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)

[shibili]

Just received confirmation from bank officials that they will provide Magnus LTF for Burgundy customers from Sep 1st onwards

 

[Deleted member 11974]

I know they need to earn as well ....

but saying zero markup fee and taking a hidden markup in exchange rate is not good either .....

people misinterpret zero markup as spot rates
zero markup means no additional charges by the bank or anybody else for that matter
but people think it that they will get spot rates for transaction while what actually happens is they get mc/visa/interbank rates
these rates usually account for a markup
i have heard that niyo global gave better rates than 0 markup cards

 

[CARDBITRAGE]

I know they need to earn as well ....

but saying zero markup fee and taking a hidden markup in exchange rate is not good either .....

Which bank are we talking about here? If any bank claims that it is zero forex, they cannot charge you anything in the form of forex conversion fees. The transaction will be settled as per the card networks(Visa,MC,etc.) conversion rates. These rates are more or less equivalent to the IBR fx rates(the best we as retail users can get). In DCs it is straightforward where you can verify the rates as soon you complete the transaction with your account statements. With CCs it will depend on what date and time the transaction gets settled.

 

[MilesMax]

people misinterpret zero markup as spot rates
zero markup means no additional charges by the bank or anybody else for that matter
but people think it that they will get spot rates for transaction while what actually happens is they get mc/visa/interbank rates
these rates usually account for a markup
i have heard that niyo global gave better rates than 0 markup cards

Yeah have been using Niyo Global Debit card (DCB based) from 2019.
very competitive rates.
Many currencies have less than 2p difference compared to google rates.
Just checked USD. Its exactly same as Google price.

The only drawback is its a debit card, so TCS is charged and reversed till 7L limit, and not reversed beyond that.

 

[Deleted member 11974]

Yeah have been using Niyo Global Debit card (DCB based) from 2019.
very competitive rates.
Many currencies have less than 2p difference compared to google rates.
Just checked USD. Its exactly same as Google price.

The only drawback is its a debit card, so TCS is charged and reversed till 7L limit, and not reversed beyond that.

yep

 

[CARDBITRAGE]

Yeah have been using Niyo Global Debit card (DCB based) from 2019.
very competitive rates.
Many currencies have less than 2p difference compared to google rates.
Just checked USD. Its exactly same as Google price.

The only drawback is its a debit card, so TCS is charged and reversed till 7L limit, and not reversed beyond that.

That's the same with any zero forex card on Visa/MC platform. In fact, sometimes I've got better rates than Google on some of my recent transactions using my IndusInd DC.

 

[PRIYANSHU_]

That's the same with any zero forex card on Visa/MC platform. In fact, sometimes I've got better rates than Google on some of my recent transactions using my IndusInd DC.

which IndusInd dc

 

[gamersgzb]

which IndusInd dc

Indusind exclusive accounts debit card

 

[CARDBITRAGE]

which IndusInd dc

World Exclusive and Signature Exclusive

 

[MilesMax]

That's the same with any zero forex card on Visa/MC platform. In fact, sometimes I've got better rates than Google on some of my recent transactions using my IndusInd DC.

If this is the case then even the RBL Signature+ and EDC should work exactly the same.

 

[deepcards]

I have not been following this thread since last few days. Did the official confirmation of a LTF Magnus come?
Seems like this thread is becoming “General Discussion about Bank Accounts”. 😂

 

[Trust Me]

Seems like this thread is becoming “General Discussion about Bank Accounts”. 😂

This Axis Magnus issue is confusing people out of their wits. 😄

 

[rishabk27775]

This Axis Magnus issue is confusing people out of their wits. 😄

They have updated their burgundy terms and condition for TRV eligibility, if you hold demat holdings as TRV than TRV in demat required would be 1 Crore

 

[CARDBITRAGE]

If this is the case then even the RBL Signature+ and EDC should work exactly the same.

Yes, it will. The card issuing bank doesn't matter, only the payment platforms. I mentioned IndusInd because I've used their cards extensively and am happy with everything.

 

[MilesMax]

Yes, it will. The card issuing bank doesn't matter, only the payment platforms. I mentioned IndusInd because I've used their cards extensively and am happy with everything.

Does the TCS work the same with all bank debit cards too? They debit and then credit back in a few days?

 

[CARDBITRAGE]

Does the TCS work the same with all bank debit cards too? They debit and then credit back in a few days?

IndusInd doesn't charge TCS with the transactions as long as you are under the 7L limit.

 

[Harry1]

Lol I don't know if they got confused or what, but today I see joining fee and gst reversal in my card, which was charged last year in September.

Today is my renewal date and I was supposed to get charged for another 11800, but instead I have been reversed last year's joining fee 😅.

I had sent a reminder to MD desk last week (after one month) and this time I got a response that they are working on it. I think they got confused that I am asking to waive renewal fee and instead they waived off joining fee. Or maybe RBI Ombudsman Complaint was also there.

Let's see if they still charge renewal fee in 1-2 days or not. But at least I have got it back in another form. So I am done for now😁.

Now I can patiently wait for 1-2 month also for Magnus burgundy announcement 🤣, as I don't have immediate transfer requirements.

Renewal fee charged today, so it got balanced out.

 

[Harry1]

Lol I don't know if they got confused or what, but today I see joining fee and gst reversal in my card, which was charged last year in September.

Today is my renewal date and I was supposed to get charged for another 11800, but instead I have been reversed last year's joining fee 😅.

I had sent a reminder to MD desk last week (after one month) and this time I got a response that they are working on it. I think they got confused that I am asking to waive renewal fee and instead they waived off joining fee. Or maybe RBI Ombudsman Complaint was also there.

Let's see if they still charge renewal fee in 1-2 days or not. But at least I have got it back in another form. So I am done for now😁.

Now I can patiently wait for 1-2 month also for Magnus burgundy announcement 🤣, as I don't have immediate transfer requirements.

Got official communication on this.

It was rbi complaint that did it.

 

[Deleted member 11974]

Got official communication on this.

It was rbi complaint that did it.

there are grammatical errors in some places
not something you would expect from internal ombudsman team

 

[MilesMax]

Got official communication on this.

It was rbi complaint that did it.

So in 5-7 days they do have plans of offering it free for burgundy customers.
All this time it was just people hearing it from RMs.
Now you have got it in the written format as well. Nice.

 

[CARDBITRAGE]

Got official communication on this.

It was rbi complaint that did it.

What T&C are they referring to in the mail? Would you mind sharing that?