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

 

[Vasuki]

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.

Bro using loopholes doesn't makes u fraudulent..
Idk suddenly everyone is moral policing.
There was bug . people took advantage.

 

[Vasuki]

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.

Yo right 5:4 is main thing .. they devalued normal magnus ...
Then this high fees 🥸

 

[Vasuki]

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 😈.

Use Red or another colour .. yellow irritated my eyes 🥸

 

[4uziaul]

Use Red or another colour .. yellow irritated my eyes 🥸

Red is our Supreme Commander's color of choice; he already has registered it under his name. Only the Supreme Commander can use the color red. 🤭

 

[denisjos]

They needed to clear up some space for Citi prestige card 20k + GST, so now there is a gap btw regular mag and m4b. Maybe they will put another in between. M4destroying Citi or something.

 

[gg123]

Yo right 5:4 is main thing .. they devalued normal magnus ...
Then this high fees 🥸

They Never should've offered 5:4 on 10k card in the first place.
5:4 is for reserve and burgundy private CC . which makes sense because one is 50k and another is 5CR TRV
and they offered same for a 10k card, on top of that 25k bonus points on 1L is over powered and to add insult to injury 10k tata cliq voucher on renewal. not to mention they distributed it like chocolates on Independence Day.

From the start Magnus should've stayed at 5:2 and 25k EP on 1L which is would've given (~10-12% if spends above 1L) which is really good for a 10k card

If they were to offer 5:4 they should've kept the fee at 30k. And 25K EP on 1L at 5:4 is way to OP even for 30k fee. this is definitely not sustainable.
In fact still now M4B is a good card for the fee. But not for fee + 30L TRV

 

[SSV]

They Never should've offered 5:4 on 10k card in the first place.
5:4 is for reserve and burgundy private CC . which makes sense because one is 50k and another is 5CR TRV
and they offered same for a 10k card, on top of that 25k bonus points on 1L is over powered and to add insult to injury 10k tata cliq voucher on renewal. not to mention they distributed it like chocolates on Independence Day.

From the start Magnus should've stayed at 5:2 and 25k EP on 1L which is would've given (~10-12% if spends above 1L) which is really good for a 10k card

If they were to offer 5:4 they should've kept the fee at 30k. And 25K EP on 1L at 5:4 is way to OP even for 30k fee. this is definitely not sustainable.
In fact still now M4B is a good card for the fee. But not for fee + 30L TRV

You could have been much better AXIS CC product manager / Strategy manager than the existing scrap !!

 

[Vasuki]

They Never should've offered 5:4 on 10k card in the first place.
5:4 is for reserve and burgundy private CC . which makes sense because one is 50k and another is 5CR TRV
and they offered same for a 10k card, on top of that 25k bonus points on 1L is over powered and to add insult to injury 10k tata cliq voucher on renewal. not to mention they distributed it like chocolates on Independence Day.

From the start Magnus should've stayed at 5:2 and 25k EP on 1L which is would've given (~10-12% if spends above 1L) which is really good for a 10k card

If they were to offer 5:4 they should've kept the fee at 30k. And 25K EP on 1L at 5:4 is way to OP even for 30k fee. this is definitely not sustainable.
In fact still now M4B is a good card for the fee. But not for fee + 30L TRV

I agree but this argument is like
We gave you 5 start birthday treat for whole of your birthday month .
Now you need to go Gov school barefoot ..

10k fees is too much idk why you think 10k is peanuts.. & 30k is mere Almonds..

30k is one month wage of 50% of working population

 

[Deleted member 9785]

You may say whatever you want - Axis completed the task of the govt . Moving people from trains to flights (wo bhi biz class)

 

[gg123]

I agree but this argument is like
We gave you 5 start birthday treat for whole of your birthday month .
Now you need to go Gov school barefoot ..

10k fees is too much idk why you think 10k is peanuts.. & 30k is mere Almonds..

30k is one month wage of 50% of working population

You're Right. No one should get 5 star for entire birthday month. like I suggested only a 1 dairy milk silk on the birthday itself xD

And yes 10k is a lot of money for a credit card member ship.
But for people this is originally geared towards. people who has income of 18L+ and living in tier 1 city where their spends easily cross 1L atleast 4 Months a year, who are into points and miles game. this is worth it.

Believe me there are people who are not at all into point and miles game. I have mentioned this in one of the threads. On of my co-worker casually pulled a Burgundy private CC when he saw my burgundy debit card. and he only uses that 1 credit card and convert the points to Amazon vouchers.

And also 30k is something I cannot wrap my head around for a credit card. as much as I am into points and miles I cannot afford the value I will be getting.

 

[gg123]

You could have been much better AXIS CC product manager / Strategy manager than the existing scrap !!

Not sure if this is sarcasm. But Thanks. I actually work in a similar "Strategy" role not for any finance related product.

But definitely seen a lot of product usage / revenue and accounts data.

 

[SSV]

Not sure if this is sarcasm. But Thanks. I actually work in a similar "Strategy" role not for any finance related product.

But definitely seen a lot of product usage / revenue and accounts data.

