RIP Burgundy Magnus card

[khaitan.rajesh29]

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.

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/magnus-credit-card-for-burgundy-faq.pdf

 

[Deleted member 13981]

Offering moon & giving 5 star treatment before marriage & suddenly after marriage you throw under the bus 😅.

Like a hooker 😜

 

[SSV]

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 😂😂

SO your Plat Charge Add -on working as a very luxorious Jewellery item...

 

[Deleted member 13981]

SO your Plat Charge Add -on working as an very luxorious Jewellery item...

Yeah. And for most of the guys in fact. Come visit Delhi/Gurgaon sometime 😂

 

[Deleted member 13981]

SO your Plat Charge Add -on working as a very luxorious Jewellery item...

I use it very much though 😁

 

[SSV]

Yeah. And also for most of the guys in fact. Come visit Delhi/Gurgaon sometime 😂

sure when time comes I will visit ... Thanks for the invite ..

 

[Deleted member 13981]

sure when time comes I will visit ... Thanks for the invite ..

You're welcome 😊

 

[Vasuki]

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 😂😂

For College student its biggest flex 😅🤘🤘

 

[MusicalMind]

Is this increased fees applicable to existing Magnus holders?

 

[praneeth999]

Is this increased fees applicable to existing Magnus holders?

Yes, to existing M4B holders who doesn't maintain eligibility criteria.

 

[Vasuki]

Yes, to existing M4B holders who doesn't maintain eligibility criteria.

Whats left in axis Pandora box for their premium offering

 

[MusicalMind]

Yes, to existing M4B holders who doesn't maintain eligibility criteria.

I only have Magnus with 10k fee will it increase to 30k?

 

[Deleted member 13981]

I only have Magnus with 10k fee will it increase to 30k?

12.5 K + GST.

 

[praneeth999]

I only have Magnus with 10k fee will it increase to 30k?

Nope. This is only applicable for M4B.

 

[ppac18]

Axis: Moving fast and breaking things

 

[CC-Muncher]

No loss for M4B users i believe

 

[SteelSh0t]

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.

The websites on which the bulk of my transactions are done accept only Visa & Mastercard, so Amex will probably just lie in my card holder every day. And I don't really frequent places like Starbucks or Sheraton, most of my offline purchases (Last time I swiped my card was at a KFC 2 months ago, don't accept Amex. For Restaurants, I prefer to use Eazydiner with Magnus that gives 40% off)

 

[D₹V]

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 one shouldn't be funny when it's funny 🤣?

SUGGESTION: Paying 30k + GST fees is fine only if they offer benefits to normal customers same like they're offering to M4B, obviously high spenders will earn great RPs.

Meaning those who maintain Burgundy Status, theirs card will remain LTF. They're paying 30k+ fees in another way i.e. interest.

And ban the real culprits.

This way only things will be healthy for Magnus 😈.

 

[rogerthat]

Why one shouldn't be funny when it's funny 🤣?

SUGGESTION: Paying 30k + GST fees is fine only if they offer benefits to normal customers same like they're offering to M4B, obviously high spenders will earn great RPs.

Meaning those who maintain Burgundy Status, theirs card will remain LTF. They're paying 30k+ fees in another way i.e. interest.

And ban the real culprits.

This way only things will be healthy for Magnus 😈.

I would happily pay 30K + GST fees for Magnus if they would reinstate the monthly 25K/1L milestone benefit and 5:4 transfer ratio of OG Magnus.

They can still put a cap on the miles being able to be transferred and put a lock in period before you are able to change transfer partners to prevent rampant misuse though.

 

[D₹V]

I would happily pay 30K + GST fees for Magnus if they would reinstate the monthly 25K/1L milestone benefit and 5:4 transfer ratio of OG Magnus.

They can still put a cap on the miles being able to be transferred and put a lock in period before you are able to change transfer partners to prevent rampant misuse though.

Yes 😂.

But currently it's shit 🤭.

 

[praveenojhapo]

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 😂

These are all fraudsters and liable for punishment, but Axis let these guys go free, which was a mistake. Should have remarked their CIBIL, the only way to stop such fraudulent behavior.