining benefits & worked on mcc code for better .
Right.. I paid fee for my prestige in November in spite of the imminent merger because I admire the long standing relationship with the bank. And I know many guys who never left the country but have Plat charge just because they can pay and they want that card in their wallet.
I mean axis is so bogus .their axis samsung infinite is 5k fees card.
With 10% on SAMSUNG product upto 5k only after devaluation wtf .
I mean if u have Flipkart card u get 5% unlimited on same samsung product .😄
Amex is flex after mrcc
Well.. MRCC, Platinum Travel and Plat Charge are great cards. Even in 2024 people beat their chest with "Amex has a terrible acceptance" thing. In my 7 long years with Amex I didn't face unexpected declines and it worked at every place from Starbucks to Sheraton. Small merchants don't take Amex because they operate on thin margins and don't want to pay more. Look what is happening to credit card payments on UPI. If one struggle to plan 4/1500 or 6/1000 transactions because of acceptance then Amex probably is not the right card for them. Cashback cards are better in that scenario.
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You r right
It too Depends on city
I mean after mrcc .. plat travel & charge are more inclined to Travel / hotel voucher .
Exactly. I don't use Amex in my hometown because I know the card is alien for that place. My mother had an add-on for my Plat Charge. Whenever she tried to use the card, she was receiving loads of extra respect though the card didn't work most of the time 😂😂
