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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
Yes, and now it is final no changes will happen to this.
We are putting 10 lakhs individually we can at least expect that.
Customer care clearly told, 30L TRV is required for Magnus Burgundy card, 10L in savings is just the eligibility for Burgundy criteria. Not for Burgundy magnus card.
It's heavily misleading TnC from Axis. Even after 45 days of 10L maintenance, eligibility won't meet, 30L is must in any mode.
For us, it is just a small convinience and safety regarding future grab deals, Gyftr and monthly milestone points.
But real party is for people holding reserve. They don't need 5Cr TRV now
. That was the main reason for initial magnus burgundy segregation plan.
They also deserve to get the conversion because they will maintain required burgendy TRV and also paying 50k for reserve..... Not a small amount.For us, it is just a small convinience and safety regarding future grab deals, Gyftr and monthly milestone points.
But real party is for people holding reserve. They don't need 5Cr TRV now
"Deserve" is a subjective term
. As per Axis terms, they don't deserve.Reserve reward ratio is already 5:4 indirectly (if u consider 2x earning) for international spends. So, now they will get 5:8 (same as before devaluation). This was the reason they kept criterion to be burgundy private rather than burgundy for reserve. 12% reward rate on any international spends is not feasible.
Whatever it is, it's a sigh of relief and moment to cheer for all of us. I had fuc..d up earlier and had left lot of points balance in my account thinking that I'm a Burgundy Customer and the conversion will remain 5:4 so why unnecessarily convert. And Axis kept changing the goal posts starting from eligibility (MAB/TRV) to issuing new card to three ER categories. Even now they are displaying three categories only (Screenshot attached). Don't think they had to mess it up so badly, with present tech they could have done it in a much better way (Software guys can throw more light on that).
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Whom to trust? FAQs or Customer Care Executives who seem to know nothing as far as banking is concerned. I think the only criteria is a bit of soft skill.
Have they told you all this or some other source of info? I mean are you the affected party where maintaining 10L and not getting the upgrade?
TnC also said 30L is must.
All Burgundy Account holders meeting the requisite Burgundy ‘Total Relationship Value’
criteria, as depicted in the latest One Glance Statement of the Burgundy account, will be eligible
for the new Magnus Credit Card for Burgundy. Customers having a Burgundy account but not
meeting the requisite Burgundy ‘Total Relationship Value’ criteria, will not be eligible for the new
Magnus Credit Card for Burgundy.
Maintenance of a minimum Total Relationship Value^(TRV) of ₹30 lakhs, OR
• Maintenance of a minimum Total Relationship Value^(TRV) of ₹1 crore which includes
Demat holdings, OR
• In case of a salaried customer, one should be receiving a net salary credit in excess of ₹3
lakhs every month in Axis Bank Salary Account, OR
• Foreign Inward Remittance of at least ₹40 lakhs received through Wire transfer or Remit
Money in last 12 months (Only for NRI’s)
Yes, of course on email.
The average balance>10 lacs in September for me. So i'll call customer care in a while and find out whether i'm eligible now. On a safe side, I also transferred some money on 29th September, which made my closing balance of savings account>30 lacs on 30th Sep. Will call cc and let you guys now.
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Ya you are right. But the same FAQs also mentioned ‘Requisite Burgundy Relationship (RBR)’. Actually we all read what suits us if the Bank has left so much ambiguity, probably purposely. Bank probably wants to twist it the way they want depending on some criteria of their own. What I’ve understood till now is, if a customer has always maintained the so called ‘RBR’ and has not defaulted then they are taking the upgrade request if not or for new Burgundy customers, they are bringing the ‘TRV’ clause into play.
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Were you already a Burgundy acct holder or switched recently.
Aa jayegi in a day or two. There was a long weekend probably that’s why this delay.I did not get anything yet from axis regarding OGS form
Opened account on 2nd September. Till day before, customer care was saying I am not eligible for upgrade.
Obviously as your OGS wasn’t generated till then.
