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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)

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Honestly, all this confusion on Axis' part has seeped into Citi as well. Earlier, their services used to be gr8 but now, RMs dont even bother to reply. I was thinking of closing my relationship with them but couldn't find a better alternative.

Any suggestionsguys?
 
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devine_mortal said:
Honestly, all this confusion on Axis' part has seeped into Citi as well. Earlier, their services used to be gr8 but now, RMs dont even bother to reply. I was thinking of closing my relationship with them but couldn't find a better alternative.

Any suggestionsguys?
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Small private banks are best, as they grow there services degrade.
 
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Tirajat said:
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!
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My concern is not regarding the reward structure but for fee waived off Magnus credit card, it was clearly mentioned in their Announcement that the Axis Magnus fees will be waived off for Burgundy customer starting 1 Sep, how today being 8 Sep, there is no clarity to even the CEO of the pathetic bank..
 
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anonym said:
My concern is not regarding the reward structure but for fee waived off Magnus credit card, it was clearly mentioned in their Announcement that the Axis Magnus fees will be waived off for Burgundy customer starting 1 Sep, how today being 8 Sep, there is no clarity to even the CEO of the pathetic bank..
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There was never any mention of fee waiver in any Axis official document.. it was always rumour or something based on ppl talking to bank RMs..
i am also burgundy so will be very happy if card is free
 
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It is strange to see how passionate the users of Magnus are. They are after a mirage and service which the Bank is not promising to deliver, nor does it care to look into.

Had Magnus and Burgundy been their priority service, Axis staff would have been actively working on it. It does look like that the target audience that they are targeting is not yet defined from the customer population. Also, it seems the whole credit card part is not used a lot by their existing Burgundy clientele. (hence the lacklustre approach from them in managing it)

Also, a true burgundy customer would most likely be busy working money and not care about 5:2 or 5:4 etc. We all are pseudo burgundy users. For us, 10L in a savings account means losing 40000 per annum against an FD deposit. Putting 30L in FD, maybe yeah, if you have liquid cash like that to waste.
 
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raviemailid said:
It is strange to see how passionate the users of Magnus are. They are after a mirage and service which the Bank is not promising to deliver, nor does it care to look into.

Had Magnus and Burgundy been their priority service, Axis staff would have been actively working on it. It does look like that the target audience that they are targeting is not yet defined from the customer population. Also, it seems the whole credit card part is not used a lot by their existing Burgundy clientele. (hence the lacklustre approach from them in managing it)

Also, a true burgundy customer would most likely be busy working money and not care about 5:2 or 5:4 etc. We all are pseudo burgundy users. For us, 10L in a savings account means losing 40000 per annum against an FD deposit. Putting 30L in FD, maybe yeah, if you have liquid cash like that toi
raviemailid said:
It is strange to see how passionate the users of Magnus are. They are after a mirage and service which the Bank is not promising to deliver, nor does it care to look into.

Had Magnus and Burgundy been their priority service, Axis staff would have been actively working on it. It does look like that the target audience that they are targeting is not yet defined from the customer population. Also, it seems the whole credit card part is not used a lot by their existing Burgundy clientele. (hence the lacklustre approach from them in managing it)

Also, a true burgundy customer would most likely be busy working money and not care about 5:2 or 5:4 etc. We all are pseudo burgundy users. For us, 10L in a savings account means losing 40000 per annum against an FD deposit. Putting 30L in FD, maybe yeah, if you have liquid cash like that to waste.
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Absolutely true , I feel only Burgundy salary makes sense ,
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Tirajat said:
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.
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So will they issue a new Magnus card for existing Magnus holders who have just paid the renewal fee of 11800 in Aug 2023 and who just upgrade the saving account from ordinary to plain Burgundy in Sep 2023?
 
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anonym said:
Announcement that the Axis Magnus fees will be waived off for Burgundy customer starting 1 Sep, how today being 8 Sep, there is no clarity to even the CEO of the pathetic bank..
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Axis replied saying that the Magnus card was never free and will never be free.
it is always chargeable and you have to pay the annual charges and renewal fee even if you are a burgundy customer.

For existing old Magnus holders who have already paid the joining fee or renewal fee less than 12 months back, the new Burgundy linked Magnus card will be issued without any extra charge, because they have already paid the joining or renewal fee for their existing old Magnus card.

Next year they will have to pay renewal fee for the new card
 
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As far as I understood talking to BM, the citi platform is way too different compared to Axis platform and it going to be a herculean task to get the citi users (mostly hni and loyal customer for long time) migrate to Axis platform seamlessly and it may take over 18 months to 24 months on platform migration, so the offers on burgundy/magnus/reserve e.t.c are to lure those citi customers get into Axis easily, and unfortunately without a clear plan it backfired bigtime
 
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golu said:
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.
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They had lot of time to get 5:4 conversion working in their website. The T&C was circulated at least a month ago that means it was more than month ago they knew it was going to happen. Its been 9 days past in this month still they haven't fixed the ratio shows just how careless is Axis.

I kept on waiting for 5:4 ratio working because I don't want to open Burgundy and then not get 5:4.
 
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raviemailid said:
It is strange to see how passionate the users of Magnus are. They are after a mirage and service which the Bank is not promising to deliver, nor does it care to look into.

Had Magnus and Burgundy been their priority service, Axis staff would have been actively working on it. It does look like that the target audience that they are targeting is not yet defined from the customer population. Also, it seems the whole credit card part is not used a lot by their existing Burgundy clientele. (hence the lacklustre approach from them in managing it)

Also, a true burgundy customer would most likely be busy working money and not care about 5:2 or 5:4 etc. We all are pseudo burgundy users. For us, 10L in a savings account means losing 40000 per annum against an FD deposit. Putting 30L in FD, maybe yeah, if you have liquid cash like that to waste.
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Believe me, you're wrong. Why would I not care about a 50% drop in reward rate?
 
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golu said:
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? 🤔
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Let me know when you open burgundy account
 
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Greencheese said:
Believe me, you're wrong. Why would I not care about a 50% drop in reward rate?
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I believe you!

Tell this to bank as well who is playing with their premium clientele and doesn't really care much!

It will be interesting data to know that from their existing customers who had Burgundy till 1st September, how many were active credit card users? I would feel not many!
 
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