• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

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)

Apply For Lifetime Free IDFC First Credit Card
Sort by date Sort by votes
raaz_rs2 said:
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->


View attachment 27991
True Burgundy means Burgundy account holders that fulfil the balance/salary based eligibility criteria
Click to expand...
These guys write so bad, even PNO's mail looks like from a kid. anywhere they are capitalizing words, etc. and what does a "true Burgundy customer" mean?
 
Upvote 0 Downvote
pvr2iitd said:
... 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.
Click to expand...

This is a topic I've been curious about for some time. See, Axis is roughly a similar sized bank compared to ICICI. So what qualifies ICICI to be declared as an SIB ("too big to fail") while leaving out Axis year after year? Is there something more serious than our common dislike for Axis that RBI knows about and we don't?!

P.S. * There should be a few more SIBs than just the above 3 after the consolidation of the PSBs. Why is that never in the news?!
 
Upvote 0 Downvote
You can do a 30L FD instead of 10L in saving. Thats also a option.

Also, you dont need to put all 30L or 10L of your own, you can add family members in your family banking and manage it together
pvr2iitd said:
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).
Click to expand...
 
Upvote 0 Downvote
Trust Me said:
This is a topic I've been curious about for some time. See, Axis is roughly a similar sized bank compared to ICICI. So what qualifies ICICI to be declared as an SIB ("too big to fail") while leaving out Axis year after year? Is there something more serious than our common dislike for Axis that RBI knows about and we don't?!

P.S. * There should be a few more SIBs than just the above 3 after the consolidation of the PSBs. Why is that never in the news?!
Click to expand...
Maybe the reason is this "too big to fail" concept came after the 2008 financial crisis, and at that time Axis was maybe a small player.
 
Upvote 0 Downvote
Krishnaraju said:
I called up my Axis credit card guy today and he confirmed that they have been updated about the Magnus features (5:4 Transfer ratio) to continue as is ( benefits prior to Sep 1st) for Brugundy. He said he will send someone to my house but I said i will pay a visit. Didn't ask much on Annual fees etc. Will check with him when I visit the branch
Click to expand...
Do we need to open burgundy before 1 sep?
 
Apply For LTF HDFC Swiggy Credit Card
Upvote 0 Downvote
My card renewal is in September.
Relatives had a last minute plan for an international trip. So decided to book their flights via travel edge for 1L. So august milestone of 25k er plus 30k er for travel edge. Makes sense to open burgundy and keep it open only till I receive those points in the coming 90 days. Then close the card and burgundy. As have better investment opportunities for the 10L.
 
Upvote 0 Downvote
Ankur dhanda said:
My card renewal is in September.
Relatives had a last minute plan for an international trip. So decided to book their flights via travel edge for 1L. So august milestone of 25k er plus 30k er for travel edge. Makes sense to open burgundy and keep it open only till I receive those points in the coming 90 days. Then close the card and burgundy. As have better investment opportunities for the 10L.
Click to expand...
If you close burgundy before a year there are some cancellation charges. Not a lot but are there
 
Upvote 0 Downvote
You must log in or register to reply here.

Similar threads

bugmenot
  • Question Question
Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.
422 423 424
Replies
8K
Views
672K
miles_guy
M
Back
Top