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Axis Magnus Rumor with burgundy axis magnus could be LTF (by Sep 2023 it should be official by axis i think you never know though)
- Thread starter shibili
- Start date
I am trying to get TRV from the web and not finding at all. I am contact branch and they are not helping either. I got assigned a relationship manager. I will try contacting him tomorrow.
My wife is the primary in family Id. She does not want to install app so struck with web only.
It depends on person to person and his/her spend pattern and expectations. By putting 10 lakhs in Savings means FD minus Savings interest rate that is effectively 35000 loss per anum which you can consider as indirect fees you are paying. Some would consider this and they are right in doing so as well.
For my situation I need a rotating cash so why not keep it in Axis. Also I have high international spends which means i will very likely enter the 35 Points per 200 spend bracket and even after the 2% + GST markup the returns will be hefty enough to cover for this 35K interest. I get 8 International airport vists for my Kid which is 15-20 k in worst case scenario and I use the all as I have stopover in my journeys which mean 2 Lounge access per one side travel. Iam aslo applying for Atlas just for this Airport access for Guest which no other Credit card provides
My aim is not to earn money out of credit cards. Iam content with the fact that I need not pay from my pocket for Lounge access etc and get some upgrades.
With 5:4 transfer ratio it is ahead of Infinia in returns. yes in Gyftr they have reduced the multiplier but Gyftr multiplier keeps changing and Iam sure Axis will increase or Infinia will reduce and vice versa based on occasions/ festivals.. but for regular spends Axis is ahead in the game. And mind you even with 10 Lakhs FD not all get Infinia
Did you get any promotional voucher of 5000/- for opening the Burgundy account (as stated in the mgtc pdf)?
That might be for people opening post Sep 1st. I did not ask though. I got enough ERs from Axis will not be so greedy. Content with the fact that 5:4 will continue. If that is stopped my Burgundy account money will move somewhere else
The issue is, you are doing calculations from a FD point of view (and that too i don't know a FD of how long, as you are considering only 6% of FD returns which is probably not correct, specifically in these times).
Alternatively, one can invest 10 lakhs in Axis (ok screw this shitty brand), or rather Kotak Emerging Equities or maybe some Nifty ETF. which will give returns of around 12-15% (assuming atleast a 3-5 year of horizon) p.a.. So your losses per year would be around 12.5% per year (at least), i.e. 1.25 Lakhs per year, and also don't forget the compounding effect. (I assume that whatever interest one earns over 10 lakh- the magnificent figure of 2.5%- account holder will spend that and maintain only 10 lakhs to keep burgundy active).
UPDATE:
was bamboo-ing them for different reason related to My Magnus, where I wrote one of the points about pricing..... Got a reply from PNO that is not at all related to the concern (typical Axis), but got a written confirmation on this LTF for Burgundy->
True Burgundy means Burgundy account holders that fulfil the balance/salary based eligibility criteria
was bamboo-ing them for different reason related to My Magnus, where I wrote one of the points about pricing..... Got a reply from PNO that is not at all related to the concern (typical Axis), but got a written confirmation on this LTF for Burgundy->
True Burgundy means Burgundy account holders that fulfil the balance/salary based eligibility criteria
It can give Negative returns as well
There are instruments which can give 100% as well but more risky and there are instruments which give way to less but more secure. And hence I have considered FD which most people in India stick to. Trust me on this as Iam an old-time TraderThats why i mentioned 3-5 years. If over 5 years it gives overall negative returns, we all will have a more lot of other things to concern about- as that would mean very bad things for our economy and also for banks.. and specifically, banks wud start closing their benefits.It can give Negative returns as well
PS: im talking from an investor pov and not trader!
I think this is the function of how much money you have eventually! Isn't it?
Lets assume you have 1Cr. Will you invest all of that into stocks for long term? Or will you think about doing asset allocation with 60-70% in Stocks/MF/Hybrid MF, some in FD and some as liquid emergency fund? If FD fits as part of your non equity investments then 30L can be parked into Axis account at current FD rates which are probably the highest (Probably!)
Your argument is valid probably if someone has 40L worth of liquid net worth and investing 30L out of that into FD to maintain Burgundy
There is second category of people who don't invest in stocks MFs at all. Not saying whether thats right or wrong, but it is a different debate all together than burgundy maintenance debate
You can invest via Axis also and with a 30L investment you will lose 1% annually ( Regular vs Direct).
What you are saying is partially correct. Asset allocation is a function of age. And the debt part of asset management should surely not equivalent to private bank's FDs. 30% (in your example) should be invested in bonds- which can be corporate or government bonds. and if one is investing a large amount in FDs, it should (i believe) be either with SBI/HDFC/ICICI- the ones which RBI also says are too big to fail banks. I won't count Axis for my FDs.I think this is the function of how much money you have eventually! Isn't it?
Lets assume you have 1Cr. Will you invest all of that into stocks for long term? Or will you think about doing asset allocation with 60-70% in Stocks/MF/Hybrid MF, some in FD and some as liquid emergency fund? If FD fits as part of your non equity investments then 30L can be parked into Axis account at current FD rates which are probably the highest (Probably!)
Your argument is valid probably if someone has 40L worth of liquid net worth and investing 30L out of that into FD to maintain Burgundy
There is second category of people who don't invest in stocks MFs at all. Not saying whether thats right or wrong, but it is a different debate all together than burgundy maintenance debate
Also, there's sub-asset allocation- so if one has a target of 30% exposure to debt, all of that 30% in one bank or in the form of FDs is not a good idea.
Those who don't invest in MFs- for those I had my 2nd post- that if someone is not investing in MFs and talking about reward points needs to get a good financial advisor- who are infact no better then RMs.
Wow, and here i haven't received anything in writing all the way from premium experience, pno, md desk and rbi Ombudsman level
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I happened to receive this ONLY BECAUSE my original concern was not regarding LTF.Wow, and here i haven't received anything in writing all the way from premium experience, pno, md desk and rbi Ombudsman level
So, in order to divert me from actual concern, Axis C'care ended up giving me this gem!
I'm glad they just dint make 2 missed calls and then replied that they tried but couldn't connect and close the case [has happened earlier regarding the same issue]
Aryan Malhotra
TF Select
So finally magnus is LTF for burgundy holders
Agreed true that in long run it’s real game changer. But in the here and now I would not spend money and go to Marriott or crowne plaza. And I just got back from a wonderful weekend one day at le meridien next at crowne plaza
PRIYANSHU_
TF Premier
If I open a Burgundy account under a family account, whose is maintaining Burgundy Relation then will i be eligible for LTF Magnus.
