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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 have seen many people here is waiting for LTF magnus card and 5:4 reward ratio with burgundy account. As per information I got from my BM and burgundy customer care currently new magnus card and 5:4 reward ratio is not updated in their system and website. They are working on this new update, once their system and website is updated as per new revisions and benefits. They will make it official. Until then we just have to wait.
Few people are opening burgundy accounts just to get magnus Lifetime Free and others will open when this is official.
And Sadly, I am one of them. 🥲
But to be honest parking 10 lakhs in savings account or 30 lakhs FD just to be eligible and fullfill the required criteria for burgundy account is Nonsense. 🤦🏻
It's better to invest that fund to get better returns.
Therefore, I thought if we people together add ourselves to each other's family group of 4 people then we only need to park at least 2.5 lakhs per person. So, that the Average Quarterly Balance of 10 lakhs across all accounts is fulfilled.
And we can use rest of the fund somewhere else.
10 lakhs is a big amount and it doesn't make sense to me to put that in savings.
Do you guys agree? 🤔
Few people are opening burgundy accounts just to get magnus Lifetime Free and others will open when this is official.
And Sadly, I am one of them. 🥲
But to be honest parking 10 lakhs in savings account or 30 lakhs FD just to be eligible and fullfill the required criteria for burgundy account is Nonsense. 🤦🏻
It's better to invest that fund to get better returns.
Therefore, I thought if we people together add ourselves to each other's family group of 4 people then we only need to park at least 2.5 lakhs per person. So, that the Average Quarterly Balance of 10 lakhs across all accounts is fulfilled.
And we can use rest of the fund somewhere else.
10 lakhs is a big amount and it doesn't make sense to me to put that in savings.
Do you guys agree? 🤔
drabhishekladdha
TF Select
Absolutely , it is worth only if you already have a Burgundy by salary or by TRV
drsel
TF Prestige
Correct, sweep in has no benefit, because sweep in to FD has to be 30 lacs.
We will have to keep 10 lacs idle in savings account.
This is the game plan of Axis to mobilize cheap funds and improve their CASA ratio
it it worth to spend energy and time on Axis now?
canitintuli
TF Buzz
Now the axis app is showing a transfer ratio of 5:1 for Vistara and 10:1 for others (KrisFlyer, Accor, etc.) even for Burgundy customer. Is this a joke!!? 😂😂
Looks like they have delinked the old magnus from burgendy+magnus accounts..... Now they will link new magnus to our account once we upgrade and it will than show 5:4 conversation ratio
Bro
Bro millions people don't even have magnus.
Looks like they have delinked old magnus to avoid the hassle so that's why showing normal conversion ratio and once we provide consent for upgrade they will link new magnus and it will provide 5:4 conversation...... Just a Guess from my side.
Obviously, does not at all make sense to maintain such a huge amount of 10 Lacs in a savings account or 30 Lacs in FD just for getting upgraded to a particular account type. Ideally such HNI (high net worth individual) accounts are for those who maintains or keeps such amount parked anwway in account or FDs and have much more invested in equity, gold and properties etc..
Problem here is the terrible experience for HNIs because of the ruckus created by Ax*sht, and shamelessly keeping on giving on new dates (first 1 Sep, then 4 Sep, and now 15 Sep), this proves no matter what you cannot trust such shitty management.
Tirajat
TF Select
Not sure what is the exact number of Magnus cards, but can a few thousand, at best, Magnus holders who open Burgundy account move the needle on CASA for a bank of the size of Axis? And majority of new accounts are likely to be savings and not current.
Axis expects the people who hold Magnus should have 10L liquid cash at any point of time, and it is therefore a HNI client acquisition strategy, not just for 10L, but to push other products as well - insurance, loans, mutual funds, PMS to name a few. I think it's a fairly smart strategy, but Axis has really failed on execution and left a bad taste in almost every cardholder's mouth.
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More than a size of Ax*sht, its about their credibility, as people have lost the faith and credibility on them so such shameless tactics can definitely be for CASA and getting on more funds by fooling people.
Well, the points transfer is back, but it's at 5:1, so I have no idea what is going on
U were suspended till yesterday?
Tirajat
TF Select
With all due respect, which tactics are you referring to as shameless - devaluation of rewards transfer (which isn't changed for Burgundy customers and its therefore strategic), exclusion of rent payments, exclusion of utilities and government transactions? - it is all in line with the market and if you track airline and hotel loyalty programs, most (or rather all) have been massively devalued in the last few years. I am as disappointed as you (especially since I received the card only in June) as I haven't milked the card as much as I could, but it's an institution that is thinking about it's best interests once they achieved their targets. As I said earlier, poor execution is an understatement given they way Axis is going about this transition and I have raised it multiple times here and on Twitter, but I don't see any shameless tactics which are different versus competition. The new reward structure may not work for some, but that's just how it is!
Tirajat
TF Select
I think its a technical glitch, which is not surprising knowing Axis. On a positive note, at least something moved and hopefully Axis should fix it soon. I complained on Twitter and Axis responded saying it will take 7-14 business days for miles transfer to be back.
