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

 

[SSG04]

So a burgundy customer (because of family id) cannot get Magnus LTF?

That's such a bummer.

 

[drsel]

Okay, it is finally confirmed that no matter whether you have old Magnus or new Magnus Burgundy, you will continue to get 5:2 conversion ratio for all your other cards because of your old Magnus or new Magnus burgundy.

For people who don't have old Magnus nor new Magnus Burgundy, it is not worth converting points at all, because--

Select, Privilege and Rewards get 5:1 conversion ratio for Indian partners & 10:1 conversion ratio for foreign partners (Rewards card is just recently included with Select and Privilege category)
Samsung Infinite, Indian Oil, etc get 10:1 conversion ratio for Indian partners & 20:1 conversion ratio for foreign partners

Burgundy customer care just now confirmed on phone that those with old Magnus will continue to get 5:2 conversion ratio for all the other cards (not 5:1, 10:1 or 20:1)

And those who have new Magnus burgundy will also get 5:2 conversion ratio for all the other cards (not 5:1, 10:1 or 20:1).

Transactions on the new Magnus Burgundy cards will be given separate Burgundy points with 5:4 conversion ratio

 

[CC-Muncher]

Okay, it is finally confirmed that no matter whether you have old Magnus or new Magnus Burgundy, you will continue to get 5:2 conversion ratio for all your other cards because of your old Magnus or new Magnus burgundy.

For people who don't have old Magnus nor new Magnus Burgundy, it is not worth converting points at all, because--

Select, Privilege and Rewards get 5:1 conversion ratio for Indian partners & 10:1 conversion ratio for foreign partners (Rewards card is just recently included with Select and Privilege category)
Samsung Infinite, Indian Oil, etc get 10:1 conversion ratio for Indian partners & 20:1 conversion ratio for foreign partners

Burgundy customer care just now confirmed on phone that those with old Magnus will continue to get 5:2 conversion ratio for all the other cards (not 5:1, 10:1 or 20:1)

And those who have new Magnus burgundy will also get 5:2 conversion ratio for all the other cards (not 5:1, 10:1 or 20:1)

Are you spendwisely wale sirji?

 

[drsel]

Are you spendwisely wale sirji?

No but I watch his videos on YouTube

 

[MilesMax]

So a burgundy customer (because of family id) cannot get Magnus LTF?

That's such a bummer.

Magnus has nothing to do with family id.
If that family member individually maintains 10L AQB then he can get it.

 

[ankitfintech]

Update: My branch RM said that for meeting 10L via savings account they will check AQB and they internally have a way to check this criteria. Also One Glance Statement doesnt show this AQB value. So I don't think waiting for One Glance Statement makes sense at all. Just check with BM or calculate your AQB and see how much you will to pump money in the account to satisfy AQB of 10L.

 

[H2O]

Update: My branch RM said that for meeting 10L via savings account they will check AQB and they internally have a way to check this criteria. Also One Glance Statement doesnt show this AQB value. So I don't think waiting for One Glance Statement makes sense at all. Just check with BM or calculate your AQB and see how much you will to pump money in the account to satisfy AQB of 10L.

So if I put 10L today, then tomorrow I can ask my RM to initiate Burgandy Magnus application?

 

[gamersgzb]

So if I put 10L today, then tomorrow I can ask my RM to initiate Burgandy Magnus application?

What he is saying is you need to have AQB of 10 lakh which may not be possible if you did not had 10 lakh balance in last two months as well.. so you may need to put more money in account to cover for last two months so that AQB becomes 10 lakh

 

[CARDBITRAGE]

So if I put 10L today, then tomorrow I can ask my RM to initiate Burgandy Magnus application?

AQB= [(Savings balance-Day1)+(Savings balance-Day2)+...............(Savings balance-Day90)]/90
So to show AQB of Rs.10L in one day, you need to deposit Rs.10L*90. That would equate to Rs. 9Cr

 

[H2O]

AQB= [(Savings balance-Day1)+(Savings balance-Day2)+...............(Savings balance-Day90)]/90
So to show AQB of Rs.10L in one day, you need to deposit Rs.10L*90. That would equate to Rs. 9Cr

Ok, I will ask them to give me a loan of 9Cr then. 🤣 🤣 🤣

 

[chasni]

AQB= [(Savings balance-Day1)+(Savings balance-Day2)+...............(Savings balance-Day90)]/90
So to show AQB of Rs.10L in one day, you need to deposit Rs.10L*90. That would equate to Rs. 9Cr

Yes, this is correct. But what is point of 45 days cooling if they are going to check 90 days average balance (AQB)?

 

[drsel]

Ok, I will ask them to give me a loan of 9Cr then. 🤣 🤣 🤣

That would be really profitable for Axis, because they would charge you 9% and pay you 3% savings account interest on the same 9 crores

 

[SM24]

Yes, this is correct. But what is point of 45 days cooling if they are going to check 90 days average balance (AQB)?

Probably 45 days is the current minimum eligibility requirement for 10L/30L for M4B.

Going forward 10L AQB maybe the norm.

No harm hazarding guesses with Axis.

 

[H2O]

That would be really profitable for Axis, because they would charge you 9% and pay you 3% savings account interest on the same 9 crores

It's sarcastic bro. 😛

 

[CARDBITRAGE]

Yes, this is correct. But what is point of 45 days cooling if they are going to check 90 days average balance (AQB)?

Well, that's a mystery to me too. I knew they would do something stupid like this. I was going to open a Burgundy relationship, but Axis "dropped the bomb" saying all the TRV should be under one cus id. That's when I backed out.

 

[mastfun]

Sent a small mail to customer care 😀 Let me see what they do:

Hi Team,

Not sure what's going on 🙂 There is a lot of commotion going around on the lifetime Magnus Burgundy card.

Can you please help me in upgrading my card to Lifetime Burgundy?

Last 4 of my card: XXXX

If not now, Can you please help me out when I will be eligible!

 

[anonym]

Axis Burgundy Magnus LTF is here:

Thank you for applying for Axis bank Magnus Burgundy Credit Card. Charges applicable- Joining Fee: INR 0, Annual Fee: 0 & Interest: 3% per month. Your registered email ID is XXXXXXXX@GMAIL.COM. Enter OTP XXXXX on the tablet within 30 mins to confirm your consent on the application, T&Cs (http://www.axisbank.com/Mitnc) & Key Fact Sheet (http://www.axisbank.com/ccsoc). Do not share with anyone.

Thank you for applying for an Axis Bank Magnus Burgundy Credit Card with Application ID C1-xxxxxxxxxxxxxx-C1. An SMS confirming your application status will be sent shortly. For TnCs, visit www.axisbank.com/Mitnc ; For details on Fees and Charges, visit www.axisbank.com/ccsoc

 

[mastfun]

Axis Burgundy Magnus LTF is here:

Nice is it a new application? And were u burgundy account holder to start with?

 

[CARDBITRAGE]

Looks like Axis bit off more they can chew with the Burgundy Magnus. I'm just waiting for the day they announce the next deval. 🤣

 

[Aryan Malhotra]

Axis Burgundy Magnus LTF is here:

Did you apply through RM, what documents did they ask?