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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
Odugu Narasimha Rao
TF Premier
How much amount u maintaining in the account burgundy?
Most probably Magnus will be ltf till you maintain burgundy relationship as was with select cc
Just called burgundy customer care now and she said that my card annual fee is showing as 0. So they have probably already converted it.
I did pay 11800 last year and while applying was showing annual fee also as 11800. But now it seem to be converted to LTF. I will get an email confirmation too. Finally a superb news as burgundy customer.
Just try calling and see.
More than what is required.
Odugu Narasimha Rao
TF Premier
In burgundy account we have to maintain 10L or 5L is enough throughout month?
5L is just for opening. U will get downgraded and also not get benefits if not maintaining full balance.
10L savings, 30L FD, 1Cr Demat (probably MF also come under demat), 3L salary. Any one of these is required.
Last edited:
shashank08
TF Premier
Although it is not clear whether it is going to be LTF or just joining fee waived off.. Following is mentioned in the Magnus T&C:
Q. I have a Magnus Credit Card and an existing Burgundy account where I do not maintain any balance. Will I be eligible for the special offering?
A. No, you will not be eligible for the special offering. To avail the special offering, you will have to maintain Burgundy account relationship as per details outlined at the end of this document.
Q. What is the fee of special offering?
A. Special offering is provided to you at zero fee on an ongoing basis provided you maintain a Burgundy account relationship as per details outlined at the end of this document.
Q. Will I be eligible for welcome benefit if I opt for special offering?
A. Yes, you will be eligible for a welcome benefit of a voucher worth INR 5,000
Link : https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf
Q. I have a Magnus Credit Card and an existing Burgundy account where I do not maintain any balance. Will I be eligible for the special offering?
A. No, you will not be eligible for the special offering. To avail the special offering, you will have to maintain Burgundy account relationship as per details outlined at the end of this document.
Q. What is the fee of special offering?
A. Special offering is provided to you at zero fee on an ongoing basis provided you maintain a Burgundy account relationship as per details outlined at the end of this document.
Q. Will I be eligible for welcome benefit if I opt for special offering?
A. Yes, you will be eligible for a welcome benefit of a voucher worth INR 5,000
Link : https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf
I assume fees would be waived off until you hold Burgundy status... the card wont be LTF
Or else, everyone would transfer 10L, get burgundy, then get Magnus as LTF and then take out the money (which axis wouldn't want)
So, at the time of renewal, they might check Burgundy status for the last year and waive off the fees accordingly (This would have to be managed at branch level and so, I assume if you are in good terms with RM and BM, you won't have to worry even if you don't keep 10L for 2-3 months in a year)
This is just my take/assumption
Or else, everyone would transfer 10L, get burgundy, then get Magnus as LTF and then take out the money (which axis wouldn't want)
So, at the time of renewal, they might check Burgundy status for the last year and waive off the fees accordingly (This would have to be managed at branch level and so, I assume if you are in good terms with RM and BM, you won't have to worry even if you don't keep 10L for 2-3 months in a year)
This is just my take/assumption
As per the received info from bank officials, non-salary burgundy holders are also eligible
CARDBITRAGE
TF Legend
Is it LTF after opening a Burgandy account or free as long as you hold the Burgandy account? Please confirm the same from them.