You were right about sarcasm but it applies to the scrap I was referring to..
About you , I really mean it because I can easily understand the points you had raised…
Nice talking to you

 

[gg123]

You were right about sarcasm but it applies to the scrap I was referring to..
About you , I really mean it because I can easily understand the points you had raised…
Nice talking to you

Thanks Man . Nice talking to you too. and you @DocFixIt

Rule number 1 we follow is Make products that can dominate your competition
But NEVER design a product that can dominate your existing line up. it should be just enough to fill in the Gap

But stupid axis trying to fill a Gap between select and reserve ate the entire premium portfolio

 

[rogerthat]

You're Right. No one should get 5 star for entire birthday month. like I suggested only a 1 dairy milk silk on the birthday itself xD

And yes 10k is a lot of money for a credit card member ship.
But for people this is originally geared towards. people who has income of 18L+ and living in tier 1 city where their spends easily cross 1L atleast 4 Months a year, who are into points and miles game. this is worth it.

Believe me there are people who are not at all into point and miles game. I have mentioned this in one of the threads. On of my co-worker casually pulled a Burgundy private CC when he saw my burgundy debit card. and he only uses that 1 credit card and convert the points to Amazon vouchers.

And also 30k is something I cannot wrap my head around for a credit card. as much as I am into points and miles I cannot afford the value I will be getting.

Your reasoning for different Magnus levels is spot-on. Magnus should never have been a 10K card, and it should've never given out so liberally.

However, I believe it is a worthy 30K card (given there is no nonsense like having to maintain AQB/TRV etc), but for the people who can extract maximum value out of it. I am confident that I can hit the 1L milestone every month, which would give a total of 31000 Edge Rewards translating to 24800 miles at 5:4 making a yearly total of 3L Miles which is a return ticket to Europe for a family of four. And this is excluding any spends above 1L and other benefits of the card like lounge, M&G, BOGO etc.

All that is fantastic return for 30K and totally worth it. However, only for those with that particular goal in mind. And the important factor is that the target market for this product strategy, that is the people who take this card for this purpose will spend on it religiously. This itself will book returns for the product. The product should be highly but rightly priced to ensure that the target market uses it but those who are likely to abuse it will stay away.

What the bank does not seem to realise is that a person who has 10L extra liquid cash in hand and 30L available to fix in an FD will never use the card at those levels to achieve a goal. They are wealthy enough to purchase the ticket directly. The M4B card will probably be sparingly used and bank will fail to even meet MDR targets forget interest targets. Do they really think such wealthy people will allow interest to accrue on the card?

Axis has no idea what they are doing.

 

[SSV]

Axis has no idea what they are doing

This sums up about everything that AXIS has been doing lately..

 

[R!ppEr]

wow so dead!!

 

[gg123]

Your reasoning for different Magnus levels is spot-on. Magnus should never have been a 10K card, and it should've never given out so liberally.

However, I believe it is a worthy 30K card but for the people who can extract maximum value out of it. I am confident that I can hit the 1L milestone every month, which would give a total of 31000 Edge Rewards translating to 24800 miles at 5:4 making a yearly total of 3L Miles which is a return ticket to Europe for a family of four. And this is excluding any spends above 1L and other benefits of the card like lounge, M&G, BOGO etc.

All that is fantastic return for 30K and totally worth it. However, only for those with that particular goal in mind. And the important factor is that the target market for this product strategy, that is the people who take this card for this purpose will spend on it religiously. This itself will book returns for the product. The product should be highly but rightly priced to ensure that the target market uses it but those who are likely to abuse it will stay away.

What the bank does not seem to realise is that a person who has 10L extra liquid cash in hand and 30L available to fix in an FD will never use the card at those levels to achieve a goal. They are wealthy enough to purchase the ticket directly. The M4B card will probably be sparingly used and bank will fail to even meet MDR targets forget interest targets. Do they really think such wealthy people will allow interest to accrue on the card?

Axis has no idea what they are doing.

Yes it is still an excellent card for people who spend over ~2L a month. that 35EP over 1.5L is a really sweet benefit. just imagine making a huge purchase like Car or jewellery.

But both 30L FD and 30k makes me refrain myself from getting the card. just because lot of people already have this conditional LTF and also axis is just being mean and greedy. I am sure they'll run a campaign again after the dust settles.

And as for people who have extra liquid cash to qualify via 10l AQB. believe me I know people who cannot afford that extra cash maintained just to get the card. Why? because it is metal and LTF. they'll slowly realise that 10L at 3% is a liability.

 

[SSV]

I am sure they'll run a campaign again after the dust settles

1000 % .. , otherwise no growth at all .
Hence I am on the sidelines for the time being..

 

[Lobogris]

Bro using loopholes doesn't makes u fraudulent..
Idk suddenly everyone is moral policing.
There was bug . people took advantage.

Bribing bank employees and lying on applications is not fraudulent? Giving your card to a forex agent to use for business is not fraudulent? Money rotation is not fraudulent?

 

[Vasuki]

Bribing bank employees and lying on applications is not fraudulent? Giving your card to a forex agent to use for business is not fraudulent? Money rotation is not fraudulent?

Nirav modi took loan flew
Vijay malya took loan flew

Now we should not give big loan to adani , Ambani ,tatas , because they can fly away ..

Bribing ? Bro if u go & take loan from sbi . The branch manager won't give loan without you buying ulip right there

GIVING card to other - user experience & they get punished if flagged by system

Money rotation - credit card are there to exploit people who are bad with money .
And get exploited by people who knows how to arm twist bank to take all juices out of it