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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
drabhishekladdha
TF Select
Let's see will use it for 10 months , Amex travel gives around 6 to 7 % rewards , ( while magnus will give 4.8 % base rewards ) .. will close it if I don't make full use of it
drsel
TF Prestige
Spends over 1.5 lacs (excluding Traveledge, Grabdeals Giftedge) using Magnus Burgundy will get 7% return, more than 5.5% of Amex Platinum travel card or MRCC
drabhishekladdha
TF Select
Agree but not every month I can spend above 1.5 L , when spends are low will try to hit 4L milestone and see . More so when offer comes ( which don't come on magnus and Infinia ) we can double dip on Amex .
Anyways I just wanted to give amex a try...
If it dose not work we can close it anytime
I had more than 12 cards at one time , now just 6 .
drsel
TF Prestige
I closed my Amex MRCC, there were no offers for 2 years
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Rajat_rad
TF Buzz
My dad had His personal account, HUF account and i have one account in Axis bank. Its more than 6-7 old relationship. I opened as priority banking 6-7 years back. Since then maximum relationship is with HUF account. Dad's personal account has few lakhs, but mine is non maintained. Presently he has 60 FD in his Axis HUF account. Can i apply for burgundy relation with Axis and eventually Magnus for burgundy LTF. Kindly opine. Thanks
sorry for the same post in three threads, i was looking for quick responce.
sorry for the same post in three threads, i was looking for quick responce.
It’s A secured card so think you’ll get the approval. Ask him to apply to test at least
silver_snorlax
TF Buzz
Is there a time limit to get Magnus Burgandy?
I got Magnus a few months back and opened Burgandy with 10 L balance in late August when I heard about devaluation.
Also, if I invest any money out of 10L into stocks using Axis Demat, would it count against account balance?
I got Magnus a few months back and opened Burgandy with 10 L balance in late August when I heard about devaluation.
Also, if I invest any money out of 10L into stocks using Axis Demat, would it count against account balance?
drsel
TF Prestige
Till 30th November Magnus burgundy is lifetime free.
Investing any amount from Burgundy savings account into stocks through Axis demat will reduce your saving account balance and your average quarterly balance will go below 10 lakhs, so you will not qualify for the lifetime free Magnus Burgundy card
If you want to invest in stocks using axis demat, you need to invest one crore to qualify
Investing any amount from Burgundy savings account into stocks through Axis demat will reduce your saving account balance and your average quarterly balance will go below 10 lakhs, so you will not qualify for the lifetime free Magnus Burgundy card
If you want to invest in stocks using axis demat, you need to invest one crore to qualify
Tirajat
TF Select
I thought it must be the other way round. Closing CCs will reduce your overall available credit limit/ increase credit utilisation and thereby have a negative impact on credit score!
drsel
TF Prestige
Exactly what I thought , but a person working for Citibank confirmed that when you apply for a new card the bank officials will see how many ACTIVE credit cards you have already.
He will also add the limit of all the existing credit cards and then compare it with your annual income.
If you have more than 20 or 30 credit cards and if you decide to use all of them upto the maximum limit, you will not be able to repay all of them.
(This has happened in a few cases.)
So your credit worthiness goes down with so many cards existing already.
So having too many credit cards is not the same as having many desirable Visas on your passport.
Closing down the cards you don't use will not only help you to save and avoid the renewal fees but also improve your credit worthiness , even if it reduces your overall credit limit.
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silver_snorlax
TF Buzz
Thanks for the response. I guess I will talk to my RM and see if I am eligible for the Magnus Burgandy yet.
And what I understand is, I will still be able to get Magnus Burgandy after 30th November, but won't be LTF, right?
drsel
TF Prestige
From 1st December, Magnus Burgundy is chargeable at 14750 joining fee and annual fee.
There is also a cooling off period of 45 days
you need to wait 45 days to be eligible for the lifetime free Magnus Burgundy card based on your 10 lakhs average quarterly balance in burgundy savings account
That‘s when you have 5-6 cards. Some of us have 13-16 cards and that affects CIBIL score marginally.
If bank witnesses considerable number of Burgundy accounts being opened for Magnus Burgundy then they may extend the deadline.
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silver_snorlax
TF Buzz
BTW, How do I know if my burgandy relationship is active?
drabhishekladdha
TF Select
Log into internet banking you will see Burgundy. In mobile banking check code in account section
You get to see the status on your net banking account (not the App) but in my case it took three complaints and couple of months to see that on the net banking webpage. The better way you come to know is that you start getting the mails with ‘Burgundy’ logo. And ‘Burgundy’ and not Burgandy.
